81 FR 53519 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update or Adopt Various Fees for Services Provided by the Financial Industry Regulatory Authority
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 156 (August 12, 2016)
Federal Register Volume 81, Issue 156 (August 12, 2016)
| Page Range | 53519-53521 | |
| FR Document | 2016-19172 |
[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)] [Notices] [Pages 53519-53521] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19172] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78503; File No. SR-CHX-2016-13] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Update or Adopt Various Fees for Services Provided by the Financial Industry Regulatory Authority August 8, 2016 Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given that on August 4, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') 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 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 CHX proposes to amend its Schedule of Fees and Assessments (the ``Fee Schedule'') to update or adopt various fees for services provided by the Financial Industry Regulatory Authority (``FINRA''). The text of this proposed rule change is available on the Exchange's Web site at (www.chx.com) and in 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 CHX included statements concerning the purpose of and basis for the proposed rule changes 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 CHX has prepared summaries, set forth in sections A, B and C below, of the most significant aspects of such statements. [[Page 53520]] A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Section J.5 of the Fee Schedule to (1) update various current fees for examinations administered by FINRA and (2) adopt the Series 57 Securities Trader Examination fee,\3\ so that such fees are identical to corresponding fees reflected under Section 4(c) of the Schedule A of the FINRA By-Laws. FINRA administers these programs on behalf of the exchanges and therefore the fees are payable directly to FINRA through the WebCRD.\4\ Specifically, the Exchange proposes the following amendments: --------------------------------------------------------------------------- \3\ The Exchange recently adopted the Securities Trader registration category and corresponding Series 57 Securities Trader Examination, which replaced the Proprietary Trader registration category and corresponding Series 56 Proprietary Examination requirement. See CHX Article 6, Rule 3(a); see also Securities Exchange Act Release No. 78445 (July 29, 2016) (SR-CHX-2016-11). \4\ WebCRD is the central licensing and registration system for the U.S. securities industry. The CRD system enables individuals and firms seeking registration with multiple states and self-regulatory organizations to do so by submitting a single form, fingerprint card and a combined payment of fees to FINRA. Through the CRD system, FINRA maintains the qualification, employment and disciplinary histories of registered associated persons of broker-dealers. ---------------------------------------------------------------------------Amend the Series 7 Examination fee from $290 to $305.\5\ --------------------------------------------------------------------------- \5\ See Section 4(c) of the Schedule A of the FINRA By-Laws. --------------------------------------------------------------------------- Amend the Series 14 Examination fee from $335 to $350.\6\ --------------------------------------------------------------------------- \6\ Id. --------------------------------------------------------------------------- Amend the Series 27 Examination fee from $115 to $120.\7\ --------------------------------------------------------------------------- \7\ Id. --------------------------------------------------------------------------- Replace reference to the ``Series 56 Examination'' with the ``Series 57 Examination'' and adopt a corresponding fee of $120.\8\ --------------------------------------------------------------------------- \8\ Id. --------------------------------------------------------------------------- Moreover, given that the Proprietary Trader Continuing Education program is no longer available,\9\ the Exchange proposes to eliminate reference to the ``Proprietary Trader Continuing Education (S501)'' and the corresponding $60 fee. --------------------------------------------------------------------------- \9\ See CHX Article 6, Rule 11(a)(3); see also supra note 3. --------------------------------------------------------------------------- The Exchange further proposes to add ``Member Regulation'' to the title of Section J of the CHX Fee Schedule, as the Exchange's Member Regulation department is responsible for ensuring that Participants comply with the relevant WebCRD fees, and ``WebCRD'' to the title of Section J.5 of the CHX Fee Schedule, as all fees under Section J.5 are paid directly to FINRA through the WebCRD, as noted above. 2. Statutory Basis The Exchange believes that its proposal to amend its fee schedule is consistent with Section 6(b) of the Act \10\ in general, and furthers the objectives of Section 6(b)(4) of the Act \11\ in particular, in that it is an equitable allocation of reasonable dues, fees and other charges among Exchange members and issuers and other persons using its facilities. The Exchange believes that the proposal to adopt and update the various FINRA administered examination fees is an equitable allocation of dues, fees and other charges because the fee change applies equally to all Participants and the amended or adopted fees are identical to the corresponding fees charged by FINRA pursuant to Section 4(c) of the Schedule A of the FINRA By-Laws. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78(f)(b). \11\ 15 U.S.C. 78(f)(b)(4). --------------------------------------------------------------------------- Moreover, the Exchange believes that harmonizing the FINRA administered examination fees with those of FINRA and the other national securities exchanges would further the objectives of Section 6(b)(5) of the Act \12\ by removing impediments to and perfecting the mechanism of a free and open market and a national market system. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78(f)(b)(5). --------------------------------------------------------------------------- In addition, the Exchange believes that amending the title to Section J of the Fee Schedule to add the term ``Member Regulation'' would provide a complete description of the Exchange departments that are responsible for ensuring compliance with the fees set forth thereunder and amending the title to Section J.5 of the Fee Schedule clarifies that the fees set forth thereunder are paid directly to FINRA, which further the objectives of Section 6(b)(1) of the Act \13\ in that it further enables the Exchange to be so organized as to have the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its Participants and persons associated with its Participants, with the provisions of the Act, the rules and regulations thereunder, and the rules of the Exchange. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(1). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement of 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. Given that the proposed fee change applies to all Participants and harmonizes the CHX Fee Schedule with corresponding fees charged by FINRA pursuant to Section 4(c) of the Schedule A of the FINRA By-Laws, the proposal has no effect on competition. C. Self-Regulatory Organization's Statement on Comments Regarding the Proposed Rule Changes 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 is effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Act \14\ and subparagraph(f)(2) of Rule 19b-4 thereunder \15\ because it establishes or changes a due, fee or other charge imposed by the Exchange. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). \15\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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. 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 Comments Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File No. SR-CHX-2016-13 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-CHX-2016-13. This file number should be included on the subject line if email is used. To help the Commission process and review your [[Page 53521]] 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 CHX. 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-CHX-2016-13 and should be submitted on or before September 2, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-19172 Filed 8-11-16; 8:45 am] BILLING CODE 8011-01-P
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consistent with the protection of Comments may be submitted by any of SECURITIES AND EXCHANGE
investors and the public interest, the the following methods: COMMISSION
proposed rule change has become
effective pursuant to Section 19(b)(3)(A) Electronic Comments
[Release No. 34–78503; File No. SR–CHX–
of the Act and Rule 19b–4(f)(6)(iii) • Use the Commission’s Internet 2016–13]
thereunder.12 comment form (http://www.sec.gov/
A proposed rule change filed rules/sro.shtml); or Self-Regulatory Organizations;
pursuant to Rule 19b–4(f)(6) under the Chicago Stock Exchange, Inc.; Notice
Act 13 normally does not become • Send an email to rule-comments@
sec.gov. Please include File No. SR– of Filing and Immediate Effectiveness
operative for 30 days after the date of its of Proposed Rule Change To Update or
filing. However, Rule 19b–4(f)(6)(iii) 14 NYSEArca–2016–106 on the subject
line. Adopt Various Fees for Services
permits the Commission to designate a Provided by the Financial Industry
shorter time if such action is consistent Paper Comments Regulatory Authority
with the protection of investors and the
public interest. The Exchange has asked • Send paper comments in triplicate August 8, 2016
the Commission to waive the 30-day to Secretary, Securities and Exchange
operative delay so that the proposal may Pursuant to Section 19(b)(1) of the
Commission, 100 F Street NE.,
become operative immediately upon Securities Exchange Act of 1934
Washington, DC 20549–1090.
filing. The Exchange states that waiver (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
of the 30-day operative delay would All submissions should refer to File No. notice is hereby given that on August 4,
permit the Exchange to immediately SR–NYSEArca–2016–106. This file 2016, the Chicago Stock Exchange, Inc.
enhance transparency and to number should be included on the (‘‘CHX’’ or the ‘‘Exchange’’) filed with
accommodate the projected date that subject line if email is used. To help the the Securities and Exchange
IEX will begin operating as a national Commission process and review your Commission (‘‘Commission’’) the
securities exchange. Based on the comments more efficiently, please use proposed rule change as described in
foregoing, the Commission believes the only one method. The Commission will Items I, II and III below, which Items
waiver of the operative delay is post all comments on the Commission’s have been prepared by the Exchange.
consistent with the protection of Internet Web site (http://www.sec.gov/ The Commission is publishing this
investors and the public interest. rules/sro.shtml). Copies of the notice to solicit comments on the
Therefore, the Commission hereby submission, all subsequent proposed rule change from interested
waives the operative delay and amendments, all written statements persons.
designates the proposal operative upon with respect to the proposed rule
filing.15 change that are filed with the I. Self-Regulatory Organization’s
At any time within 60 days of the Commission, and all written Statement of the Terms of Substance of
filing of the proposed rule change, the communications relating to the the Proposed Rule Change
Commission summarily may proposed rule change between the
Commission and any person, other than CHX proposes to amend its Schedule
temporarily suspend such rule change if
it appears to the Commission that such those that may be withheld from the of Fees and Assessments (the ‘‘Fee
action is necessary or appropriate in the public in accordance with the Schedule’’) to update or adopt various
public interest, for the protection of provisions of 5 U.S.C. 552, will be fees for services provided by the
investors, or otherwise in furtherance of available for Web site viewing and Financial Industry Regulatory Authority
the purposes of the Act. If the printing in the Commission’s Public (‘‘FINRA’’). The text of this proposed
Commission takes such action, the Reference Room, 100 F Street NE., rule change is available on the
Commission shall institute proceedings Washington, DC 20549, on official Exchange’s Web site at (www.chx.com)
to determine whether the proposed rule business days between the hours of and in the Commission’s Public
change should be approved or 10:00 a.m. and 3:00 p.m. Copies of the Reference Room.
disapproved. filing also will be available for
II. Self-Regulatory Organization’s
inspection and copying at the principal
IV. Solicitation of Comments Statement of the Purpose of, and
office of the Exchange. All comments
Interested persons are invited to Statutory Basis for, the Proposed Rule
received will be posted without change;
submit written data, views, and the Commission does not edit personal Change
arguments concerning the foregoing, identifying information from In its filing with the Commission, the
including whether the proposed rule submissions. You should submit only CHX included statements concerning
change is consistent with the Act. information that you wish to make the purpose of and basis for the
available publicly. All submissions proposed rule changes and discussed
12 In addition, Rule 19b–4(f)(6) requires a self-
should refer to File No. SR–NYSEArca– any comments it received on the
regulatory organization to give the Commission
written notice of its intent to file the proposed rule
2016–106, and should be submitted on proposed rule change. The text of these
change, along with a brief description and the text or before September 2, 2016. statements may be examined at the
of the proposed rule change, at least five business
days prior to the date of filing of the proposed rule
For the Commission, by the Division of places specified in Item IV below. The
change, or such shorter time as designated by the Trading and Markets, pursuant to delegated CHX has prepared summaries, set forth
mstockstill on DSK3G9T082PROD with NOTICES
Commission. The Exchange has satisfied this authority.16 in sections A, B and C below, of the
requirement. Robert W. Errett,
13 17 CFR 240.19b–4(f)(6).
most significant aspects of such
14 17 CFR 240.19b–4(f)(6)(iii). Deputy Secretary. statements.
15 For purposes only of waiving the 30-day [FR Doc. 2016–19177 Filed 8–11–16; 8:45 am]
operative delay, the Commission has also BILLING CODE 8011–01–P
considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices 53521
comments more efficiently, please use Management and Budget (‘‘OMB’’) for information unless it displays a
only one method. The Commission will extension and approval. currently valid control number.
post all comments on the Commission’s The title for the collection of The public may view the background
Internet Web site (http://www.sec.gov/ information is ‘‘Form N–2 (17 CFR documentation for this information
rules/sro.shtml). Copies of the 239.14 and 274.11a–1) under the collection at the following Web site,
submission, all subsequent Securities Act of 1933 and under the www.reginfo.gov. Comments should be
amendments, all written statements Investment Company Act of 1940, directed to: (i) Desk Officer for the
with respect to the proposed rule Registration Statement of Closed-End
change that are filed with the Securities and Exchange Commission,
Management Investment Companies.’’
Commission, and all written Office of Information and Regulatory
Form N–2 is the form used by closed-
communications relating to the end management investment companies Affairs, Office of Management and
proposed rule change between the (‘‘closed-end funds’’) to register as Budget, Room 10102, New Executive
Commission and any person, other than investment companies under the Office Building, Washington, DC 20503,
those that may be withheld from the Investment Company Act of 1940 (15 or by sending an email to:
public in accordance with the U.S.C. 80a–1 et seq.) (‘‘Investment Shagufta_Ahmed@omb.eop.gov; and (ii)
provisions of 5 U.S.C. 552, will be Company Act’’) and to register their Pamela Dyson, Director/Chief
available for Web site viewing and securities under the Securities Act of Information Officer, Securities and
printing in the Commission’s Public 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Exchange Commission, c/o Remi Pavlik-
Reference Room, 100 F Street, NE., Act’’). The primary purpose of the Simon, 100 F Street NE., Washington,
Washington, DC 20549 on official registration process is to provide DC 20549 or send an email to:
business days between the hours of disclosure of financial and other PRA_Mailbox@sec.gov. Comments must
10:00 a.m. and 3:00 p.m. Copies of the information current and potential be submitted to OMB within 30 days of
filing also will be available for investors for the purpose of evaluating this notice.
inspection and copying at the principal an investment in a security. Form N–2 Dated: August 5, 2016.
office of the CHX. All comments also permits closed-end funds to
received will be posted without change; provide investors with a prospectus Robert W. Errett,
the Commission does not edit personal containing information required in a Deputy Secretary.
identifying information from registration statement prior to the sale or [FR Doc. 2016–19181 Filed 8–11–16; 8:45 am]
submissions. You should submit only at the time of confirmation of delivery BILLING CODE 8011–01–P
information that you wish to make of securities. The form also may be used
available publicly. All submissions by the Commission in its regulatory
should refer to File No. SR–CHX–2016– review, inspection, and policy-making SECURITIES AND EXCHANGE
13 and should be submitted on or before roles. COMMISSION
September 2, 2016. The Commission estimates that there
For the Commission, by the Division of are 136 initial registration statements [Release No. 34–78500; File No. SR–
Trading and Markets, pursuant to delegated and 30 post-effective amendments to NYSEMKT–2016–72]
authority.16 initial registration statements filed on
Robert W. Errett, Form N–2 annually and that the average Self-Regulatory Organizations; NYSE
Deputy Secretary. number of portfolios referenced in each MKT LLC; Notice of Filing and
[FR Doc. 2016–19172 Filed 8–11–16; 8:45 am] initial filing and post-effective Immediate Effectiveness of Proposed
BILLING CODE 8011–01–P
amendment is 1. The Commission Rule Change To Amend NYSE MKT
further estimates that the hour burden Rule 19—Equities To Specify in
for preparing and filing an initial Exchange Rules the Exchange’s Use of
SECURITIES AND EXCHANGE registration statement on Form N–2 is Data Feeds From Investors’ Exchange,
COMMISSION 515 hours per portfolio, and the hour LLC for Order Handling and Execution,
burden for preparing and filing a post- Order Routing, and Regulatory
Proposed Collection; Comment effective amendment on Form N–2 is Compliance
Request 107 hours per portfolio. The estimated
annual hour burden for preparing and August 8, 2016.
Upon Written Request, Copies Available filing initial registration statements is
From: Securities and Exchange Pursuant to Section 19(b)(1) 1 of the
70,040 hours (136 initial registration
Commission, Office of FOIA Services, statements × 1 portfolio × 515 hours per Securities Exchange Act of 1934 (the
100 F Street NE., Washington, DC portfolio). The estimated annual hour ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
20549–2736. burden for preparing and filing post- notice is hereby given that on July 26,
Extension: effective amendments is 3,210 hours (30 2016, NYSE MKT LLC (the ‘‘Exchange’’
Form N–2; SEC File No. 270–21, OMB post-effective amendments × 1 portfolio or ‘‘NYSE MKT’’) filed with the
Control No. 3235–0026. × 107 hours per portfolio). The Securities and Exchange Commission
Notice is hereby given that pursuant estimated total annual hour burden for (the ‘‘Commission’’) the proposed rule
to the Paperwork Reduction Act of 1995 Form N–2, therefore, is estimated to be change as described in Items I, and II
(44 U.S.C. 3501 et seq.) the Securities 73,250 hours (70,040 hours + 3,210 below, which Items have been prepared
and Exchange Commission (the hours). by the self-regulatory organization. The
mstockstill on DSK3G9T082PROD with NOTICES
‘‘Commission’’) is soliciting comments The information collection Commission is publishing this notice to
on the collections of information requirements imposed by Form N–2 are solicit comments on the proposed rule
summarized below. The Commission mandatory. Responses to the collection change from interested persons.
plans to submit this existing collection of information will not be kept
of information to the Office of confidential. An agency may not 1 15 U.S.C.78s(b)(1).
conduct or sponsor, and a person is not 2 15 U.S.C. 78a.
16 17 CFR 200.30–3(a)(12). required to respond to a collection of 3 17 CFR 240.19b–4.
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Document Created: 2018-02-09 11:33:27
Document Modified: 2018-02-09 11:33:27
| 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 53519 |
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