81 FR 71776 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Delete or Amend Rule Language Relating to Specialists and Registered Options Traders

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 201 (October 18, 2016)

Page Range		71776-71777
FR Document		2016-25086

Federal Register, Volume 81 Issue 201 (Tuesday, October 18, 2016)

[Federal Register Volume 81, Number 201 (Tuesday, October 18, 2016)]
[Notices]
[Pages 71776-71777]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-25086]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79087; File No. SR-Phlx-2016-86]


Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change To Delete or Amend Rule Language Relating to Specialists and 
Registered Options Traders

October 12, 2016.
    On August 12, 2016, NASDAQ PHLX LLC (``Exchange'' or ``Phlx'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to delete or amend rule language relating to 
specialists and Registered Options Traders (``ROTs''). The proposed 
rule change was published for comment in the Federal Register on August 
31, 2016.\3\ The Commission received no comment letters on the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 78680 (August 25, 
2016), 80 FR 60110.
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    Section 19(b)(2) of the Act \4\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents,

[[Page 71777]]

the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
Commission is extending this 45-day time period. The Commission finds 
that it is appropriate to designate a longer period within which to 
take action on the proposed rule change so that it has sufficient time 
to consider the proposed rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designates November 29, 2016 as the date by which the 
Commission shall either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File 
Number SR-Phlx-2016-86).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-25086 Filed 10-17-16; 8:45 am]
 BILLING CODE 8011-01-P

71776 Federal Register / Vol. 81, No. 201 / Tuesday, October 18, 2016 / Notices

state that the term Limited Participant III. Date of Effectiveness of the filing also will be available for
does not include a Pledgee; 14 Proposed Rule Change and Timing for inspection and copying at the principal
(xi) Clarify in Section 2 of Rule 2 that Commission Action office of DTC and on DTCC’s Web site
a Pledgee (in addition to a Participant) The foregoing rule change has become (http://dtcc.com/legal/sec-rule-
that utilizes the services of DTC for effective pursuant to Section filings.aspx). All comments received
another Person does so as principal so 19(b)(3)(A) 16 of the Act and paragraph will be posted without change; the
far as the rights of DTC, and other (f) of Rule 19b–4 17 thereunder. At any Commission does not edit personal
Participants and Pledgees are time within 60 days of the filing of the identifying information from
concerned; proposed rule change, the Commission submissions. You should submit only
(xii) Clarify text in Section 3 of Rule summarily may temporarily suspend information that you wish to make
2 that a Pledge relates to Deposited such rule change if it appears to the available publicly. All submissions
Securities rather than Securities in Commission that such action is should refer to File Number SR–DTC–
general; and necessary or appropriate in the public 2016–009 and should be submitted on
(xiii) Conform text in Rule 1 and Rule interest, for the protection of investors, or before November 8, 2016.
2 for readability, grammar and usage. or otherwise in furtherance of the For the Commission, by the Division of
Implementation purposes of the Act. Trading and Markets, pursuant to delegated
authority.18
The proposed rule change would IV. Solicitation of Comments
Robert W. Errett,
become effective upon filing with the Interested persons are invited to Deputy Secretary.
Commission. submit written data, views, and [FR Doc. 2016–25087 Filed 10–17–16; 8:45 am]
arguments concerning the foregoing,
2. Statutory Basis including whether the proposed rule
BILLING CODE 8011–01–P

Section 17A(b)(3)(F) 15 of the Act change is consistent with the Act.
requires that the rules of the clearing Comments may be submitted by any of SECURITIES AND EXCHANGE
agency be designed, inter alia, to the following methods: COMMISSION
promote the prompt and accurate Electronic Comments
clearance and settlement of securities [Release No. 34–79087; File No. SR-Phlx-
transactions. DTC believes the proposed • Use the Commission’s Internet 2016–86]
rule change is consistent with this comment form (http://www.sec.gov/
rules/sro.shtml); or Self-Regulatory Organizations;
provision because the proposed rule NASDAQ PHLX LLC; Notice of
change consists of technical changes to • Send an email to rule-comments@
sec.gov. Please include File Number SR– Designation of a Longer Period for
the texts of the Rules as described above Commission Action on Proposed Rule
that would provide enhanced clarity DTC–2016–009 on the subject line.
Change To Delete or Amend Rule
with respect to the Participants that may Paper Comments Language Relating to Specialists and
use, and transactions that may be
• Send paper comments in triplicate Registered Options Traders
submitted through, DTC Pledge services. to Secretary, Securities and Exchange
Therefore, by clarifying for Participants Commission, 100 F Street NE.,
October 12, 2016.
the types of transactions they may Washington, DC 20549. On August 12, 2016, NASDAQ PHLX
submit for processing through DTC LLC (‘‘Exchange’’ or ‘‘Phlx’’) filed with
All submissions should refer to File the Securities and Exchange
Pledge services, the proposed rule
Number SR–DTC–2016–009. This file
change would promote the prompt and Commission (‘‘SEC’’ or ‘‘Commission’’),
number should be included on the
accurate clearance and settlement of pursuant to Section 19(b)(1) of the
subject line if email is used. To help the
securities transactions. Securities Exchange Act of 1934
Commission process and review your
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
(B) Clearing Agency’s Statement on comments more efficiently, please use
proposed rule change to delete or
Burden on Competition only one method. The Commission will
amend rule language relating to
post all comments on the Commission’s
DTC does not believe that the specialists and Registered Options
Internet Web site (http://www.sec.gov/
proposed rule change would have any Traders (‘‘ROTs’’). The proposed rule
rules/sro.shtml). Copies of the
impact or impose any burden on change was published for comment in
submission, all subsequent
competition because it merely makes the Federal Register on August 31,
amendments, all written statements
technical and clarifying changes to the 2016.3 The Commission received no
with respect to the proposed rule
Rules that do not impact the rights or comment letters on the proposed rule
change that are filed with the
obligations of Participants. change.
Commission, and all written
Section 19(b)(2) of the Act 4 provides
(C) Clearing Agency’s Statement on communications relating to the
that, within 45 days of the publication
Comments on the Proposed Rule proposed rule change between the
of notice of the filing of a proposed rule
Change Received From Members, Commission and any person, other than
change, or within such longer period up
Participants, or Others those that may be withheld from the
to 90 days as the Commission may
DTC has not received or solicited any public in accordance with the
designate if it finds such longer period
written comments relating to this provisions of 5 U.S.C. 552, will be
to be appropriate and publishes its
proposal. DTC will notify the available for Web site viewing and
reasons for so finding or as to which the
Commission of any written comments printing in the Commission’s Public
self-regulatory organization consents,
Lhorne on DSK30JT082PROD with NOTICES

received by DTC. Reference Room, 100 F Street NE.,
Washington, DC 20549 on official 18 17 CFR 200.30–3(a)(12).
14 Although
business days between the hours of 1 15 U.S.C. 78s(b)(1).
a Pledgee must sign an agreement
with DTC and is bound by the Rules, a Pledgee 10:00 a.m. and 3:00 p.m. Copies of the 2 17 CFR 240.19b–4.

need not be a Participant (although a Participant 3 See Securities Exchange Act Release No. 78680

may also be a Pledgee), supra note 13. 16 15 U.S.C. 78s(b)(3)(A). (August 25, 2016), 80 FR 60110.
15 15 U.S.C. 78q–1(b)(3)(F). 17 17 CFR 240.19b–4(f). 4 15 U.S.C. 78s(b)(2).

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Federal Register / Vol. 81, No. 201 / Tuesday, October 18, 2016 / Notices 71777

the Commission shall either approve the incorporation, bylaws or similar of the rule’s restrictions. Although each
proposed rule change, disapprove the documents, relating to the right of the application typically is submitted on
proposed rule change, or institute person signing and filing such behalf of multiple applicants, the
proceedings to determine whether the application to take such action on behalf applicants in the vast majority of cases
proposed rule change should be of the applicant, and a statement that all are related entities and are treated as a
disapproved. The Commission is such requirements have been complied single respondent for purposes of this
extending this 45-day time period. The with and that the person signing and analysis. Most of the work of preparing
Commission finds that it is appropriate filing the application is fully authorized an application is performed by outside
to designate a longer period within to do so. If such authorization is counsel and, therefore, imposes no
which to take action on the proposed dependent on resolutions of hourly burden on respondents. The cost
rule change so that it has sufficient time stockholders, directors, or other bodies, outside counsel charges applicants
to consider the proposed rule change. such resolutions must be attached as an depends on the complexity of the issues
Accordingly, the Commission, exhibit to or quoted in the application. covered by the application and the time
pursuant to Section 19(b)(2) of the Act,5 Any amendment to the application must required. Based on conversations with
designates November 29, 2016 as the contain a similar statement as to the applicants and attorneys, the cost for
date by which the Commission shall applicability of the original statement of applications ranges from approximately
either approve or disapprove or institute authorization. When any application or
proceedings to determine whether to $12,800 for preparing a well-
amendment is signed by an agent or
disapprove the proposed rule change precedented, routine (or otherwise less
attorney, rule 0–4 requires that the
(File Number SR–Phlx–2016–86). involved) application to approximately
power of attorney evidencing his
authority to sign shall state the basis for $200,000 to prepare a complex or novel
For the Commission, by the Division of application. We estimate that the
Trading and Markets, pursuant to delegated the agent’s authority and shall be filed
authority.6 with the Commission. Every application Commission receives 1 of the most time-
Robert W. Errett, subject to rule 0–4 must be verified by consuming applications annually, 2
the person executing the application by applications of medium difficulty, and 9
Deputy Secretary.
providing a notarized signature in of the least difficult applications subject
[FR Doc. 2016–25086 Filed 10–17–16; 8:45 am]
substantially the form specified in the to rule 0–4.1 This distribution gives a
BILLING CODE 8011–01–P
rule. Each application subject to rule 0– total estimated annual cost burden to
4 must state the reasons why the applicants of filing all applications of
SECURITIES AND EXCHANGE applicant is deemed to be entitled to the $402,200 [(1 × $200,000) + (2 × $43,500)
COMMISSION action requested with a reference to the + (9 × $12,800)]. The estimate of annual
provisions of the Act and rules cost burden is made solely for the
Submission for OMB Review; thereunder, the name and address of purposes of the Paperwork Reduction
Comment Request each applicant, and the name and Act, and is not derived from a
address of any person to whom any comprehensive or even representative
Upon Written Request, Copy Available questions regarding the application survey or study of the costs of
From: Securities and Exchange should be directed. Rule 0–4 requires Commission rules and forms.
Commission, Office of FOIA Services, that a proposed notice of the proceeding
100 F Street NE., Washington, DC The requirements of this collection of
initiated by the filing of the application information are required to obtain or
20549–2736. accompany each application as an retain benefits. Responses will not be
Extension: exhibit and, if necessary, be modified to
Rule 0–4 SEC File No. 270–569, OMB kept confidential. An agency may not
reflect any amendment to the conduct or sponsor, and a person is not
Control No. 3235–0633. application. required to respond to a collection of
Notice is hereby given that pursuant The requirements of rule 0–4 are
information unless it displays a
to the Paperwork Reduction Act of 1995 designed to provide Commission staff
currently valid control number.
(44 U.S.C. 3501 et seq.), the Securities with the necessary information to assess
and Exchange Commission (the whether granting the orders of The public may view the background
‘‘Commission’’) has submitted to the exemption are necessary and documentation for this information
Office of Management and Budget a appropriate in the public interest and collection at the following Web site,
request for approval of the collection of consistent with the protection of www.reginfo.gov. Comments should be
information discussed below. investors and the intended purposes of directed to: (i) Desk Officer for the
Rule 0–4 (17 CFR 275.0–4) under the the Act. Securities and Exchange Commission,
Investment Advisers Act of 1940 (‘‘Act’’ Applicants for orders under the Office of Information and Regulatory
or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et Advisers Act can include registered Affairs, Office of Management and
seq.) entitled ‘‘General Requirements of investment advisers, affiliated persons Budget, Room 10102, New Executive
Papers and Applications,’’ prescribes of registered investment advisers, and Office Building, Washington, DC 20503,
general instructions for filing an entities seeking to avoid investment or send an email to: Shagufta_Ahmed@
application seeking exemptive relief adviser status, among others. omb.eop.gov; and (ii) Pamela Dyson,
with the Commission. Rule 0–4 Commission staff estimates that it Chief Information Officer, Securities
currently requires that every application receives up to 3 applications per year and Exchange Commission, c/o Remi
for an order for which a form is not submitted under rule 0–4 of the Act Pavlik-Simon, 100 F Street NE.,
specifically prescribed and which is seeking relief from various provisions of Washington, DC 20549, or send an email
Lhorne on DSK30JT082PROD with NOTICES

executed by a corporation, partnership the Advisers Act and, in addition, up to to: PRA_Mailbox@sec.gov. Comments
or other company and filed with the 9 applications per year submitted under must be submitted to OMB within 30
Commission contain a statement of the Advisers Act rule 206(4)–5, which days of this notice.
applicable provisions of the articles of addresses certain ‘‘pay to play’’
practices and also provides the 1 The estimated 9 least difficult applications
5 Id. Commission the authority to grant include the estimated 9 applications per year
6 17 CFR 200.30–3(a)(31). applications seeking relief from certain submitted under Advisers Act rule 206(4)–5.

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Document Created: 2016-10-17 23:52:15
Document Modified: 2016-10-17 23:52:15

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 71776