81 FR 54140 - Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190(f) To Make Correcting and Clarifying Changes
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 157 (August 15, 2016)
Federal Register Volume 81, Issue 157 (August 15, 2016)
| Page Range | 54140-54141 | |
| FR Document | 2016-19314 |
[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)] [Notices] [Pages 54140-54141] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-19314] [[Page 54140]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78509; File No. SR-IEX-2016-08] Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 11.190(f) To Make Correcting and Clarifying Changes August 9, 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 August 1, 2016, the Investors Exchange LLC (``IEX'' or the ``Exchange'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Exchange has designated this proposal as a ``non- controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b-4(f)(6)(iii) thereunder,\5\ which renders it effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. \4\ 15 U.S.C. 78s(b)(3)(A). \5\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change Pursuant to the provisions of Section 19(b)(1) under the Securities Exchange Act of 1934 (``Act''),\6\ and Rule 19b-4 thereunder,\7\ Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the Securities and Exchange Commission (``Commission'') a proposed rule change to amend Rule 11.190(f) to (i) eliminate obsolete references to route to rest functionality, (ii) replace the phrase ``displayed interest'' with ``displayable interest'' to more clearly describe how the IEX System handles such interest in a One-Sided Market, and (iii) describe how orders are handled in a Zero Market when a contra-side Protected Quotation returns. The Exchange has designated this rule change as non-controversial under Section 19(b)(3)(A) of the Act \8\ and provided the Commission with the notice required by Rule 19b- 4(b)(6)(iii) thereunder.\9\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(1). \7\ 17 CRF 240.19b-4. \8\ 15 U.S.C. 78s(b)(3)(A). \9\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.iextrading.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 these statement [sic] may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 11.190(f) to (i) eliminate obsolete references to route to rest functionality in subparagraphs (4)(B)(i)(b) and 5(B), (ii) replace the phrase ``displayed interest'' with ``displayable interest'' in subparagraphs (4)(B), (4)(B)(i)(a) and (4)(B)(ii)(a) to more clearly describe how the IEX System handles such interest in a One-Sided Market, and (iii) describe, in subparagraphs 5(A) and 5(B), how orders are handled in a Zero Market when a contra- side Protected Quotation returns. With respect to references to route to rest functionality, subparagraphs (4)(B)(i)(b) and (5)(B) reference Rule 11.230(c)(6). However, Rule 11.230(c)(6) was deleted in connection with Amendment No. 3 to IEX's Form 1 application under the Act, seeking registration as a national securities exchange pursuant to Section 6 of the Act.\10\ In Amendment No. 3,\11\ IEX proposed changes to redesign its outbound routing functionality, which changes included eliminating route to rest routing functionality previously described in Rule 11.230(c)(6). However, IEX inadvertently failed to delete references to such functionality in subparagraphs (4)(B)(i)(b) and (5)(B) of Rule 11.190(f). --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f. \11\ See, Securities Exchange Act Release No. 77406 (March 18, 2016). --------------------------------------------------------------------------- Currently, subparagraph (4)(B)(i)(b) of Rule 11.190(f) provides that in a One-Sided Market (which lacks either a Protected Bid or Protected Offer) routable displayable orders on the same side as the Protected Quotation can route passively to rest on away trading centers. Similarly, subparagraph (5)(B) of Rule 11.190(f) provides that in a Zero Market (in which neither a Protected Bid nor Protected Offer exists) routable displayable orders can route passively to rest on away trading centers. As proposed, such orders will not be eligible to route passively to rest on away trading centers, while the One-Sided Market or Zero Market, as applicable, exists. Accordingly, IEX proposes to update its rules to delete those provisions. IEX also proposes to replace the phrase ``displayed interest'' with ``displayable interest'' in subparagraphs (4)(B), (4)(B)(i)(a) and (4)(B)(ii)(a) to more clearly describe how the IEX System handles such interest in a One-Sided Market. Specifically, the subparagraphs noted above use the term ``displayed interest'' when describing trading interest that is eligible for display but may not have been displayed. Accordingly, the Exchange proposes to change such references to ``displayable interest'' since the applicable rule provisions describe the handling of orders that are displayable even if not displayed. Finally, the Exchange proposes to describe, in subparagraphs 5(A) and 5(B) of Rule 11.190, how orders are handled in a Zero Market when a contra-side Protected Quotation returns. Currently, those provisions describe how non-displayed and displayable interest is handled in a Zero Market (i.e., in which neither a Protected Bid nor Protected Offer exists), but do not describe how orders are handled when a Protected Quotation returns on one side of the market. As proposed, Rule 11.190(5)(A) and (B) provide that when a contra-side Protected Quotation returns, the system will route routable orders consistent with Rule 11.230(b)(2), if eligible for re-sweep. This change thus addresses when a Two-Sided or One-Sided Market returns. 2. Statutory Basis IEX believes that the proposed rule change is consistent with the provisions of Section 6 of the Act, in general and with Sections 6(b) \12\ of the Act in general, and furthers the objectives of Section 6(b)(5) \13\ of the Act, 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 [[Page 54141]] 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. The Exchange believes it is appropriate to make the specified corrections so that its rules clearly describe the manner in which its systems operate by removing obsolete text and clarifying the operation of the rule when a protected quotation returns. The proposed changes do not introduce new functionality but merely make the rule more complete and precise. Further, the Exchange believes that the proposed rule change is consistent with the protection of investors and the public interest because it will provide for accuracy and consistency in the Exchange's rules and alleviate any confusion among market participants. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f. \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition IEX 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 because IEX is amending its rules to provide for accuracy and consistency. The Exchange is merely removing obsolete language and clarifying the operation of the rule, therefore no new burdens are being proposed. 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 Exchange has designated this rule filing as non-controversial under Section 19(b)(3)(A) \14\ of the Act and Rule 19b-4(f)(6) \15\ thereunder. 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 for 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6) thereunder.\16\ The Exchange notes that its proposal merely amends the Exchange's rules to provide for accuracy and consistency. The Exchange has asked the Commission to waive the 30-day operative delay, making the proposal operative upon filing. The Commission believes that waiver of the operative delay is consistent with the protection of investors and the public interest because it will allow the Exchange to implement the proposal immediately to remove some obsolete rule text and separately add helpful additional clarifying detail to its one-sided and zero markets provision, which may alleviate potential confusion among market participants before IEX begins operations as an exchange. Further, the proposal adds clarifying detail to the rule without materially amending the operation of the rule or raising any new or novel issues. For these reasons, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\17\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. \17\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \18\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \18\ 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 CommentsUse 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 SR-IEX-2016-08 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 Number SR-IEX-2016-08. 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-IEX-2016-08 and should be submitted on or before September 6, 2016. --------------------------------------------------------------------------- \19\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\19\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-19314 Filed 8-12-16; 8:45 am] BILLING CODE 8011-01-P
![54140 Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices
SECURITIES AND EXCHANGE The text of the proposed rule change Protected Bid or Protected Offer)
COMMISSION is available at the Exchange’s Web site routable displayable orders on the same
at www.iextrading.com, at the principal side as the Protected Quotation can
[Release No. 34–78509; File No. SR–IEX– office of the Exchange, and at the route passively to rest on away trading
2016–08] Commission’s Public Reference Room. centers. Similarly, subparagraph (5)(B)
of Rule 11.190(f) provides that in a Zero
Self-Regulatory Organizations; II. Self-Regulatory Organization’s
Market (in which neither a Protected
Investors Exchange LLC; Notice of Statement of the Purpose of, and
Bid nor Protected Offer exists) routable
Filing and Immediate Effectiveness of Statutory Basis for, the Proposed Rule
displayable orders can route passively
Proposed Rule Change To Amend Rule Change
to rest on away trading centers. As
11.190(f) To Make Correcting and In its filing with the Commission, the proposed, such orders will not be
Clarifying Changes self-regulatory organization included eligible to route passively to rest on
August 9, 2016. statements concerning the purpose of away trading centers, while the One-
Pursuant to Section 19(b)(1) 1 of the and basis for the proposed rule change Sided Market or Zero Market, as
Securities Exchange Act of 1934 (the and discussed any comments it received applicable, exists. Accordingly, IEX
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 on the proposed rule change. The text proposes to update its rules to delete
notice is hereby given that, on August of these statement [sic] may be those provisions.
1, 2016, the Investors Exchange LLC examined at the places specified in Item IEX also proposes to replace the
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the IV below. The self-regulatory phrase ‘‘displayed interest’’ with
organization has prepared summaries, ‘‘displayable interest’’ in subparagraphs
Securities and Exchange Commission
set forth in Sections A, B, and C below, (4)(B), (4)(B)(i)(a) and (4)(B)(ii)(a) to
(the ‘‘Commission’’) the proposed rule
of the most significant aspects of such more clearly describe how the IEX
change as described in Items I and II
statements. System handles such interest in a One-
below, which Items have been prepared
by the self-regulatory organization. The A. Self-Regulatory Organization’s Sided Market. Specifically, the
Exchange has designated this proposal Statement of the Purpose of, and subparagraphs noted above use the term
as a ‘‘non-controversial’’ proposed rule Statutory Basis for, the Proposed Rule ‘‘displayed interest’’ when describing
change pursuant to Section 19(b)(3)(A) Change trading interest that is eligible for
of the Act 4 and Rule 19b–4(f)(6)(iii) display but may not have been
1. Purpose displayed. Accordingly, the Exchange
thereunder,5 which renders it effective
The Exchange proposes to amend proposes to change such references to
upon filing with the Commission. The
Rule 11.190(f) to (i) eliminate obsolete ‘‘displayable interest’’ since the
Commission is publishing this notice to
references to route to rest functionality applicable rule provisions describe the
solicit comments on the proposed rule
in subparagraphs (4)(B)(i)(b) and 5(B), handling of orders that are displayable
change from interested persons.
(ii) replace the phrase ‘‘displayed even if not displayed.
I. Self-Regulatory Organization’s interest’’ with ‘‘displayable interest’’ in Finally, the Exchange proposes to
Statement of the Terms of Substance of subparagraphs (4)(B), (4)(B)(i)(a) and describe, in subparagraphs 5(A) and
the Proposed Rule Change (4)(B)(ii)(a) to more clearly describe how 5(B) of Rule 11.190, how orders are
the IEX System handles such interest in handled in a Zero Market when a
Pursuant to the provisions of Section
a One-Sided Market, and (iii) describe, contra-side Protected Quotation returns.
19(b)(1) under the Securities Exchange
in subparagraphs 5(A) and 5(B), how Currently, those provisions describe
Act of 1934 (‘‘Act’’),6 and Rule 19b–4
orders are handled in a Zero Market how non-displayed and displayable
thereunder,7 Investors Exchange LLC
when a contra-side Protected Quotation interest is handled in a Zero Market (i.e.,
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
returns. in which neither a Protected Bid nor
Securities and Exchange Commission
With respect to references to route to Protected Offer exists), but do not
(‘‘Commission’’) a proposed rule change
rest functionality, subparagraphs describe how orders are handled when
to amend Rule 11.190(f) to (i) eliminate
(4)(B)(i)(b) and (5)(B) reference Rule a Protected Quotation returns on one
obsolete references to route to rest
11.230(c)(6). However, Rule 11.230(c)(6) side of the market. As proposed, Rule
functionality, (ii) replace the phrase
was deleted in connection with 11.190(5)(A) and (B) provide that when
‘‘displayed interest’’ with ‘‘displayable
Amendment No. 3 to IEX’s Form 1 a contra-side Protected Quotation
interest’’ to more clearly describe how
application under the Act, seeking returns, the system will route routable
the IEX System handles such interest in
registration as a national securities orders consistent with Rule 11.230(b)(2),
a One-Sided Market, and (iii) describe
exchange pursuant to Section 6 of the if eligible for re-sweep. This change thus
how orders are handled in a Zero
Act.10 In Amendment No. 3,11 IEX addresses when a Two-Sided or One-
Market when a contra-side Protected
proposed changes to redesign its Sided Market returns.
Quotation returns. The Exchange has
designated this rule change as non- outbound routing functionality, which 2. Statutory Basis
controversial under Section 19(b)(3)(A) changes included eliminating route to
rest routing functionality previously IEX believes that the proposed rule
of the Act 8 and provided the change is consistent with the provisions
Commission with the notice required by described in Rule 11.230(c)(6).
However, IEX inadvertently failed to of Section 6 of the Act, in general and
Rule 19b–4(b)(6)(iii) thereunder.9 with Sections 6(b) 12 of the Act in
delete references to such functionality
in subparagraphs (4)(B)(i)(b) and (5)(B) general, and furthers the objectives of
1 15 U.S.C. 78s(b)(1).
sradovich on DSK3GMQ082PROD with NOTICES
2 15 of Rule 11.190(f). Section 6(b)(5) 13 of the Act, in
U.S.C. 78a.
3 17 CFR 240.19b–4. Currently, subparagraph (4)(B)(i)(b) of particular, in that it is designed to
4 15 U.S.C. 78s(b)(3)(A). Rule 11.190(f) provides that in a One- prevent fraudulent and manipulative
5 17 CFR 240.19b–4(f)(6)(iii). Sided Market (which lacks either a acts and practices, to promote just and
6 15 U.S.C. 78s(b)(1). equitable principles of trade, to remove
7 17 CRF 240.19b–4. 10 15U.S.C. 78f.
8 15 U.S.C. 78s(b)(3)(A). 11 See, 12 15 U.S.C. 78f.
Securities Exchange Act Release No. 77406
9 17 CFR 240.19b–4(f)(6)(iii). (March 18, 2016). 13 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices 54141
impediments to and perfect the Act and Rule 19b–4(f)(6) thereunder.16 Electronic Comments
mechanism of a free and open market The Exchange notes that its proposal
and a national market system, and, in merely amends the Exchange’s rules to • Use the Commission’s Internet
general, to protect investors and the provide for accuracy and consistency. comment form (http://www.sec.gov/
public interest. The Exchange believes it The Exchange has asked the rules/sro.shtml); or
is appropriate to make the specified Commission to waive the 30-day • Send an email to rule-comments@
corrections so that its rules clearly operative delay, making the proposal sec.gov. Please include File SR–IEX–
describe the manner in which its operative upon filing. The Commission 2016–08 on the subject line.
systems operate by removing obsolete believes that waiver of the operative
text and clarifying the operation of the delay is consistent with the protection Paper Comments
rule when a protected quotation returns. of investors and the public interest
because it will allow the Exchange to • Send paper comments in triplicate
The proposed changes do not introduce
implement the proposal immediately to to Secretary, Securities and Exchange
new functionality but merely make the
remove some obsolete rule text and Commission, 100 F Street NE.,
rule more complete and precise.
separately add helpful additional Washington, DC 20549–1090.
Further, the Exchange believes that the
proposed rule change is consistent with clarifying detail to its one-sided and All submissions should refer to File
the protection of investors and the zero markets provision, which may Number SR–IEX–2016–08. This file
public interest because it will provide alleviate potential confusion among number should be included on the
for accuracy and consistency in the market participants before IEX begins subject line if email is used. To help the
Exchange’s rules and alleviate any operations as an exchange. Further, the Commission process and review your
confusion among market participants. proposal adds clarifying detail to the comments more efficiently, please use
rule without materially amending the only one method. The Commission will
B. Self-Regulatory Organization’s operation of the rule or raising any new post all comments on the Commission’s
Statement on Burden on Competition or novel issues. For these reasons, the Internet Web site (http://www.sec.gov/
IEX does not believe that the Commission hereby waives the rules/sro.shtml). Copies of the
proposed rule change will result in any operative delay and designates the submission, all subsequent
burden on competition that is not proposed rule change operative upon amendments, all written statements
necessary or appropriate in furtherance filing.17 with respect to the proposed rule
of the purposes of the Act because IEX At any time within 60 days of the change that are filed with the
is amending its rules to provide for filing of the proposed rule change, the Commission, and all written
accuracy and consistency. The Commission summarily may communications relating to the
Exchange is merely removing obsolete temporarily suspend such rule change if proposed rule change between the
language and clarifying the operation of it appears to the Commission that such Commission and any person, other than
the rule, therefore no new burdens are action is necessary or appropriate in the those that may be withheld from the
being proposed. public interest, for the protection of public in accordance with the
investors, or otherwise in furtherance of provisions of 5 U.S.C. 552, will be
C. Self-Regulatory Organization’s the purposes of the Act. If the available for Web site viewing and
Statement on Comments on the Commission takes such action, the printing in the Commission’s Public
Proposed Rule Change Received From Commission shall institute proceedings Reference Room, 100 F Street NE.,
Members, Participants, or Others under Section 19(b)(2)(B) 18 of the Act to Washington, DC 20549, on official
Written comments were neither determine whether the proposed rule business days between the hours of
solicited nor received. change should be approved or 10:00 a.m. and 3:00 p.m. Copies of the
disapproved. filing also will be available for
III. Date of Effectiveness of the
IV. Solicitation of Comments inspection and copying at the principal
Proposed Rule Change and Timing for
Interested persons are invited to office of the Exchange. All comments
Commission Action
submit written data, views and received will be posted without change;
The Exchange has designated this rule the Commission does not edit personal
arguments concerning the foregoing,
filing as non-controversial under identifying information from
including whether the proposed rule
Section 19(b)(3)(A) 14 of the Act and submissions. You should submit only
change is consistent with the Act.
Rule 19b–4(f)(6) 15 thereunder. Because information that you wish to make
Comments may be submitted by any of
the proposed rule change does not: (i) available publicly. All submissions
the following methods:
Significantly affect the protection of should refer to File Number SR–IEX–
investors or the public interest; (ii) 16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 2016–08 and should be submitted on or
impose any significant burden on 4(f)(6) requires a self-regulatory organization to give before September 6, 2016.
competition; and (iii) become operative the Commission written notice of its intent to file
the proposed rule change at least five business days For the Commission, by the Division of
for 30 days from the date on which it Trading and Markets, pursuant to delegated
prior to the date of filing of the proposed rule
was filed, or such shorter time as the change, or such shorter time as designated by the authority.19
Commission may designate if consistent Commission. The Exchange has satisfied this
Robert W. Errett,
with the protection of investors and the requirement.
public interest, it has become effective 17 For purposes only of waiving the 30-day Deputy Secretary.
sradovich on DSK3GMQ082PROD with NOTICES
pursuant to Section 19(b)(3)(A) of the operative delay, the Commission has also [FR Doc. 2016–19314 Filed 8–12–16; 8:45 am]
considered the proposed rule’s impact on
BILLING CODE 8011–01–P
efficiency, competition, and capital formation. See
14 15 U.S.C. 78s(b)(3)(A). 15 U.S.C. 78c(f).
19 17 CFR 200.30–3(a)(12).
15 17 CFR 240.19b–4(f)(6). 18 15 U.S.C. 78s(b)(2)(B).
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Document Created: 2016-08-13 02:22:43
Document Modified: 2016-08-13 02:22:43
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