81 FR 59259 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Allowing the Exchange To Trade Pursuant To Unlisted Trading Privileges for Any NMS Stock Listed on Another National Securities Exchange; Establishing Listing and Trading Requirements for Exchange Traded Products; and Adopting New Equity Trading Rules Relating To Trading Halts of Securities Traded Pursuant to UTP on the Pillar Platform
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 167 (August 29, 2016)
Federal Register Volume 81, Issue 167 (August 29, 2016)
| Page Range | 59259-59260 | |
| FR Document | 2016-20572 |
[Federal Register Volume 81, Number 167 (Monday, August 29, 2016)] [Notices] [Pages 59259-59260] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-20572] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78641; File No. SR-NYSE-2016-44] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Allowing the Exchange To Trade Pursuant To Unlisted Trading Privileges for Any NMS Stock Listed on Another National Securities Exchange; Establishing Listing and Trading Requirements for Exchange Traded Products; and Adopting New Equity Trading Rules Relating To Trading Halts of Securities Traded Pursuant to UTP on the Pillar Platform August 23, 2016. On June 30, 2016, New York Stock Exchange LLC (``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to (1) allow the Exchange to trade pursuant to unlisted trading privileges (``UTP'') any NMS Stock listed on another national securities exchange; (2) establish listing and trading requirements for exchange-traded products (``ETPs''); and (3) adopt new equity trading rules relating to trading halts of securities traded pursuant to UTP on the Pillar platform. The proposed rule change was published for comment in the Federal Register on July 14, 2016.\3\ On July 26, 2016, the Exchange filed Amendment No. 1 to the proposed rule change.\4\ The [[Page 59260]] Commission has received no comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 78263 (Jul. 8, 2016), 81 FR 45580. \4\ In Amendment No. 1, the Exchange: (1) Added a bullet point stating that ``[b]ecause the Exchange's rules regarding the production of books and records are described in Rule 440, the Exchange is proposing to refer to Rule 440 in its proposed rules wherever NYSE Arca Equities Rule 4.4 is referenced in the rules of NYSE Arca Equities proposed in this filing;'' (2) deleted the sentence stating that ``[i]f an exchange has approved trading rules, procedures and listing standards in place that have been approved by the Commission for the product class that would include a new derivative securities product, the listing and trading of such `new derivative securities product,' does not require a proposed rule change under Section 19b-4 of the Act'' and made conforming changes to the rest of that paragraph; (3) deleted the bullet point that stated ``[c]orrection of a typographical error in NYSE Arca Equities Rule 8.400(a) so that proposed Rule 8.400(a) reads `as such terms are used in Rule 5.1(b)' in the last sentence, rather than `as such terms are used in the Rule 5.1(b)' as is currently drafted in NYSE Arca Equities Rule 8.400(a);'' and (4) noted that ``for new ETPs to be traded pursuant to UTP, which are listed and traded on another exchange pursuant to Rule 19b-4(e), the Exchange would be required to file Form 19b-4(e) with the Commission in accordance with the requirements therein.'' Amendment No. 1 to the proposed rule change is available at: https://www.sec.gov/comments/sr-nyse-2016-44/nyse201644-1.pdf. Because Amendment No. 1 to the proposed rule change does not materially alter the substance of the proposed rule change or raise unique or novel regulatory issues, Amendment No. 1 is not subject to notice and comment. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \5\ provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is August 28, 2016. The Commission is extending this 45-day time period. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates October 12, 2016, as the date by which the Commission should either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR-NYSE-2016-44). --------------------------------------------------------------------------- \6\ Id. \7\ 17 CFR 200.30-3(a)(31). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-20572 Filed 8-26-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 167 / Monday, August 29, 2016 / Notices 59259
For the above reasons, the Exchange Comments may be submitted by any of SECURITIES AND EXCHANGE
believes the proposed rule change is the following methods: COMMISSION
consistent with the requirements of
Section 6(b)(5) of the Act. Electronic Comments [Release No. 34–78641; File No. SR–NYSE–
2016–44]
B. Self-Regulatory Organization’s • Use the Commission’s Internet
Statement on Burden on Competition comment form (http://www.sec.gov/ Self-Regulatory Organizations; New
rules/sro.shtml); or York Stock Exchange LLC; Notice of
The Exchange does not believe that Designation of a Longer Period for
the proposed rule change will impose • Send an email to rule-comments@
Commission Action on a Proposed
any burden on competition that is not sec.gov. Please include File Number SR–
Rule Change, as Modified by
necessary or appropriate in furtherance NASDAQ–2016–117 on the subject line. Amendment No. 1 Thereto, Allowing
of the purposes of the Act. The the Exchange To Trade Pursuant To
Exchange believes the proposed rule Paper Comments
Unlisted Trading Privileges for Any
change will accommodate the listing • Send paper comments in triplicate NMS Stock Listed on Another National
and trading of Managed Fund Shares for to Secretary, Securities and Exchange Securities Exchange; Establishing
an additional actively managed Commission, 100 F Street NE., Listing and Trading Requirements for
exchange-traded product, thereby Washington, DC 20549–1090. Exchange Traded Products; and
enhancing competition among issues of Adopting New Equity Trading Rules
Managed Fund Shares. All submissions should refer to File
Relating To Trading Halts of Securities
Number SR–NASDAQ–2016–117. This Traded Pursuant to UTP on the Pillar
C. Self-Regulatory Organization’s
file number should be included on the Platform
Statement on Comments on the
subject line if email is used. To help the
Proposed Rule Change Received From
Members, Participants or Others Commission process and review your August 23, 2016.
comments more efficiently, please use On June 30, 2016, New York Stock
Written comments were neither only one method. The Commission will Exchange LLC (‘‘Exchange’’) filed with
solicited nor received. post all comments on the Commission’s the Securities and Exchange
III. Date of Effectiveness of the Internet Web site (http://www.sec.gov/ Commission (‘‘Commission’’), pursuant
Proposed Rule Change and Timing for rules/sro.shtml). Copies of the to Section 19(b)(1) of the Securities
Commission Action submission, all subsequent Exchange Act of 1934 (‘‘Act’’) 1 and Rule
amendments, all written statements 19b–4 thereunder,2 a proposed rule
Because the foregoing proposed rule change to (1) allow the Exchange to
change does not: (i) Significantly affect with respect to the proposed rule
change that are filed with the trade pursuant to unlisted trading
the protection of investors or the public privileges (‘‘UTP’’) any NMS Stock
interest; (ii) impose any significant Commission, and all written
communications relating to the listed on another national securities
burden on competition; and (iii) become exchange; (2) establish listing and
operative for 30 days from the date on proposed rule change between the
Commission and any person, other than trading requirements for exchange-
which it was filed, or such shorter time traded products (‘‘ETPs’’); and (3) adopt
as the Commission may designate, it has those that may be withheld from the
public in accordance with the new equity trading rules relating to
become effective pursuant to Section trading halts of securities traded
19(b)(3)(A) of the Act 7 and Rule 19b– provisions of 5 U.S.C. 552, will be
pursuant to UTP on the Pillar platform.
4(f)(6) thereunder.8 available for Web site viewing and
The proposed rule change was
At any time within 60 days of the printing in the Commission’s Public
published for comment in the Federal
filing of the proposed rule change, the Reference Room, 100 F Street NE.,
Register on July 14, 2016.3 On July 26,
Commission summarily may Washington, DC 20549, on official
2016, the Exchange filed Amendment
temporarily suspend such rule change if business days between the hours of
No. 1 to the proposed rule change.4 The
it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of such
action is necessary or appropriate in the filing will also be available for 1 15 U.S.C. 78s(b)(1).
public interest, for the protection of inspection and copying at the principal 2 17 CFR 240.19b–4.
investors, or otherwise in furtherance of office of the Exchange. All comments 3 See Securities Exchange Act Release No. 78263
the purposes of the Act. If the received will be posted without change; (Jul. 8, 2016), 81 FR 45580.
Commission takes such action, the the Commission does not edit personal 4 In Amendment No. 1, the Exchange: (1) Added
Commission shall institute proceedings a bullet point stating that ‘‘[b]ecause the Exchange’s
identifying information from rules regarding the production of books and records
to determine whether the proposed rule submissions. You should submit only are described in Rule 440, the Exchange is
should be approved or disapproved. information that you wish to make proposing to refer to Rule 440 in its proposed rules
available publicly. All submissions wherever NYSE Arca Equities Rule 4.4 is referenced
IV. Solicitation of Comments in the rules of NYSE Arca Equities proposed in this
should refer to File Number SR– filing;’’ (2) deleted the sentence stating that ‘‘[i]f an
Interested persons are invited to NASDAQ–2016–117 and should be exchange has approved trading rules, procedures
submit written data, views, and submitted on or before September 19, and listing standards in place that have been
arguments concerning the foregoing, 2016. approved by the Commission for the product class
including whether the proposed rule that would include a new derivative securities
For the Commission, by the Division of product, the listing and trading of such ‘new
change is consistent with the Act. derivative securities product,’ does not require a
Trading and Markets, pursuant to delegated
proposed rule change under Section 19b–4 of the
jstallworth on DSK7TPTVN1PROD with NOTICES
7 15 U.S.C. 78s(b)(3)(A). authority.9 Act’’ and made conforming changes to the rest of
8 17 CFR 240.19b–4(f)(6). As required under Rule Robert W. Errett, that paragraph; (3) deleted the bullet point that
19b–4(f)(6)(iii), the Exchange provided the stated ‘‘[c]orrection of a typographical error in
Commission with written notice of its intent to file
Deputy Secretary. NYSE Arca Equities Rule 8.400(a) so that proposed
the proposed rule change, along with a brief [FR Doc. 2016–20577 Filed 8–26–16; 8:45 am] Rule 8.400(a) reads ‘as such terms are used in Rule
description and the text of the proposed rule BILLING CODE 8011–01–P
5.1(b)’ in the last sentence, rather than ‘as such
change, at least five business days prior to the date terms are used in the Rule 5.1(b)’ as is currently
of filing of the proposed rule change, or such drafted in NYSE Arca Equities Rule 8.400(a);’’ and
shorter time as designated by the Commission. 9 17 CFR 200.30–3(a)(12). Continued
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![59260 Federal Register / Vol. 81, No. 167 / Monday, August 29, 2016 / Notices
Commission has received no comments Extension: Form 15F respond to, a collection of information
on the proposed rule change. SEC File No. 270–559, OMB Control No. unless it displays a currently valid
Section 19(b)(2) of the Act 5 provides 3235–0621 control number.
that, within 45 days of the publication Notice is hereby given that, pursuant Please direct your written comment to
of notice of the filing of a proposed rule to the Paperwork Reduction Act of 1995 Pamela Dyson, Director/Chief
change, or within such longer period up (44 U.S.C. 3501 et seq.), the Securities Information Officer, Securities and
to 90 days as the Commission may and Exchange Commission Exchange Commission, c/o Remi Pavlik-
designate if it finds such longer period (‘‘Commission’’) is soliciting comments Simon, 100 F Street NE., Washington,
to be appropriate and publishes its on the collection of information DC 20549 or send an email to: PRA_
reasons for so finding or as to which the summarized below. The Commission Mailbox@sec.gov.
self-regulatory organization consents, plans to submit this existing collection Dated: August 23, 2016.
the Commission shall either approve the of information to the Office of Robert W. Errett,
proposed rule change, disapprove the Management and Budget for extension Deputy Secretary.
proposed rule change, or institute and approval.
[FR Doc. 2016–20568 Filed 8–26–16; 8:45 am]
proceedings to determine whether the Form 15F (17 CFR 249.324) is filed by
proposed rule change should be a foreign private issuer when BILLING CODE 8011–01–P
disapproved. The 45th day after terminating its Exchange Act reporting
publication of the notice for this obligations pursuant to Exchange Act
SECURITIES AND EXCHANGE
proposed rule change is August 28, Rule 12h–6 (17 CFR 240.12h–6). Form
2016. The Commission is extending this 15F requires a foreign private issuer to COMMISSION
45-day time period. disclose information that helps Proposed Collection; Comment
The Commission finds that it is investors understand the foreign private Request
appropriate to designate a longer period issuer’s decision to terminate its
within which to take action on the Exchange Act reporting obligations and Upon Written Request Copies Available
proposed rule change so that it has assists the Commission staff in From: Securities and Exchange
sufficient time to consider the proposed determining whether the filer is eligible Commission, Office of FOIA Services,
rule change. Accordingly, the to terminate its Exchange Act reporting 100 F Street NE., Washington, DC
Commission, pursuant to Section obligations pursuant to Rule 12h–6. 20549–2736.
19(b)(2) of the Act,6 designates October Rule 12h–6 provides a process for a
12, 2016, as the date by which the foreign private issuer to exit the Extension: Regulation 12B
SEC File No. 270–70, OMB Control No.
Commission should either approve or Exchange Act registration and reporting 3235–0062
disapprove or institute proceedings to regime when there is relatively little
determine whether to disapprove the U.S. investor interest in its securities. Notice is hereby given that, pursuant
proposed rule change (File Number SR– Rule 12h–6 is intended to remove a to the Paperwork Reduction Act of 1995
NYSE–2016–44). disincentive for foreign private issuers (44 U.S.C. 3501 et seq.), the Securities
For the Commission, by the Division of to register their securities with the and Exchange Commission
Trading and Markets, pursuant to delegated Commission by lessening concerns that (‘‘Commission’’) is soliciting comments
authority.7 the Exchange Act registration and on the collection of information
Robert W. Errett, reporting system would be difficult to summarized below. The Commission
Deputy Secretary. exit once an issuer enters it. We plans to submit this existing collection
estimate that Form 15F takes of information to the Office of
[FR Doc. 2016–20572 Filed 8–26–16; 8:45 am]
approximately 30 hours to prepare and Management and Budget for extension
BILLING CODE 8011–01–P
is filed by approximately 30 issuers. We and approval.
estimate that 25% of the 30 hours per Regulation 12B (17 CFR 240.12b–1
SECURITIES AND EXCHANGE response (7.5 hours per response) is through 12b–37) under the Securities
COMMISSION prepared by the filer for a total annual Exchange Act of 1934 (15 U.S.C. 78a et
reporting burden of 225 hours (7.5 hours seq.) (‘‘Exchange Act’’) includes rules
Proposed Collection; Comment per response × 30 responses). governing the registration and periodic
Request Written comments are invited on: (a) reporting requirements under Sections
Whether this proposed collection of 12(b), 12(g), 13, and 15(d) (15 U.S.C.
Upon Written Request Copies Available information is necessary for the proper 78l(b), 78l(g), 78m and 78o(d)) of the
From: Securities and Exchange performance of the functions of the Exchange Act. The purpose of the
Commission, Office of FOIA Services, agency, including whether the regulation is to set forth guidelines for
100 F Street NE., Washington, DC information will have practical utility; the uniform preparation of Exchange
20549–2736. (b) the accuracy of the agency’s estimate Act registration statements and reports.
of the burden imposed by the collection Regulation 12B is assigned one burden
(4) noted that ‘‘for new ETPs to be traded pursuant of information; (c) ways to enhance the hour for administrative convenience
to UTP, which are listed and traded on another quality, utility, and clarity of the because the regulation simply prescribes
exchange pursuant to Rule 19b–4(e), the Exchange
would be required to file Form 19b–4(e) with the information collected; and (d) ways to the disclosure that must appear in other
Commission in accordance with the requirements minimize the burden of the collection of filings under the federal securities laws.
therein.’’ Amendment No. 1 to the proposed rule information on respondents, including Written comments are invited on: (a)
change is available at: https://www.sec.gov/ Whether this proposed collection of
jstallworth on DSK7TPTVN1PROD with NOTICES
comments/sr-nyse-2016-44/nyse201644-1.pdf.
through the use of automated collection
Because Amendment No. 1 to the proposed rule techniques or other forms of information information is necessary for the proper
change does not materially alter the substance of technology. Consideration will be given performance of the functions of the
the proposed rule change or raise unique or novel to comments and suggestions submitted agency, including whether the
regulatory issues, Amendment No. 1 is not subject
to notice and comment. in writing within 60 days of this information will have practical utility;
5 15 U.S.C. 78s(b)(2). publication. (b) the accuracy of the agency’s estimate
6 Id. An agency may not conduct or of the burden imposed by the collection
7 17 CFR 200.30–3(a)(31). sponsor, and a person is not required to of information; (c) ways to enhance the
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Document Created: 2016-08-26 23:49:32
Document Modified: 2016-08-26 23:49:32
| 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 59259 |
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