81 FR 54166 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 157 (August 15, 2016)

Page Range		54166-54166
FR Document		2016-19455

Federal Register, Volume 81 Issue 157 (Monday, August 15, 2016)

[Federal Register Volume 81, Number 157 (Monday, August 15, 2016)]
[Notices]
[Page 54166]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-19455]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and 
Exchange Commission will hold an Open Meeting on Wednesday, August 17, 
2016 at 2:00 p.m., in the Auditorium (L-002) at the Commission's 
headquarters building, to hear oral argument in an appeal from an 
initial decision of an administrative law judge by respondent Larry C. 
Grossman.
    On December 23, 2014, the ALJ found that Grossman, the former 
principal of a registered investment adviser, violated certain 
antifraud, broker-dealer, and investment adviser provisions of the 
federal securities laws by, among other things, making 
misrepresentations and omissions of material fact to his advisory 
clients when he advised them to invest in funds as to which he had an 
economic conflict of interest. For these violations, the ALJ ordered 
Grossman to pay a $1.55 million civil penalty, to pay approximately $3 
million in disgorgement plus prejudgment interest, and to cease and 
desist from further violations of the securities laws. The ALJ also 
barred him from association with the securities industry.
    Respondent appealed, challenging only the imposition of sanctions. 
The issues likely to be considered at oral argument include, among 
other things, whether the five year statute of limitations in 28 U.S.C. 
2462 prohibits us from imposing a civil penalty, disgorgement, industry 
bar, or cease-and-desist order, and, to the extent that it does not, 
what sanctions, if any, are appropriate in the public interest.
    For further information, please contact Brent J. Fields from the 
Office of the Secretary at (202) 551-5400.

    Dated: August 10, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-19455 Filed 8-11-16; 11:15 am]
 BILLING CODE 8011-01-P

54166 Federal Register / Vol. 81, No. 157 / Monday, August 15, 2016 / Notices

excessive. In such an environment, the Commission process and review your omissions of material fact to his
Exchange must continually adjust its comments more efficiently, please use advisory clients when he advised them
fees to remain competitive with other only one method. The Commission will to invest in funds as to which he had
exchanges and to attract order flow. The post all comments on the Commission’s an economic conflict of interest. For
Exchange believes that the proposed Internet Web site (http://www.sec.gov/ these violations, the ALJ ordered
rule changes reflect this competitive rules/sro.shtml). Copies of the Grossman to pay a $1.55 million civil
environment because they modify the submission, all subsequent penalty, to pay approximately $3
Exchange’s fees in a manner that amendments, all written statements million in disgorgement plus
encourages market participants to with respect to the proposed rule prejudgment interest, and to cease and
provide liquidity and to send order flow change that are filed with the desist from further violations of the
to the Exchange. Commission, and all written securities laws. The ALJ also barred him
communications relating to the from association with the securities
C. Self-Regulatory Organization’s proposed rule change between the
Statement on Comments on the industry.
Commission and any person, other than
Proposed Rule Change Received From those that may be withheld from the Respondent appealed, challenging
Members, Participants, or Others public in accordance with the only the imposition of sanctions. The
Written comments were neither provisions of 5 U.S.C. 552, will be issues likely to be considered at oral
solicited nor received. available for Web site viewing and argument include, among other things,
printing in the Commission’s Public whether the five year statute of
III. Date of Effectiveness of the limitations in 28 U.S.C. 2462 prohibits
Reference Room, 100 F Street NE.,
Proposed Rule Change and Timing for Washington, DC 20549 on official us from imposing a civil penalty,
Commission Action business days between the hours of disgorgement, industry bar, or cease-
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of such and-desist order, and, to the extent that
effective pursuant to Section filing also will be available for it does not, what sanctions, if any, are
19(b)(3)(A)(ii) of the Act,17 and Rule inspection and copying at the principal appropriate in the public interest.
19b–4(f)(2) 18 thereunder. At any time office of the Exchange. All comments For further information, please
within 60 days of the filing of the received will be posted without change; contact Brent J. Fields from the Office of
proposed rule change, the Commission the Commission does not edit personal the Secretary at (202) 551–5400.
summarily may temporarily suspend identifying information from
such rule change if it appears to the submissions. You should submit only Dated: August 10, 2016.
Commission that such action is information that you wish to make Lynn M. Powalski,
necessary or appropriate in the public available publicly. All submissions Deputy Secretary.
interest, for the protection of investors, should refer to File Number SR–MIAX– [FR Doc. 2016–19455 Filed 8–11–16; 11:15 am]
or otherwise in furtherance of the 2016–21, and should be submitted on or BILLING CODE 8011–01–P
purposes of the Act. If the Commission before September 6, 2016.
takes such action, the Commission shall For the Commission, by the Division of
institute proceedings to determine Trading and Markets, pursuant to delegated SECURITIES AND EXCHANGE
whether the proposed rule should be authority.19 COMMISSION
approved or disapproved. Robert W. Errett,
IV. Solicitation of Comments Deputy Secretary. [Release No. 34–78510; File No. SR–IEX–
[FR Doc. 2016–19321 Filed 8–12–16; 8:45 am] 2016–11]
Interested persons are invited to
BILLING CODE 8011–01–P
submit written data, views, and
Self-Regulatory Organizations;
arguments concerning the foregoing,
Investors Exchange LLC; Notice of
including whether the proposed rule SECURITIES AND EXCHANGE Filing and Immediate Effectiveness of
change is consistent with the Act. COMMISSION Proposed Rule Change To Amend Rule
Comments may be submitted by any of
11.190(g) Related to Discretionary Peg
the following methods: Sunshine Act Meeting Orders
Electronic Comments Notice is hereby given, pursuant to August 9, 2016.
• Use the Commission’s Internet the provisions of the Government in the
comment form (http://www.sec.gov/ Sunshine Act, Pub. L. 94–409, that the Pursuant to Section 19(b)(1) 1 of the
rules/sro.shtml); or Securities and Exchange Commission Securities Exchange Act of 1934 (the
• Send an email to rule-comments@ will hold an Open Meeting on ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
sec.gov. Please include File Number SR– Wednesday, August 17, 2016 at 2:00 notice is hereby given that, on August
MIAX–2016–21 on the subject line. p.m., in the Auditorium (L–002) at the 4, 2016, the Investors Exchange LLC
Commission’s headquarters building, to (‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Paper Comments Securities and Exchange Commission
hear oral argument in an appeal from an
• Send paper comments in triplicate initial decision of an administrative law (the ‘‘Commission’’) the proposed rule
to Brent J. Fields, Secretary, Securities judge by respondent Larry C. Grossman. change as described in Items I and II
and Exchange Commission, 100 F Street On December 23, 2014, the ALJ found below, which Items have been prepared
NE., Washington, DC 20549–1090.
sradovich on DSK3GMQ082PROD with NOTICES

that Grossman, the former principal of by the self-regulatory organization. The
All submissions should refer to File a registered investment adviser, violated Commission is publishing this notice to
Number SR–MIAX–2016–21. This file certain antifraud, broker-dealer, and solicit comments on the proposed rule
number should be included on the investment adviser provisions of the change from interested persons.
subject line if email is used. To help the federal securities laws by, among other
things, making misrepresentations and 1 15 U.S.C. 78s(b)(1).
17 15 U.S.C. 78s(b)(3)(A)(ii). 2 15 U.S.C. 78a.
18 17 CFR 240.19b–4(f)(2). 19 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.

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Document Created: 2016-08-13 02:22:12
Document Modified: 2016-08-13 02:22:12

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 54166