81 FR 6566 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Certain of Its Rules Related to Binary Return Derivatives Contracts
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 25 (February 8, 2016)
Federal Register Volume 81, Issue 25 (February 8, 2016)
| Page Range | 6566-6568 | |
| FR Document | 2016-02330 |
[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)] [Notices] [Pages 6566-6568] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02330] [[Page 6566]] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77014; File No. SR-NYSEMKT-2016-16] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Certain of Its Rules Related to Binary Return Derivatives Contracts February 2, 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 January 27, 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. --------------------------------------------------------------------------- \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 the Substance of the Proposed Rule Change The Exchange proposes to amend certain of its rules related to Binary Return Derivatives contracts. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend certain of its rules related to Binary Return Derivatives contracts (``ByRDs''), which the Exchange introduced in 2007.\4\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 56251 (August 14, 2007), 72 FR 46523 (August 20, 2007) (SR-Amex-2004-27) (Order approving listing of Fixed Return Options (``FROs'')); see also Securities Exchange Act Release No. 71957 (April 16, 2014), 79 FR 22563 (April 22, 2014) (SR-NYSEMKT-2014-06) (Order approving name change from FROs to Binary Return Derivatives (ByRDs) and re-launch of these products, with certain modification, and amending Obvious Errors rules to include ByRDs). ByRDs are European-style option contracts on individual stocks, exchange-traded funds (``ETFs'') and Index-Linked Securities that have a fixed return in cash based on a set strike price; satisfy specified listing criteria; and may only be exercised at expiration pursuant to the Rules of the Options Clearing Corporation (the ``OCC''). --------------------------------------------------------------------------- First, the Exchange proposes to add Rule 953ByRDs to make clear that the Exchange would halt or suspend trading for a ByRDs contract to the same extent that it halts or suspends trading under Rule 953NY in an option contract on the same underlying security.\5\ The current ByRDs rules are silent regarding the treatment of ByRDs during trading halts and suspensions of options contracts. The Exchange therefore believes that the proposed change would add clarity and transparency to Exchange rules and would ensure consistent treatment of ByRDs contracts in the event of a halt or suspension of trading in options contracts on the same underlying security. --------------------------------------------------------------------------- \5\ See proposed Rule 953ByRDs (Trading Halts and Suspensions of Binary Return Derivatives). --------------------------------------------------------------------------- Next, the Exchange proposes to modify Rule 903ByRDs(b) (Series of ByRDs Open for Trading), which currently provides that ``[n]ew expiration week series will be added for trading on Thursday each week, unless Friday is an Exchange holiday in which case new expiration series would be added for trading on Wednesday.'' \6\ The Exchange proposes to revise this rule to include instances when an Exchange holiday falls on a Thursday. Specifically, as revised, new series would be added for trading ``on Thursday each week, unless Thursday or Friday is an Exchange holiday in which case new expiration series would be added for trading on Wednesday.'' \7\ The Exchange notes that this proposed change would allow the Exchange to add new series during Thanksgiving week or anytime Christmas or New Year's falls on a Thursday, which increased flexibility would benefit market participants. --------------------------------------------------------------------------- \6\ See Rule 903ByRDs(b). \7\ See proposed Rule 903ByRDs (b) (``Consecutive Week Expiration Series: The Exchange will list Binary Return Derivatives having five (5) consecutive weekly expiration series available at one time. Each expiration series will expire at the end of the week, normally a Friday, with consecutive week expirations covering the next five (5) calendar weeks. New expiration week series will be added for trading on Thursday each week, unless Thursday or Friday is an Exchange holiday in which case new expiration series would be added for trading on Wednesday''). --------------------------------------------------------------------------- The Exchange also proposes to amend Rule 975NY (Nullification and Adjustment of Options Transactions including Obvious Errors) regarding the treatment of ByRDs in the event of a catastrophic error. Current Rule 975NY(d)(3)(A) provides that ``[u]pon proper notification as described in section (d)(2) of this Rule, any transaction in ByRDs, qualifying as a Catastrophic Error will automatically be adjusted by the Exchange to $1.02 per contract unless both parties mutually agree to nullify the transaction or both parties mutually agree to a different adjustment price. However, the Exchange proposes to modify this rule to clarify that any transactions in ByRDs qualifying as a Catastrophic Error ``that is higher or lower than the Theoretical Price by $.50 or more shall be deemed a Catastrophic Error, subject to the adjustment procedures of paragraph (d)(3) unless such adjustment would result in a price higher than $1.02, in which case the adjustment price shall be $1.02.'' \8\ Thus, as proposed, the transaction would only be adjusted to $1.02 if the adjustment would result in a price greater than $1.02. As ByRDs will either pay $0 or $100 at expiration, a single ByRDs contract should not have a value greater than $1.00, therefore the Exchange believes that any adjustment under the provisions of the Catastrophic Error rule should be capped at a price no higher than $1.02. Capping the adjustment price at $1.02 for Catastrophic Errors involving ByRDs options is consistent with the adjustment process for obvious errors involving ByRDs option, which are also capped at $1.02.\9\ Similarly, to ensure consistency in Exchange rules, the Exchange propose to strike from the definition of Catastrophic Error rules, the clause that states ``except for Binary Return Derivatives where any transaction occurring at a price greater than $1.02 shall qualify as a Catastrophic Error.'' \10\ The change to paragraph (d)(1) of the Rule would allow transactions in ByRDs to be subject to standard Catastrophic Error rules (i.e., transactions that are higher or lower than the Theoretical Price by $.50 or more shall be deemed a Catastrophic Error). The Exchange notes that, to date, no ByRDs transactions have been deemed Catastrophic Errors and the Exchange did not adjust any ByRDs [[Page 6567]] transaction per current Rule 975NY(d)(3)(A). The proposed change would ensure that ByRDs trades that are deemed Catastrophic Errors are appropriately adjusted.\11\ --------------------------------------------------------------------------- \8\ See proposed Rule 975NY(d)(3)(A). \9\ See Rule 975NY(c)(6). \10\ See proposed Rule 975NY(d)(1). \11\ The Exchange notes that ByRDs contracts were outside of the scope of the industry wide effort to harmonize Obvious and Catastrophic Error rules, and the proposed change therefore does not impact the harmonization effort. See Securities Exchange Act Release No. 74920 (May 8, 2015), 80 FR 27816, 27822 (May 14, 2015) (SR- NYSEMKT-2015-39). --------------------------------------------------------------------------- Finally, the Exchange proposes to delete extraneous text from Rule 462(d)(10)(A), regarding margin accounts, such that the revised text would provide that ``[e]xcept as provided below, no ByRDs option carried long in a customer's account shall be considered of any value for the purpose of computing the margin required in the account of such customer.'' \12\ The Exchange believes the proposed change would correct an existing typographical error in Exchange rules. --------------------------------------------------------------------------- \12\ See proposed Rule 462(d)(10)(A) (striking the extraneous words ``is or a customer''). --------------------------------------------------------------------------- Implementation The Exchange proposes to announce the implementation of the proposed rule change via Trader Update. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) \13\ of the Securities Exchange Act of 1934 (the ``Act''), in general, and furthers the objectives of Section 6(b)(5),\14\ in particular, in that it is designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the proposed change to Rule 903ByRDs(b) to cover instances when an Exchange holiday falls on a Thursday would allow the Exchange to add new series during Thanksgiving week or anytime Christmas or New Year's falls on a Thursday, which increased flexibility would remove impediments to, and perfect the mechanism of, a free and open market and a national market system to the benefit of market participants. In addition, the Exchange believes that the proposed rule to make clear that ByRDs would be treated the same as other options contracts, in the event of a trading halt or suspension, would remove impediments to, and perfect the mechanisms of, a free and open market because it would add clarity and transparency to Exchange rules. Moreover, this proposed change would ensure consistent treatment of ByRDs contracts in the event of a halt or suspension of trading in options contracts on the same underlying security. The proposed change to Rule 975NY(d)(3)(A), regarding the treatment ByRDs transactions deemed Catastrophic Errors is designed to promote just and equitable principles of trade, and to remove impediments to and perfect the mechanism of a free and open market and a national market system, as the proposed change would ensure that ByRDs trades that are deemed Catastrophic Errors are appropriately adjusted. Finally, the proposed change to remove incorrect and extraneous rule text from Rule 462(d)(10)(A) adds clarity and transparency to Exchange rules and reduces potential investor confusion, which would remove impediments to and perfect the mechanism of a free and open market and a national market system. 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 add clarity and transparency to Exchange rules, thereby reducing confusion and making the Exchange's rules easier to understand and navigate. The Exchange believes that the proposed rule change will serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. 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 \15\ and Rule 19b-4(f)(6) thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 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. --------------------------------------------------------------------------- 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-NYSEMKT-2016-16 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-NYSEMKT-2016-16. 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 [[Page 6568]] 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-NYSEMKT-2016-16, and should be submitted on or before February 29, 2016. --------------------------------------------------------------------------- \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. 2016-02330 Filed 2-5-16; 8:45 am] BILLING CODE 8011-01-P
![6566 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
SECURITIES AND EXCHANGE Return Derivatives contracts (‘‘ByRDs’’), week or anytime Christmas or New
COMMISSION which the Exchange introduced in Year’s falls on a Thursday, which
2007.4 increased flexibility would benefit
[Release No. 34–77014; File No. SR– First, the Exchange proposes to add
NYSEMKT–2016–16]
market participants.
Rule 953ByRDs to make clear that the The Exchange also proposes to amend
Self-Regulatory Organizations; NYSE Exchange would halt or suspend trading Rule 975NY (Nullification and
MKT LLC; Notice of Filing and for a ByRDs contract to the same extent Adjustment of Options Transactions
Immediate Effectiveness of Proposed that it halts or suspends trading under including Obvious Errors) regarding the
Rule Change Amending Certain of Its Rule 953NY in an option contract on the treatment of ByRDs in the event of a
Rules Related to Binary Return same underlying security.5 The current catastrophic error. Current Rule
Derivatives Contracts ByRDs rules are silent regarding the 975NY(d)(3)(A) provides that ‘‘[u]pon
treatment of ByRDs during trading halts proper notification as described in
February 2, 2016. and suspensions of options contracts. section (d)(2) of this Rule, any
Pursuant to Section 19(b)(1) 1 of the The Exchange therefore believes that the transaction in ByRDs, qualifying as a
Securities Exchange Act of 1934 (the proposed change would add clarity and Catastrophic Error will automatically be
‘‘Act’’),2 and Rule 19b–4 thereunder,3 transparency to Exchange rules and adjusted by the Exchange to $1.02 per
notice is hereby given that on January would ensure consistent treatment of contract unless both parties mutually
27, 2016, NYSE MKT LLC (the ByRDs contracts in the event of a halt agree to nullify the transaction or both
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with or suspension of trading in options parties mutually agree to a different
the Securities and Exchange contracts on the same underlying adjustment price. However, the
Commission (the ‘‘Commission’’) the security. Exchange proposes to modify this rule
proposed rule change as described in Next, the Exchange proposes to to clarify that any transactions in ByRDs
Items I and II below, which Items have modify Rule 903ByRDs(b) (Series of qualifying as a Catastrophic Error ‘‘that
been prepared by the self-regulatory ByRDs Open for Trading), which is higher or lower than the Theoretical
organization. The Commission is currently provides that ‘‘[n]ew Price by $.50 or more shall be deemed
publishing this notice to solicit expiration week series will be added for a Catastrophic Error, subject to the
comments on the proposed rule change trading on Thursday each week, unless adjustment procedures of paragraph
from interested persons. Friday is an Exchange holiday in which (d)(3) unless such adjustment would
case new expiration series would be result in a price higher than $1.02, in
I. Self-Regulatory Organization’s
added for trading on Wednesday.’’ 6 The which case the adjustment price shall be
Statement of the Terms of the Substance
Exchange proposes to revise this rule to $1.02.’’ 8 Thus, as proposed, the
of the Proposed Rule Change
include instances when an Exchange transaction would only be adjusted to
The Exchange proposes to amend holiday falls on a Thursday. $1.02 if the adjustment would result in
certain of its rules related to Binary Specifically, as revised, new series a price greater than $1.02. As ByRDs
Return Derivatives contracts. The would be added for trading ‘‘on will either pay $0 or $100 at expiration,
proposed rule change is available on the Thursday each week, unless Thursday a single ByRDs contract should not have
Exchange’s Web site at www.nyse.com, or Friday is an Exchange holiday in a value greater than $1.00, therefore the
at the principal office of the Exchange, which case new expiration series would Exchange believes that any adjustment
and at the Commission’s Public be added for trading on Wednesday.’’ 7 under the provisions of the Catastrophic
Reference Room. The Exchange notes that this proposed Error rule should be capped at a price
II. Self-Regulatory Organization’s change would allow the Exchange to no higher than $1.02. Capping the
Statement of the Purpose of, and add new series during Thanksgiving adjustment price at $1.02 for
Statutory Basis for, the Proposed Rule Catastrophic Errors involving ByRDs
Change
4 See Securities Exchange Act Release No. 56251
options is consistent with the
(August 14, 2007), 72 FR 46523 (August 20, 2007) adjustment process for obvious errors
In its filing with the Commission, the (SR–Amex–2004–27) (Order approving listing of
Fixed Return Options (‘‘FROs’’)); see also Securities involving ByRDs option, which are also
self-regulatory organization included Exchange Act Release No. 71957 (April 16, 2014), capped at $1.02.9 Similarly, to ensure
statements concerning the purpose of, 79 FR 22563 (April 22, 2014) (SR–NYSEMKT– consistency in Exchange rules, the
and basis for, the proposed rule change 2014–06) (Order approving name change from FROs Exchange propose to strike from the
and discussed any comments it received to Binary Return Derivatives (ByRDs) and re-launch
of these products, with certain modification, and definition of Catastrophic Error rules,
on the proposed rule change. The text amending Obvious Errors rules to include ByRDs). the clause that states ‘‘except for Binary
of those statements may be examined at ByRDs are European-style option contracts on Return Derivatives where any
the places specified in Item IV below. individual stocks, exchange-traded funds (‘‘ETFs’’)
transaction occurring at a price greater
The Exchange has prepared summaries, and Index-Linked Securities that have a fixed return
in cash based on a set strike price; satisfy specified than $1.02 shall qualify as a
set forth in sections A, B, and C below, listing criteria; and may only be exercised at Catastrophic Error.’’ 10 The change to
of the most significant parts of such expiration pursuant to the Rules of the Options paragraph (d)(1) of the Rule would
statements. Clearing Corporation (the ‘‘OCC’’).
allow transactions in ByRDs to be
5 See proposed Rule 953ByRDs (Trading Halts
A. Self-Regulatory Organization’s and Suspensions of Binary Return Derivatives). subject to standard Catastrophic Error
Statement of the Purpose of, and 6 See Rule 903ByRDs(b). rules (i.e., transactions that are higher or
Statutory Basis for, the Proposed Rule 7 See proposed Rule 903ByRDs (b) (‘‘Consecutive lower than the Theoretical Price by $.50
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Week Expiration Series: The Exchange will list or more shall be deemed a Catastrophic
Change Binary Return Derivatives having five (5)
consecutive weekly expiration series available at
Error). The Exchange notes that, to date,
1. Purpose no ByRDs transactions have been
one time. Each expiration series will expire at the
The Exchange is proposing to amend end of the week, normally a Friday, with deemed Catastrophic Errors and the
certain of its rules related to Binary consecutive week expirations covering the next five Exchange did not adjust any ByRDs
(5) calendar weeks. New expiration week series will
be added for trading on Thursday each week, unless
1 15 U.S.C. 78s(b)(1). 8 See proposed Rule 975NY(d)(3)(A).
Thursday or Friday is an Exchange holiday in
2 15 U.S.C. 78a. 9 See Rule 975NY(c)(6).
which case new expiration series would be added
3 17 CFR 240.19b–4. for trading on Wednesday’’). 10 See proposed Rule 975NY(d)(1).
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![Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices 6567
transaction per current Rule because it would add clarity and become effective pursuant to Section
975NY(d)(3)(A). The proposed change transparency to Exchange rules. 19(b)(3)(A) of the Act 15 and Rule 19b–
would ensure that ByRDs trades that are Moreover, this proposed change would 4(f)(6) thereunder.16
deemed Catastrophic Errors are ensure consistent treatment of ByRDs At any time within 60 days of the
appropriately adjusted.11 contracts in the event of a halt or filing of the proposed rule change, the
Finally, the Exchange proposes to suspension of trading in options Commission summarily may
delete extraneous text from Rule contracts on the same underlying temporarily suspend such rule change if
462(d)(10)(A), regarding margin security. it appears to the Commission that such
accounts, such that the revised text The proposed change to Rule action is necessary or appropriate in the
would provide that ‘‘[e]xcept as 975NY(d)(3)(A), regarding the treatment public interest, for the protection of
provided below, no ByRDs option ByRDs transactions deemed investors, or otherwise in furtherance of
carried long in a customer’s account Catastrophic Errors is designed to the purposes of the Act. If the
shall be considered of any value for the promote just and equitable principles of Commission takes such action, the
purpose of computing the margin trade, and to remove impediments to Commission shall institute proceedings
required in the account of such and perfect the mechanism of a free and to determine whether the proposed rule
customer.’’ 12 The Exchange believes the open market and a national market change should be approved or
proposed change would correct an system, as the proposed change would disapproved.
existing typographical error in Exchange ensure that ByRDs trades that are
rules. deemed Catastrophic Errors are IV. Solicitation of Comments
appropriately adjusted. Interested persons are invited to
Implementation
Finally, the proposed change to submit written data, views, and
The Exchange proposes to announce remove incorrect and extraneous rule arguments concerning the foregoing,
the implementation of the proposed rule text from Rule 462(d)(10)(A) adds clarity including whether the proposed rule
change via Trader Update. and transparency to Exchange rules and change is consistent with the Act.
2. Statutory Basis reduces potential investor confusion, Comments may be submitted by any of
which would remove impediments to the following methods:
The Exchange believes the proposed
and perfect the mechanism of a free and
rule change is consistent with Section Electronic Comments
open market and a national market
6(b) 13 of the Securities Exchange Act of • Use the Commission’s Internet
system.
1934 (the ‘‘Act’’), in general, and comment form (http://www.sec.gov/
furthers the objectives of Section B. Self-Regulatory Organization’s rules/sro.shtml); or
6(b)(5),14 in particular, in that it is Statement on Burden on Competition • Send an email to rule-
designed to promote just and equitable The Exchange does not believe that comments@sec.gov. Please include File
principles of trade, to foster cooperation the proposed rule change will impose Number SR–NYSEMKT–2016–16 on the
and coordination with persons engaged any burden on competition that is not subject line.
in facilitating transactions in securities, necessary or appropriate in furtherance
and to remove impediments to and Paper Comments
of the purposes of the Act. The
perfect the mechanism of a free and proposed change is not designed to • Send paper comments in triplicate
open market and a national market address any competitive issue but rather to Brent J. Fields, Secretary, Securities
system. to add clarity and transparency to and Exchange Commission, 100 F Street
Specifically, the proposed change to NE., Washington, DC 20549–1090.
Exchange rules, thereby reducing
Rule 903ByRDs(b) to cover instances All submissions should refer to File
confusion and making the Exchange’s
when an Exchange holiday falls on a Number SR–NYSEMKT–2016–16. This
rules easier to understand and navigate.
Thursday would allow the Exchange to
The Exchange believes that the file number should be included on the
add new series during Thanksgiving
proposed rule change will serve to subject line if email is used. To help the
week or anytime Christmas or New
promote regulatory clarity and Commission process and review your
Year’s falls on a Thursday, which
consistency, thereby reducing burdens comments more efficiently, please use
increased flexibility would remove
on the marketplace and facilitating only one method. The Commission will
impediments to, and perfect the
investor protection. post all comments on the Commission’s
mechanism of, a free and open market
Internet Web site (http://www.sec.gov/
and a national market system to the C. Self-Regulatory Organization’s
rules/sro.shtml). Copies of the
benefit of market participants. Statement on Comments on the
In addition, the Exchange believes submission, all subsequent
Proposed Rule Change Received From
that the proposed rule to make clear that amendments, all written statements
Members, Participants, or Others
ByRDs would be treated the same as with respect to the proposed rule
No written comments were solicited change that are filed with the
other options contracts, in the event of or received with respect to the proposed
a trading halt or suspension, would Commission, and all written
rule change. communications relating to the
remove impediments to, and perfect the
mechanisms of, a free and open market III. Date of Effectiveness of the proposed rule change between the
Proposed Rule Change and Timing for Commission and any person, other than
11 The Exchange notes that ByRDs contracts were Commission Action those that may be withheld from the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
outside of the scope of the industry wide effort to public in accordance with the
harmonize Obvious and Catastrophic Error rules, Because the proposed rule change
and the proposed change therefore does not impact does not (i) significantly affect the 15 15 U.S.C. 78s(b)(3)(A).
the harmonization effort. See Securities Exchange protection of investors or the public 16 17 CFR 240.19b–4(f)(6). As required under Rule
Act Release No. 74920 (May 8, 2015), 80 FR 27816, interest; (ii) impose any significant 19b–4(f)(6)(iii), the Exchange provided the
27822 (May 14, 2015) (SR–NYSEMKT–2015–39). Commission with written notice of its intent to file
12 See proposed Rule 462(d)(10)(A) (striking the burden on competition; and (iii) become
the proposed rule change, along with a brief
extraneous words ‘‘is or a customer’’). operative for 30 days from the date on description and the text of the proposed rule
13 15 U.S.C. 78f(b). which it was filed, or such shorter time change, at least five business days prior to the date
14 15 U.S.C. 78f(b)(5). as the Commission may designate, it has of filing of the proposed rule change.
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![6568 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
provisions of 5 U.S.C. 552, will be collection packages requiring clearance them to OMB within 60 days from the
available for Web site viewing and by the Office of Management and date of this notice. To be sure we
printing in the Commission’s Public Budget (OMB) in compliance with consider your comments, we must
Reference Room, 100 F Street NE., Public Law 104–13, the Paperwork receive them no later than April 8, 2016.
Washington, DC 20549 on official Reduction Act of 1995, effective October Individuals can obtain copies of the
business days between the hours of 1, 1995. This notice includes revisions collection instruments by writing to the
10:00 a.m. and 3:00 p.m. Copies of such of OMB-approved information above email address.
filing also will be available for collections.
inspection and copying at the principal SSA is soliciting comments on the 1. Statement for Determining
office of the Exchange. All comments accuracy of the agency’s burden Continuing Eligibility, Supplemental
received will be posted without change; estimate; the need for the information; Security Income Payment(s)—20 CFR
the Commission does not edit personal its practical utility; ways to enhance its 416.204—0960–0416. SSA conducts
identifying information from quality, utility, and clarity; and ways to disability redeterminatons to determine
submissions. You should submit only minimize burden on respondents, if Supplemental Security Income (SSI)
information that you wish to make including the use of automated recipients (1) met and continue to meet
available publicly. All submissions collection techniques or other forms of all statutory and regulatory
should refer to File Number SR– information technology. Mail, email, or requirements for SSI eligibility and (2)
NYSEMKT–2016–16, and should be fax your comments and are receiving the correct SSI payment
submitted on or before February 29, recommendations on the information amount. SSA makes these
2016. collection(s) to the OMB Desk Officer redeterminations through periodic use
For the Commission, by the Division of and SSA Reports Clearance Officer at of Form SSA–8203BK. SSA conducts
Trading and Markets, pursuant to delegated the following addresses or fax numbers. this legally mandated information
authority.17 (OMB) Office of Management and collection in field offices via personal
Robert W. Errett, Budget, Attn: Desk Officer for SSA, Fax: contact (face-to-face or telephone
Deputy Secretary. 202–395–6974, Email address: OIRA_ interview) using the automated
[FR Doc. 2016–02330 Filed 2–5–16; 8:45 am] Submission@omb.eop.gov. Modernized SSI Claim System
BILLING CODE 8011–01–P (SSA) Social Security Administration, (MSSICS). The respondents are SSI
OLCA, Attn: Reports Clearance Director, recipients or their representative payees.
3100 West High Rise, 6401 Security
Blvd., Baltimore, MD 21235, Fax: 410– Type of Request: Revision of an OMB-
SOCIAL SECURITY ADMINISTRATION approved information collection.
966–2830, Email address:
[Docket No: SSA–2016–0002] OR.Reports.Clearance@ssa.gov.
Or you may submit your comments
Agency Information Collection
online through www.regulations.gov,
Activities: Proposed Request and
referencing Docket ID Number [SSA–
Comment Request
2016–0002].
The Social Security Administration I. The information collections below
(SSA) publishes a list of information are pending at SSA. SSA will submit
Average Estimated total
Number of Frequency of burden per
Modality of completion annual burden
responses response response (hours)
(minutes)
MSSICS ........................................................................................................... 801,789 1 20 267,263
MSSICS/Signature Proxy ................................................................................ 666,431 1 19 211,036
Paper ............................................................................................................... 135,357 1 20 45,119
Totals ........................................................................................................ 1,603,577 ........................ ........................ 523,418
2. Information About Joint Checking/ submitting certain evidence to establish the completed form, SSA determines if
Savings Account—20 CFR 416.1201 and the funds do not belong to them. SSA we should consider the account to be a
416.1208—0960–0461. SSA considers a uses Form SSA–2574 to collect resource for the SSI applicant and
person’s resources when evaluating information from SSI applicants and recipient. The respondents are
eligibility for SSI. Generally, we recipients who object to the assumption applicants and recipients of SSI, and
consider funds in checking and savings that they own all or part of the funds in individuals who list themselves as joint
accounts as resources owned by the a joint checking or savings account owners of financial accounts with SSI
individuals whose names appear on the bearing their names. SSA collects applicants or recipients.
account. However, individuals applying information about the account from both
for SSI may rebut this assumption of the SSI applicant or recipient and the Type of Request: Revision of an OMB-
asabaliauskas on DSK5VPTVN1PROD with NOTICES
ownership in a joint account by other account holder(s). After receiving approved information collection.
17 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 17:51 Feb 05, 2016 Jkt 238001 PO 00000 Frm 00068 Fmt 4703 Sfmt 4703 E:\FR\FM\08FEN1.SGM 08FEN1](https://thefederalregister.org/doc/81_FR_6591/page/3.svg)
Document Created: 2016-02-06 00:24:39
Document Modified: 2016-02-06 00:24:39
| 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 6566 |
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