81 FR 57641 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct a Typographical Error in Rules IM-5910-1 and IM-5920-1

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 163 (August 23, 2016)

Page Range		57641-57642
FR Document		2016-20065
Federal Register, Volume 81 Issue 163 (Tuesday, August 23, 2016)
[Federal Register Volume 81, Number 163 (Tuesday, August 23, 2016)]
[Notices]
[Pages 57641-57642]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20065]



[[Page 57641]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78605; File No. SR-NASDAQ-2016-118]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Correct a Typographical Error in Rules IM-5910-1 and IM-5920-1

August 17, 2016.
    Pursuant to 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 11, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I, II, and III, below, which Items have been prepared by the 
Exchange. The Commission is publishing this notice to solicit comments 
on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to modify Exchange Rules IM-5910-1 and IM-
5920-1 to correct a typographical error.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.cchwallstreet.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 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.

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

1. Purpose
    Effective January 1, 2015, Nasdaq adopted an all-inclusive annual 
listing fee, which simplifies billing and provides transparency and 
certainty to companies as to the annual cost of listing.\3\ This new 
fee structure was designed, primarily, to address customer complaints 
about the number and, in some cases, the variable nature of certain of 
Nasdaq's listing fees. In SR-NASDAQ-2016-085,\4\ Nasdaq made changes to 
the rules governing the all-inclusive annual listing fee to allow 
currently listed companies that did not previously opt in to the all-
inclusive annual fee program to do so effective January 1, 2017. This 
rule change, however, contained a typographical error, which appears in 
two rules, that Nasdaq is now proposing to correct.
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    \3\ Securities Exchange Act Release No. 73647 (November 19, 
2014), 79 FR 70232 (November 25, 2014) (SR-NASDAQ-2014-087).
    \4\ Securities and Exchange Act Release No. 78149 (June 24, 
2016), 81 FR 42388 (June 29, 2016) (SR-NASDAQ-2016-085).
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    Specifically, Exchange Rules IM-5910-1(b)(3)(B) and IM-5920-
1(b)(3)(B), now contain the extra word ``be'' in their description of 
the benefits for the listing of additional shares, which should have 
been deleted. Nasdaq proposes to correct this error and remove the word 
from both rules.
2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the provisions of Section 6 of the Act,\5\ in general, and with 
Sections 6(b)(5) of the Act,\6\ in particular, in that it is designed 
to prevent fraudulent and manipulative acts and practices, to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in regulating, clearing, settling, 
processing information with respect to, and facilitating transactions 
in securities, 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. Nasdaq asserts that the 
proposed correction to Rules IM-5910-1(b)(3)(B) and IM-5920-1(b)(3)(B) 
will serve the Act's goals by ensuring that the Exchange's rules use 
accurate terminology.
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    \5\ 15 U.S.C. 78f.
    \6\ 15 U.S.C. 78f(b)(4) and (5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq 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, as amended. Moreover, the 
Exchange believes that the proposed correction does not impact 
competition in any respect, since it is designed to correct a 
typographical error.

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

    No written comments were either solicited or received.

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

    Because the foregoing 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, it has become 
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
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    \7\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \8\ 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.
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number SR-NASDAQ-2016-118 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange

[[Page 57642]]

Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NASDAQ-2016-118. 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-NASDAQ-2016-118 and should 
be submitted on or before September 13, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-20065 Filed 8-22-16; 8:45 am]
 BILLING CODE 8011-01-P
57642 Federal Register / Vol. 81, No. 163 / Tuesday, August 23, 2016 / Notices

Commission, 100 F Street NE., SECURITIES AND EXCHANGE the proposed rule change. Accordingly,
Washington, DC 20549–1090. COMMISSION the Commission, pursuant to Section
19(b)(2) of the Act,6 designates October
All submissions should refer to File [Release No. 34–78598; File No. SR–
5, 2016, as the date by which the
Number SR–NASDAQ–2016–118. This NYSEMKT–2016–52]
Commission shall either approve or
file number should be included on the disapprove, or institute proceedings to
Self-Regulatory Organizations; NYSE
subject line if email is used. To help the determine whether to disapprove, the
MKT LLC; Notice of Designation of a
Commission process and review your Longer Period for Commission Action proposed rule change (File No. SR–
comments more efficiently, please use on Proposed Rule Change Amending NYSEMKT–2016–52).
only one method. The Commission will Rules 340, 341, and 359 To Extend the For the Commission, by the Division of
post all comments on the Commission’s Time Within Which a Member, Member Trading and Markets, pursuant to delegated
Internet Web site (http://www.sec.gov/ Organization, or an ATP Holder Must authority.7
rules/sro.shtml). Copies of the File a Uniform Termination Notice for Brent J. Fields,
submission, all subsequent Securities Industry Registration (‘‘U5’’) Secretary.
amendments, all written statements [FR Doc. 2016–20060 Filed 8–22–16; 8:45 am]
with respect to the proposed rule August 17, 2016.
change that are filed with the On June 16, 2016, NYSE MKT LLC BILLING CODE 8011–01–P

Commission, and all written filed with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
communications relating to the SECURITIES AND EXCHANGE
to Section 19(b)(1) of the Securities
proposed rule change between the COMMISSION
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Commission and any person, other than 19b–4 thereunder,2 a proposed rule
those that may be withheld from the change to amend Rules 340, 341, and [Release No. 34–78600; File No. SR–NYSE–
public in accordance with the 359 to extend the time within which a 2016–54]
provisions of 5 U.S.C. 552, will be member, member organization, or an
available for Web site viewing and ATP Holder must file a U5. The Self-Regulatory Organizations; New
printing in the Commission’s Public proposed rule change was published for York Stock Exchange LLC; Notice of
Reference Room, 100 F Street NE., comment in the Federal Register on July Filing and Immediate Effectiveness of
Washington, DC 20549, on official 7, 2016.3 The Commission received one Proposed Rule Change Extending the
business days between the hours of comment letter on the proposal and a Pilot Period for the Exchange’s Retail
10:00 a.m. and 3:00 p.m. Copies of the response to the comments from NYSE Liquidity Program
filing also will be available for MKT LLC.4 August 17, 2016.
inspection and copying at the principal Section 19(b)(2) of the Act 5 provides
office of the Exchange. All comments that within 45 days of the publication of Pursuant to Section 19(b)(1) 1 of the
notice of the filing of a proposed rule Securities Exchange Act of 1934 (the
received will be posted without change;
change, or within such longer period up ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
the Commission does not edit personal
to 90 days as the Commission may notice is hereby given that on August 8,
identifying information from
designate if it finds such longer period 2016, New York Stock Exchange LLC
submissions. You should submit only (‘‘NYSE’’ or the ‘‘Exchange’’) filed with
to be appropriate and publishes its
information that you wish to make the Securities and Exchange
reasons for so finding, or as to which the
available publicly. All submissions self-regulatory organization consents, Commission (the ‘‘Commission’’) the
should refer to File Number SR– the Commission shall either approve the proposed rule change as described in
NASDAQ–2016–118 and should be proposed rule change, disapprove the Items I and II, below, which Items have
submitted on or before September 13, proposed rule change, or institute been prepared by the self-regulatory
2016. proceedings to determine whether the organization. The Commission is
For the Commission, by the Division of proposed rule change should be publishing this notice to solicit
Trading and Markets, pursuant to delegated disapproved. The 45th day after comments on the proposed rule change
authority.9 publication of the notice for this from interested persons.
Brent J. Fields, proposed rule change is August 21,
I. Self-Regulatory Organization’s
2016. The Commission is extending this
Secretary. Statement of the Terms of Substance of
45-day time period.
[FR Doc. 2016–20065 Filed 8–22–16; 8:45 am] the Proposed Rule Change
The Commission finds it appropriate
BILLING CODE 8011–01–P to designate a longer period within The Exchange proposes to extend the
which to take action on the proposed pilot period for the Exchange’s Retail
rule change so that it has sufficient time Liquidity Program (the ‘‘Retail Liquidity
to consider the comment received and Program’’ or the ‘‘Program’’), which is
the response to the comment regarding currently scheduled to expire on August
31, 2016, until December 31, 2016. The
1 15 U.S.C. 78s(b)(1).
2 17
proposed rule change is available on the
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 78198
Exchange’s Web site at www.nyse.com,
(June 30, 2016), 81 FR 44363. at the principal office of the Exchange,
sradovich on DSK3GMQ082PROD with NOTICES

4 See letter from Judith Shaw, President, North and at the Commission’s Public
American Securities Administrators Association, Reference Room.
Inc., to Brent J. Fields, Secretary, Securities and
Exchange Commission, dated August 3, 2016 and 6 Id.
letter from Elizabeth K. King, General Counsel and
7 17 CFR 200.30–3(a)(31).
Corporate Secretary, New York Stock Exchange to
1 15 U.S.C. 78s(b)(1).
Brent J. Fields, Secretary, SEC, dated August 12,
2016. 2 15 U.S.C. 78a.
9 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2). 3 17 CFR 240.19b–4.

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Document Created: 2018-02-09 11:40:27
Document Modified: 2018-02-09 11:40:27
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 57641