81 FR 53527 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule

SECURITIES AND EXCHANGE COMMISSION

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

Page Range		53527-53529
FR Document		2016-19174

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

[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Notices]
[Pages 53527-53529]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-19174]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78505; File No. SR-MIAX-2016-23]

Self-Regulatory Organizations; Miami International Securities
Exchange LLC; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend Its Fee Schedule

August 8, 2016
Pursuant to the provisions of Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on August 1, 2016, Miami International Securities
Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and
Exchange Commission (``Commission'') a 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

The Exchange is filing a proposal to amend the MIAX Options Fee
Schedule (``Fee Schedule'') to eliminate certain Web CRD Fees in order
to address the transition of the Regulatory Element of Continuing
Education (``CE'') to the FINRA CE Online System[supreg].
The text of the proposed rule change is available on the Exchange's
Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at
MIAX's principal office, and at the Commission's Public Reference Room.

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

In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.

[[Page 53528]]

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

1. Purpose
The purpose of the proposed rule change is to amend Section 2(c) of
the Regulatory Fees section of the Fee Schedule, Web CRD Fees, to (1)
delete the $100 Continuing Education Fee for All Registrations, which
relates to test center delivery of the Regulatory Element of CE, and
(2) clarify that the $55 Continuing Education Fee for All Registrations
if Web-based shall apply to all registrations without regard to mode of
session delivery.
Specifically, the Exchange proposes to (1) delete the $100 CE Fee
in its entirety, and (2) with respect to the $55 CE Fee, delete
reference to Web-based delivery and specify that it is a ``session''
fee.
MIAX is proposing such Fee Schedule amendments in conjunction with
FINRA's transition to CE Online and its phase out of test center
delivery of the CE Regulatory Element.\3\
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\3\ See Securities Exchange Act Release No. 78281 (July 11,
2016), 81 FR 46133 (July 15, 2016) (SR-FINRA-2016-025) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Fee for the Regulatory Element of Continuing
Education). See also Securities Exchange Act Release No. 75581 (July
31, 2015), 80 FR 47018 (August 6, 2015) (SR-FINRA-2015-015) (Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change to
Provide a Web-based Delivery Method for Completing the Regulatory
Element of the Continuing Education Requirements), Regulatory Notice
15-28 (August 2015) and Information Notice, May 16, 2016
(Elimination of Continuing Education Delivery at Testing Centers).
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Background
On July 31, 2015, the Commission approved [sic] SR-FINRA-2015-015
relating to proposed changes to FINRA Rules to provide for Web-based
delivery completion of the Regulatory Element of CE requirements.
Pursuant to the rule change, the Regulatory Element of CE programs is
administered through Web-based delivery via the FINRA CE Online System
as of January 4, 2016. Pursuant to the rule change, the Regulatory
Element of CE programs also continued to be offered at test centers
until no later than six months after January 4, 2016. Test-center
delivery of the Regulatory Element has been phased out effective July
1, 2016.\4\ On July 11, 2016, the Commission approved SR-FINRA-2016-025
relating to proposed changes to FINRA Fees for the Regulatory Element
of CE.
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\4\ See Information Notice, May 16, 2016 (Elimination of
Continuing Education Delivery at Testing Centers). Notwithstanding
such test center phase out, participants who may need accommodations
in completing their CE session due to a disability pursuant to the
Americans with Disabilities Act of 1990, Public Law 101-336, 104
Stat. 328 (1990) (``ADA'') may apply for an accommodation and
complete their CE Regulatory Element session at a test center. See
FINRA's CE Online Delivery Accommodation Web page, available at
http://www.finra.org/industry/accommodations-continuing-education-ce-online-participants.
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In January 2016 the Exchange amended its Rules,\5\ in consultation
with FINRA and the other exchanges, to provide for Web-based delivery
of the CE Regulatory Element for registered persons.
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\5\ See Securities Exchange Act Release No. 76892 (January 13,
2016), 81 FR 3206 (January 20, 2016) (SR-MIAX-2016-01).
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Proposal

The Exchange now proposes to amend its Fee Schedule to delete the
$100 CE Fee for All Registrations since the test center delivery option
for the Regulatory Element will no longer be offered \6\ and the $100
fee currently charged for administration of non-Web-based CE programs
is therefore retired.\7\ Therefore, the Exchange proposes to delete
this fee from its current Fee Schedule.
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\6\ See supra note 4.
\7\ See Securities Exchange Act Release No. 78281 (July 11,
2016), 81 FR 46133 (July 15, 2016) (SR-FINRA-2016-025) (Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Fee for the Regulatory Element of Continuing
Education).
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The Exchange further proposes to clarify that the $55 CE Fee will
now generally apply to all CE sessions without further specifying the
Web-based delivery mode since there will no longer be more than one
mode of CE delivery.\8\ Therefore, the Exchange proposes to delete the
reference to Web-based delivery from Section 2(c) of the Fee Schedule
and specify that it is a ``session'' fee in order to provide clarity
and avoid confusion.
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\8\ With the exception of participants who may need
accommodations in completing their CE session due to a disability
pursuant to the ADA and to whom the session fee of $55 for the
Regulatory Element shall apply regardless of whether the session is
completed at a test center or through the CE Online System. See
Securities Exchange Act Release No. 78281 (July 11, 2016), 81 FR
46133 (July 15, 2016) (SR- FINRA-2016-025) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change Relating to the
Fee for the Regulatory Element of Continuing Education).
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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 fees and other charges
among Exchange members and issuers and other persons using its
facilities.
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\9\ 15 U.S.C. 78f(b).
\10\ 15 U.S.C. 78f(b)(4).
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The Exchange believes that the proposal is fair, equitable and not
unreasonably discriminatory because the fee change applies equally to
all Members and persons associated with Members. The Exchange believes
that the proposal is reasonable because FINRA will administer the CE
program only through the FINRA CE Online System and will no longer
offer a testing center CE delivery option, except as specifically noted
above in which case FINRA has aligned its $55 session fee for all
participants.\11\ In addition, the Exchange believes this session fee
is equitable and not unfairly discriminatory as it will apply uniformly
to all Members and persons associated with the Members who choose to
participate in the CE program provided through FINRA.
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\11\ See supra note 7.
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B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The Exchange
further believes that the proposal does not impose any burden on
competition because FINRA has made, and the Exchange believes that the
other exchanges will make, similar changes to their fee schedules.\12\
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\12\ See id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

Written comments were neither solicited nor received.

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

The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\13\ and Rule 19b-4(f)(2) \14\ thereunder.
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

[[Page 53529]]

whether the proposed rule should be approved or disapproved.
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\13\ 15 U.S.C. 78s(b)(3)(A)(ii).
\14\ 17 CFR 240.19b-4(f)(2).
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IV. Solicitation of Comments

Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File No. SR-MIAX-2016-23 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-MIAX-2016-23. 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 MIAX. 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-MIAX-2016-23 and should be
submitted on or before September 2, 2016.

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-19174 Filed 8-11-16; 8:45 am]
BILLING CODE 8011-01-P

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
mstockstill on DSK3G9T082PROD with NOTICES

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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53528 Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices

A. Self-Regulatory Organization’s Commission approved SR–FINRA– issuers and other persons using its
Statement of the Purpose of, and 2016–025 relating to proposed changes facilities.
Statutory Basis for, the Proposed Rule to FINRA Fees for the Regulatory The Exchange believes that the
Change Element of CE. proposal is fair, equitable and not
In January 2016 the Exchange unreasonably discriminatory because
1. Purpose
amended its Rules,5 in consultation the fee change applies equally to all
The purpose of the proposed rule with FINRA and the other exchanges, to Members and persons associated with
change is to amend Section 2(c) of the provide for Web-based delivery of the Members. The Exchange believes that
Regulatory Fees section of the Fee CE Regulatory Element for registered the proposal is reasonable because
Schedule, Web CRD Fees, to (1) delete persons. FINRA will administer the CE program
the $100 Continuing Education Fee for only through the FINRA CE Online
All Registrations, which relates to test Proposal
System and will no longer offer a testing
center delivery of the Regulatory The Exchange now proposes to amend center CE delivery option, except as
Element of CE, and (2) clarify that the its Fee Schedule to delete the $100 CE specifically noted above in which case
$55 Continuing Education Fee for All Fee for All Registrations since the test FINRA has aligned its $55 session fee
Registrations if Web-based shall apply center delivery option for the Regulatory for all participants.11 In addition, the
to all registrations without regard to Element will no longer be offered 6 and Exchange believes this session fee is
mode of session delivery. the $100 fee currently charged for
Specifically, the Exchange proposes to equitable and not unfairly
administration of non-Web-based CE discriminatory as it will apply
(1) delete the $100 CE Fee in its entirety, programs is therefore retired.7
and (2) with respect to the $55 CE Fee, uniformly to all Members and persons
Therefore, the Exchange proposes to associated with the Members who
delete reference to Web-based delivery delete this fee from its current Fee
and specify that it is a ‘‘session’’ fee. choose to participate in the CE program
Schedule. provided through FINRA.
MIAX is proposing such Fee Schedule The Exchange further proposes to
amendments in conjunction with clarify that the $55 CE Fee will now B. Self-Regulatory Organization’s
FINRA’s transition to CE Online and its Statement on Burden on Competition
generally apply to all CE sessions
phase out of test center delivery of the
without further specifying the Web- The Exchange does not believe that
CE Regulatory Element.3
based delivery mode since there will no the proposed rule change will result in
Background longer be more than one mode of CE any burden on competition that is not
On July 31, 2015, the Commission delivery.8 Therefore, the Exchange necessary or appropriate in furtherance
approved [sic] SR–FINRA–2015–015 proposes to delete the reference to Web- of the purposes of the Act. The
relating to proposed changes to FINRA based delivery from Section 2(c) of the Exchange further believes that the
Rules to provide for Web-based delivery Fee Schedule and specify that it is a proposal does not impose any burden
completion of the Regulatory Element of ‘‘session’’ fee in order to provide clarity on competition because FINRA has
CE requirements. Pursuant to the rule and avoid confusion. made, and the Exchange believes that
change, the Regulatory Element of CE 2. Statutory Basis the other exchanges will make, similar
programs is administered through Web- changes to their fee schedules.12
based delivery via the FINRA CE Online The Exchange believes that its
System as of January 4, 2016. Pursuant proposal to amend its Fee Schedule is C. Self-Regulatory Organization’s
to the rule change, the Regulatory consistent with Section 6(b) of the Act 9 Statement on Comments on the
Element of CE programs also continued in general, and furthers the objectives of Proposed Rule Change Received From
to be offered at test centers until no later Section 6(b)(4) of the Act 10 in Members, Participants, or Others
than six months after January 4, 2016. particular, in that it is an equitable
Written comments were neither
Test-center delivery of the Regulatory allocation of reasonable fees and other
solicited nor received.
Element has been phased out effective charges among Exchange members and
July 1, 2016.4 On July 11, 2016, the III. Date of Effectiveness of the Proposed
available at http://www.finra.org/industry/ Rule Change and Timing for
3 See Securities Exchange Act Release No. 78281
accommodations-continuing-education-ce-online- Commission Action
participants.
(July 11, 2016), 81 FR 46133 (July 15, 2016) (SR–
FINRA–2016–025) (Notice of Filing and Immediate
5 See Securities Exchange Act Release No. 76892
The foregoing rule change has become
(January 13, 2016), 81 FR 3206 (January 20, 2016) effective pursuant to Section
Effectiveness of a Proposed Rule Change Relating to
(SR–MIAX–2016–01).
the Fee for the Regulatory Element of Continuing 6 See supra note 4. 19(b)(3)(A)(ii) of the Act,13 and Rule
Education). See also Securities Exchange Act 19b–4(f)(2) 14 thereunder. At any time
7 See Securities Exchange Act Release No. 78281
Release No. 75581 (July 31, 2015), 80 FR 47018
(August 6, 2015) (SR–FINRA–2015–015) (Notice of (July 11, 2016), 81 FR 46133 (July 15, 2016) (SR– within 60 days of the filing of the
Filing and Immediate Effectiveness of a Proposed FINRA–2016–025) (Notice of Filing and Immediate proposed rule change, the Commission
Rule Change to Provide a Web-based Delivery Effectiveness of a Proposed Rule Change Relating to summarily may temporarily suspend
Method for Completing the Regulatory Element of the Fee for the Regulatory Element of Continuing
Education). such rule change if it appears to the
the Continuing Education Requirements),
Regulatory Notice 15–28 (August 2015) and 8 With the exception of participants who may Commission that such action is
Information Notice, May 16, 2016 (Elimination of need accommodations in completing their CE necessary or appropriate in the public
Continuing Education Delivery at Testing Centers). session due to a disability pursuant to the ADA and interest, for the protection of investors,
4 See Information Notice, May 16, 2016 to whom the session fee of $55 for the Regulatory
Element shall apply regardless of whether the
or otherwise in furtherance of the
(Elimination of Continuing Education Delivery at
mstockstill on DSK3G9T082PROD with NOTICES

Testing Centers). Notwithstanding such test center session is completed at a test center or through the purposes of the Act. If the Commission
phase out, participants who may need CE Online System. See Securities Exchange Act takes such action, the Commission shall
accommodations in completing their CE session Release No. 78281 (July 11, 2016), 81 FR 46133 institute proceedings to determine
due to a disability pursuant to the Americans with (July 15, 2016) (SR- FINRA–2016–025) (Notice of
Disabilities Act of 1990, Public Law 101–336, 104 Filing and Immediate Effectiveness of a Proposed
11 See supra note 7.
Stat. 328 (1990) (‘‘ADA’’) may apply for an Rule Change Relating to the Fee for the Regulatory
Element of Continuing Education). 12 See id.
accommodation and complete their CE Regulatory
9 15 U.S.C. 78f(b). 13 15 U.S.C. 78s(b)(3)(A)(ii).
Element session at a test center. See FINRA’s CE
Online Delivery Accommodation Web page, 10 15 U.S.C. 78f(b)(4). 14 17 CFR 240.19b–4(f)(2).

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Federal Register / Vol. 81, No. 156 / Friday, August 12, 2016 / Notices 53529

whether the proposed rule should be For the Commission, by the Division of attorney, rule 0–4 requires that the
approved or disapproved. Trading and Markets, pursuant to delegated power of attorney evidencing his
authority.15 authority to sign shall state the basis for
IV. Solicitation of Comments Robert W. Errett, the agent’s authority and shall be filed
Deputy Secretary. with the Commission. Every application
Interested persons are invited to
submit written data, views and
[FR Doc. 2016–19174 Filed 8–11–16; 8:45 am] subject to rule 0–4 must be verified by
BILLING CODE 8011–01–P the person executing the application by
arguments concerning the foregoing,
providing a notarized signature in
including whether the proposed rule
substantially the form specified in the
change is consistent with the Act. SECURITIES AND EXCHANGE rule. Each application subject to rule 0–
Comments may be submitted by any of COMMISSION 4 must state the reasons why the
the following methods: applicant is deemed to be entitled to the
Proposed Collection; Comment action requested with a reference to the
Electronic Comments Request provisions of the Act and rules
• Use the Commission’s Internet Upon Written Request, Copy Available thereunder, the name and address of
comment form (http://www.sec.gov/ From: Securities and Exchange each applicant, and the name and
rules/sro.shtml); or Commission, Office of FOIA Services, address of any person to whom any
questions regarding the application
• Send an email to rule-comments@ 100 F Street NE., Washington, DC
20549–2736. should be directed. Rule 0–4 requires
sec.gov. Please include File No. SR–
that a proposed notice of the proceeding
MIAX–2016–23 on the subject line. Extension:
initiated by the filing of the application
Rule 0–4, SEC File No. 270–569, OMB
Paper Comments Control No. 3235–0633. accompany each application as an
exhibit and, if necessary, be modified to
• Send paper comments in triplicate Notice is hereby given that pursuant reflect any amendment to the
to Secretary, Securities and Exchange to the Paperwork Reduction Act of 1995 application.
Commission, 100 F Street NE., (44 U.S.C. 3501 et seq.), the Securities The requirements of rule 0–4 are
Washington, DC 20549–1090. and Exchange Commission (the designed to provide Commission staff
‘‘Commission’’) is soliciting comments with the necessary information to assess
All submissions should refer to File No. on the collection of information whether granting the orders of
SR–MIAX–2016–23. This file number summarized below. The Commission exemption are necessary and
should be included on the subject line plans to submit this collection of appropriate in the public interest and
if email is used. To help the information to the Office of consistent with the protection of
Commission process and review your Management and Budget for extension investors and the intended purposes of
comments more efficiently, please use and approval. the Act.
only one method. The Commission will Rule 0–4 (17 CFR 275.0–4) under the Applicants for orders under the
post all comments on the Commission’s Investment Advisers Act of 1940 (‘‘Act’’ Advisers Act can include registered
Internet Web site (http://www.sec.gov/ or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et investment advisers, affiliated persons
rules/sro.shtml). Copies of the seq.) entitled ‘‘General Requirements of of registered investment advisers, and
Papers and Applications,’’ prescribes entities seeking to avoid investment
submission, all subsequent
general instructions for filing an adviser status, among others.
amendments, all written statements
application seeking exemptive relief Commission staff estimates that it
with respect to the proposed rule
with the Commission. Rule 0–4 receives up to 3 applications per year
change that are filed with the currently requires that every application
Commission, and all written submitted under rule 0–4 of the Act
for an order for which a form is not seeking relief from various provisions of
communications relating to the specifically prescribed and which is the Advisers Act and, in addition, up to
proposed rule change between the executed by a corporation, partnership 9 applications per year submitted under
Commission and any person, other than or other company and filed with the Advisers Act rule 206(4)–5, which
those that may be withheld from the Commission contain a statement of the addresses certain ‘‘pay to play’’
public in accordance with the applicable provisions of the articles of practices and also provides the
provisions of 5 U.S.C. 552, will be incorporation, bylaws or similar Commission the authority to grant
available for Web site viewing and documents, relating to the right of the applications seeking relief from certain
printing in the Commission’s Public person signing and filing such of the rule’s restrictions. Although each
Reference Room, 100 F Street, NE., application to take such action on behalf application typically is submitted on
Washington, DC 20549 on official of the applicant, and a statement that all behalf of multiple applicants, the
business days between the hours of such requirements have been complied applicants in the vast majority of cases
10:00 a.m. and 3:00 p.m. Copies of the with and that the person signing and are related entities and are treated as a
filing also will be available for filing the application is fully authorized single respondent for purposes of this
inspection and copying at the principal to do so. If such authorization is analysis. Most of the work of preparing
office of the MIAX. All comments dependent on resolutions of an application is performed by outside
received will be posted without change; stockholders, directors, or other bodies, counsel and, therefore, imposes no
the Commission does not edit personal such resolutions must be attached as an hourly burden on respondents. The cost
exhibit to or quoted in the application. outside counsel charges applicants
mstockstill on DSK3G9T082PROD with NOTICES

identifying information from
submissions. You should submit only Any amendment to the application must depends on the complexity of the issues
contain a similar statement as to the covered by the application and the time
information that you wish to make
applicability of the original statement of required. Based on conversations with
available publicly. All submissions
authorization. When any application or applicants and attorneys, the cost for
should refer to File No. SR–MIAX– applications ranges from approximately
amendment is signed by an agent or
2016–23 and should be submitted on or $12,800 for preparing a well-precedent,
before September 2, 2016. 15 17 CFR 200.30–3(a)(12). routine (or otherwise less involved)

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Document Created: 2018-02-09 11:32:50
Document Modified: 2018-02-09 11:32:50

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 53527