81 FR 52494 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period for the Exchange's Supplemental Competitive Liquidity Provider Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 152 (August 8, 2016)
Federal Register Volume 81, Issue 152 (August 8, 2016)
| Page Range | 52494-52496 | |
| FR Document | 2016-18697 |
[Federal Register Volume 81, Number 152 (Monday, August 8, 2016)] [Notices] [Pages 52494-52496] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-18697] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78454; File No. SR-BatsBZX-2016-46] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Period for the Exchange's Supplemental Competitive Liquidity Provider Program August 2, 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 28, 2016, Bats BZX Exchange, Inc. (``Exchange'' or ``BZX'') filed with the Securities and Exchange Commission (``Commission'') the 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. --------------------------------------------------------------------------- \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 is proposing to extend the pilot period for the Exchange's Supplemental Competitive Liquidity Provider Program (the ``Program''), which is currently set to expire on July 28, 2016, for three months, to expire on October 28, 2016. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose Background On August 30, 2011, the Exchange received approval of rules applicable to the qualification, listing and delisting of securities of issuers on the Exchange.\3\ More recently, the Exchange received approval to operate a pilot program that is designed to incentivize certain Market Makers \4\ registered with the Exchange as ETP CLPs, as defined in Interpretation and Policy .03 to Rule 11.8, to enhance liquidity on the Exchange in certain ETPs \5\ listed on the Exchange and thereby qualify to receive part of a daily rebate as part of the [[Page 52495]] Program under Interpretation and Policy .03 to Rule 11.8.\6\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018). \4\ As defined in BZX Rules, the term ``Market Maker'' means a Member that acts a as a market maker pursuant to Chapter XI of BZX Rules. \5\ ETP is defined in Interpretation and Policy .03(b)(4) to Rule 11.8. \6\ See Securities Exchange Act Release No. 72692 (July 28, 2014), 79 FR 44908 (August 1, 2014) (SR-BATS-2014-022) (``CLP Approval Order''). --------------------------------------------------------------------------- The Program was approved by the Commission on a pilot basis running one-year from the date of implementation.\7\ The Commission approved the Program on July 28, 2014.\8\ The Exchange implemented the Program on July 28, 2014 and the pilot period for the Program was originally scheduled to end on July 28, 2015 until it was extended to end on October 28, 2015,\9\ later extended to January 28, 2016,\10\ again extended to April 28, 2016,\11\ and most recently extended to July 28, 2016.\12\ --------------------------------------------------------------------------- \7\ See id at 44909. \8\ Id. \9\ See Securities Exchange Act Release No. 75518 (July 24, 2015), 80 FR 45566 (July 30, 2015 (SR-BATS-2015-55). \10\ See Securities Exchange Act Release No. 76293 (October 28, 2015), 80 FR 67808 (November 3, 2015) (SR-BATS-2015-96). \11\ See Securities Exchange Act Release No. 77033 (February 2, 2016), 81 FR 6558 (February 8, 2016) (SR-BATS-2016-12). \12\ See Securities Exchange Act Release No. 77721 (April 27, 2016), 81 FR 26591 (May 3, 2016) (SR-BatsBZX-2016-11). --------------------------------------------------------------------------- Proposal To Extend the Operation of the Program The Exchange established the Program in order to enhance liquidity on the Exchange in certain ETPs listed on the Exchange (and thereby enhance the Exchange's ability to compete as a listing venue) by providing a mechanism by which ETP CLPs compete for part of a daily quoting incentive on the basis of providing the most aggressive quotes with the greatest amount of size. Such competition has the ability to reduce spreads, facilitate the price discovery process, and reduce costs for investors trading in such securities, thereby promoting capital formation and helping the Exchange to compete as a listing venue. The Exchange believes that extending the pilot is appropriate because the Exchange has prepared and is also planning to submit a proposal to make the Program permanent. As part of this proposal, the Exchange has also prepared a report analyzing the Program. As such, the Exchange believes that it is appropriate to extend the current operation of the Program for three months in order to provide enough time for the Program to continue operating while such proposal is under consideration by the Commission. Through this filing, the Exchange seeks to extend the current pilot period of the Program until October 28, 2016. 2. Statutory Basis The Exchange believes that its proposal 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(b) of the Act.\13\ In particular, the Exchange believes the proposed change furthers the objectives of Section 6(b)(5) of the Act,\14\ 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, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. The Exchange believes that extending the pilot period for the Program is consistent with these principles because the Program is reasonably designed to enhance quote competition, improve liquidity in securities listed on the Exchange, support the quality of price discovery, promote market transparency, and increase competition for listings and trade executions, while reducing spreads and transaction costs in such securities. Maintaining and increasing liquidity in Exchange-listed securities will help raise investors' confidence in the fairness of the market and their transactions. The extension of the pilot period will allow Exchange to continue to operate the Program while its proposal to make the Program permanent is under consideration by the Commission. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. The proposed rule change extends an established pilot program for three months, thus allowing the Program to enhance competition in both the listings market and in competition for market makers. The Program will continue to promote competition in the listings market by providing issuers with a vehicle for paying the Exchange additional fees in exchange for incentivizing tighter spreads and deeper liquidity in listed securities and allow the Exchange to continue to compete with similar programs at Nasdaq Stock Market LLC \15\ and NYSE Arca Equities, Inc.\16\ --------------------------------------------------------------------------- \15\ See Securities Exchange Act Release No. 69195 (March 20, 2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137). \16\ See Securities Exchange Act Release No. 69335 (April 5, 2013), 78 FR 35340 (June 12, 2013) (SR-NYSEARCA-2013-34). --------------------------------------------------------------------------- The Exchange also believes that extending the pilot program for an additional three months will allow the Program to continue to enhance competition among market participants by creating incentives for market makers to compete to make better quality markets. By continuing to require that market makers both meet the quoting requirements and also compete for the daily financial incentives, the quality of quotes on the Exchange will continue to improve. This, in turn, will attract more liquidity to the Exchange and further improve the quality of trading in exchange-listed securities participating in the Program, which will also act to bolster the Exchange's listing business. 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 Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \17\ and paragraph (f)(6) of Rule 19b-4 thereunder.\18\ --------------------------------------------------------------------------- \17\ 15 U.S.C. 78s(b)(3)(A). \18\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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 requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) normally does not become operative before 30 days from the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\19\ the Commission may designate a shorter time if such action is consistent with the [[Page 52496]] protection of investors and the public interest. --------------------------------------------------------------------------- \19\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay. The Exchange asserts that waiver of the operative delay will allow the Exchange to extend the Program prior to its expiration on July 28, 2016, which will ensure that the Program continues to operate uninterrupted while the Exchange and the Commission continue to analyze data regarding the Program. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative upon filing with the Commission.\20\ --------------------------------------------------------------------------- \20\ 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). --------------------------------------------------------------------------- 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. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal 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 No. SR-BatsBZX-2016-46 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-BatsBZX-2016-46. 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 such 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-BatsBZX-2016-46 and should be submitted on or before August 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-18697 Filed 8-5-16; 8:45 am] BILLING CODE 8011-01-P
![52494 Federal Register / Vol. 81, No. 152 / Monday, August 8, 2016 / Notices
will provide the Funds with continuous Fund shareholders and notification by the Exchange. The Commission is
and comprehensive investment about sub-advisory changes and publishing this notice to solicit
management services subject to the enhanced Board oversight to protect the comments on the proposed rule change
supervision of, and policies established interests of the Funds’ shareholders. from interested persons.
by, each Fund’s board of trustees 4. Section 6(c) of the Act provides that
the Commission may exempt any I. Self-Regulatory Organization’s
(‘‘Board’’). The Advisory Agreement
permits the Adviser, subject to the person, security, or transaction or any Statement of the Terms of Substance of
approval of the Board, to delegate to one class or classes of persons, securities, or the Proposed Rule Change
or more sub-advisers (each, a ‘‘Sub- transactions from any provisions of the The Exchange is proposing to extend
Adviser’’ and collectively, the ‘‘Sub- Act, or any rule thereunder, if such the pilot period for the Exchange’s
Advisers’’) the responsibility to provide relief is necessary or appropriate in the Supplemental Competitive Liquidity
the day-to-day portfolio investment public interest and consistent with the Provider Program (the ‘‘Program’’),
management of each Fund, subject to protection of investors and purposes which is currently set to expire on July
the supervision and direction of the fairly intended by the policy and 28, 2016, for three months, to expire on
Adviser. The primary responsibility for provisions of the Act. Applicants October 28, 2016.
managing the Funds will remain vested believe that the requested relief meets
The text of the proposed rule change
in the Adviser. The Adviser will hire, this standard because, as further
is available at the Exchange’s Web site
evaluate, allocate assets to and oversee explained in the Application, the
at www.batstrading.com, at the
the Sub-Advisers, including Advisory Agreements will remain
principal office of the Exchange, and at
determining whether a Sub-Adviser subject to shareholder approval, while
the Commission’s Public Reference
should be terminated, at all times the role of the Sub-Advisers is
Room.
subject to the authority of the Board. substantially similar to that of
2. Applicants request an exemption to individual portfolio managers, so that II. Self-Regulatory Organization’s
permit the Adviser, subject to Board requiring shareholder approval of Sub- Statement of the Purpose of, and
approval, to hire certain Sub-Advisers Advisory Agreements would impose Statutory Basis for, the Proposed Rule
pursuant to Sub-Advisory Agreements unnecessary delays and expenses on the Change
and materially amend existing Sub- Funds. Applicants believe that the
Advisory Agreements without obtaining requested relief from the Disclosure In its filing with the Commission, the
the shareholder approval required under Requirements meets this standard Exchange included statements
section 15(a) of the Act and rule 18f–2 because it will improve the Adviser’s concerning the purpose of and basis for
under the Act.2 Applicants also seek an ability to negotiate fees paid to the Sub- the proposed rule change and discussed
exemption from the Disclosure Advisers that are more advantageous for any comments it received on the
Requirements to permit a Fund to the Funds. proposed rule change. The text of these
disclose (as both a dollar amount and a statements may be examined at the
For the Commission, by the Division of
percentage of the Fund’s net assets): (a) Investment Management, under delegated
places specified in Item IV below. The
The aggregate fees paid to the Adviser authority. Exchange has prepared summaries, set
and any Affiliated Sub-Adviser; and (b) Robert W. Errett,
forth in Sections A, B, and C below, of
the aggregate fees paid to Sub-Advisers the most significant parts of such
Deputy Secretary.
other than Affiliated Sub-Advisers statements.
[FR Doc. 2016–18754 Filed 8–5–16; 8:45 am]
(collectively, ‘‘Aggregate Fee BILLING CODE 8011–01–P A. Self-Regulatory Organization’s
Disclosure’’). For any Fund that Statement of the Purpose of, and
employs an Affiliated Sub-Adviser, the Statutory Basis for, the Proposed Rule
Fund will provide separate disclosure of SECURITIES AND EXCHANGE Change
any fees paid to the Affiliated Sub- COMMISSION
Adviser. 1. Purpose
3. Applicants agree that any order [Release No. 34–78454; File No. SR–
BatsBZX–2016–46] Background
granting the requested relief will be
subject to the terms and conditions On August 30, 2011, the Exchange
Self-Regulatory Organizations; Bats received approval of rules applicable to
stated in the Application. Such terms
BZX Exchange, Inc.; Notice of Filing the qualification, listing and delisting of
and conditions provide for, among other
and Immediate Effectiveness of a securities of issuers on the Exchange.3
safeguards, appropriate disclosure to
Proposed Rule Change To Extend the More recently, the Exchange received
Pilot Period for the Exchange’s approval to operate a pilot program that
other registered open-end management company or
series thereof that: (a) Is advised by RiskX Supplemental Competitive Liquidity
is designed to incentivize certain Market
Investments or its successor or by a person Provider Program
controlling, controlled by, or under common
Makers 4 registered with the Exchange
control with RiskX Investments or its successor August 2, 2016. as ETP CLPs, as defined in
(each, also an ‘‘Adviser’’); (b) uses the manager of Pursuant to Section 19(b)(1) of the Interpretation and Policy .03 to Rule
managers structure described in the application; 11.8, to enhance liquidity on the
and (c) complies with the terms and conditions of
Securities Exchange Act of 1934 (the
the application (any such series, a ‘‘Fund’’ and ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange in certain ETPs 5 listed on the
collectively, the ‘‘Funds’’). For purposes of the notice is hereby given that on July 28, Exchange and thereby qualify to receive
requested order, ‘‘successor’’ is limited to an entity 2016, Bats BZX Exchange, Inc. part of a daily rebate as part of the
that results from a reorganization into another
mstockstill on DSK3G9T082PROD with NOTICES
jurisdiction or a change in the type of business
(‘‘Exchange’’ or ‘‘BZX’’) filed with the
organization. Securities and Exchange Commission 3 See Securities Exchange Act Release No. 65225
2 The requested relief will not extend to any Sub- (‘‘Commission’’) the proposed rule (August 30, 2011), 76 FR 55148 (September 6, 2011)
(SR–BATS–2011–018).
Adviser, other than a ‘‘Wholly-Owned Sub- change as described in Items I and II 4 As defined in BZX Rules, the term ‘‘Market
Adviser’’ (as defined in the application), that is an below, which Items have been prepared
affiliated person, as defined in section 2(a)(3) of the Maker’’ means a Member that acts a as a market
Act, of a Fund or the Adviser, other than by reason maker pursuant to Chapter XI of BZX Rules.
1 15 U.S.C. 78s(b)(1). 5 ETP is defined in Interpretation and Policy
of serving as a sub-adviser to one or more of the
Funds (‘‘Affiliated Sub-Adviser’’). 2 17 CFR 240.19b–4. .03(b)(4) to Rule 11.8.
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![52496 Federal Register / Vol. 81, No. 152 / Monday, August 8, 2016 / Notices
protection of investors and the public submission, all subsequent change pursuant to Section 19(b)(3)(A)
interest. amendments, all written statements of the Act 3 and Rule 19b–4(f)(6)(iii)
The Exchange has asked the with respect to the proposed rule thereunder,4 which renders it effective
Commission to waive the 30-day change that are filed with the upon filing with the Commission. The
operative delay. The Exchange asserts Commission, and all written Commission is publishing this notice to
that waiver of the operative delay will communications relating to the solicit comments on the proposed rule
allow the Exchange to extend the proposed rule change between the change from interested persons.
Program prior to its expiration on July Commission and any person, other than
28, 2016, which will ensure that the I. Self-Regulatory Organization’s
those that may be withheld from the
Program continues to operate Statement of the Terms of Substance of
public in accordance with the
uninterrupted while the Exchange and the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
the Commission continue to analyze available for Web site viewing and The Exchange filed a proposal to
data regarding the Program. The printing in the Commission’s Public reflect the dissolution of one of the
Commission believes that waiving the Reference Room, 100 F Street NE., Exchange’s intermediate holding
30-day operative delay is consistent Washington, DC 20549, on official companies, Direct Edge Holdings LLC
with the protection of investors and the business days between the hours of (‘‘DEH’’), on December 31, 2015, by: (i)
public interest. Therefore, the 10:00 a.m. and 3:00 p.m. Copies of such Amending the bylaws of the Exchange’s
Commission hereby waives the 30-day filing also will be available for ultimate parent company, Bats Global
operative delay and designates the inspection and copying at the principal Markets, Inc. (the ‘‘Corporation’’), to
proposed rule change to be operative office of the Exchange. All comments remove reference to DEH, as well as Bats
upon filing with the Commission.20 received will be posted without change; Global Markets Holdings, an
At any time within 60 days of the the Commission does not edit personal intermediate holding company wholly
filing of the proposed rule change, the identifying information from owned by the Corporation (‘‘BGMH’’),
Commission summarily may submissions. You should submit only (ii) amending the bylaws of the
temporarily suspend such rule change if information that you wish to make Exchange to remove reference to DEH,
it appears to the Commission that such available publicly. All submissions (iii) deleting the DEH certificate of
action is necessary or appropriate in the should refer to File No. SR–BatsBZX– formation and operating agreement from
public interest, for the protection of 2016–46 and should be submitted on or the Exchange’s rules, and (iv) amending
investors, or otherwise in furtherance of before August 29, 2016. the operating agreement of the
the purposes of the Act. Exchange’s sole stockholder, Direct
For the Commission, by the Division of
Trading and Markets, pursuant to delegated Edge LLC (‘‘DE LLC’’), to reflect that DE
IV. Solicitation of Comments LLC’s sole member is the Corporation
authority.21
Interested persons are invited to Robert W. Errett, rather than DEH and to make other
submit written data, views and related changes.
Deputy Secretary.
arguments concerning the foregoing, The text of the proposed rule change
[FR Doc. 2016–18697 Filed 8–5–16; 8:45 am]
including whether the proposal is is available at the Exchange’s Web site
BILLING CODE 8011–01–P at www.batstrading.com, at the
consistent with the Act. Comments may
be submitted by any of the following principal office of the Exchange, and at
methods: the Commission’s Public Reference
SECURITIES AND EXCHANGE
Room.
Electronic Comments COMMISSION
• Use the Commission’s Internet II. Self-Regulatory Organization’s
[Release No. 34–78460; File No. SR–
comment form (http://www.sec.gov/ BatsEDGX–2016–36] Statement of the Purpose of, and
rules/sro.shtml); or Statutory Basis for, the Proposed Rule
• Send an email to rule- Self-Regulatory Organizations; Bats Change
comments@sec.gov. Please include File EDGX Exchange, Inc.; Notice of Filing In its filing with the Commission, the
No. SR–BatsBZX–2016–46 on the and Immediate Effectiveness of a Exchange included statements
subject line. Proposed Rule Change To Reflect the concerning the purpose of and basis for
Dissolution of One of the Exchange’s the proposed rule change and discussed
Paper Comments Intermediate Holding Companies, any comments it received on the
• Send paper comments in triplicate Direct Edge Holdings LLC proposed rule change. The text of these
to Secretary, Securities and Exchange statements may be examined at the
August 2, 2016.
Commission, 100 F Street NE., places specified in Item IV below. The
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) of the
Exchange has prepared summaries, set
Securities Exchange Act of 1934 (the
All submissions should refer to File No. forth in Sections A, B, and C below, of
‘‘Act’’),1 and Rule 19b–4 thereunder,2
SR–BatsBZX–2016–46. This file number the most significant parts of such
notice is hereby given that on July 26,
should be included on the subject line statements.
2016, Bats EDGX Exchange, Inc. (the
if email is used. To help the ‘‘Exchange’’ or ‘‘EDGX’’) filed with the (A) Self-Regulatory Organization’s
Commission process and review your Securities and Exchange Commission Statement of the Purpose of, and
comments more efficiently, please use (‘‘Commission’’) the proposed rule Statutory Basis for, the Proposed Rule
only one method. The Commission will change as described in Items I, II, and Change
post all comments on the Commission’s
mstockstill on DSK3G9T082PROD with NOTICES
III below, which Items have been
Internet Web site (http://www.sec.gov/ prepared by the Exchange. The 1. Purpose
rules/sro.shtml). Copies of the Exchange has designated this proposal On December 17, 2015, DEH filed a
as a ‘‘non-controversial’’ proposed rule certificate of cancellation with the State
20 For purposes only of waiving the operative
delay for this proposal, the Commission has
of Delaware, effective December 31,
21 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2016-08-06 03:08:15
Document Modified: 2016-08-06 03:08:15
| 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 52494 |
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