81 FR 64238 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Deadline for Implementing Rule 967.1NY(a)(2) and (3) Until September 30, 2016

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 181 (September 19, 2016)

Page Range		64238-64239
FR Document		2016-22422

Federal Register, Volume 81 Issue 181 (Monday, September 19, 2016)

[Federal Register Volume 81, Number 181 (Monday, September 19, 2016)]
[Notices]
[Pages 64238-64239]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2016-22422]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78829; File No. SR-NYSEMKT-2016-86]

Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change To Extend the Deadline
for Implementing Rule 967.1NY(a)(2) and (3) Until September 30, 2016

September 13, 2016.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that on September 6, 2016, NYSE MKT LLC (the ``Exchange'' or
``NYSE MKT'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 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 extend the deadline for implementing Rule
967.1NY(a)(2) and (3) until September 30, 2016 The proposed rule change
is available on the Exchange's Web site at www.nyse.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 self-regulatory organization
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 those 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 parts of such statements.

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

1. Purpose
The Exchange is proposing to extend the deadline for implementing
Rule 967.1NY(a)(2) and (3) until September 30, 2016. The Exchange has
not met the current implementation deadline of July 31, 2016.
In March 2015, the Commission approved Rule 967.1NY, which provides
a price protection risk mechanism for Market Maker quotes.\4\ Rule
967.1NY provides two layers of price protection to incoming Market
Maker quotes, rejecting those Market Maker quotes that exceed certain
parameters, as a risk mitigation tool.\5\ The Exchange has implemented
the first layer of price protection (the NBBO Reasonability Check) and
had until one year from the date of the Approval Order to implement the
second layer of protection (the Underlying Stock Price/Strike Price
Check) pursuant to Commentary .01 to Rule 967.1NY, which was March 4,
2016.\6\
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\4\ See Securities Exchange Act Release No. 74440 (March 4,
2015), 80 FR 12687 (March 10, 2015) (SR-NYSEMKT-2014-116) (Approval
Order); see also Securities Exchange Act Release No. 74017 (January
8, 2015), 80 FR 1979 (January 14, 2015) (SR-NYSEMKT-2014-116)
(Notice).
\5\ The first layer of price protection assesses incoming sell
quotes against the NBB and incoming buy quotes against the NBO (the
``NBBO Price Reasonability Check''). Specifically, Rule
967.1NY(a)(1) provided that when an NBBO is available, a Market
Maker quote would be rejected if it is priced a specified dollar
amount or percentage through the contra-side NBBO. The second layer
of price protection assesses the price of call or put bids against a
specified benchmark (the ``Underlying Stock Price/Strike Price
Check''), per Rule 967.1NY(a)(2) and (3). This second layer of
protection applies to bids in call options or put options when (1)
there is no NBBO available, for example, during pre-opening or prior
to conducting a re-opening after a trading halt, or (2) if the NBBO
is so wide as to not reflect an appropriate price for the respective
options series.
\6\ See Securities Exchange Act Release No. 75151 (June 11,
2015), 80 FR 34770 (June 17, 2015) (SR-NYSEMKT-2015-42).
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In March 2016, because the Exchange had not yet implemented the
Underlying Stock Price/Strike Price Check, the Exchange extended the
deadline to implement Rule 967.1NY(a)(2) and (3) until July 31, 2016
(the ``July 31st Deadline'').\7\ Subsequent to this extension, the
Exchange modified Commentary .01 to Rule 967.1NY to exclude from the
Underlying Stock Price/Strike Price Check certain securities for which
there was no reliable (or in some cases any) last sale data.\8\
Although the Exchange had finalized the technology related to the
Underlying Stock Price/Strike Price Check, because this technology was
packaged in a larger technology release that is currently being rolled
out, the Exchange was not able to implement the technology by the July
31st Deadline. The Exchange is in the process of implementing the
technology release that includes the Underlying Stock Price/Strike
Price Check and plans to complete this implementation no later than the
end of September 2016. The Exchange believes the proposed extension of
the July 31st Deadline until September 30, 2016 would provide the
Exchange with sufficient time to implement the functionality related to
the rule. Moreover, the proposed change would update the rule to
reflect the extended deadline, thus making clear to investors and the
public that the Underlying Stock Price/Strike Price Check is not yet
implemented.\9\
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\7\ See Securities Exchange Act Release No. 77356 (March 14,
2016), 81 FR 14917 (March 18, 2016) (SR-NYSEMKT-2016-36).
\8\ See Securities Exchange Act Release No. 77749 (April 29,
2016), 81 FR 27184 (May 5, 2016) (SR-NYSEMKT-2016-47).
\9\ The Exchange has issued Trader Updates informing its market
participants that the functionality related to the Underlying Stock
Price/Strike Price Check is not yet available but is currently being
implemented (together with the other technology updates with which
it was packaged). See, e.g., Trader Updates regarding Enhancements
to Risk Control Functionality in Enhanced Certification Environment,
dated 6/6/16, available here, https://www.nyse.com/publicdocs/nyse/notifications/trader-update/NYSE%20Amex%20and%20Arca%20-%20Enhanced%20Risk%20Controls%20in%20Enhanced%20Cert.pdf and
regarding Risk Controls/Series Lookup Table Enhancements, dated 8/
25/16, available here, https://www.nyse.com/publicdocs/nyse/notifications/trader-update/NYSE%20Amex%20-%20Risk%20Controls%20Release%20details.pdf.

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[[Page 64239]]

2. Statutory Basis
The proposed rule change is consistent with Section 6(b) of the
Act,\10\ in general, and furthers the objectives of Section
6(b)(5),\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.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes the proposal promotes just and
equitable principles of trade and removes impediments to, and perfects
the mechanism of, a free and open market and a national market system
because an extension of the July 31st Deadline would enable the
Exchange to complete its implementation of the technology related to
the Underlying Stock Price/Strike Price Check, which is currently being
implemented as part of a larger technology release. Moreover, the
proposed extension would update the rule to reflect the extended
deadline for implementation.

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 that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
not designed to address any competitive issues, but rather, to extend
the July 31st Deadline for implementing the functionality related to
the Underlying Stock Price/Strike Price Check, which is currently being
implemented as part of a larger technology release.

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

No written comments were solicited or received with respect to the
proposed rule change.

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

Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) \12\ of the Act and Rule 19b-
4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest as it will allow the
Exchange to immediately extend the implementation deadline for the
Underlying Stock Price/Strike Price Check without delay and provide the
Exchange additional time to implement the technology associated with
such price protection. Accordingly, the Commission hereby waives the
30-day operative delay requirement and designates the proposed rule
change as operative upon filing.\16\
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission shall institute proceedings to determine whether the
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic Comments

Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEMKT-2016-86 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEMKT-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-NYSEMKT-2016-86, and should
be submitted on or before October 11, 2016.
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\17\ 17 CFR 200.30-3(a)(12).

For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-22422 Filed 9-16-16; 8:45 am]
BILLING CODE 8011-01-P

64238 Federal Register / Vol. 81, No. 181 / Monday, September 19, 2016 / Notices

those that may be withheld from the 967.1NY(a)(2) and (3) until September Order to implement the second layer of
public in accordance with the 30, 2016 The proposed rule change is protection (the Underlying Stock Price/
provisions of 5 U.S.C. 552, will be available on the Exchange’s Web site at Strike Price Check) pursuant to
available for Web site viewing and www.nyse.com, at the principal office of Commentary .01 to Rule 967.1NY,
printing in the Commission’s Public the Exchange, and at the Commission’s which was March 4, 2016.6
Reference Section, 100 F Street NE., Public Reference Room.
In March 2016, because the Exchange
Washington, DC 20549–1090. Copies of
II. Self-Regulatory Organization’s had not yet implemented the
the filing will also be available for
Statement of the Purpose of, and Underlying Stock Price/Strike Price
inspection and copying at the IEX’s
Statutory Basis for, the Proposed Rule Check, the Exchange extended the
principal office and on its Internet Web
Change deadline to implement Rule
site at www.iextrading.com. All
comments received will be posted In its filing with the Commission, the 967.1NY(a)(2) and (3) until July 31, 2016
without change; the Commission does self-regulatory organization included (the ‘‘July 31st Deadline’’).7 Subsequent
not edit personal identifying statements concerning the purpose of, to this extension, the Exchange
information from submissions. You and basis for, the proposed rule change modified Commentary .01 to Rule
should submit only information that and discussed any comments it received 967.1NY to exclude from the
you wish to make available publicly. All on the proposed rule change. The text Underlying Stock Price/Strike Price
submissions should refer to File of those statements may be examined at Check certain securities for which there
Number SR–IEX–2016–13 and should the places specified in Item IV below. was no reliable (or in some cases any)
be submitted on or before October 11, The Exchange has prepared summaries, last sale data.8 Although the Exchange
2016.32 set forth in sections A, B, and C below, had finalized the technology related to
of the most significant parts of such the Underlying Stock Price/Strike Price
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
statements. Check, because this technology was
authority. A. Self-Regulatory Organization’s packaged in a larger technology release
Robert W. Errett, Statement of the Purpose of, and the that is currently being rolled out, the
Deputy Secretary. Statutory Basis for, the Proposed Rule Exchange was not able to implement the
[FR Doc. 2016–22417 Filed 9–16–16; 8:45 am] Change technology by the July 31st Deadline.
BILLING CODE 8011–01–P
The Exchange is in the process of
1. Purpose implementing the technology release
The Exchange is proposing to extend that includes the Underlying Stock
SECURITIES AND EXCHANGE the deadline for implementing Rule Price/Strike Price Check and plans to
COMMISSION 967.1NY(a)(2) and (3) until September complete this implementation no later
30, 2016. The Exchange has not met the than the end of September 2016. The
[Release No. 34–78829; File No. SR– current implementation deadline of July
NYSEMKT–2016–86] Exchange believes the proposed
31, 2016. extension of the July 31st Deadline until
Self-Regulatory Organizations; NYSE In March 2015, the Commission September 30, 2016 would provide the
MKT LLC; Notice of Filing and approved Rule 967.1NY, which Exchange with sufficient time to
Immediate Effectiveness of Proposed provides a price protection risk implement the functionality related to
Rule Change To Extend the Deadline mechanism for Market Maker quotes.4 the rule. Moreover, the proposed change
for Implementing Rule 967.1NY(a)(2) Rule 967.1NY provides two layers of would update the rule to reflect the
and (3) Until September 30, 2016 price protection to incoming Market extended deadline, thus making clear to
Maker quotes, rejecting those Market investors and the public that the
September 13, 2016. Maker quotes that exceed certain Underlying Stock Price/Strike Price
Pursuant to Section 19(b)(1) 1 of the parameters, as a risk mitigation tool.5 Check is not yet implemented.9
Securities Exchange Act of 1934 (the The Exchange has implemented the first
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 layer of price protection (the NBBO 6 See Securities Exchange Act Release No. 75151
notice is hereby given that on Reasonability Check) and had until one (June 11, 2015), 80 FR 34770 (June 17, 2015) (SR–
September 6, 2016, NYSE MKT LLC (the year from the date of the Approval NYSEMKT–2015–42).
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with 7 See Securities Exchange Act Release No. 77356

the Securities and Exchange 4 See Securities Exchange Act Release No. 74440 (March 14, 2016), 81 FR 14917 (March 18, 2016)
(March 4, 2015), 80 FR 12687 (March 10, 2015) (SR– (SR–NYSEMKT–2016–36).
Commission (the ‘‘Commission’’) the
NYSEMKT–2014–116) (Approval Order); see also 8 See Securities Exchange Act Release No. 77749
proposed rule change as described in Securities Exchange Act Release No. 74017 (January (April 29, 2016), 81 FR 27184 (May 5, 2016) (SR–
Items I and II below, which Items have 8, 2015), 80 FR 1979 (January 14, 2015) (SR– NYSEMKT–2016–47).
been prepared by the self-regulatory NYSEMKT–2014–116) (Notice). 9 The Exchange has issued Trader Updates
5 The first layer of price protection assesses informing its market participants that the
organization. The Commission is
incoming sell quotes against the NBB and incoming functionality related to the Underlying Stock Price/
publishing this notice to solicit buy quotes against the NBO (the ‘‘NBBO Price Strike Price Check is not yet available but is
comments on the proposed rule change Reasonability Check’’). Specifically, Rule currently being implemented (together with the
from interested persons. 967.1NY(a)(1) provided that when an NBBO is other technology updates with which it was
available, a Market Maker quote would be rejected packaged). See, e.g., Trader Updates regarding
I. Self-Regulatory Organization’s if it is priced a specified dollar amount or Enhancements to Risk Control Functionality in
Statement of the Terms of Substance of percentage through the contra-side NBBO. The Enhanced Certification Environment, dated 6/6/16,
the Proposed Rule Change second layer of price protection assesses the price available here, https://www.nyse.com/publicdocs/
mstockstill on DSK3G9T082PROD with NOTICES

of call or put bids against a specified benchmark nyse/notifications/trader-update/
The Exchange proposes to extend the (the ‘‘Underlying Stock Price/Strike Price Check’’), NYSE%20Amex%20and%20Arca%20-%20
deadline for implementing Rule per Rule 967.1NY(a)(2) and (3). This second layer Enhanced%20Risk%20Controls%20in%20
of protection applies to bids in call options or put Enhanced%20Cert.pdf and regarding Risk Controls/
32 17
options when (1) there is no NBBO available, for Series Lookup Table Enhancements, dated 8/25/16,
CFR 200.30–3(a)(12). example, during pre-opening or prior to conducting available here, https://www.nyse.com/publicdocs/
1 15 U.S.C.78s(b)(1). a re-opening after a trading halt, or (2) if the NBBO nyse/notifications/trader-update/NYSE%
2 15 U.S.C. 78a.
is so wide as to not reflect an appropriate price for 20Amex%20-%20Risk%20Controls%20
3 17 CFR 240.19b–4. the respective options series. Release%20details.pdf.

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Federal Register / Vol. 81, No. 181 / Monday, September 19, 2016 / Notices 64239

2. Statutory Basis 19(b)(3)(A) 12 of the Act and Rule 19b– Electronic Comments
The proposed rule change is 4(f)(6) thereunder.13
• Use the Commission’s Internet
consistent with Section 6(b) of the A proposed rule change filed under comment form (http://www.sec.gov/
Act,10 in general, and furthers the Rule 19b–4(f)(6) 14 normally does not rules/sro.shtml); or
objectives of Section 6(b)(5),11 in become operative for 30 days after the
particular, in that it is designed to date of filing. However, pursuant to • Send an email to rule-comments@
promote just and equitable principles of Rule 19b–4(f)(6)(iii),15 the Commission sec.gov. Please include File Number SR–
trade, to remove impediments to and may designate a shorter time if such NYSEMKT–2016–86 on the subject line.
perfect the mechanism of a free and action is consistent with the protection Paper Comments
open market and a national market of investors and the public interest. The
system, and in general, to protect Exchange has asked the Commission to • Send paper comments in triplicate
investors and the public interest. waive the 30-day operative delay so that to Secretary, Securities and Exchange
Specifically, the Exchange believes the proposal may become operative Commission, 100 F Street NE.,
the proposal promotes just and immediately upon filing. The Washington, DC 20549–1090.
equitable principles of trade and Commission believes that waiving the
removes impediments to, and perfects All submissions should refer to File
30-day operative delay is consistent Number SR–NYSEMKT–2016–86. This
the mechanism of, a free and open
with the protection of investors and the file number should be included on the
market and a national market system
public interest as it will allow the subject line if email is used. To help the
because an extension of the July 31st
Deadline would enable the Exchange to Exchange to immediately extend the Commission process and review your
complete its implementation of the implementation deadline for the comments more efficiently, please use
technology related to the Underlying Underlying Stock Price/Strike Price only one method. The Commission will
Stock Price/Strike Price Check, which is Check without delay and provide the post all comments on the Commission’s
currently being implemented as part of Exchange additional time to implement Internet Web site (http://www.sec.gov/
a larger technology release. Moreover, the technology associated with such rules/sro.shtml). Copies of the
the proposed extension would update price protection. Accordingly, the submission, all subsequent
the rule to reflect the extended deadline Commission hereby waives the 30-day amendments, all written statements
for implementation. operative delay requirement and with respect to the proposed rule
designates the proposed rule change as change that are filed with the
B. Self-Regulatory Organization’s
operative upon filing.16 Commission, and all written
Statement on Burden on Competition
At any time within 60 days of the communications relating to the
The Exchange does not believe that filing of the proposed rule change, the proposed rule change between the
the proposed rule change will impose Commission summarily may Commission and any person, other than
any burden on competition that is not
temporarily suspend such rule change if those that may be withheld from the
necessary or appropriate in furtherance
it appears to the Commission that such public in accordance with the
of the purposes of the Act. The
proposed rule change is not designed to action is: (i) Necessary or appropriate in provisions of 5 U.S.C. 552, will be
address any competitive issues, but the public interest; (ii) for the protection available for Web site viewing and
rather, to extend the July 31st Deadline of investors; or (iii) otherwise in printing in the Commission’s Public
for implementing the functionality furtherance of the purposes of the Act. Reference Room, 100 F Street NE.,
related to the Underlying Stock Price/ If the Commission takes such action, the Washington, DC 20549, on official
Strike Price Check, which is currently Commission shall institute proceedings business days between the hours of
being implemented as part of a larger to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the
technology release. should be approved or disapproved. filing also will be available for
inspection and copying at the principal
C. Self-Regulatory Organization’s IV. Solicitation of Comments
office of the Exchange. All comments
Statement on Comments on the
Interested persons are invited to received will be posted without change;
Proposed Rule Change Received From
submit written data, views, and the Commission does not edit personal
Members, Participants, or Others
arguments concerning the foregoing, identifying information from
No written comments were solicited including whether the proposed rule submissions. You should submit only
or received with respect to the proposed change is consistent with the Act. information that you wish to make
rule change. Comments may be submitted by any of available publicly. All submissions
III. Date of Effectiveness of the the following methods: should refer to File Number SR–
Proposed Rule Change and Timing for NYSEMKT–2016–86, and should be
Commission Action 12 15 U.S.C. 78s(b)(3)(A). submitted on or before October 11,
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 2016.
Because the foregoing proposed rule 4(f)(6) requires a self-regulatory organization to give
change does not: (i) Significantly affect the Commission written notice of its intent to file For the Commission, by the Division of
the protection of investors or the public the proposed rule change at least five business days Trading and Markets, pursuant to delegated
interest; (ii) impose any significant prior to the date of filing of the proposed rule authority.17
change, or such shorter time as designated by the
burden on competition; and (iii) become
mstockstill on DSK3G9T082PROD with NOTICES

Commission. The Exchange has satisfied this Robert W. Errett,
operative for 30 days from the date on requirement. Deputy Secretary.
which it was filed, or such shorter time 14 17 CFR 240.19b–4(f)(6).
[FR Doc. 2016–22422 Filed 9–16–16; 8:45 am]
as the Commission may designate, it has 15 17 CFR 240.19b–4(f)(6)(iii).
16 For purposes only of waiving the 30-day BILLING CODE 8011–01–P
become effective pursuant to Section
operative delay, the Commission has also
considered the proposed rule’s impact on
10 15 U.S.C. 78f(b). efficiency, competition, and capital formation. See
11 15 U.S.C. 78f(b)(5). 15 U.S.C. 78c(f). 17 17 CFR 200.30–3(a)(12).

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Document Created: 2016-09-17 02:30:33
Document Modified: 2016-09-17 02:30:33

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 64238