81_FR_53680 81 FR 53524 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Section 3 of NYSE Arca Equities Rule 8 To Extend the Effectiveness of the Exchange Traded Product Incentive Program

81 FR 53524 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Section 3 of NYSE Arca Equities Rule 8 To Extend the Effectiveness of the Exchange Traded Product Incentive Program

SECURITIES AND EXCHANGE COMMISSION

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

Page Range53524-53527
FR Document2016-19175

Federal Register, Volume 81 Issue 156 (Friday, August 12, 2016)
[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53524-53527]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19175]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78497; File No. SR-NYSEARCA-2016-110]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Amending Section 3 
of NYSE Arca Equities Rule 8 To Extend the Effectiveness of the 
Exchange Traded Product Incentive Program

August 8, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on July 28, 2016, NYSE Arca, Inc. (the ``Exchange'' or 
``NYSE Arca'') filed with the

[[Page 53525]]

Securities and Exchange Commission (the ``Commission'') the proposed 
rule change as described in Items I, II, and III below, which Items 
have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a.
    \3\ 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

    The Exchange proposes to amend Section 3 of NYSE Arca Equities Rule 
8 (Trading of Certain Equity Derivatives) to extend the effectiveness 
of the Exchange Traded Product (``ETP'') Incentive Program until July 
31, 2017. The proposed rule change is available on the Exchange's Web 
site at www.nyse.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 self-regulatory organization 
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 those 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 amend Section 3 of NYSE Arca Equities Rule 
8 (Trading of Certain Equity Derivatives) to extend the effectiveness 
of the ETP Incentive Program \4\ until July 31, 2017.\5\
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    \4\ The Commission approved the ETP Incentive Program on a pilot 
basis in Securities Exchange Act Release No. 69706 (June 6, 2013), 
78 FR 35340 (June 12, 2013) (SR-NYSEArca-2013-34) (``ETP Incentive 
Program Release''). The Exchange subsequently filed to extend the 
original pilot program for the ETP Incentive Program until September 
4, 2015. See Securities Exchange Act Release No. 72963 (September 3, 
2014), 79 FR 53492 (September 9, 2014) (SR-NYSEArca-2014-99) (notice 
of filing and immediate effectiveness of proposed rule change 
extending effectiveness of the ETP Incentive Program until September 
4, 2015). Most recently, the Exchange filed to extend the pilot 
program for the ETP Incentive Program until September 4, 2016 (See 
Securities Exchange Act Release No. 75846 (September 4, 2015), 80 FR 
54646 (September 10, 2015) (SR-NYSEArca-2015-78) (notice of filing 
and immediate effectiveness of proposed rule change extending 
effectiveness of the ETP Incentive Program until September 4, 2016) 
(``2015 Extension Notice''). In addition, the Exchange filed a 
proposed rule change to amend Rules 7.25(c) and 8.800(b) to provide 
that exchange-traded products (``ETPs'') already listed on the 
Exchange can be admitted to the ETP Incentive Program on a monthly 
basis rather than at the beginning of each quarter. See Securities 
Exchange Act Release No. 75282 (June 24, 2015), 80 FR 37340 (June 
30, 2015) (SR-NYSEArca-2015-52) (notice of filing and immediate 
effectiveness of proposed rule change amending NYSE Arca Equities 
Rules 7.25 and 8.800 to allow an issuer to elect for its ETP to 
participate in the Crowd Participant Program or the ETP Incentive 
Program monthly rather than quarterly and to extend the 
effectiveness of the Crowd Participant Program until June 23, 2016). 
In SR-NYSEArca-2015-52, the Exchange stated that the Exchange 
anticipates that expanding the opportunity for issuers to enter the 
ETP Incentive Program will facilitate the provision of extra 
liquidity to lower-volume ETPs by incentivizing more Market Makers 
to take Lead Market Maker (``LMM'') assignments in certain lower-
volume ETPs.
    \5\ The ETP Incentive Program is scheduled to end on September 
4, 2016. For purposes of the ETP Incentive Program, ETPs include 
securities listed on the Exchange under the following rules: NYSE 
Arca Equities Rules 5.2(j)(3) (Investment Company Units), 5.2(j)(5) 
(Equity Gold Shares), 8.100 (Portfolio Depositary Receipts), 8.200 
(Trust Issued Receipts), 8.201 (Commodity-Based Trust Shares), 8.202 
(Currency Trust Shares), 8.203 (Commodity Index Trust Shares), 8.204 
(Commodity Futures Trust Shares), 8.300 (Partnership Units), 8.600 
(Managed Fund Shares), and 8.700 (Managed Trust Securities).
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    The ETP Incentive Program is a pilot program designed to 
incentivize quoting and trading in ETPs and to add competition among 
existing qualified Market Makers.\6\ In addition, the ETP Incentive 
Program is designed to enhance the market quality for ETPs by 
incentivizing Market Makers to take LMM \7\ assignments in certain 
lower-volume ETPs by offering an alternative fee structure for such 
LMMs that would be funded from the Exchange's general revenues. The ETP 
Incentive Program is designed to improve the quality of market for 
lower-volume ETPs, thereby incentivizing issuers to list them on the 
Exchange. Moreover, as described in the ETP Incentive Program Release, 
the Exchange believes that the ETP Incentive Program, which is entirely 
voluntary, encourages competition among markets for issuers' listings 
and among Market Makers for LMM assignments.
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    \6\ A Market Maker is an Equity Trading Permit Holder that acts 
as a Market Maker pursuant to NYSE Arca Equities Rule 7. See NYSE 
Arca Equities Rule 1.1(v). An Equity Trading Permit Holder is a sole 
proprietorship, partnership, corporation, limited liability company, 
or other organization in good standing that has been issued an 
Equity Trading Permit. See NYSE Arca Equities Rule 1.1(n).
    \7\ The LMM program is designed to incentivize firms to take on 
the LMM designation and foster liquidity provision and stability in 
the market. In order to accomplish this, the Exchange currently 
provides LMMs with an opportunity to receive incrementally higher 
transaction credits and incur incrementally lower transaction fees 
(``LMM Rates'') compared to standard liquidity maker-taker rates 
(``Standard Rates''). The Exchange generally employs a maker-taker 
transactional fee structure, whereby an Equity Trading Permit Holder 
that removes liquidity is charged a fee (``Take Rate''), and an 
Equity Trading Permit Holder that provides liquidity receives a 
credit (``Make Rate''). See Trading Fee Schedule, available at 
https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf.
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    The Exchange proposes to extend the current operation of the ETP 
Incentive Program until July 31, 2017 to allow the Commission, the 
Exchange, LMMs, and issuers to further assess the impact of such 
program before proposing to make it available to other securities and 
implementing the program on a permanent basis.\8\ Issuers began 
participating in the ETP Incentive Program following the extension of 
the first pilot period. The Exchange believes that extending the ETP 
Incentive Program pilot period for an additional approximately eleven 
months will provide additional time to assess the impact of the program 
for these issuers and to provide time for additional issuers to 
participate in the ETP Incentive Program so that the Commission, the 
Exchange, LMMs, and issuers may assess the impact of the program before 
making it available to other securities or implementing it on a 
permanent basis.\9\
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    \8\ The Exchange notes that any proposed further continuance of 
the ETP Incentive Program, a proposal to make the ETP Incentive 
Program permanent, or a proposal to make such program available to 
other securities would require a rule filing with the Commission 
pursuant to Section 19(b) of the Act and Rule 19b-4 thereunder.
    \9\ The Exchange has provided to the Commission monthly market 
quality reports relating to the ETP Incentive Program for the period 
October 2014 through June 2016, which are posted to the Exchange's 
Web site at https://www.nyse.com/products/etp-incentive-program.
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    In accordance with the 2015 Extension Notice, the Exchange, on 
April 4, 2016, posted on its Web site an ``Assessment Report'' 
regarding the ETP

[[Page 53526]]

Incentive Program.\10\ The Assessment Report examined the performance 
of the ETPs in the Incentive Program during the entire period in which 
they were in the program, and provided statistical analyses with 
respect to the following factors: volume (consolidated average daily 
volume (``CADV'') and NYSE Arca average daily volume); national best 
bid and offer (``NBBO'') bid/ask spread differential; LMM participation 
rates; NYSE Arca market share; LMM time spent at the inside; LMM time 
spent within $0.03 of the inside; percentage of time NYSE Arca had the 
best price with the best size; LMM quoted spread; and LMM quoted depth. 
The Assessment Report assessed whether the ETP Incentive Program has 
met its proposed goals to incentivize market makers to take LMM 
assignments in certain lower-volume ETPs. The Assessment Report 
concluded that, while the results in certain cases show strong evidence 
of higher market quality in some ETPs based on participation in the ETP 
Incentive Program, the data is less conclusive for other ETPs due, in 
large part to the limited data available. In addition, a number of 
variables impact the ability to assess the limited data described in 
the Assessment Report, including market conditions, product 
variability, and product inception date. Therefore, the Assessment 
Report concluded that it is difficult to state conclusively whether the 
Incentive Program has met its objectives. Consistent with the 
conclusions of the Assessment Report, the Exchange believes that the 
Incentive Program should continue as a pilot program for an additional 
approximately eleven months in order to provide more time for 
participation so that the Exchange, the Commission, and market 
participants can meaningfully assess whether the Incentive Program will 
meet its proposed goals.
---------------------------------------------------------------------------

    \10\ The Assessment Report is available at https://www.nyse.com/publicdocs/nyse/products/etp-funds/ETP_Incentive_Program_Assessment_Report.pdf.
---------------------------------------------------------------------------

    Prior to the end of the pilot period ending July 31, 2017, the 
Exchange will post a report relating to the ETP Incentive Program (the 
``Assessment Report'') on its Web site three months before the end of 
the pilot period or at the time it files to terminate the pilot, 
whichever comes first. The proposed Assessment Report would list the 
program objectives that are the focus of the pilot and, for each, 
provide (a) a statistical analysis that includes evidence that is 
sufficient to inform a reader about whether the program has met those 
objectives during the pilot period, along with (b) a narrative 
explanation of whether and how the evidence indicates the pilot has met 
the objective, including both strengths and weaknesses of the evidence 
in this regard. The Assessment Report also would include a discussion 
of (a) the procedures used in selecting any samples that are used in 
constructing tables or statistics for inclusion in the Assessment 
Report, (b) the definitions of any variables and statistics reported in 
the tables, including test statistics, (c) the statistical significance 
levels of any test statistics and (d) other statistical or qualitative 
information that may enhance the usefulness of the Assessment Report as 
a basis for evaluating the performance of the program. The Assessment 
Report would present statistics on product performance relative to the 
performance of comparable or other suitable benchmark products 
(including test statistics that permit the reader to evaluate the 
statistical significance of any differences reported or discussed in 
the report), along with information on the procedures that were used to 
identify those comparable or benchmark products, the characteristics of 
each comparable or benchmark products, the characteristics of each 
product that is the focus of the pilot, the procedures used in 
selecting the time horizon of the sample and the sensitivity of 
reported statistics to changes in the time horizon of the sample.
    This filing is not otherwise intended to address any other issues 
and the Exchange is not aware of any problems that Equity Trading 
Permit Holders or issuers would have in complying with the monthly 
selection provision or the proposed extension of the pilot program.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\11\ in general, and furthers the objectives of Section 6(b)(5) of 
the Act,\12\ in particular, in that it is designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, to remove impediments to and perfect the 
mechanism of a free and open market and a national market system, and, 
in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the ETP Incentive Program is designed to 
enhance the market quality for ETPs by incentivizing Market Makers to 
take LMM assignments in certain lower volume ETPs by offering an 
alternative fee structure for such LMMs that would be funded from the 
Exchange's general revenues. The ETP Incentive Program is designed to 
improve the quality of market for lower-volume ETPs, thereby 
incentivizing them to list on the Exchange. Moreover, as described in 
the ETP Incentive Program Release, the Exchange believes that the ETP 
Incentive Program, which is entirely voluntary, encourages competition 
among markets for issuers' listings and among Market Makers for LMM 
assignments.
    The Exchange believes that, by providing additional time for 
issuers to participate in the ETP Incentive Program, through an 
extension of the pilot period until July 31, 2017, the ETP Incentive 
Program would continue to provide an opportunity for rewarding 
competitive liquidity-providing LMMs, with associated requirements for 
quoting by LMMs at the National Best Bid or National Best Offer. The 
ETP Incentive Program, therefore, has the potential to enhance 
competition among liquidity providers and thereby improve execution 
quality on the Exchange. An extension of such pilot period will permit 
additional time to collect data on the ETP Incentive Program so that 
the Commission, the Exchange, LMMs, and issuers may assess the impact 
of the ETP Incentive Program before making it available to other 
securities. The Exchange will continue to monitor the efficacy of the 
ETP Incentive Program during the extended pilot period. Prior to the 
end of the pilot period ending July 31, 2017, the Exchange proposes to 
post an Assessment Report on its Web site three months before the end 
of the pilot period or at the time it files to terminate the pilot, 
whichever comes first. The proposed Assessment Report would list the 
program objectives that are the focus of the pilot as well as 
additional information described above.

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 extension to the pilot period for the ETP Incentive 
Program is not designed to address any competitive issues but rather to 
program additional time for the Commission, the Exchange, LMMs and 
issuers to assess the impact of such program.

[[Page 53527]]

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \13\ and Rule 19b-4(f)(6) thereunder.\14\ 
Because the 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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate, if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \14\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) \15\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\16\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest.
---------------------------------------------------------------------------

    \15\ 17 CFR 240.19b-4(f)(6).
    \16\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such 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 under 
Section 19(b)(2)(B) \17\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \17\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

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 Number SR-NYSEARCA-2016-110 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEARCA-2016-110. 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 Number SR-NYSEARCA-2016-110 and should 
be submitted on or before September 2, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-19175 Filed 8-11-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  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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                                                                                Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices                                                      53525

                                                  Securities and Exchange Commission                      to extend the effectiveness of the ETP                   volume ETPs by offering an alternative
                                                  (the ‘‘Commission’’) the proposed rule                  Incentive Program 4 until July 31, 2017.5                fee structure for such LMMs that would
                                                  change as described in Items I, II, and                   The ETP Incentive Program is a pilot                   be funded from the Exchange’s general
                                                  III below, which Items have been                        program designed to incentivize quoting                  revenues. The ETP Incentive Program is
                                                  prepared by the self-regulatory                         and trading in ETPs and to add                           designed to improve the quality of
                                                  organization. The Commission is                         competition among existing qualified                     market for lower-volume ETPs, thereby
                                                  publishing this notice to solicit                       Market Makers.6 In addition, the ETP                     incentivizing issuers to list them on the
                                                  comments on the proposed rule change                    Incentive Program is designed to                         Exchange. Moreover, as described in the
                                                                                                          enhance the market quality for ETPs by                   ETP Incentive Program Release, the
                                                  from interested persons.
                                                                                                          incentivizing Market Makers to take                      Exchange believes that the ETP
                                                  I. Self-Regulatory Organization’s                       LMM 7 assignments in certain lower-                      Incentive Program, which is entirely
                                                  Statement of the Terms of Substance of                                                                           voluntary, encourages competition
                                                                                                             4 The Commission approved the ETP Incentive
                                                  the Proposed Rule Change                                                                                         among markets for issuers’ listings and
                                                                                                          Program on a pilot basis in Securities Exchange Act
                                                                                                          Release No. 69706 (June 6, 2013), 78 FR 35340 (June      among Market Makers for LMM
                                                    The Exchange proposes to amend                        12, 2013) (SR–NYSEArca-2013–34) (‘‘ETP Incentive         assignments.
                                                  Section 3 of NYSE Arca Equities Rule 8                  Program Release’’). The Exchange subsequently
                                                  (Trading of Certain Equity Derivatives)                 filed to extend the original pilot program for the          The Exchange proposes to extend the
                                                  to extend the effectiveness of the                      ETP Incentive Program until September 4, 2015. See       current operation of the ETP Incentive
                                                                                                          Securities Exchange Act Release No. 72963                Program until July 31, 2017 to allow the
                                                  Exchange Traded Product (‘‘ETP’’)                       (September 3, 2014), 79 FR 53492 (September 9,
                                                  Incentive Program until July 31, 2017.                  2014) (SR–NYSEArca–2014–99) (notice of filing and
                                                                                                                                                                   Commission, the Exchange, LMMs, and
                                                  The proposed rule change is available                   immediate effectiveness of proposed rule change          issuers to further assess the impact of
                                                  on the Exchange’s Web site at
                                                                                                          extending effectiveness of the ETP Incentive             such program before proposing to make
                                                                                                          Program until September 4, 2015). Most recently,         it available to other securities and
                                                  www.nyse.com, at the principal office of                the Exchange filed to extend the pilot program for
                                                                                                          the ETP Incentive Program until September 4, 2016        implementing the program on a
                                                  the Exchange, and at the Commission’s
                                                                                                          (See Securities Exchange Act Release No. 75846           permanent basis.8 Issuers began
                                                  Public Reference Room.                                  (September 4, 2015), 80 FR 54646 (September 10,          participating in the ETP Incentive
                                                                                                          2015) (SR–NYSEArca–2015–78) (notice of filing and        Program following the extension of the
                                                  II. Self-Regulatory Organization’s                      immediate effectiveness of proposed rule change
                                                  Statement of the Purpose of, and                        extending effectiveness of the ETP Incentive             first pilot period. The Exchange believes
                                                  Statutory Basis for, the Proposed Rule                  Program until September 4, 2016) (‘‘2015 Extension       that extending the ETP Incentive
                                                  Change                                                  Notice’’). In addition, the Exchange filed a proposed    Program pilot period for an additional
                                                                                                          rule change to amend Rules 7.25(c) and 8.800(b) to
                                                                                                          provide that exchange-traded products (‘‘ETPs’’)
                                                                                                                                                                   approximately eleven months will
                                                    In its filing with the Commission, the                already listed on the Exchange can be admitted to        provide additional time to assess the
                                                  self-regulatory organization included                   the ETP Incentive Program on a monthly basis             impact of the program for these issuers
                                                  statements concerning the purpose of,                   rather than at the beginning of each quarter. See        and to provide time for additional
                                                                                                          Securities Exchange Act Release No. 75282 (June
                                                  and basis for, the proposed rule change                 24, 2015), 80 FR 37340 (June 30, 2015) (SR–
                                                                                                                                                                   issuers to participate in the ETP
                                                  and discussed any comments it received                  NYSEArca–2015–52) (notice of filing and                  Incentive Program so that the
                                                  on the proposed rule change. The text                   immediate effectiveness of proposed rule change          Commission, the Exchange, LMMs, and
                                                  of those statements may be examined at                  amending NYSE Arca Equities Rules 7.25 and 8.800         issuers may assess the impact of the
                                                                                                          to allow an issuer to elect for its ETP to participate
                                                  the places specified in Item IV below.                  in the Crowd Participant Program or the ETP
                                                                                                                                                                   program before making it available to
                                                  The Exchange has prepared summaries,                    Incentive Program monthly rather than quarterly          other securities or implementing it on a
                                                  set forth in sections A, B, and C below,                and to extend the effectiveness of the Crowd             permanent basis.9
                                                                                                          Participant Program until June 23, 2016). In SR–
                                                  of the most significant parts of such                   NYSEArca–2015–52, the Exchange stated that the              In accordance with the 2015
                                                  statements.                                             Exchange anticipates that expanding the                  Extension Notice, the Exchange, on
                                                                                                          opportunity for issuers to enter the ETP Incentive       April 4, 2016, posted on its Web site an
                                                  A. Self-Regulatory Organization’s                       Program will facilitate the provision of extra
                                                                                                                                                                   ‘‘Assessment Report’’ regarding the ETP
                                                  Statement of the Purpose of, and the                    liquidity to lower-volume ETPs by incentivizing
                                                  Statutory Basis for, the Proposed Rule                  more Market Makers to take Lead Market Maker
                                                                                                          (‘‘LMM’’) assignments in certain lower-volume            order to accomplish this, the Exchange currently
                                                  Change                                                  ETPs.                                                    provides LMMs with an opportunity to receive
                                                                                                             5 The ETP Incentive Program is scheduled to end       incrementally higher transaction credits and incur
                                                  1. Purpose                                              on September 4, 2016. For purposes of the ETP            incrementally lower transaction fees (‘‘LMM Rates’’)
                                                                                                          Incentive Program, ETPs include securities listed on     compared to standard liquidity maker-taker rates
                                                    The Exchange proposes to amend                        the Exchange under the following rules: NYSE Arca        (‘‘Standard Rates’’). The Exchange generally
                                                  Section 3 of NYSE Arca Equities Rule 8                  Equities Rules 5.2(j)(3) (Investment Company             employs a maker-taker transactional fee structure,
                                                  (Trading of Certain Equity Derivatives)                 Units), 5.2(j)(5) (Equity Gold Shares), 8.100            whereby an Equity Trading Permit Holder that
                                                                                                          (Portfolio Depositary Receipts), 8.200 (Trust Issued     removes liquidity is charged a fee (‘‘Take Rate’’),
                                                                                                          Receipts), 8.201 (Commodity-Based Trust Shares),         and an Equity Trading Permit Holder that provides
                                                                                                          8.202 (Currency Trust Shares), 8.203 (Commodity          liquidity receives a credit (‘‘Make Rate’’). See
                                                                                                          Index Trust Shares), 8.204 (Commodity Futures            Trading Fee Schedule, available at https://
                                                                                                          Trust Shares), 8.300 (Partnership Units), 8.600          www.nyse.com/publicdocs/nyse/markets/nyse-arca/
                                                                                                          (Managed Fund Shares), and 8.700 (Managed Trust          NYSE_Arca_Marketplace_Fees.pdf.
                                                                                                          Securities).                                                8 The Exchange notes that any proposed further
                                                                                                             6 A Market Maker is an Equity Trading Permit          continuance of the ETP Incentive Program, a
                                                                                                          Holder that acts as a Market Maker pursuant to           proposal to make the ETP Incentive Program
                                                                                                          NYSE Arca Equities Rule 7. See NYSE Arca Equities        permanent, or a proposal to make such program
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                                                                                                          Rule 1.1(v). An Equity Trading Permit Holder is a        available to other securities would require a rule
                                                                                                          sole proprietorship, partnership, corporation,           filing with the Commission pursuant to Section
                                                                                                          limited liability company, or other organization in      19(b) of the Act and Rule 19b–4 thereunder.
                                                                                                          good standing that has been issued an Equity                9 The Exchange has provided to the Commission
                                                                                                          Trading Permit. See NYSE Arca Equities Rule              monthly market quality reports relating to the ETP
                                                                                                          1.1(n).                                                  Incentive Program for the period October 2014
                                                                                                             7 The LMM program is designed to incentivize          through June 2016, which are posted to the
                                                                                                          firms to take on the LMM designation and foster          Exchange’s Web site at https://www.nyse.com/
                                                                                                          liquidity provision and stability in the market. In      products/etp-incentive-program.



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                                                  53526                          Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices

                                                  Incentive Program.10 The Assessment                     period, along with (b) a narrative                      volume ETPs by offering an alternative
                                                  Report examined the performance of the                  explanation of whether and how the                      fee structure for such LMMs that would
                                                  ETPs in the Incentive Program during                    evidence indicates the pilot has met the                be funded from the Exchange’s general
                                                  the entire period in which they were in                 objective, including both strengths and                 revenues. The ETP Incentive Program is
                                                  the program, and provided statistical                   weaknesses of the evidence in this                      designed to improve the quality of
                                                  analyses with respect to the following                  regard. The Assessment Report also                      market for lower-volume ETPs, thereby
                                                  factors: volume (consolidated average                   would include a discussion of (a) the                   incentivizing them to list on the
                                                  daily volume (‘‘CADV’’) and NYSE Arca                   procedures used in selecting any                        Exchange. Moreover, as described in the
                                                  average daily volume); national best bid                samples that are used in constructing                   ETP Incentive Program Release, the
                                                  and offer (‘‘NBBO’’) bid/ask spread                     tables or statistics for inclusion in the
                                                                                                                                                                  Exchange believes that the ETP
                                                  differential; LMM participation rates;                  Assessment Report, (b) the definitions of
                                                                                                                                                                  Incentive Program, which is entirely
                                                  NYSE Arca market share; LMM time                        any variables and statistics reported in
                                                                                                          the tables, including test statistics, (c)              voluntary, encourages competition
                                                  spent at the inside; LMM time spent
                                                  within $0.03 of the inside; percentage of               the statistical significance levels of any              among markets for issuers’ listings and
                                                  time NYSE Arca had the best price with                  test statistics and (d) other statistical or            among Market Makers for LMM
                                                  the best size; LMM quoted spread; and                   qualitative information that may                        assignments.
                                                  LMM quoted depth. The Assessment                        enhance the usefulness of the                              The Exchange believes that, by
                                                  Report assessed whether the ETP                         Assessment Report as a basis for                        providing additional time for issuers to
                                                  Incentive Program has met its proposed                  evaluating the performance of the                       participate in the ETP Incentive
                                                  goals to incentivize market makers to                   program. The Assessment Report would                    Program, through an extension of the
                                                  take LMM assignments in certain lower-                  present statistics on product                           pilot period until July 31, 2017, the ETP
                                                  volume ETPs. The Assessment Report                      performance relative to the performance                 Incentive Program would continue to
                                                  concluded that, while the results in                    of comparable or other suitable                         provide an opportunity for rewarding
                                                  certain cases show strong evidence of                   benchmark products (including test                      competitive liquidity-providing LMMs,
                                                  higher market quality in some ETPs                      statistics that permit the reader to
                                                                                                                                                                  with associated requirements for
                                                  based on participation in the ETP                       evaluate the statistical significance of
                                                                                                                                                                  quoting by LMMs at the National Best
                                                  Incentive Program, the data is less                     any differences reported or discussed in
                                                                                                          the report), along with information on                  Bid or National Best Offer. The ETP
                                                  conclusive for other ETPs due, in large                                                                         Incentive Program, therefore, has the
                                                  part to the limited data available. In                  the procedures that were used to
                                                                                                          identify those comparable or benchmark                  potential to enhance competition among
                                                  addition, a number of variables impact
                                                                                                          products, the characteristics of each                   liquidity providers and thereby improve
                                                  the ability to assess the limited data
                                                                                                          comparable or benchmark products, the                   execution quality on the Exchange. An
                                                  described in the Assessment Report,
                                                  including market conditions, product                    characteristics of each product that is                 extension of such pilot period will
                                                  variability, and product inception date.                the focus of the pilot, the procedures                  permit additional time to collect data on
                                                  Therefore, the Assessment Report                        used in selecting the time horizon of the               the ETP Incentive Program so that the
                                                  concluded that it is difficult to state                 sample and the sensitivity of reported                  Commission, the Exchange, LMMs, and
                                                  conclusively whether the Incentive                      statistics to changes in the time horizon               issuers may assess the impact of the ETP
                                                  Program has met its objectives.                         of the sample.                                          Incentive Program before making it
                                                  Consistent with the conclusions of the                     This filing is not otherwise intended                available to other securities. The
                                                  Assessment Report, the Exchange                         to address any other issues and the                     Exchange will continue to monitor the
                                                  believes that the Incentive Program                     Exchange is not aware of any problems                   efficacy of the ETP Incentive Program
                                                  should continue as a pilot program for                  that Equity Trading Permit Holders or                   during the extended pilot period. Prior
                                                  an additional approximately eleven                      issuers would have in complying with                    to the end of the pilot period ending
                                                  months in order to provide more time                    the monthly selection provision or the                  July 31, 2017, the Exchange proposes to
                                                  for participation so that the Exchange,                 proposed extension of the pilot                         post an Assessment Report on its Web
                                                  the Commission, and market                              program.                                                site three months before the end of the
                                                  participants can meaningfully assess                    2. Statutory Basis                                      pilot period or at the time it files to
                                                  whether the Incentive Program will                                                                              terminate the pilot, whichever comes
                                                                                                             The proposed rule change is
                                                  meet its proposed goals.                                                                                        first. The proposed Assessment Report
                                                    Prior to the end of the pilot period                  consistent with Section 6(b) of the
                                                                                                          Act,11 in general, and furthers the                     would list the program objectives that
                                                  ending July 31, 2017, the Exchange will                                                                         are the focus of the pilot as well as
                                                  post a report relating to the ETP                       objectives of Section 6(b)(5) of the Act,12
                                                                                                          in particular, in that it is designed to                additional information described above.
                                                  Incentive Program (the ‘‘Assessment
                                                  Report’’) on its Web site three months                  prevent fraudulent and manipulative                     B. Self-Regulatory Organization’s
                                                  before the end of the pilot period or at                acts and practices, to promote just and                 Statement on Burden on Competition
                                                  the time it files to terminate the pilot,               equitable principles of trade, to remove
                                                  whichever comes first. The proposed                     impediments to and perfect the                             The Exchange does not believe that
                                                  Assessment Report would list the                        mechanism of a free and open market                     the proposed rule change will impose
                                                  program objectives that are the focus of                and a national market system, and, in                   any burden on competition that is not
                                                  the pilot and, for each, provide (a) a                  general, to protect investors and the                   necessary or appropriate in furtherance
                                                  statistical analysis that includes                      public interest.                                        of the purposes of the Act.
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                                                                                                             The Exchange believes that the ETP
                                                  evidence that is sufficient to inform a                                                                            The proposed extension to the pilot
                                                                                                          Incentive Program is designed to
                                                  reader about whether the program has                                                                            period for the ETP Incentive Program is
                                                                                                          enhance the market quality for ETPs by
                                                  met those objectives during the pilot                                                                           not designed to address any competitive
                                                                                                          incentivizing Market Makers to take
                                                                                                          LMM assignments in certain lower                        issues but rather to program additional
                                                    10 The Assessment Report is available at https://

                                                  www.nyse.com/publicdocs/nyse/products/etp-
                                                                                                                                                                  time for the Commission, the Exchange,
                                                  funds/ETP_Incentive_Program_Assessment_                   11 15   U.S.C. 78f(b).                                LMMs and issuers to assess the impact
                                                  Report.pdf.                                               12 15   U.S.C. 78f(b)(5).                             of such program.


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                                                                                 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices                                            53527

                                                  C. Self-Regulatory Organization’s                       Electronic Comments                                    SECURITIES AND EXCHANGE
                                                  Statement on Comments on the                                                                                   COMMISSION
                                                  Proposed Rule Change Received From                        • Use the Commission’s Internet
                                                  Members, Participants, or Others                        comment form (http://www.sec.gov/
                                                                                                                                                                 [Release No. 34–78505; File No. SR–MIAX–
                                                                                                          rules/sro.shtml); or
                                                    No written comments were solicited                                                                           2016–23]
                                                                                                            • Send an email to rule-
                                                  or received with respect to the proposed
                                                                                                          comments@sec.gov. Please include File                  Self-Regulatory Organizations; Miami
                                                  rule change.
                                                                                                          Number SR–NYSEARCA–2016–110 on                         International Securities Exchange LLC;
                                                  III. Date of Effectiveness of the                       the subject line.                                      Notice of Filing and Immediate
                                                  Proposed Rule Change and Timing for                                                                            Effectiveness of a Proposed Rule
                                                  Commission Action                                       Paper Comments
                                                                                                                                                                 Change To Amend Its Fee Schedule
                                                     The Exchange has filed the proposed                    • Send paper comments in triplicate
                                                                                                                                                                 August 8, 2016
                                                  rule change pursuant to Section                         to Brent J. Fields, Secretary, Securities
                                                  19(b)(3)(A)(iii) of the Act 13 and Rule                 and Exchange Commission, 100 F Street                     Pursuant to the provisions of Section
                                                  19b–4(f)(6) thereunder.14 Because the                   NE., Washington, DC 20549–1090.                        19(b)(1) of the Securities Exchange Act
                                                  proposed rule change does not: (i)                                                                             of 1934 (‘‘Act’’) 1 and Rule 19b–4
                                                                                                          All submissions should refer to File                   thereunder,2 notice is hereby given that
                                                  Significantly affect the protection of                  Number SR–NYSEARCA–2016–110.
                                                  investors or the public interest; (ii)                                                                         on August 1, 2016, Miami International
                                                                                                          This file number should be included on                 Securities Exchange LLC (‘‘MIAX’’ or
                                                  impose any significant burden on
                                                                                                          the subject line if email is used. To help             ‘‘Exchange’’) filed with the Securities
                                                  competition; and (iii) become operative
                                                                                                          the Commission process and review                      and Exchange Commission
                                                  prior to 30 days from the date on which
                                                  it was filed, or such shorter time as the               your comments more efficiently, please                 (‘‘Commission’’) a proposed rule change
                                                  Commission may designate, if                            use only one method. The Commission                    as described in Items I, II, and III below,
                                                  consistent with the protection of                       will post all comments on the                          which Items have been prepared by the
                                                  investors and the public interest, the                  Commission’s Internet Web site (http://                Exchange. The Commission is
                                                  proposed rule change has become                         www.sec.gov/rules/sro.shtml). Copies of                publishing this notice to solicit
                                                  effective pursuant to Section 19(b)(3)(A)               the submission, all subsequent                         comments on the proposed rule change
                                                  of the Act and Rule 19b–4(f)(6)(iii)                    amendments, all written statements                     from interested persons.
                                                  thereunder.                                             with respect to the proposed rule
                                                     A proposed rule change filed under                   change that are filed with the                         I. Self-Regulatory Organization’s
                                                  Rule 19b–4(f)(6) 15 normally does not                   Commission, and all written                            Statement of the Terms of Substance of
                                                  become operative prior to 30 days after                 communications relating to the                         the Proposed Rule Change
                                                  the date of the filing. However, pursuant               proposed rule change between the
                                                                                                          Commission and any person, other than                     The Exchange is filing a proposal to
                                                  to Rule 19b4(f)(6)(iii),16 the Commission                                                                      amend the MIAX Options Fee Schedule
                                                  may designate a shorter time if such                    those that may be withheld from the
                                                                                                          public in accordance with the                          (‘‘Fee Schedule’’) to eliminate certain
                                                  action is consistent with the protection
                                                                                                          provisions of 5 U.S.C. 552, will be                    Web CRD Fees in order to address the
                                                  of investors and the public interest.
                                                                                                          available for Web site viewing and                     transition of the Regulatory Element of
                                                     At any time within 60 days of the                                                                           Continuing Education (‘‘CE’’) to the
                                                  filing of such proposed rule change, the                printing in the Commission’s Public
                                                                                                          Reference Room, 100 F Street NE.,                      FINRA CE Online System®.
                                                  Commission summarily may
                                                  temporarily suspend such rule change if                 Washington, DC 20549 on official                          The text of the proposed rule change
                                                  it appears to the Commission that such                  business days between the hours of                     is available on the Exchange’s Web site
                                                  action is necessary or appropriate in the               10:00 a.m. and 3:00 p.m. Copies of the                 at http://www.miaxoptions.com/filter/
                                                  public interest, for the protection of                  filing also will be available for                      wotitle/rule_filing, at MIAX’s principal
                                                  investors, or otherwise in furtherance of               inspection and copying at the principal                office, and at the Commission’s Public
                                                  the purposes of the Act. If the                         office of the Exchange. All comments                   Reference Room.
                                                  Commission takes such action, the                       received will be posted without change;                II. Self-Regulatory Organization’s
                                                  Commission shall institute proceedings                  the Commission does not edit personal                  Statement of the Purpose of, and
                                                  under Section 19(b)(2)(B) 17 of the Act to              identifying information from                           Statutory Basis for, the Proposed Rule
                                                  determine whether the proposed rule                     submissions. You should submit only
                                                  change should be approved or                                                                                   Change
                                                                                                          information that you wish to make
                                                  disapproved.                                            available publicly. All submissions                      In its filing with the Commission, the
                                                  IV. Solicitation of Comments                            should refer to File Number SR–                        Exchange included statements
                                                                                                          NYSEARCA–2016–110 and should be                        concerning the purpose of and basis for
                                                    Interested persons are invited to                     submitted on or before September 2,                    the proposed rule change and discussed
                                                  submit written data, views, and                         2016.                                                  any comments it received on the
                                                  arguments concerning the foregoing,                                                                            proposed rule change. The text of these
                                                  including whether the proposed rule                       For the Commission, by the Division of
                                                                                                          Trading and Markets, pursuant to delegated             statements may be examined at the
                                                  change is consistent with the Act.                                                                             places specified in Item IV below. The
                                                                                                          authority.18
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                                                  Comments may be submitted by any of                                                                            Exchange has prepared summaries, set
                                                  the following methods:                                  Robert W. Errett,
                                                                                                                                                                 forth in sections A, B, and C below, of
                                                                                                          Deputy Secretary.
                                                                                                                                                                 the most significant aspects of such
                                                    13 15 U.S.C. 78s(b)(3)(A)(iii).                       [FR Doc. 2016–19175 Filed 8–11–16; 8:45 am]
                                                    14 17 CFR 240.19b–4(f)(6).
                                                                                                                                                                 statements.
                                                                                                          BILLING CODE 8011–01–P
                                                    15 17 CFR 240.19b–4(f)(6).
                                                    16 17 CFR 240.19b–4(f)(6)(iii).                                                                                1 15   U.S.C. 78s(b)(1).
                                                    17 15 U.S.C. 78s(b)(2)(B).                              18 17   CFR 200.30–3(a)(12).                           2 17   CFR 240.19b–4.



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Document Created: 2018-02-09 11:32:48
Document Modified: 2018-02-09 11:32:48
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 53524 

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