81_FR_70920 81 FR 70722 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity ETF

81 FR 70722 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 198 (October 13, 2016)

Page Range70722-70723
FR Document2016-24699

Federal Register, Volume 81 Issue 198 (Thursday, October 13, 2016) 
[Federal Register Volume 81, Number 198 (Thursday, October 13, 2016)]
[Notices]
[Pages 70722-70723]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-24699]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79062; File No. SR-NYSEArca-2016-64]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 
and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity 
ETF

October 6, 2016.

I. Introduction

    On May 2, 2016, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act

[[Page 70723]]

of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to list and trade shares of the AdvisorShares KIM Korea Equity 
ETF under NYSE Arca Equities Rule 8.600. On May 13, 2016, the Exchange 
submitted Amendment No. 1 to the proposed rule change.\3\ The 
Commission published notice of the proposed rule change, as modified by 
Amendment No. 1, in the Federal Register on May 23, 2016.\4\ On May 23, 
2016, the Exchange submitted Amendment No. 2 to the proposed rule 
change.\5\ On July 7, 2016, pursuant to Section 19(b)(2) of the Act,\6\ 
the Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\7\ On August 18, 2016, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \8\ to determine whether to 
approve or disapprove the proposed rule change.\9\ The Commission 
received no comments on the proposed rule change. On September 28, 
2016, the Exchange withdrew the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaced and superseded the original filing 
in its entirety. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nysearca-2016-64/nysearca201664-1.pdf.
    \4\ See Securities Exchange Act Release No. 34-77847 (May 17, 
2016), 81 FR 32364.
    \5\ Amendment No. 2 replaced and superseded the original filing 
in its entirety. Amendment No. 2 is available at https://www.sec.gov/comments/sr-nysearca-2016-64/nysearca201664-2.pdf.
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 78240, 81 FR 45332 
(July 13, 2016).
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 78614, 81 FR 57981 
(August 24, 2016).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-24699 Filed 10-12-16; 8:45 am]
BILLING CODE 8011-01-P

70722 Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices state that the days are calendar days to C. Self-Regulatory Organization’s number should be included on the avoid confusion. Today, ISE uses Statement on Comments on the subject line if email is used. To help the calendar days, so this is not a Proposed Rule Change Received From Commission process and review your substantive change. Members, Participants, or Others comments more efficiently, please use The sixty days would first apply to No written comments were either only one method. The Commission will invoices related to transactional billing post all comments on the Commission’s solicited or received. in November 2016 and would apply Internet Web site (http://www.sec.gov/ thereafter.6 The Exchange proposes to III. Date of Effectiveness of the rules/sro.shtml). Copies of the apply the billing policy to all charges Proposed Rule Change and Timing for submission, all subsequent reflected in its Schedule of Fees. Commission Action amendments, all written statements 2. Statutory Basis Because the foregoing proposed rule with respect to the proposed rule change does not: (i) Significantly affect change that are filed with the The Exchange believes that its Commission, and all written the protection of investors or the public proposal is consistent with Section 6(b) communications relating to the of the Act 7 in general, and furthers the interest; (ii) impose any significant burden on competition; and (iii) become proposed rule change between the objectives of Section 6(b)(5) of the Act 8 Commission and any person, other than in particular, in that it is designed to operative for 30 days from the date on which it was filed, or such shorter time those that may be withheld from the promote just and equitable principles of public in accordance with the trade, to remove impediments to and as the Commission may designate, it has become effective pursuant to Section provisions of 5 U.S.C. 552, will be perfect the mechanism of a free and available for Web site viewing and open market and a national market 19(b)(3)(A)(iii) of the Act 11 and subparagraph (f)(6) of Rule 19b–4 printing in the Commission’s Public system, and, in general to protect Reference Room, 100 F Street NE., investors and the public interest, by thereunder.12 At any time within 60 days of the Washington, DC 20549, on official providing a uniform practice for filing of the proposed rule change, the business days between the hours of disputing fees. The Exchange believes the Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the requirement that all billing disputes temporarily suspend such rule change if filing also will be available for must be submitted in writing, and with it appears to the Commission that such inspection and copying at the principal supporting documentation, within sixty action is: (i) Necessary or appropriate in office of the Exchange. All comments calendar days from receipt of the the public interest; (ii) for the protection received will be posted without change; invoice is reasonable in the public of investors; or (iii) otherwise in the Commission does not edit personal interest because the Exchange provides furtherance of the purposes of the Act. identifying information from ample tools to properly and swiftly If the Commission takes such action, the submissions. You should submit only monitor and account for various charges Commission shall institute proceedings information that you wish to make incurred in a given month. Moreover, to determine whether the proposed rule available publicly. All submissions the proposed billing dispute language, should be approved or disapproved. should refer to File Number SR–ISE– which will lower the Exchange’s 2016–23 and should be submitted on or IV. Solicitation of Comments before November 3, 2016. administrative burden, is substantially similar to billing dispute language Interested persons are invited to For the Commission, by the Division of adopted by other exchanges.9 Also, the submit written data, views, and Trading and Markets, pursuant to delegated Exchange’s administrative costs would arguments concerning the foregoing, authority.13 be lowered as a result of this policy including whether the proposed rule Brent J. Fields, because staff resources would not be change is consistent with the Act. Secretary. diverted to review untimely requests Comments may be submitted by any of [FR Doc. 2016–24698 Filed 10–12–16; 8:45 am] regarding billing. the following methods: BILLING CODE 8011–01–P B. Self-Regulatory Organization’s Electronic Comments Statement on Burden on Competition • Use the Commission’s Internet SECURITIES AND EXCHANGE The Exchange does not believe that comment form (http://www.sec.gov/ COMMISSION the proposed rule change will impose rules/sro.shtml); or any burden on competition that is not • Send an email to rule-comments@ [Release No. 34–79062; File No. SR– necessary or appropriate in furtherance sec.gov. Please include File Number SR– NYSEArca–2016–64] of the purposes of the Act. The billing ISE–2016–23 on the subject line. policy would apply uniformly to all ISE Self-Regulatory Organizations; NYSE Paper Comments Arca, Inc.; Notice of Withdrawal of a Members. The policy is similar to rules adopted by other options exchanges.10 • Send paper comments in triplicate Proposed Rule Change, as Modified by Further, this proposal would provide to Secretary, Securities and Exchange Amendment Nos. 1 and 2, To List and a cost savings to the Exchange in that it Commission, 100 F Street NE., Trade Shares of the AdvisorShares would alleviate administrative Washington, DC 20549–1090. KIM Korea Equity ETF processes related to the untimely review All submissions should refer to File October 6, 2016. of billing disputes which divert staff Number SR–ISE–2016–23. This file resources away from the Exchange’s I. Introduction 11 15 U.S.C. 78s(b)(3)(A)(iii). regulatory and business purposes. On May 2, 2016, NYSE Arca, Inc. Lhorne on DSK30JT082PROD with NOTICES 12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give (‘‘Exchange’’) filed with the Securities 6 This proposal would not apply to invoices the Commission written notice of its intent to file and Exchange Commission related to October 2016 billing. 7 15 U.S.C. 78f(b). the proposed rule change at least five business days (‘‘Commission’’), pursuant to Section prior to the date of filing of the proposed rule 19(b)(1) of the Securities Exchange Act 8 15 U.S.C. 78f(b)(5). change, or such shorter time as designated by the 9 See note 3 above. Commission. The Exchange has satisfied this 10 Id. requirement. 13 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 14:07 Oct 12, 2016 Jkt 241001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1

Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices 70723 of 1934 (‘‘Act’’) 1 and Rule 19b–4 SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s thereunder,2 a proposed rule change to COMMISSION Statement of the Purpose of, and the list and trade shares of the Statutory Basis for, the Proposed Rule AdvisorShares KIM Korea Equity ETF [Release No. 34–79071; File No. SR–NYSE– Change under NYSE Arca Equities Rule 8.600. 2016–64] 1. Purpose On May 13, 2016, the Exchange submitted Amendment No. 1 to the Self-Regulatory Organizations; New The Exchange proposes to amend proposed rule change.3 The Commission York Stock Exchange LLC; Notice of NYSE Rule 103.20, which sets forth the published notice of the proposed rule Filing and Immediate Effectiveness of net liquid assets requirements for a change, as modified by Amendment No. Proposed Rule Change Amending member organization that operates as a 1, in the Federal Register on May 23, Supplementary Material .20 to Rule 103 DMM unit on the Exchange,4 to reduce 2016.4 On May 23, 2016, the Exchange the Minimum Net Liquid Assets submitted Amendment No. 2 to the October 7, 2016. requirement for DMM units. proposed rule change.5 On July 7, 2016, Pursuant to Section 19(b)(1) 1 of the Current Rule pursuant to Section 19(b)(2) of the Act,6 Securities Exchange Act of 1934 (the Rule 103.20 sets forth a Net Liquid the Commission designated a longer ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Assets requirement for each DMM unit 5 period within which to approve the notice is hereby given that on in addition to the SEC Net Capital Rule 6 proposed rule change, disapprove the September 22, 2016, New York Stock minimum net capital requirement proposed rule change, or institute Exchange LLC (‘‘NYSE’’ or the applicable to market-making activities. proceedings to determine whether to ‘‘Exchange’’) filed with the Securities The purpose of the Exchange’s disapprove the proposed rule change.7 and Exchange Commission (‘‘SEC’’ or requirement is to reasonably assure that On August 18, 2016, the Commission the ‘‘Commission’’) the proposed rule each DMM unit maintains sufficient instituted proceedings under Section change as described in Items I, II, and liquidity to carry out its obligation to 19(b)(2)(B) of the Act 8 to determine III below, which Items have been maintain a fair and orderly market in its whether to approve or disapprove the prepared by the self-regulatory assigned securities in times of market proposed rule change.9 The Commission organization. The Commission is stress. The formula for the current net received no comments on the proposed publishing this notice to solicit liquid assets requirement was rule change. On September 28, 2016, the comments on the proposed rule change established in July 2011, which resulted Exchange withdrew the proposed rule from interested persons. in the aggregate net liquid assets of all change. DMM units equaling at least $125 I. Self-Regulatory Organization’s million.7 For the Commission, by the Division of Statement of the Terms of Substance of Trading and Markets, pursuant to delegated Under current Rule 103.20(b), each the Proposed Rule Change authority.10 DMM unit must maintain or have Brent J. Fields, The Exchange proposes to amend allocated to it Net Liquid Assets that are Supplementary Material .20 to Rule 103 the greater of (1) $1 million, or (2) Secretary. $125,000 for each one-tenth of one [FR Doc. 2016–24699 Filed 10–12–16; 8:45 am] (‘‘NYSE Rule 103.20’’), to reduce the Minimum Net Liquid Assets percent (0.1%) of Exchange transaction BILLING CODE 8011–01–P requirement for Designated Market dollar volume 8 in its registered Maker (‘‘DMM’’) units. The proposed securities. A DMM unit must inform the Exchange immediately whenever the rule change is available on the DMM unit is unable to comply with Exchange’s Web site at www.nyse.com, these requirements.9 at the principal office of the Exchange, and at the Commission’s Public Current Rule 103.20(a) defines ‘‘Net Liquid Assets’’ as the sum of (A) Reference Room. ‘‘Excess Net Capital’’ and (B) II. Self-Regulatory Organization’s ‘‘Liquidity’’ dedicated to the DMM unit. Statement of the Purpose of, and Excess Net Capital has the same Statutory Basis for, the Proposed Rule meaning as the term excess net capital Change as computed in accordance with the 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. In its filing with the Commission, the 4 Pursuant to Rule 2(j), a DMM unit is defined as 3 Amendment No. 1 replaced and superseded the self-regulatory organization included a member organization or unit within a member original filing in its entirety. Amendment No. 1 is statements concerning the purpose of, organization that has been approved to act as a available at https://www.sec.gov/comments/sr- DMM unit under Rule 98. Pursuant to Rule 2(i), a and basis for, the proposed rule change DMM is defined as an individual member, officer, nysearca-2016-64/nysearca201664-1.pdf. 4 See Securities Exchange Act Release No. 34– and discussed any comments it received partner, employee or associated person of a DMM on the proposed rule change. The text unit who is approved by the Exchange to act in the 77847 (May 17, 2016), 81 FR 32364. capacity of a DMM. All references to rules herein 5 Amendment No. 2 replaced and superseded the of those statements may be examined at are to NYSE rules, unless otherwise noted. original filing in its entirety. Amendment No. 2 is the places specified in Item IV below. 5 All DMMs on the Exchange are required to available at https://www.sec.gov/comments/sr- The Exchange has prepared summaries, comply with Rule 104. 6 See 17 CFR 240.15c3–1. nysearca-2016-64/nysearca201664-2.pdf. set forth in sections A, B, and C below, Lhorne on DSK30JT082PROD with NOTICES 6 15 U.S.C. 78s(b)(2). 7 See Securities Exchange Act Release No. 64918 of the most significant parts of such 7 See Securities Exchange Act Release No. 78240, (July 19, 2011), 76 FR 44390 (July 25, 2011) (SR– statements. NYSE–2011–35) (‘‘Release No. 64918’’). 81 FR 45332 (July 13, 2016). 8 The term ‘‘Exchange transaction dollar volume’’ 8 15 U.S.C. 78s(b)(2)(B). means the most recent Statistical Data, calculated 9 See Securities Exchange Act Release No. 78614, 1 15 U.S.C. 78s(b)(1). and provided by the NYSE on a monthly basis. See 81 FR 57981 (August 24, 2016). 2 15 U.S.C. 78a. Rule 103.20(a)(4). 10 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 9 See Rule 103.20(c)(1)(A). VerDate Sep<11>2014 14:07 Oct 12, 2016 Jkt 241001 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 E:\FR\FM\13OCN1.SGM 13OCN1


Document Created: 2016-10-13 00:53:32
Document Modified: 2016-10-13 00:53:32
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 70722 
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