81 FR 65458 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.35P (Auctions) Regarding Indicative Match Price
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 184 (September 22, 2016)
Federal Register Volume 81, Issue 184 (September 22, 2016)
| Page Range | 65458-65460 | |
| FR Document | 2016-22791 |
[Federal Register Volume 81, Number 184 (Thursday, September 22, 2016)] [Notices] [Pages 65458-65460] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-22791] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78861; File No. SR-NYSEArca-2016-129] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.35P (Auctions) Regarding Indicative Match Price September 16, 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 9, 2016, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 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. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to, through its wholly-owned corporation NYSE Arca Equities, Inc. (``NYSE Arca Equities''), amend Rule 7.35P (Auctions) regarding Indicative Match Price. 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. [[Page 65459]] 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 proposes to amend Rule 7.35P, which governs how Auctions operate on the Exchange's Pillar trading platform. Specifically, the Exchange proposes to amend Rule 7.35P(a)(8) regarding Indicative Match Price. Under Rule 7.35(a)(8) [sic], Indicative Match Price means the best price at which the maximum volume of shares, including non-displayed quantity of Reserve Orders, is tradable in the applicable auction, subject to the Auction Collars. The Exchange proposes to specify, as proposed in Rule 7.35P(a)(8)(F), that unless the Indicative Match Price is based on the midpoint of an Auction NBBO, if the Indicative Match Price is not in the MPV \4\ for the security, it would be rounded to the nearest price at the applicable MPV.\5\ --------------------------------------------------------------------------- \4\ The minimum price variation (``MPV'') for quoting and entry of orders in securities traded on the NYSE Arca Marketplace is $0.01, with the exception of securities that are priced less than $1.00 for which the MPV for quoting and entry of orders is $0.0001. See Arca Rule 7.6. \5\ The Indicative Match Price is currently calculated without any rounding, as provided in Arca Rule 7.35P(a)(8)(A)-(E). --------------------------------------------------------------------------- The Exchange initially filed to amend the definition of Indicative Match Price in a filing that is currently pending with the Commission.\6\ Although the proposed change was included in the Tick Pilot System Functionality Filing, the anticipated rounding scenarios for the Indicative Price Match would apply to all securities traded on the Exchange, not just Tick Pilot Securities. The technology change related to the rounding of the Indicative Match Price is scheduled to be implemented within 30 days of the date of this filing and prior to October 3, 2016, the implementation date of the Tick Size Pilot Program. The Exchange is therefore filing this proposed rule change to ensure that both the functionality and the rules of the Exchange are consistent with one another when the Exchange introduces the technology change. The proposed rule change would also add more certainty regarding the calculation of the Indicative Match Price as it would be rounded to the nearest price at the applicable MPV. --------------------------------------------------------------------------- \6\ See SR-NYSEArca-2016-123 filed on August 25, 2016 (the ``Tick Pilot System Functionality Filing''). --------------------------------------------------------------------------- 2. Statutory Basis The proposed rule change is consistent with section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\7\ in general, and furthers the objectives of section 6(b)(5),\8\ in particular, because it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the Exchange believes that the proposed amendment to Rule 7.35P(a)(8) would remove impediments to and perfect the mechanism of a free and open market and a national market system as it provides transparency regarding when the Exchange would round the Indicative Match Price if it is not in the MPV for an applicable security. In addition, the Exchange believes that the proposal to implement this change for all securities, not just Tick Pilot Securities, would remove impediments to and perfect the mechanism of a free and open market and a national market system because it would ensure consistent treatment regarding the calculation of Indicative Match Price. The calculation of the Indicative Match Price is essential to executing the maximum volume of shares in an auction and the Exchange believes adopting a rounding methodology when calculating the Indicative Match Price, as proposed herein, will promote transparency, clarity and certainty to the rule, which serves 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. 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 change is not designed to address any competitive issue but rather to make an amendment to Rule 7.35P regarding the calculation of Indicative Match Price for orders executed in Auctions on the Exchange's Pillar trading platform. 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 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) of the Act \9\ and Rule 19b-4(f)(6) thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \11\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to 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. According to the Exchange, this proposed rule change would provide certainty and transparency to its rules regarding the Indicative Match Price. Moreover, according to the Exchange, waiver of the operative delay would allow it to introduce technology related to this proposed rule change, which would be applicable to all securities, within 30 days of the date of this filing. The Commission believes the waiver of the operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the [[Page 65460]] operative delay and designates the proposal operative upon filing.\13\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ 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). --------------------------------------------------------------------------- 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 necessary or appropriate in the public interest, for the protection of investors, or 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 change 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 CommentsUse 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-NYSEArca-2016-129 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-NYSEArca-2016-129. 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 such 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-NYSEArca-2016-129, and should be submitted on or before October 13, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-22791 Filed 9-21-16; 8:45 am] BILLING CODE 8011-01-P
![65458 Federal Register / Vol. 81, No. 184 / Thursday, September 22, 2016 / Notices
between the routing of one or more ISOs organization consents, the Commission For the Commission, by the Division of
to satisfy away protected quotations and will: Trading and Markets, pursuant to delegated
the actual display of the related order at A. By order approve or disapprove the authority.112
a price that crosses such away protected proposed rule change, or Robert W. Errett,
quotations is permissible and consistent B. institute proceedings to determine Deputy Secretary.
with the requirements of Rule 610(d).109 whether the proposed rule change [FR Doc. 2016–22790 Filed 9–21–16; 8:45 am]
should be disapproved. BILLING CODE 8011–01–P
B. Self-Regulatory Organization’s
Statement on Burden on Competition IV. Solicitation of Comments
The Exchange does not believe that Interested persons are invited to SECURITIES AND EXCHANGE
the proposed rule change will impose submit written data, views, and COMMISSION
any burden on competition that is not arguments concerning the foregoing,
including whether the proposed rule [Release No. 34–78861; File No. SR–
necessary or appropriate in furtherance NYSEArca–2016–129]
of the purposes of the Act. To the change is consistent with the Act.
contrary, the Exchange believes that any Comments may be submitted by any of
Self-Regulatory Organizations; NYSE
burden on competition is necessary and the following methods:
Arca, Inc.; Notice of Filing and
appropriate in furtherance of the Electronic Comments Immediate Effectiveness of Proposed
purposes of Section 6(b)(5) of the Act Rule Change To Amend Rule 7.35P
• Use the Commission’s Internet
because LTAD is functionality that (Auctions) Regarding Indicative Match
comment form (http://www.sec.gov/
seeks to enhance liquidity and optimize Price
rules/sro.shtml); or
price discovery by deemphasizing speed • Send an email to rule-comments@
as a key to trading success in order to September 16, 2016.
sec.gov. Please include File Number SR–
further serve the interests of investors Pursuant to section 19(b)(1) 1 of the
CHX–2016–16 on the subject line.
and thereby removes impediments and Securities Exchange Act of 1934 (the
perfects the mechanisms of a free and Paper Comments ‘‘Act’’),2 and Rule 19b–4 thereunder,3
open market.110 • Send paper comments in triplicate notice is hereby given that on
The Exchange further notes that to Secretary, Securities and Exchange September 9, 2016, NYSE Arca, Inc. (the
market participants will continue to be Commission, 100 F Street NE., ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
able to obtain CHX book data via the Washington, DC 20549–1090. the Securities and Exchange
SIPs or through the Exchange’s All submissions should refer to File Commission (the ‘‘Commission’’) the
proprietary book feed, the CHX Book Number SR–CHX–2016–16. This file proposed rule change as described in
Feed,111 without delay as the Exchange number should be included on the Items I and II below, which Items have
does not propose to delay any outbound subject line if email is used. To help the been prepared by the self-regulatory
messages or market data. As such, the Commission process and review your organization. The Commission is
Exchange submits that any burden on comments more efficiently, please use publishing this notice to solicit
competition, while necessary and only one method. The Commission will comments on the proposed rule change
appropriate in furtherance of the post all comments on the Commission’s from interested persons.
purposes of that Act, has been Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s
minimized. rules/sro.shtml). Copies of the Statement of the Terms of Substance of
C. Self-Regulatory Organization’s submission, all subsequent the Proposed Rule Change
Statement on Comments on the amendments, all written statements
The Exchange proposes to, through its
Proposed Rule Change Received From with respect to the proposed rule
wholly-owned corporation NYSE Arca
Members, Participants or Others change that are filed with the
Equities, Inc. (‘‘NYSE Arca Equities’’),
Commission, and all written
No written comments were solicited amend Rule 7.35P (Auctions) regarding
communications relating to the
or received with respect to the proposed Indicative Match Price. The proposed
proposed rule change between the
rule change. rule change is available on the
Commission and any person, other than
Exchange’s Web site at www.nyse.com,
III. Date of Effectiveness of the those that may be withheld from the
at the principal office of the Exchange,
Proposed Rule Change and Timing for public in accordance with the
and at the Commission’s Public
Commission Action provisions of 5 U.S.C. 552, will be
Reference Room.
available for Web site viewing and
Within 45 days of the date of II. Self-Regulatory Organization’s
printing in the Commission’s Public
publication of this notice in the Federal Statement of the Purpose of, and
Reference Room, 100 F Street NE.,
Register or within such longer period (i) Statutory Basis for, the Proposed Rule
Washington, DC 20549, on official
as the Commission may designate up to Change
business days between the hours of
90 days of such date if it finds such
10:00 a.m. and 3:00 p.m. Copies of such In its filing with the Commission, the
longer period to be appropriate and
filing will also be available for self-regulatory organization included
publishes its reasons for so finding or
inspection and copying at the principal statements concerning the purpose of,
(ii) as to which the self-regulatory
office of the Exchange. All comments and basis for, the proposed rule change
received will be posted without change;
asabaliauskas on DSK3SPTVN1PROD with NOTICES
109 See ‘‘Division of Trading and Markets: and discussed any comments it received
Responses to Frequency Asked Questions
the Commission does not edit personal on the proposed rule change. The text
Concerning Rule 611 and Rule 610 of Regulation identifying information from of those statements may be examined at
NMS.’’ U.S. Securities and Exchange Commission, submissions. You should submit only the places specified in Item IV below.
4 April 2008. Web. 20 June 2016 http:// information that you wish to make
www.sec.gov/divisions/marketreg/nmsfaq610-
11.htm (‘‘Question 5.02’’); see also CHX Article 20,
available publicly. All submissions 112 17CFR 200.30–3(a)(12).
Rule 6(c)(3). should refer to File Number SR–CHX– 1 15 U.S.C. 78s(b)(1).
110 See supra note 15. 2016–16 and should be submitted on or 2 15 U.S.C. 78a.
111 See CHX Article 4, Rule 1. before October 13, 2016. 3 17 CFR 240.19b–4.
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The Exchange has prepared summaries, rounded to the nearest price at the Match Price for orders executed in
set forth in sections A, B, and C below, applicable MPV. Auctions on the Exchange’s Pillar
of the most significant parts of such trading platform.
2. Statutory Basis
statements.
The proposed rule change is C. Self-Regulatory Organization’s
A. Self-Regulatory Organization’s consistent with section 6(b) of the Statement on Comments on the
Statement of the Purpose of, and the Securities Exchange Act of 1934 (the Proposed Rule Change Received From
Statutory Basis for, the Proposed Rule ‘‘Act’’),7 in general, and furthers the Members, Participants, or Others
Change objectives of section 6(b)(5),8 in
particular, because it is designed to No written comments were solicited
1. Purpose
prevent fraudulent and manipulative or received with respect to the proposed
The Exchange proposes to amend acts and practices, to promote just and rule change.
Rule 7.35P, which governs how equitable principles of trade, to foster III. Date of Effectiveness of the
Auctions operate on the Exchange’s cooperation and coordination with
Proposed Rule Change and Timing for
Pillar trading platform. Specifically, the persons engaged in facilitating
Commission Action
Exchange proposes to amend Rule transactions in securities, to remove
7.35P(a)(8) regarding Indicative Match impediments to, and perfect the Because the proposed rule change
Price. Under Rule 7.35(a)(8) [sic], mechanism of, a free and open market does not (i) significantly affect the
Indicative Match Price means the best and a national market system and, in protection of investors or the public
price at which the maximum volume of general, to protect investors and the interest; (ii) impose any significant
shares, including non-displayed public interest. burden on competition; and (iii) become
quantity of Reserve Orders, is tradable Specifically, the Exchange believes
operative for 30 days from the date on
in the applicable auction, subject to the that the proposed amendment to Rule
7.35P(a)(8) would remove impediments which it was filed, or such shorter time
Auction Collars. The Exchange proposes
to and perfect the mechanism of a free as the Commission may designate, it has
to specify, as proposed in Rule
and open market and a national market become effective pursuant to section
7.35P(a)(8)(F), that unless the Indicative
system as it provides transparency 19(b)(3)(A) of the Act 9 and Rule 19b–
Match Price is based on the midpoint of
an Auction NBBO, if the Indicative regarding when the Exchange would 4(f)(6) thereunder.10
Match Price is not in the MPV 4 for the round the Indicative Match Price if it is A proposed rule change filed
security, it would be rounded to the not in the MPV for an applicable pursuant to Rule 19b–4(f)(6) under the
nearest price at the applicable MPV.5 security. In addition, the Exchange Act 11 normally does not become
believes that the proposal to implement operative for 30 days after the date of its
The Exchange initially filed to amend
this change for all securities, not just filing. However, Rule 19b–4(f)(6)(iii) 12
the definition of Indicative Match Price
Tick Pilot Securities, would remove permits the Commission to designate a
in a filing that is currently pending with
impediments to and perfect the shorter time if such action is consistent
the Commission.6 Although the
mechanism of a free and open market with the protection of investors and the
proposed change was included in the
and a national market system because it public interest. The Exchange has asked
Tick Pilot System Functionality Filing,
would ensure consistent treatment the Commission to waive the 30-day
the anticipated rounding scenarios for
regarding the calculation of Indicative
the Indicative Price Match would apply operative delay so that the proposal may
Match Price.
to all securities traded on the Exchange, The calculation of the Indicative become operative immediately upon
not just Tick Pilot Securities. The Match Price is essential to executing the filing. According to the Exchange, this
technology change related to the maximum volume of shares in an proposed rule change would provide
rounding of the Indicative Match Price auction and the Exchange believes certainty and transparency to its rules
is scheduled to be implemented within adopting a rounding methodology when regarding the Indicative Match Price.
30 days of the date of this filing and calculating the Indicative Match Price, Moreover, according to the Exchange,
prior to October 3, 2016, the as proposed herein, will promote waiver of the operative delay would
implementation date of the Tick Size transparency, clarity and certainty to the allow it to introduce technology related
Pilot Program. The Exchange is rule, which serves to remove to this proposed rule change, which
therefore filing this proposed rule impediments to and perfect the would be applicable to all securities,
change to ensure that both the mechanism of a free and open market within 30 days of the date of this filing.
functionality and the rules of the and a national market system, and, in The Commission believes the waiver of
Exchange are consistent with one general, to protect investors and the the operative delay is consistent with
another when the Exchange introduces public interest. the protection of investors and the
the technology change. The proposed
rule change would also add more B. Self-Regulatory Organization’s public interest. Therefore, the
certainty regarding the calculation of the Statement on Burden on Competition Commission hereby waives the
Indicative Match Price as it would be The Exchange does not believe that
the proposed rule change will impose
4 The minimum price variation (‘‘MPV’’) for 9 15 U.S.C. 78s(b)(3)(A).
any burden on competition that is not
quoting and entry of orders in securities traded on 10 17 CFR 240.19b–4(f)(6). As required under Rule
asabaliauskas on DSK3SPTVN1PROD with NOTICES
the NYSE Arca Marketplace is $0.01, with the
necessary or appropriate in furtherance
19b–4(f)(6)(iii), the Exchange provided the
exception of securities that are priced less than of the purposes of the Act. The
Commission with written notice of its intent to file
$1.00 for which the MPV for quoting and entry of proposed change is not designed to the proposed rule change, along with a brief
orders is $0.0001. See Arca Rule 7.6. address any competitive issue but rather
5 The Indicative Match Price is currently
description and the text of the proposed rule
to make an amendment to Rule 7.35P change, at least five business days prior to the date
calculated without any rounding, as provided in
Arca Rule 7.35P(a)(8)(A)–(E). regarding the calculation of Indicative of filing of the proposed rule change, or such
6 See SR–NYSEArca–2016–123 filed on August shorter time as designated by the Commission.
7 15 11 17 CFR 240.19b–4(f)(6).
25, 2016 (the ‘‘Tick Pilot System Functionality U.S.C. 78f(b).
Filing’’). 8 15 U.S.C. 78f(b)(5). 12 17 CFR 240.19b–4(f)(6)(iii).
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![65460 Federal Register / Vol. 81, No. 184 / Thursday, September 22, 2016 / Notices
operative delay and designates the Washington, DC 20549 on official investment adviser under the
proposal operative upon filing.13 business days between the hours of Investment Advisers Act of 1940 (‘‘the
At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of such ‘‘Adviser,’’ and, collectively with the
filing of the proposed rule change, the filing also will be available for Trust, the ‘‘Applicants’’).
Commission summarily may inspection and copying at the principal FILING DATES: The application was filed
temporarily suspend such rule change if office of the Exchange. All comments March 11, 2015 and amended on April
it appears to the Commission that such received will be posted without change; 14, 2016, and June 20, 2016.
action is necessary or appropriate in the the Commission does not edit personal HEARING OR NOTIFICATION OF HEARING:
public interest, for the protection of identifying information from An order granting the application will
investors, or otherwise in furtherance of submissions. You should submit only be issued unless the Commission orders
the purposes of the Act. If the information that you wish to make a hearing. Interested persons may
Commission takes such action, the available publicly. All submissions request a hearing by writing to the
Commission shall institute proceedings should refer to File Number SR– Commission’s Secretary and serving
to determine whether the proposed rule NYSEArca–2016–129, and should be applicants with a copy of the request,
change should be approved or submitted on or before October 13, personally or by mail. Hearing requests
disapproved. 2016. should be received by the Commission
IV. Solicitation of Comments For the Commission, by the Division of by 5:30 p.m. on October 11, 2016, and
Interested persons are invited to Trading and Markets, pursuant to delegated should be accompanied by proof of
submit written data, views, and
authority.14 service on the applicants, in the form of
arguments concerning the foregoing, Robert W. Errett, an affidavit or, for lawyers, a certificate
including whether the proposed rule Deputy Secretary. of service. Pursuant to Rule 0–5 under
change is consistent with the Act. [FR Doc. 2016–22791 Filed 9–21–16; 8:45 am] the Act, hearing requests should state
Comments may be submitted by any of BILLING CODE 8011–01–P
the nature of the writer’s interest, any
the following methods: facts bearing upon the desirability of a
hearing on the matter, the reason for the
Electronic Comments SECURITIES AND EXCHANGE request, and the issues contested.
• Use the Commission’s Internet COMMISSION Persons who wish to be notified of a
comment form (http://www.sec.gov/ hearing may request notification by
[Investment Company Act Release No. writing to the Commission’s Secretary.
rules/sro.shtml); or 32264; 812–14432]
• Send an email to rule-comments@ ADDRESSES: Secretary, U.S. Securities
sec.gov. Please include File Number SR– Northern Lights Fund Trust and and Exchange Commission, 100 F Street
NYSEArca–2016–129 on the subject Dearborn Capital Management, LLC; NE., Washington, DC 20549–1090.
line. Notice of Application Applicants: Trust Counsel: JoAnn
Paper Comments Strasser, Esq., Thompson Hine LLP, 41
September 16, 2016. South High Street, Suite 1700,
• Send paper comments in triplicate AGENCY: Securities and Exchange Columbus, OH 43215 and Trust: James
to Brent J. Fields, Secretary, Securities Commission (‘‘Commission’’). P. Ash, Esq., Gemini Fund Services,
and Exchange Commission, 100 F Street ACTION: Notice of an application under LLC, 80 Arkay Drive, Suite 110,
NE., Washington, DC 20549–1090. Section 6(c) of the Investment Company Hauppauge, NY 11788.
All submissions should refer to File Act of 1940 (‘‘Act’’) for an exemption FOR FURTHER INFORMATION CONTACT:
Number SR–NYSEArca–2016–129. This from Section 15(a) of the Act and Rule Deepak T. Pai, Senior Counsel, at (202)
file number should be included on the 18f–2 under the Act, as well as from 551–6876, or Mary Kay Frech, Branch
subject line if email is used. To help the certain disclosure requirements in Rule Chief, at (202) 551–6821 (Division of
Commission process and review your 20a–1 under the Act, Item 19(a)(3) of Investment Management, Chief
comments more efficiently, please use Form N–1A, Items 22(c)(1)(ii), Counsel’s Office).
only one method. The Commission will 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of SUPPLEMENTARY INFORMATION: The
post all comments on the Commission’s Schedule 14A under the Securities following is a summary of the
Internet Web site (http://www.sec.gov/ Exchange Act of 1934, and Sections 6– application. The complete application
rules/sro.shtml). Copies of the 07(2)(a), (b), and (c) of Regulation S–X may be obtained via the Commission’s
submission, all subsequent (‘‘Disclosure Requirements’’). The Web site by searching for the file
amendments, all written statements requested exemption would permit an number, or an applicant using the
with respect to the proposed rule investment adviser to hire and replace Company name box, at http://
change that are filed with the certain sub-advisers without www.sec.gov/search/search.htm or by
Commission, and all written shareholder approval and grant relief calling (202) 551–8090.
communications relating to the from the Disclosure Requirements as
proposed rule change between the they relate to fees paid to the sub- Summary of the Application
Commission and any person, other than advisers. 1. The Adviser will serve as the
those that may be withheld from the investment adviser to the Funds
public in accordance with the APPLICANTS: Northern Lights Fund pursuant to an investment advisory
provisions of 5 U.S.C. 552, will be Trust (the ‘‘Trust’’), a Delaware statutory
asabaliauskas on DSK3SPTVN1PROD with NOTICES
agreement with the Trust (the ‘‘Advisory
available for Web site viewing and trust registered under the Act as an Agreement’’).1 The Adviser will provide
printing in the Commission’s Public open-end management investment the Funds with continuous and
Reference Room, 100 F Street NE., company with multiple series, and
Dearborn Capital Management, LLC, a 1 Applicants request relief with respect to any
13 For purposes only of waiving the 30-day existing and any future series of the Trust and any
limited liability company organized
operative delay, the Commission has also other registered open-end management company or
considered the proposed rule’s impact on under Illinois law and registered as an series thereof that: (a) Is advised by the Adviser or
efficiency, competition, and capital formation. See its successor or by a person controlling, controlled
15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). by, or under common control with the Adviser or
VerDate Sep<11>2014 18:58 Sep 21, 2016 Jkt 238001 PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 E:\FR\FM\22SEN1.SGM 22SEN1](https://thefederalregister.org/doc/81_FR_65642/page/3.svg)
Document Created: 2016-09-22 01:03:44
Document Modified: 2016-09-22 01:03:44
| 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 65458 |
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