81 FR 62780 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change Relating to the Listing and Trading of Shares of SolidX Bitcoin Trust Under NYSE Arca Equities Rule 8.201

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 176 (September 12, 2016)

Page Range		62780-62781
FR Document		2016-21799

Federal Register, Volume 81 Issue 176 (Monday, September 12, 2016)

[Federal Register Volume 81, Number 176 (Monday, September 12, 2016)]
[Notices]
[Pages 62780-62781]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-21799]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78770; File No. SR-NYSEArca-2016-101]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change Relating to the Listing and Trading of Shares of SolidX Bitcoin 
Trust Under NYSE Arca Equities Rule 8.201

September 6, 2016.
    On July 13, 2016, NYSE Arca, Inc. 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 list and trade shares of the 
SolidX Bitcoin Trust under NYSE Arca Equities Rule 8.201. The proposed 
rule change was published for comment in the Federal Register on August 
2, 2016.\3\ The Commission received no comments on the proposed rule 
change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 78426 (Jul. 27, 
2016), 81 FR 50763.
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    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication

[[Page 62781]]

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 September 
16, 2016. The Commission is extending this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    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,\5\ designates October 31, 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-NYSEArca-2016-101).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-21799 Filed 9-9-16; 8:45 am]
BILLING CODE 8011-01-P

62780 Federal Register / Vol. 81, No. 176 / Monday, September 12, 2016 / Notices

IV. Proceedings To Determine Whether under consideration and keep a Commission and any person, other than
To Approve or Disapprove SR–DTC– record.58 A determination by the those that may be withheld from the
2016–003, as Modified by Amendment clearing agency to deny participation or public in accordance with the
No. 1, and Grounds for Disapproval prohibit or limit a person with respect provisions of 5 U.S.C. 552, will be
Under Consideration to access to services offered by the available for Web site viewing and
The Commission is instituting clearing agency shall be supported by a printing in the Commission’s Public
proceedings pursuant to Section statement setting forth the specific Reference Room, 100 F Street NE.,
19(b)(2)(B) of the Act 52 to determine grounds on which the denial or Washington, DC 20549 on official
whether the proposed rule change, as prohibition or limitation is based.59 business days between the hours of
modified by Amendment No. 1, should 10:00 a.m. and 3:00 p.m. Copies of the
V. Request for Written Comments
be approved or disapproved. Institution filing also will be available for
of proceedings is appropriate at this The Commission requests that inspection and copying at the principal
time in view of the legal and policy interested persons provide written office of DTC and on DTCC’s Web site
issues raised by the proposed rule submissions of their views, data, and (http://dtcc.com/legal/sec-rule-
change. As noted above, institution of arguments with respect to the changes filings.aspx). All comments received
proceedings does not indicate that the to the proposed rule change as set forth will be posted without change; the
Commission has reached any in Amendment No. 1, as well as any Commission does not edit personal
conclusions with respect to any of the others they may have identified with the identifying information from
issues involved. Rather, the Commission proposed rule change, as amended. In submissions. You should submit only
seeks and encourages interested persons particular, the Commission invites the information that you wish to make
to comment on the proposed rule written views of interested persons available publicly. All submissions
change, and provide arguments to concerning whether the proposed rule should refer to File Number SR–DTC–
support the Commission’s analysis as to change, as modified by Amendment No. 2016–003 and should be submitted on
whether to approve or disapprove the 1, is consistent with Sections or before October 3, 2016.
proposed rule change. 17A(b)(3)(F) and 17A(b)(3)(H) of the
For the Commission, by the Division of
Pursuant to Section 19(b)(2)(B) of the Act, or any other provision of the Act, Trading and Markets, pursuant to delegated
Act,53 the Commission is providing or the rules and regulations thereunder. authority.60
notice of the grounds for disapproval Interested persons are invited to Robert W. Errett,
under consideration. The Commission is submit written data, views, and
Deputy Secretary.
instituting proceedings to allow for arguments on or before October 3, 2016.
[FR Doc. 2016–21802 Filed 9–9–16; 8:45 am]
additional analysis of the proposed rule Any person who wishes to file a rebuttal
BILLING CODE 8011–01–P
change’s consistency with the Act and to any other person’s submission must
the rules thereunder. Specifically, the file that rebuttal on or before October
Commission believes that DTC’s 17, 2016. Comments may be submitted
SECURITIES AND EXCHANGE
proposed rule change raises questions as by any of the following methods:
COMMISSION
to whether it is consistent with: (i) Electronic Comments
Section 17A(b)(3)(F) of the Act,54 which [Release No. 34–78770; File No. SR–
requires, in part, that clearing agency • Use the Commission’s Internet NYSEArca–2016–101]
rules be designed to assure the comment form (http://www.sec.gov/
rules/sro.shtml); or Self-Regulatory Organizations; NYSE
safeguarding of securities in the custody
or control of the clearing agency and, in • Send an email to rule-comments@ Arca, Inc.; Notice of Designation of a
sec.gov. Please include File Number SR– Longer Period for Commission Action
general, protect investors and the public
DTC–2016–003 on the subject line. on a Proposed Rule Change Relating
interest; and (ii) Section 17A(b)(3)(H) of
to the Listing and Trading of Shares of
the Act,55 which requires clearing Paper Statements SolidX Bitcoin Trust Under NYSE Arca
agency rules to be in accordance with • Send paper comments in triplicate Equities Rule 8.201
the provisions of Section 17A(b)(5)(B) of to Secretary, Securities and Exchange
the Act, and, in general, provide a fair Commission, 100 F Street NE., September 6, 2016.
procedure with respect to the Washington, DC 20549. On July 13, 2016, NYSE Arca, Inc.
prohibition or limitation by the clearing filed with the Securities and Exchange
agency of any person with respect to All submissions should refer to File
Number SR–DTC–2016–003. This file Commission (‘‘Commission’’), pursuant
access to services offered by the clearing to Section 19(b)(1) of the Securities
agency.56 Section 17A(b)(5)(B) of the number should be included on the
subject line if email is used. To help the Exchange Act of 1934 (‘‘Act’’) 1 and Rule
Act 57 requires that, in any proceeding 19b–4 thereunder,2 a proposed rule
by a registered clearing agency to Commission process and review your
comments more efficiently, please use change to list and trade shares of the
determine whether a person shall be SolidX Bitcoin Trust under NYSE Arca
denied participation or prohibited or only one method. The Commission will
post all comments on the Commission’s Equities Rule 8.201. The proposed rule
limited with respect to access to change was published for comment in
services offered by the clearing agency, Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the the Federal Register on August 2, 2016.3
the clearing agency shall notify such The Commission received no comments
person of, and give him an opportunity submission, all subsequent
amendments, all written statements on the proposed rule change.
to be heard upon, the specific grounds Section 19(b)(2) of the Act 4 provides
sradovich on DSK3GMQ082PROD with NOTICES

for denial or prohibition or limitation with respect to the proposed rule
that, within 45 days of the publication
change that are filed with the
52 15 U.S.C. 78s(b)(2)(B). Commission, and all written 60 17 CFR 200.30–3(a)(12).
53 15 U.S.C. 78s(b)(2)(B). communications relating to the 1 15 U.S.C. 78s(b)(1).
54 15 U.S.C. 78q–1(b)(3)(F). proposed rule change between the 2 17 CFR 240.19b–4.
55 15 U.S.C. 78q–1(b)(3)(H). 3 See Securities Exchange Act Release No. 78426
56 15 U.S.C. 78q–1(b)(3)(H). 58 Id. (Jul. 27, 2016), 81 FR 50763.
57 15 U.S.C. 78q–1(b)(5)(B). 59 Id. 4 15 U.S.C. 78s(b)(2).

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Federal Register / Vol. 81, No. 176 / Monday, September 12, 2016 / Notices 62781

of notice of the filing of a proposed rule one establishing or changing a member charged only in a Market Maker’s
change, or within such longer period up due, fee, or other charge imposed by the assigned classes because it is in these
to 90 days as the Commission may Exchange under section 19(b)(3)(A)(ii) classes that the Market Maker has the
designate if it finds such longer period of the Act 3 and Rule 19b–4(f)(2) general obligation to attract order flow
to be appropriate and publishes its thereunder,4 which renders the to the Exchange. Each Primary Market
reasons for so finding or as to which the proposed rule change effective upon Maker (‘‘PMM’’) 7 and Directed Market
self-regulatory organization consents, filing with the Commission. The Maker (‘‘DMM’’) 8 has a marketing fee
the Commission shall either approve the Commission is publishing this notice to pool into which the Exchange will
proposed rule change, disapprove the solicit comments on the proposed rule deposit the applicable per-contract
proposed rule change, or institute change from interested persons. marketing fee. For orders directed to
proceedings to determine whether the
I. Self-Regulatory Organization’s DMMs, the applicable marketing fees
proposed rule change should be
Statement of the Terms of Substance of are allocated to the DMM pool. For non-
disapproved. The 45th day after
publication of the notice for this the Proposed Rule Change directed orders, the applicable
proposed rule change is September 16, The Exchange filed a proposal to marketing fees are allocated to the PMM
2016. The Commission is extending this amend the fee schedule applicable to pool. All Market Makers that
45-day time period. Members 5 and non-members of the participated in such transaction will pay
The Commission finds that it is Exchange pursuant to EDGX Rules the applicable marketing fees to the
appropriate to designate a longer period 15.1(a) and (c). Exchange, which allocates such funds to
within which to take action on the The text of the proposed rule change the Market Maker that controls the
proposed rule change so that it has is available at the Exchange’s Web site distribution of the marketing fee pool.
sufficient time to consider the proposed at www.batstrading.com, at the Each month the Market Maker provides
rule change. Accordingly, the principal office of the Exchange, and at instruction to the Exchange describing
Commission, pursuant to Section the Commission’s Public Reference how the Exchange is to distribute the
19(b)(2) of the Act,5 designates October Room. marketing fees in the pool to the order
31, 2016, as the date by which the flow provider, who submit as agent,
Commission should either approve or II. Self-Regulatory Organization’s
Statement of the Purpose of, and Customer orders to the Exchange.
disapprove or institute proceedings to
Statutory Basis for, the Proposed Rule The Exchange proposes to now
determine whether to disapprove the
Change require that the total balance of the
proposed rule change (File Number SR–
In its filing with the Commission, the undisbursed marketing fees for a PMM
NYSEArca–2016–101).
Exchange included statements pool and DMM pool cannot exceed
For the Commission, by the Division of $250,000. When the pool balance
Trading and Markets, pursuant to delegated concerning the purpose of and basis for
authority.6 the proposed rule change and discussed exceeds this threshold level, the
any comments it received on the Exchange will rebate funds
Robert W. Errett,
proposed rule change. The text of these proportionately to those who have paid
Deputy Secretary.
statements may be examined at the the marketing fee during the preceding
[FR Doc. 2016–21799 Filed 9–9–16; 8:45 am]
places specified in Item IV below. The month. Today, undisbursed marketing
BILLING CODE 8011–01–P
Exchange has prepared summaries, set fees are reimbursed to the Market
forth in sections A, B, and C below, of Makers that contributed to the pool
SECURITIES AND EXCHANGE the most significant parts of such based upon their pro-rata portion of the
COMMISSION statements. entire amount of marketing fee
collected. As proposed, each month,
[Release No. 34–78771; File No. SR– A. Self-Regulatory Organization’s
undisbursed marketing fees in excess of
BatsEDGX–2016–49] Statement of the Purpose of, and
$250,000 will be reimbursed to the
Statutory Basis for, the Proposed Rule
Self-Regulatory Organizations; Bats Change Market Makers that contributed to the
EDGX Exchange, Inc.; Notice of Filing pool based upon a one month look back
and Immediate Effectiveness of a 1. Purpose and their pro-rata portion of the entire
Proposed Rule Change to Fees for Use The Exchange proposes to amend its amount of marketing fee collected
of Bats EDGX Exchange, Inc. marketing fee program to institute a during that month. The Exchange will
monthly cap of $250,000 on closely monitor the levels of the cap to
September 6, 2016. undisbursed funds and reimburse ensure that there are adequate funds
Pursuant to section 19(b)(1) of the excess funds on a pro-rata basis, as available to Market Makers to be
Securities Exchange Act of 1934 (the further described below. competitive. The Exchange believes the
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange assesses a marketing proposed cap and reimbursement
notice is hereby given that on August fee to all Market Makers for contracts process would assist Market Makers in
22, 2016, Bats EDGX Exchange, Inc. (the they execute in their assigned classes better managing their respective
‘‘Exchange’’ or ‘‘EDGX’’) filed with the when the contra-party to the execution marketing fee pools and incentivize
Securities and Exchange Commission is a Customer.6 The marketing fee is them to allocate those funds to order
(‘‘Commission’’) the proposed rule
flow providers accordingly on a
change as described in Items I, II and III 3 15 U.S.C. 78s(b)(3)(A)(ii).
monthly basis.
sradovich on DSK3GMQ082PROD with NOTICES

below, which Items have been prepared 4 17 CFR 240.19b–4(f)(2).
by the Exchange. The Exchange has 5 The term ‘‘Member’’ is defined as ‘‘any

registered broker or dealer that has been admitted Pilot Securities. A Marketing Fee of $0.70 per
designated the proposed rule change as contract is assessed to Market Makers for
to membership in the Exchange.’’ See Exchange
Rule 1.5(n). transactions in Non-Penny Pilot Securities. A list of
5 Id.
6 The amount of the marketing fee depends upon option classes included in the Penny Pilot Program
6 17 CFR 200.30–3(a)(31). is available on the Exchange’s Web site.
whether the affected option class is a Penny Pilot
1 15 U.S.C. 78s(b)(1). 7 See Exchange Rule 21.8(g).
Security. A marketing fee of $0.25 per contract is
2 17 CFR 240.19b–4. assessed to Market Makers for transactions in Penny 8 See Exchange Rule 21.8(f).

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Document Created: 2016-09-10 00:57:02
Document Modified: 2016-09-10 00:57:02

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 62780