81 FR 53523 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Continuing Education Fees

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 156 (August 12, 2016)

Page Range		53523-53524
FR Document		2016-19173

Federal Register, Volume 81 Issue 156 (Friday, August 12, 2016)

[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53523-53524]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-19173]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78504; File No. SR-CHX-2016-14]

Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the Continuing Education Fees

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 1, 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.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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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 amend the Exchange's Continuing Education fees.
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.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
On August 8, 2015, the Commission approved SR-FINRA-2015-015
relating to proposed changes to FINRA Rule 1250 to provide for Web-
based delivery for completing the Regulatory Element of the Continuing
Education requirements (``CE Online Program'').\3\ Moreover, as of July
1, 2016, FINRA required all participants to complete their Regulatory
Element session using the CE Online Program; provided that participants
who, pursuant to the Americans with Disabilities Act, need
accommodations in completing their session due to a disability may
apply for an accommodation and complete their session at a test
center.\4\ Pursuant to Section 4(f) of the Schedule A of the FINRA By-
Laws, the fee for all Regulatory Element Continuing Education programs
is $55.00.\5\
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\3\ See Securities Exchange Act Release No. 75581 (July 31,
2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule
Change to Provide a Web-based Delivery Method for Completing the
Regulatory Element of the Continuing Education Requirements) (SR-
FINRA-2015-015).
\4\ See Securities Exchange Act Release No. 78281 (July 11,
2016), 81 FR 46133 (July 15, 2016) (SR-FINRA-2016-025); see also
Americans with Disabilities Act of 1990, Public Law 101-336, 104
Stat. 328 (1990).
\5\ See id.
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The Exchange currently utilizes the S101 General Program and S201
Supervisor Program that are part of the Securities Industry Continuing
Education Program.\6\ The Exchange recently filed a separate proposed
rule change to adopt the changes set forth in SR-FINRA-2015-015 to
provide for

[[Page 53524]]

Web-based delivery of the Regulatory Element of the Continuing
Education programs.\7\
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\6\ The Securities Industry/Regulatory Council on Continuing
Education has advisory and consultative responsibilities with regard
to the development, implementation and ongoing operation of the
Securities Industry Continuing Education Program.
\7\ CHX Article 6, Rule 11(a)(4) provides that the continuing
education Regulatory Element will be administered through Web-based
delivery or such other technological manner and format as specified
by the Exchange. See Securities Exchange Act Release No. 78446 (July
29, 2016) (SR-CHX-2016-12).
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Consistent with Section 4(f) of the Schedule A of the FINRA By-
Laws, the Exchange now proposes to amend Section J.5 of the CHX Fee
Schedule to provide that the Continuing Education Regulatory Element
fee for the S101 and S201 programs will be $55.\8\
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\8\ Section J.5 of the CHX Fee Schedule provides that the
Continuing Education fees are paid to FINRA directly. This fee is
currently $100.00 for each individual who is required to complete
the S101 or S201 programs.
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2. Statutory Basis
The Exchange believes that its proposal to amend its fee schedule
is consistent with Section 6(b) of the Act \9\ in general, and furthers
the objectives of Section 6(b)(4) of the Act \10\ 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 set the
Continuing Education fee at $55 is an equitable allocation of dues,
fees and other charges because the fee change applies equally to all
persons associated with Participants. In addition, the Exchange
believes that the amended fee is an equitable allocation of dues, fees
and other charges as it will apply uniformly to all persons associated
with the Participants who participate in the continuing education
program through FINRA.
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\9\ 15 U.S.C. 78(f)(b).
\10\ 15 U.S.C. 78(f)(b)(4).
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Moreover, the Exchange believes that harmonizing the Continuing
Education fee with those of FINRA and the other national securities
exchanges would further the objectives of Section 6(b)(5) of the Act
\11\ by removing impediments to and perfecting the mechanism of a free
and open market and a national market system.
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\11\ 15 U.S.C. 78(f)(b)(5).
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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 not necessary or appropriate in
furtherance of the purposes of the Act. Since the proposed rule change
applies to all persons associated with Participants who are required to
fulfill Continuing Education requirements, the proposal has no effect
on competition. Moreover, the Exchange believes that the harmonization
of the Continuing Education fee across the various markets will reduce
burdens on competition by removing impediments to participation in the
national market system.

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

No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A)(ii) of the Act \12\ and subparagraph(f)(2) of Rule
19b-4 thereunder \13\ because it establishes or changes a due, fee or
other charge imposed by the Exchange.
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\12\ 15 U.S.C. 78s(b)(3)(A)(ii).
\13\ 17 CFR 240.19b-4(f)(2).
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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-2016-14 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-2016-14. 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 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-2016-14 and should be
submitted on or before September 2, 2016.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-19173 Filed 8-11-16; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices 53523

designates the proposal operative upon Washington, DC 20549, on official II. Self-Regulatory Organization’s
filing.15 business days between the hours of Statement of the Purpose of, and
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the Statutory Basis for, the Proposed Rule
filing of the proposed rule change, the filing also will be available for Change
Commission summarily may inspection and copying at the principal In its filing with the Commission, the
temporarily suspend such rule change if office of the Exchange. All comments CHX included statements concerning
it appears to the Commission that such received will be posted without change; the purpose of and basis for the
action is necessary or appropriate in the the Commission does not edit personal proposed rule changes and discussed
public interest, for the protection of identifying information from any comments it received on the
investors, or otherwise in furtherance of submissions. You should submit only proposed rule change. The text of these
the purposes of the Act. If the information that you wish to make statements may be examined at the
Commission takes such action, the available publicly. All submissions places specified in Item IV below. The
Commission shall institute proceedings should refer to File No. SR–NYSEMKT– CHX has prepared summaries, set forth
to determine whether the proposed rule 2016–72, and should be submitted on or in sections A, B and C below, of the
change should be approved or before September 2, 2016. most significant aspects of such
disapproved.
For the Commission, by the Division of statements.
IV. Solicitation of Comments Trading and Markets, pursuant to delegated
authority.16 A. Self-Regulatory Organization’s
Interested persons are invited to Statement of the Purpose of, and
submit written data, views, and Robert W. Errett,
Statutory Basis for, the Proposed Rule
arguments concerning the foregoing, Deputy Secretary.
Change
including whether the proposed rule [FR Doc. 2016–19178 Filed 8–11–16; 8:45 am]
change is consistent with the Act. BILLING CODE 8011–01–P 1. Purpose
Comments may be submitted by any of On August 8, 2015, the Commission
the following methods: approved SR–FINRA–2015–015 relating
SECURITIES AND EXCHANGE to proposed changes to FINRA Rule
Electronic Comments COMMISSION 1250 to provide for Web-based delivery
• Use the Commission’s Internet for completing the Regulatory Element
comment form (http://www.sec.gov/ [Release No. 34–78504; File No. SR–CHX– of the Continuing Education
rules/sro.shtml); or 2016–14] requirements (‘‘CE Online Program’’).3
• Send an email to rule- Moreover, as of July 1, 2016, FINRA
comments@sec.gov. Please include File Self-Regulatory Organizations; required all participants to complete
No. SR–NYSEMKT–2016–72 on the Chicago Stock Exchange, Inc.; Notice their Regulatory Element session using
subject line. of Filing and Immediate Effectiveness the CE Online Program; provided that
Paper Comments of Proposed Rule Change To Amend participants who, pursuant to the
the Continuing Education Fees Americans with Disabilities Act, need
• Send paper comments in triplicate
to Secretary, Securities and Exchange August 8, 2016. accommodations in completing their
Commission, 100 F Street NE., session due to a disability may apply for
Pursuant to Section 19(b)(1) of the an accommodation and complete their
Washington, DC 20549–1090. Securities Exchange Act of 1934 session at a test center.4 Pursuant to
All submissions should refer to File No. (‘‘Act’’),1 and Rule 19b–4 2 thereunder,
SR–NYSEMKT–2016–72. This file Section 4(f) of the Schedule A of the
notice is hereby given that on August 1, FINRA By-Laws, the fee for all
number should be included on the 2016, the Chicago Stock Exchange, Inc.
subject line if email is used. To help the Regulatory Element Continuing
(‘‘CHX’’ or the ‘‘Exchange’’) filed with Education programs is $55.00.5
Commission process and review your the Securities and Exchange The Exchange currently utilizes the
comments more efficiently, please use Commission (‘‘Commission’’) the S101 General Program and S201
only one method. The Commission will proposed rule change as described in Supervisor Program that are part of the
post all comments on the Commission’s Items I, II and III below, which Items Securities Industry Continuing
Internet Web site (http://www.sec.gov/ have been prepared by the Exchange. Education Program.6 The Exchange
rules/sro.shtml). Copies of the The Commission is publishing this recently filed a separate proposed rule
submission, all subsequent notice to solicit comments on the change to adopt the changes set forth in
amendments, all written statements proposed rule change from interested SR–FINRA–2015–015 to provide for
with respect to the proposed rule persons.
change that are filed with the 3 See Securities Exchange Act Release No. 75581
Commission, and all written I. Self-Regulatory Organization’s
(July 31, 2015), 80 FR 47018 (August 6, 2015)
communications relating to the Statement of the Terms of Substance of (Order Approving a Proposed Rule Change to
proposed rule change between the the Proposed Rule Change Provide a Web-based Delivery Method for
Completing the Regulatory Element of the
Commission and any person, other than CHX proposes to amend its Schedule Continuing Education Requirements) (SR–FINRA–
those that may be withheld from the of Fees and Assessments (the ‘‘Fee 2015–015).
public in accordance with the Schedule’’) to amend the Exchange’s 4 See Securities Exchange Act Release No. 78281

provisions of 5 U.S.C. 552, will be Continuing Education fees. The text of (July 11, 2016), 81 FR 46133 (July 15, 2016) (SR–
available for Web site viewing and FINRA–2016–025); see also Americans with
mstockstill on DSK3G9T082PROD with NOTICES

this proposed rule change is available Disabilities Act of 1990, Public Law 101–336, 104
printing in the Commission’s Public on the Exchange’s Web site at Stat. 328 (1990).
Reference Room, 100 F Street NE., (www.chx.com) and in the 5 See id.

Commission’s Public Reference Room. 6 The Securities Industry/Regulatory Council on
15 For purposes only of waiving the 30-day Continuing Education has advisory and
operative delay, the Commission has also consultative responsibilities with regard to the
16 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on development, implementation and ongoing
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See operation of the Securities Industry Continuing
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. Education Program.

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53524 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices

Web-based delivery of the Regulatory Education requirements, the proposal Commission process and review your
Element of the Continuing Education has no effect on competition. Moreover, comments more efficiently, please use
programs.7 the Exchange believes that the only one method. The Commission will
Consistent with Section 4(f) of the harmonization of the Continuing post all comments on the Commission’s
Schedule A of the FINRA By-Laws, the Education fee across the various markets Internet Web site (http://www.sec.gov/
Exchange now proposes to amend will reduce burdens on competition by rules/sro.shtml). Copies of the
Section J.5 of the CHX Fee Schedule to removing impediments to participation submission, all subsequent
provide that the Continuing Education in the national market system. amendments, all written statements
Regulatory Element fee for the S101 and with respect to the proposed rule
C. Self-Regulatory Organization’s change that are filed with the
S201 programs will be $55.8
Statement on Comments Regarding the Commission, and all written
2. Statutory Basis Proposed Rule Change Received From communications relating to the
The Exchange believes that its Members, Participants or Others proposed rule change between the
proposal to amend its fee schedule is No written comments were either Commission and any person, other than
consistent with Section 6(b) of the Act 9 solicited or received. those that may be withheld from the
in general, and furthers the objectives of public in accordance with the
III. Date of Effectiveness of the Proposed
Section 6(b)(4) of the Act 10 in provisions of 5 U.S.C. 552, will be
Rule Change and Timing for
particular, in that it is an equitable available for Web site viewing and
Commission Action
allocation of reasonable dues, fees and printing in the Commission’s Public
other charges among Exchange members The foregoing rule change is effective Reference Room, 100 F Street NE.,
and issuers and other persons using its upon filing pursuant to Section Washington, DC 20549 on official
facilities. The Exchange believes that 19(b)(3)(A)(ii) of the Act 12 and business days between the hours of
the proposal to set the Continuing subparagraph(f)(2) of Rule 19b–4 10:00 a.m. and 3:00 p.m. Copies of the
Education fee at $55 is an equitable thereunder 13 because it establishes or filing also will be available for
allocation of dues, fees and other changes a due, fee or other charge inspection and copying at the principal
charges because the fee change applies imposed by the Exchange. office of the CHX. All comments
equally to all persons associated with At any time within 60 days of the received will be posted without change;
Participants. In addition, the Exchange filing of the proposed rule change, the the Commission does not edit personal
believes that the amended fee is an Commission summarily may identifying information from
equitable allocation of dues, fees and temporarily suspend such rule change if submissions. You should submit only
other charges as it will apply uniformly it appears to the Commission that such information that you wish to make
to all persons associated with the action is necessary or appropriate in the available publicly. All submissions
Participants who participate in the public interest, for the protection of should refer to File No. SR–CHX–2016–
continuing education program through investors, or otherwise in furtherance of 14 and should be submitted on or before
FINRA. the purposes of the Act. If the September 2, 2016.
Moreover, the Exchange believes that Commission takes such action, the For the Commission, by the Division of
harmonizing the Continuing Education Commission shall institute proceedings Trading and Markets, pursuant to delegated
fee with those of FINRA and the other to determine whether the proposed rule authority.14
national securities exchanges would should be approved or disapproved. Robert W. Errett,
further the objectives of Section 6(b)(5) IV. Solicitation of Comments Deputy Secretary.
of the Act 11 by removing impediments [FR Doc. 2016–19173 Filed 8–11–16; 8:45 am]
to and perfecting the mechanism of a Interested persons are invited to
BILLING CODE 8011–01–P
free and open market and a national submit written data, views and
market system. arguments concerning the foregoing,
including whether the proposed rule SECURITIES AND EXCHANGE
B. Self-Regulatory Organization’s change is consistent with the Act.
Statement of Burden on Competition COMMISSION
Comments may be submitted by any of
The Exchange does not believe that the following methods: [Release No. 34–78497; File No. SR–
NYSEARCA–2016–110]
the proposed rule change will impose Electronic Comments
any burden on competition not Self-Regulatory Organizations; NYSE
necessary or appropriate in furtherance • Use the Commission’s Internet
comment form (http://www.sec.gov/ Arca, Inc.; Notice of Filing and
of the purposes of the Act. Since the Immediate Effectiveness of Proposed
proposed rule change applies to all rules/sro.shtml); or
• Send an email to rule-comments@ Rule Change Amending Section 3 of
persons associated with Participants NYSE Arca Equities Rule 8 To Extend
who are required to fulfill Continuing sec.gov. Please include File No. SR–
CHX–2016–14 on the subject line. the Effectiveness of the Exchange
Traded Product Incentive Program
7 CHX Article 6, Rule 11(a)(4) provides that the
Paper Comments
continuing education Regulatory Element will be August 8, 2016.
administered through Web-based delivery or such • Send paper comments in triplicate Pursuant to Section 19(b)(1) 1 of the
other technological manner and format as specified to Secretary, Securities and Exchange
by the Exchange. See Securities Exchange Act Securities Exchange Act of 1934 (the
Release No. 78446 (July 29, 2016) (SR–CHX–2016–
Commission, 100 F Street NE., ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Washington, DC 20549–1090.
mstockstill on DSK3G9T082PROD with NOTICES

12). notice is hereby given that, on July 28,
8 Section J.5 of the CHX Fee Schedule provides
All submissions should refer to File No. 2016, NYSE Arca, Inc. (the ‘‘Exchange’’
that the Continuing Education fees are paid to SR–CHX–2016–14. This file number
FINRA directly. This fee is currently $100.00 for or ‘‘NYSE Arca’’) filed with the
each individual who is required to complete the should be included on the subject line
S101 or S201 programs. if email is used. To help the 14 17 CFR 200.30–3(a)(12).
9 15 U.S.C. 78(f)(b). 1 15 U.S.C. 78s(b)(1).
10 15 U.S.C. 78(f)(b)(4). 12 15 U.S.C. 78s(b)(3)(A)(ii). 2 15 U.S.C. 78a.
11 15 U.S.C. 78(f)(b)(5). 13 17 CFR 240.19b–4(f)(2). 3 17 CFR 240.19b–4.

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Document Created: 2018-02-09 11:33:07
Document Modified: 2018-02-09 11:33:07

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 53523