81_FR_60279 81 FR 60110 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing of Proposed Rule Change to Delete or Amend Outdated Rule Language

81 FR 60110 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing of Proposed Rule Change to Delete or Amend Outdated Rule Language

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 169 (August 31, 2016)

Page Range60110-60112
FR Document2016-20893

Federal Register, Volume 81 Issue 169 (Wednesday, August 31, 2016)
[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)]
[Notices]
[Pages 60110-60112]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-20893]



[[Page 60110]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78680; File No. SR-Phlx-2016-86]


Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing 
of Proposed Rule Change to Delete or Amend Outdated Rule Language

 August 25, 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 12, 2016, NASDAQ PHLX LLC (``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    The Exchange proposes to delete or amend outdated rule language 
contained in Rules 1022, Securities Accounts and Orders of Specialists 
and Registered Options Traders, 1036, Affiliated Persons of 
Specialists, and 1037, Floor Reports of Exchanges Options Transactions.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqphlx.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
    The Exchange is proposing to delete or amend several rules 
pertaining to the obligations of specialists, as follows.\3\
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    \3\ A ``specialist'' is an Exchange member who is registered as 
an options specialist pursuant to Exchange Rule 1020(a). Specialists 
are subject to quoting and registration obligations set forth in 
Rules 1014(b), 1020 and 1080.02.
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Rule 1022
    Rule 1022 (b) and (c) currently provide that each specialist or 
Registered Options Trader (``ROT'') shall provide certain reports of 
options and orders in a manner provided by the Exchange. Section (b) 
requires each specialist or ROT, no later than 10:00 a.m. on the 
business day following order entry date, to report to the Exchange 
opening positions and each purchase and sale in each option in which 
the Specialist or ROT is registered for each account reported pursuant 
to Rule 1022.\4\
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    \4\ The report is required to designate the time and type of 
tick at which such transaction was effected.
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    Likewise, Section (c) requires each specialist or ROT, no later 
than 10:00 a.m. on the business day following order entry date, to 
report to the Exchange every order entered by the specialist or ROT for 
the purchase or sale of a security underlying any stock or Exchange-
Traded Fund Share options contract traded on the Exchange or a security 
convertible into or exchangeable for such underlying security as well 
as opening and closing positions in all such securities held in each 
account reported pursuant to the rule.\5\ The requirements of both 
Sections (c) and (d) are qualified--the reports are required to be made 
``in a manner prescribed by the Exchange.''
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    \5\ The report pertaining to orders must include the terms of 
each order, identification of the brokerage firms through which the 
orders were entered, the times of entry or cancellation, the times 
reports of executions were received and, if all or part of the order 
was executed, the quantity and execution price.
---------------------------------------------------------------------------

    The Exchange is deleting Sections (b) and (c) as obsolete and 
reserving those sections. The Exchange has previously stated with 
respect to Rule 1022 that the required reports of activity in each 
option, as well as activity in the underlying stock, is reviewed daily 
to insure compliance with Exchange and SEC rules and regulation.\6\ 
However, the Exchange does not require nor does it currently receive 
the reports specified in those sections because it believes that the 
burden of filing the reports would outweigh the benefits and it does 
not believe the reports are necessary to fulfill its regulatory 
obligations given other sources of information now available to the 
Exchange. While current Exchange staff is unaware whether a circular 
was issued advising specialists that they were no longer required to 
provide the reports required under Rule 1022, the reports have not been 
required by or received by the Exchange for 15 years or more.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 19940 (July 1, 
1983), 48 FR 31950 (July 12, 1983).
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    The information referred to in Section (b) is available from The 
Options Clearing Corporation. Much of the information called for in 
Section (c) is now available to the Exchange in the ISG Equity Audit 
Trail known among the exchanges as ECAT.
Rule 1036
    Section (a) of Rule 1036, Affiliated Persons of Specialists, 
currently requires every limited partner, approved person and every 
party who is affiliated with a specialist member organization to agree, 
in a stipulation approved by the Exchange, not to violate any Exchange 
rule or cause a specialist or a specialist member organization to 
violate these or any other rules relating to specialists. The Exchange 
currently does not collect such stipulations. The violation of such a 
stipulation would have provided the Exchange with a separate basis for 
proceeding against the provider of the stipulation in the event of an 
Exchange rule violation by that person or by a specialist or specialist 
member organization. However, the Exchange has determined that the 
burden of collecting such stipulations would outweigh any benefits and 
is accordingly proposing to delete and reserve Section (a) of Rule 
1036.
    Rule 1036(b) provides that no issuer, or parent or subsidiary 
thereof, or any officer, director or 10% stockholder thereof, may 
become an approved person in a specialist member organization whose 
members are registered in a security of that issuer. Rule 1036(b) 
however applies only to options trading on the Exchange. Therefore, the 
Exchange is amending Rule 1036(b) to refer to members who are 
registered in options overlying a security of that issuer.\7\
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    \7\ The Exchange is also correcting the rule by changing the 
word ``who'' to ``whose''.
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Rule 1037

    Rule 1037, Floor Reports of Exchanges Options Transactions, 
provides for a specialist's liability for missed orders on the book. 
Under the rule a specialist was liable for any loss sustained for 
orders

[[Page 60111]]

entrusted to him which should have been executed, and for which he 
should have sent an execution report, when the specialist was made 
aware of the error by 9:30 on the business day following the submission 
of the order.\8\ Rule 1037 is being deleted as obsolete and reserved. 
Due to the migration of the Exchange to a new electronic trading system 
(``Phlx XL II'') in 2009, missed orders by Specialists no longer occur 
because Specialists no longer handle orders for other market 
participants in their capacity as Specialists.\9\ Missed orders cannot 
occur because orders are not held or guaranteed by Specialists, who now 
trade only for their own accounts in that capacity. The deletion of 
Rule 1037 should prevent confusion that may result from having obsolete 
rules in the Exchange's rulebook.
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    \8\ In a May 17, 1991 amendment to SR-Phlx-91-21, the Exchange 
amended the introductory language of Rule 1037 by replacing ``12:00 
noon'' with ``9:30 a.m.''. The same change was also made to 
Commentary .03. It appears that although the change to Commentary 
.03 was then carried over into the rulebook, the same change to the 
introductory language was inadvertently overlooked and thus not 
reflected in the rulebook. See Securities Exchange Act Release No. 
32695 (July 29, 1993), 58 FR 41821 (August 5, 1993).
    \9\ In May 2009, the Exchange enhanced the options trading 
system and adopted corresponding rules referring to it as ``Phlx XL 
II.'' See Securities Exchange Act Release No. 59995 (May 28, 2009), 
74 FR 26750 (June 3, 2009) (SR-Phlx-2009-32). Thereafter, the 
Exchange submitted a number of filings updating various rules and 
deleting obsolete provisions. See Securities Exchange Act Release 
Nos. 61397 (January 22, 2010), 75 FR 4893 (January 29, 2010) (SR-
Phlx-2010-07); 63036 (October 4, 2010), 75 FR 62621 (October 12, 
2010) (SR-Phlx-2010-131); and 67469 (July 19, 2012), 77 FR 43633 
(July 25, 2012) (SR-Phlx-2012-92).
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2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\10\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\11\ in particular, in that it is designed to 
promote just and equitable principles of trade, 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, by deleting obsolete provisions and generally providing 
clarity to the rules.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

Rule 1022
    The amendments to Rule 1022 are consistent with the Act because 
they delete requirements that specialists and ROTs provide reports 
which the Exchange no longer needs in order to fulfill its regulatory 
responsibilities. The elimination of the requirements reduces an 
unnecessary burden on ROTs and specialists, which therefore removes an 
impediment to a free and open market and a national market system.
Rule 1036
    The amendments to Rule 1036 are consistent with the Act because 
they clarify that Rule 1036(b) applies to option specialist member 
organizations. They also eliminate requirements that certain affiliates 
of specialists or related persons provide stipulations the collection 
of which the Exchange believes to be a burden that is not outweighed by 
its benefits. The elimination of the requirement reduces an unnecessary 
burden on the Exchange, which therefore removes an impediment to a free 
and open market and a national market system.
Rule 1037
    The deletion of Rule 1037 is consistent with the Act because this 
rule language is operationally obsolete, as explained above; moreover, 
having clear and up-to-date rules should promote just and equitable 
principles of trade on the Exchange. The proposal should result in a 
more accurate and understandable rule book, particularly for Exchange 
specialists who no longer operate a book or handle orders for accounts 
other than their own.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act. The proposal raises neither 
intra-market nor inter-market competition issues. The proposal deletes 
or amends obsolete or unnecessary provisions or clarifies rules and 
therefore does not impact how the market operates today.

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

    Within 45 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the Exchange consents, the Commission shall: (a) By order approve 
or disapprove such proposed rule change, or (b) institute proceedings 
to determine whether the proposed rule change should be 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-Phlx-2016-86 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2016-86. 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-Phlx-2016-86 and 
should be submitted on or before September 21, 2016.


[[Page 60112]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-20893 Filed 8-30-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  60110                         Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices

                                                  SECURITIES AND EXCHANGE                                    A. Self-Regulatory Organization’s                       the burden of filing the reports would
                                                  COMMISSION                                                 Statement of the Purpose of, and                        outweigh the benefits and it does not
                                                                                                             Statutory Basis for, the Proposed Rule                  believe the reports are necessary to
                                                  [Release No. 34–78680; File No. SR–Phlx–                   Change                                                  fulfill its regulatory obligations given
                                                  2016–86]                                                                                                           other sources of information now
                                                                                                             1. Purpose
                                                                                                                                                                     available to the Exchange. While current
                                                                                                                The Exchange is proposing to delete                  Exchange staff is unaware whether a
                                                  Self-Regulatory Organizations;
                                                                                                             or amend several rules pertaining to the                circular was issued advising specialists
                                                  NASDAQ PHLX LLC; Notice of Filing of
                                                                                                             obligations of specialists, as follows.3                that they were no longer required to
                                                  Proposed Rule Change to Delete or
                                                  Amend Outdated Rule Language                               Rule 1022                                               provide the reports required under Rule
                                                                                                                                                                     1022, the reports have not been required
                                                                                                                Rule 1022 (b) and (c) currently                      by or received by the Exchange for 15
                                                  August 25, 2016.
                                                                                                             provide that each specialist or
                                                                                                                                                                     years or more.
                                                     Pursuant to Section 19(b)(1) of the                     Registered Options Trader (‘‘ROT’’)                       The information referred to in Section
                                                  Securities Exchange Act of 1934                            shall provide certain reports of options                (b) is available from The Options
                                                  (‘‘Act’’),1 and Rule 19b–4 thereunder,2                    and orders in a manner provided by the                  Clearing Corporation. Much of the
                                                  notice is hereby given that on August                      Exchange. Section (b) requires each                     information called for in Section (c) is
                                                  12, 2016, NASDAQ PHLX LLC                                  specialist or ROT, no later than 10:00                  now available to the Exchange in the
                                                  (‘‘Exchange’’) filed with the Securities                   a.m. on the business day following order                ISG Equity Audit Trail known among
                                                  and Exchange Commission (‘‘SEC’’ or                        entry date, to report to the Exchange                   the exchanges as ECAT.
                                                  ‘‘Commission’’) the proposed rule                          opening positions and each purchase
                                                  change as described in Items I, II, and                    and sale in each option in which the                    Rule 1036
                                                  III, below, which Items have been                          Specialist or ROT is registered for each                   Section (a) of Rule 1036, Affiliated
                                                  prepared by the Exchange. The                              account reported pursuant to Rule                       Persons of Specialists, currently
                                                                                                             1022.4                                                  requires every limited partner, approved
                                                  Commission is publishing this notice to                       Likewise, Section (c) requires each
                                                  solicit comments on the proposed rule                                                                              person and every party who is affiliated
                                                                                                             specialist or ROT, no later than 10:00                  with a specialist member organization to
                                                  change from interested persons.                            a.m. on the business day following order                agree, in a stipulation approved by the
                                                  I. Self-Regulatory Organization’s                          entry date, to report to the Exchange                   Exchange, not to violate any Exchange
                                                  Statement of the Terms of Substance of                     every order entered by the specialist or                rule or cause a specialist or a specialist
                                                  the Proposed Rule Change                                   ROT for the purchase or sale of a                       member organization to violate these or
                                                                                                             security underlying any stock or                        any other rules relating to specialists.
                                                     The Exchange proposes to delete or                      Exchange-Traded Fund Share options                      The Exchange currently does not collect
                                                  amend outdated rule language                               contract traded on the Exchange or a
                                                                                                                                                                     such stipulations. The violation of such
                                                  contained in Rules 1022, Securities                        security convertible into or
                                                                                                                                                                     a stipulation would have provided the
                                                  Accounts and Orders of Specialists and                     exchangeable for such underlying
                                                                                                                                                                     Exchange with a separate basis for
                                                  Registered Options Traders, 1036,                          security as well as opening and closing
                                                                                                                                                                     proceeding against the provider of the
                                                  Affiliated Persons of Specialists, and                     positions in all such securities held in
                                                                                                                                                                     stipulation in the event of an Exchange
                                                  1037, Floor Reports of Exchanges                           each account reported pursuant to the
                                                                                                                                                                     rule violation by that person or by a
                                                  Options Transactions.                                      rule.5 The requirements of both Sections
                                                                                                                                                                     specialist or specialist member
                                                                                                             (c) and (d) are qualified—the reports are
                                                     The text of the proposed rule change                                                                            organization. However, the Exchange
                                                                                                             required to be made ‘‘in a manner
                                                  is available on the Exchange’s Web site                                                                            has determined that the burden of
                                                                                                             prescribed by the Exchange.’’
                                                  at http://nasdaqphlx.cchwallstreet.                           The Exchange is deleting Sections (b)                collecting such stipulations would
                                                  com/, at the principal office of the                       and (c) as obsolete and reserving those                 outweigh any benefits and is
                                                  Exchange, and at the Commission’s                          sections. The Exchange has previously                   accordingly proposing to delete and
                                                                                                             stated with respect to Rule 1022 that the               reserve Section (a) of Rule 1036.
                                                  Public Reference Room.
                                                                                                             required reports of activity in each                       Rule 1036(b) provides that no issuer,
                                                  II. Self-Regulatory Organization’s                         option, as well as activity in the                      or parent or subsidiary thereof, or any
                                                  Statement of the Purpose of, and                           underlying stock, is reviewed daily to                  officer, director or 10% stockholder
                                                  Statutory Basis for, the Proposed Rule                     insure compliance with Exchange and                     thereof, may become an approved
                                                  Change                                                     SEC rules and regulation.6 However, the                 person in a specialist member
                                                                                                             Exchange does not require nor does it                   organization whose members are
                                                    In its filing with the Commission, the                   currently receive the reports specified in              registered in a security of that issuer.
                                                  Exchange included statements                               those sections because it believes that                 Rule 1036(b) however applies only to
                                                  concerning the purpose of and basis for                                                                            options trading on the Exchange.
                                                  the proposed rule change and discussed                        3 A ‘‘specialist’’ is an Exchange member who is      Therefore, the Exchange is amending
                                                  any comments it received on the                            registered as an options specialist pursuant to         Rule 1036(b) to refer to members who
                                                  proposed rule change. The text of these                    Exchange Rule 1020(a). Specialists are subject to       are registered in options overlying a
                                                                                                             quoting and registration obligations set forth in       security of that issuer.7
                                                  statements may be examined at the                          Rules 1014(b), 1020 and 1080.02.
                                                  places specified in Item IV below. The                        4 The report is required to designate the time and
                                                                                                                                                                     Rule 1037
                                                  Exchange has prepared summaries, set                       type of tick at which such transaction was effected.
mstockstill on DSK3G9T082PROD with NOTICES




                                                                                                                5 The report pertaining to orders must include the      Rule 1037, Floor Reports of Exchanges
                                                  forth in sections A, B, and C below, of
                                                                                                             terms of each order, identification of the brokerage    Options Transactions, provides for a
                                                  the most significant aspects of such                       firms through which the orders were entered, the        specialist’s liability for missed orders on
                                                  statements.                                                times of entry or cancellation, the times reports of
                                                                                                                                                                     the book. Under the rule a specialist was
                                                                                                             executions were received and, if all or part of the
                                                                                                             order was executed, the quantity and execution          liable for any loss sustained for orders
                                                                                                             price.
                                                    1 15   U.S.C. 78s(b)(1).                                    6 See Securities Exchange Act Release No. 19940        7 The Exchange is also correcting the rule by
                                                    2 17   CFR 240.19b–4.                                    (July 1, 1983), 48 FR 31950 (July 12, 1983).            changing the word ‘‘who’’ to ‘‘whose’’.



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                                                                              Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices                                           60111

                                                  entrusted to him which should have                        impediment to a free and open market                 to determine whether the proposed rule
                                                  been executed, and for which he should                    and a national market system.                        change should be disapproved.
                                                  have sent an execution report, when the
                                                                                                            Rule 1036                                            IV. Solicitation of Comments
                                                  specialist was made aware of the error
                                                  by 9:30 on the business day following                        The amendments to Rule 1036 are
                                                                                                                                                                   Interested persons are invited to
                                                  the submission of the order.8 Rule 1037                   consistent with the Act because they
                                                                                                                                                                 submit written data, views, and
                                                  is being deleted as obsolete and                          clarify that Rule 1036(b) applies to
                                                                                                                                                                 arguments concerning the foregoing,
                                                  reserved. Due to the migration of the                     option specialist member organizations.
                                                                                                                                                                 including whether the proposed rule
                                                  Exchange to a new electronic trading                      They also eliminate requirements that
                                                                                                            certain affiliates of specialists or related         change is consistent with the Act.
                                                  system (‘‘Phlx XL II’’) in 2009, missed
                                                                                                            persons provide stipulations the                     Comments may be submitted by any of
                                                  orders by Specialists no longer occur
                                                                                                            collection of which the Exchange                     the following methods:
                                                  because Specialists no longer handle
                                                  orders for other market participants in                   believes to be a burden that is not                  Electronic Comments
                                                  their capacity as Specialists.9 Missed                    outweighed by its benefits. The
                                                  orders cannot occur because orders are                    elimination of the requirement reduces                 • Use the Commission’s Internet
                                                  not held or guaranteed by Specialists,                    an unnecessary burden on the                         comment form (http://www.sec.gov/
                                                  who now trade only for their own                          Exchange, which therefore removes an                 rules/sro.shtml); or
                                                  accounts in that capacity. The deletion                   impediment to a free and open market                   • Send an email to rule-comments@
                                                  of Rule 1037 should prevent confusion                     and a national market system.                        sec.gov. Please include File Number SR–
                                                  that may result from having obsolete                                                                           Phlx–2016–86 on the subject line.
                                                                                                            Rule 1037
                                                  rules in the Exchange’s rulebook.
                                                                                                              The deletion of Rule 1037 is                       Paper Comments
                                                  2. Statutory Basis                                        consistent with the Act because this rule
                                                     The Exchange believes that its                         language is operationally obsolete, as                 • Send paper comments in triplicate
                                                  proposal is consistent with Section 6(b)                  explained above; moreover, having clear              to Brent J. Fields, Secretary, Securities
                                                  of the Act,10 in general, and furthers the                and up-to-date rules should promote                  and Exchange Commission, 100 F Street
                                                  objectives of Section 6(b)(5) of the Act,11               just and equitable principles of trade on            NE., Washington, DC 20549–1090.
                                                  in particular, in that it is designed to                  the Exchange. The proposal should                    All submissions should refer to File
                                                  promote just and equitable principles of                  result in a more accurate and                        Number SR–Phlx–2016–86. This file
                                                  trade, to remove impediments to and                       understandable rule book, particularly               number should be included on the
                                                  perfect the mechanism of a free and                       for Exchange specialists who no longer
                                                  open market and a national market                                                                              subject line if email is used. To help the
                                                                                                            operate a book or handle orders for                  Commission process and review your
                                                  system, and, in general to protect                        accounts other than their own.
                                                  investors and the public interest, by                                                                          comments more efficiently, please use
                                                  deleting obsolete provisions and                          B. Self-Regulatory Organization’s                    only one method. The Commission will
                                                  generally providing clarity to the rules.                 Statement on Burden on Competition                   post all comments on the Commission’s
                                                                                                              The Exchange does not believe that                 Internet Web site (http://www.sec.gov/
                                                  Rule 1022                                                                                                      rules/sro.shtml). Copies of the
                                                                                                            the proposed rule change will impose
                                                     The amendments to Rule 1022 are                        any burden on competition not                        submission, all subsequent
                                                  consistent with the Act because they                      necessary or appropriate in furtherance              amendments, all written statements
                                                  delete requirements that specialists and                  of the purposes of the Act. The proposal             with respect to the proposed rule
                                                  ROTs provide reports which the                            raises neither intra-market nor inter-               change that are filed with the
                                                  Exchange no longer needs in order to                      market competition issues. The proposal              Commission, and all written
                                                  fulfill its regulatory responsibilities. The              deletes or amends obsolete or                        communications relating to the
                                                  elimination of the requirements reduces                   unnecessary provisions or clarifies rules            proposed rule change between the
                                                  an unnecessary burden on ROTs and                         and therefore does not impact how the                Commission and any person, other than
                                                  specialists, which therefore removes an                   market operates today.                               those that may be withheld from the
                                                                                                                                                                 public in accordance with the
                                                     8 In a May 17, 1991 amendment to SR-Phlx-91–           C. Self-Regulatory Organization’s                    provisions of 5 U.S.C. 552, will be
                                                  21, the Exchange amended the introductory                 Statement on Comments on the                         available for Web site viewing and
                                                  language of Rule 1037 by replacing ‘‘12:00 noon’’         Proposed Rule Change Received From
                                                  with ‘‘9:30 a.m.’’. The same change was also made                                                              printing in the Commission’s Public
                                                  to Commentary .03. It appears that although the           Members, Participants, or Others                     Reference Room, 100 F Street NE.,
                                                  change to Commentary .03 was then carried over              No written comments were either
                                                  into the rulebook, the same change to the
                                                                                                                                                                 Washington, DC 20549, on official
                                                  introductory language was inadvertently overlooked        solicited or received.                               business days between the hours of
                                                  and thus not reflected in the rulebook. See
                                                                                                            III. Date of Effectiveness of the                    10:00 a.m. and 3:00 p.m. Copies of the
                                                  Securities Exchange Act Release No. 32695 (July 29,                                                            filing also will be available for
                                                  1993), 58 FR 41821 (August 5, 1993).                      Proposed Rule Change and Timing for
                                                     9 In May 2009, the Exchange enhanced the               Commission Action                                    inspection and copying at the principal
                                                  options trading system and adopted corresponding                                                               office of the Exchange. All comments
                                                  rules referring to it as ‘‘Phlx XL II.’’ See Securities      Within 45 days of the date of                     received will be posted without change;
                                                  Exchange Act Release No. 59995 (May 28, 2009), 74         publication of this notice in the Federal            the Commission does not edit personal
                                                  FR 26750 (June 3, 2009) (SR-Phlx-2009–32).                Register or within such longer period (i)            identifying information from
                                                  Thereafter, the Exchange submitted a number of            as the Commission may designate up to
mstockstill on DSK3G9T082PROD with NOTICES




                                                  filings updating various rules and deleting obsolete                                                           submissions. You should submit only
                                                  provisions. See Securities Exchange Act Release           90 days of such date if it finds such                information that you wish to make
                                                  Nos. 61397 (January 22, 2010), 75 FR 4893 (January        longer period to be appropriate and                  available publicly.
                                                  29, 2010) (SR-Phlx-2010–07); 63036 (October 4,            publishes its reasons for so finding or
                                                  2010), 75 FR 62621 (October 12, 2010) (SR-Phlx-
                                                                                                            (ii) as to which the Exchange consents,                 All submissions should refer to File
                                                  2010–131); and 67469 (July 19, 2012), 77 FR 43633                                                              Number SR–Phlx–2016–86 and should
                                                  (July 25, 2012) (SR-Phlx-2012–92).                        the Commission shall: (a) By order
                                                     10 15 U.S.C. 78f(b).                                   approve or disapprove such proposed                  be submitted on or before September 21,
                                                     11 15 U.S.C. 78f(b)(5).                                rule change, or (b) institute proceedings            2016.


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                                                  60112                        Federal Register / Vol. 81, No. 169 / Wednesday, August 31, 2016 / Notices

                                                    For the Commission, by the Division of                     Dated: August 25, 2016.                            SURFACE TRANSPORTATION BOARD
                                                  Trading and Markets, pursuant to delegated                Mark Taplin,
                                                  authority.12                                                                                                    [Docket No. AB 1245X]
                                                                                                            Principal Deputy Assistant Secretary, Bureau
                                                  Robert W. Errett,                                         of Educational and Cultural Affairs,                  Michigan Southern Railroad Company,
                                                  Deputy Secretary.                                         Department of State.                                  d/b/a Napoleon, Defiance & Western
                                                  [FR Doc. 2016–20893 Filed 8–30–16; 8:45 am]               [FR Doc. 2016–20966 Filed 8–30–16; 8:45 am]           Railway—Discontinuance of Service
                                                  BILLING CODE 8011–01–P                                    BILLING CODE 4710–05–P                                Exemption—in Henry County, Ohio
                                                                                                                                                                     On August 11, 2016, Michigan
                                                                                                                                                                  Southern Railroad Company, d/b/a
                                                                                                            DEPARTMENT OF STATE
                                                                                                                                                                  Napoleon, Defiance & Western Railway
                                                  DEPARTMENT OF STATE                                                                                             (NDW) filed with the Surface
                                                                                                            [Public Notice 9696]                                  Transportation Board (Board) a petition
                                                  [Public Notice 9697]                                                                                            under 49 U.S.C. 10502 for exemption
                                                                                                            Culturally Significant Objects Imported               from the provisions of 49 U.S.C. 10903
                                                  Culturally Significant Objects Imported                   for Exhibition Determinations:                        to discontinue rail service over
                                                  for Exhibition Determinations: ‘‘God’s                    ‘‘Medardo Rosso: Experiments in Light                 approximately 5.43 miles of rail line
                                                  Servant First: The Life and Legacy of                     and Form’’ Exhibition                                 between milepost TN 28.0, near Liberty
                                                  Thomas More’’ Exhibition                                                                                        Center, Ohio, and milepost TN 33.43,
                                                                                                            SUMMARY:    Notice is hereby given of the             near Napoleon, Ohio, in Henry County,
                                                  SUMMARY:    Notice is hereby given of the                 following determinations: Pursuant to                 Ohio. The line traverses U.S. Postal
                                                  following determinations: Pursuant to                     the authority vested in me by the Act of              Service Zip Codes 43545 and 43532,
                                                  the authority vested in me by the Act of                  October 19, 1965 (79 Stat. 985; 22 U.S.C.             and includes the station of Liberty
                                                  October 19, 1965 (79 Stat. 985; 22 U.S.C.                 2459), E.O. 12047 of March 27, 1978, the              Center, which NDW states will be
                                                  2459), E.O. 12047 of March 27, 1978, the                  Foreign Affairs Reform and                            discontinued.
                                                  Foreign Affairs Reform and                                Restructuring Act of 1998 (112 Stat.                     NDW states that the line does not
                                                  Restructuring Act of 1998 (112 Stat.                      2681, et seq.; 22 U.S.C. 6501 note, et                contain any federally granted rights-of-
                                                  2681, et seq.; 22 U.S.C. 6501 note, et                    seq.), Delegation of Authority No. 234 of             way. Any documentation in NDW’s
                                                  seq.), Delegation of Authority No. 234 of                 October 1, 1999, Delegation of Authority              possession will be made available
                                                  October 1, 1999, Delegation of Authority                  No. 236–3 of August 28, 2000, and                     promptly to those requesting it.
                                                                                                            Delegation of Authority No. 257 of April                 The interest of railroad employees
                                                  No. 236–3 of August 28, 2000 (and, as
                                                                                                            15, 2003, I hereby determine that the                 will be protected by the conditions set
                                                  appropriate, Delegation of Authority No.                                                                        forth in Oregon Short Line Railroad–
                                                                                                            objects to be included in the exhibition
                                                  257 of April 15, 2003), I hereby                                                                                Abandonment Portion Goshen Branch
                                                                                                            ‘‘Medardo Rosso: Experiments in Light
                                                  determine that the objects to be                          and Form,’’ imported from abroad for                  Between Firth & Ammon, in Bingham &
                                                  included in the exhibition ‘‘God’s                        temporary exhibition within the United                Bonneville Counties, Idaho, 360 I.C.C.
                                                  Servant First: The Life and Legacy of                     States, are of cultural significance. The             91 (1979).
                                                  Thomas More,’’ imported from abroad                       objects are imported pursuant to loan                    By issuance of this notice, the Board
                                                  for temporary exhibition within the                       agreements with the foreign owners or                 is instituting an exemption proceeding
                                                  United States, are of cultural                            custodians. I also determine that the                 pursuant to 49 U.S.C. 10502(b). A final
                                                  significance. The objects are imported                    exhibition or display of the exhibit                  decision will be issued by November 29,
                                                  pursuant to loan agreements with the                      objects at the Pulitzer Arts Foundation,              2016.
                                                  foreign owner or custodian. I also                        St. Louis, Missouri, from on or about                    Because this is a discontinuance
                                                  determine that the exhibition or display                  November 11, 2016, until on or about                  proceeding and not an abandonment
                                                  of the exhibit objects at the Saint John                  May 13, 2017, and at possible additional              proceeding, trail use/rail banking and
                                                  Paul II National Shrine, Washington,                      exhibitions or venues yet to be                       public use conditions are not
                                                  District of Columbia, from on about                       determined, is in the national interest.              appropriate. Because there will be
                                                  September 16, 2016, until on or about                     I have ordered that Public Notice of                  environmental review during
                                                  March 31, 2017, and at possible                           these Determinations be published in                  abandonment, this discontinuance does
                                                  additional exhibitions or venues yet to                   the Federal Register.                                 not require an environmental review.
                                                                                                                                                                     Any offer of financial assistance
                                                  be determined, is in the national
                                                                                                            FOR FURTHER INFORMATION CONTACT:     For              (OFA) under 49 CFR 1152.27(b)(2) to
                                                  interest. I have ordered that Public                      further information, including a list of              subsidize continued rail service will be
                                                  Notice of these Determinations be                         the imported objects, contact the Office              due no later than December 9, 2016, or
                                                  published in the Federal Register.                        of Public Diplomacy and Public Affairs                10 days after service of a decision
                                                  FOR FURTHER INFORMATION CONTACT:     For                  in the Office of the Legal Adviser, U.S.              granting the petition for exemption,
                                                  further information, including a list of                  Department of State (telephone: 202–                  whichever occurs sooner. Each offer
                                                  the imported objects, contact the Office                  632–6471; email: section2459@                         must be accompanied by a $1,600 filing
                                                  of Public Diplomacy and Public Affairs                    state.gov). The mailing address is U.S.               fee. See 49 CFR 1002.2(f)(25).
                                                  in the Office of the Legal Adviser, U.S.                  Department of State, L/PD, SA–5, Suite                   All filings in response to this notice
                                                  Department of State (telephone: 202–                      5H03, Washington, DC 20522–0505.                      must refer to Docket No. AB 1245X and
                                                                                                                                                                  must be sent to: (1) Surface
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                                                  632–6471; email: section2459@                                Dated: August 23, 2016.
                                                                                                                                                                  Transportation Board, 395 E Street, SW.,
                                                  state.gov). The mailing address is U.S.                   Mark Taplin,                                          Washington, DC 20423–0001; and (2)
                                                  Department of State, L/PD, SA–5, Suite                    Principal Deputy Assistant Secretary, Bureau          William A. Mullins, Baker & Miller
                                                  5H03, Washington, DC 20522–0505.                          of Educational and Cultural Affairs,                  PLLC, 2401 Pennsylvania Ave., NW.,
                                                                                                            Department of State.                                  Suite 300, Washington, DC 20037.
                                                                                                            [FR Doc. 2016–20957 Filed 8–30–16; 8:45 am]           Replies to the petition are due on or
                                                    12 17   CFR 200.30–3(a)(12).                            BILLING CODE 4710–05–P                                before September 20, 2016.


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Document Created: 2018-02-02 12:15:28
Document Modified: 2018-02-02 12:15:28
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 60110 

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