81 FR 7618 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Obsolete Rules 1000C-1009C
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 29 (February 12, 2016)
Federal Register Volume 81, Issue 29 (February 12, 2016)
| Page Range | 7618-7619 | |
| FR Document | 2016-02836 |
[Federal Register Volume 81, Number 29 (Friday, February 12, 2016)] [Notices] [Pages 7618-7619] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02836] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77076; File No. SR-Phlx-2016-16] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delete Obsolete Rules 1000C-1009C February 8, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 1, 2016, NASDAQ PHLX LLC (``Phlx'' or the ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or the ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. 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\ 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 delete obsolete Rules 1000C-1009C, collectively captioned Rules Applicable to Trading of PHLX FOREX OptionsTM. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.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 Exchange 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 these 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 aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose PHLX FOREX Options \TM\ The Exchange's rules for listing and trading PHLX FOREX Options were approved by the Commission in 2012 \3\ but were never in fact listed or traded on Phlx. The Exchange has no current intention to list or trade PHLX FOREX Options in the foreseeable future. Accordingly, the Exchange proposes to delete the caption ``Rules Applicable to Trading of PHLX FOREX Options \TM\ (Rules 1000C-1009C)'' as well as Rules 1000C through 1009C dealing solely with PHLX FOREX Options. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 66616 (March 16, 2012) 77 FR 16879 (March 22, 2012) (SR-Phlx-2012-11) (Order Granting Approval of Proposed Rule Change Regarding the Listing and Trading of PHLX FOREX Options\TM\). In the approval order the Commission approved listing and trading of PHLX FOREX Options the British pound, the Swiss franc, the Canadian dollar, the Australian dollar, the New Zealand dollar, and the Euro. These six foreign currencies also underlie another type of foreign currency option that is currently listed and traded on the Exchange (referred to as either ``FCOs'' or World Currency Options, ``WCOs''). The primary difference between FCOs and the PHLX FOREX Options is the pricing convention of PHLX FOREX Options, which resembles the ``spot market pricing'' on the underlying currencies. The proposal to delist the PHLX FOREX Options\TM\ does not affect the continued listing and trading of FCOs on the Exchange. --------------------------------------------------------------------------- The Exchange also proposes to make conforming changes to Phlx Option Floor Procedure Advices F-6, Option Quote Parameters, and F-15, Minor Infractions of Position/Exercise Limits and Hedge Exemptions, removing language which is specific to PHLX FOREX Options. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \4\ in general, and furthers the objectives of Section 6(b)(5) of the Act \5\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. In particular, this proposed change removes from the Phlx rulebook the rules applicable to PHLX FOREX Options and makes conforming changes as needed to certain other rules. The rule language to be deleted is not relevant or necessary because it deals solely with PHLX FOREX Options which were never listed or traded on the Exchange. Removing this rule language from the Phlx rulebook will help eliminate potential member and investor confusion about products listed and traded on Phlx. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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 not necessary or appropriate in furtherance of the purposes of the Act. The proposed change is not designed to address any competitive issue but would merely remove rule language relating to PHLX FOREX Options that is not relevant to the Exchange's business in any respect. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section [[Page 7619]] 19(b)(3)(A)(iii) of the Act \6\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\7\ --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(a)(iii). \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic 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-Phlx-2016-16 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-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 provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2016-16 and should be submitted on or before March 4, 2016. --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-02836 Filed 2-11-16; 8:45 am] BILLING CODE 8011-01-P
![7618 Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices
An agency may not conduct or collectively captioned Rules Applicable Infractions of Position/Exercise Limits
sponsor, and a person is not required to to Trading of PHLX FOREX OptionsTM. and Hedge Exemptions, removing
respond to, a collection of information The text of the proposed rule change language which is specific to PHLX
under the PRA unless it displays a is available on the Exchange’s Web site FOREX Options.
currently valid OMB control number. at http://
nasdaqomxphlx.cchwallstreet.com/, at 2. Statutory Basis
The public may view background
documentation for this information the principal office of the Exchange, and The Exchange believes that its
collection at the following Web site: at the Commission’s Public Reference proposal is consistent with Section 6(b)
www.reginfo.gov. Comments should be Room. of the Act 4 in general, and furthers the
directed to: (i) Desk Officer for the II. Self-Regulatory Organization’s objectives of Section 6(b)(5) of the Act 5
Securities and Exchange Commission, Statement of the Purpose of, and in particular, in that it is designed to
Office of Information and Regulatory Statutory Basis for, the Proposed Rule promote just and equitable principles of
Affairs, Office of Management and Change trade, to remove impediments to and
Budget, Room 10102, New Executive perfect the mechanism of a free and
Office Building, Washington, DC 20503 In its filing with the Commission, the open market and a national market
or by sending an email to: shagufta_ Exchange included statements system, and, in general to protect
ahmed@omb.eop.gov; and (ii) Pamela concerning the purpose of and basis for investors and the public interest. In
Dyson, Director/Chief Information the proposed rule change and discussed particular, this proposed change
Officer, Securities and Exchange any comments it received on the removes from the Phlx rulebook the
Commission, c/o Remi Pavlik-Simon, proposed rule change. The text of these rules applicable to PHLX FOREX
100 F Street, NE Washington, DC 20549, statements may be examined at the Options and makes conforming changes
or by sending an email to PRA_ places specified in Item IV below. The as needed to certain other rules. The
Mailbox@sec.gov. Comments must be Exchange has prepared summaries, set rule language to be deleted is not
submitted to OMB within 30 days of forth in sections A, B, and C below, of relevant or necessary because it deals
this notice. the most significant aspects of such solely with PHLX FOREX Options
statements. which were never listed or traded on the
Dated: February 8, 2015.
Robert W. Errett, A. Self-Regulatory Organization’s Exchange. Removing this rule language
Statement of the Purpose of, and from the Phlx rulebook will help
Deputy Secretary.
Statutory Basis for, the Proposed Rule eliminate potential member and
[FR Doc. 2016–02832 Filed 2–11–16; 8:45 am]
Change investor confusion about products listed
BILLING CODE 8011–01–P
and traded on Phlx.
1. Purpose
B. Self-Regulatory Organization’s
PHLX FOREX Options TM
SECURITIES AND EXCHANGE Statement on Burden on Competition
COMMISSION The Exchange’s rules for listing and
trading PHLX FOREX Options were The Exchange does not believe that
[Release No. 34–77076; File No. SR–Phlx– approved by the Commission in 2012 3 the proposed rule change will impose
2016–16] but were never in fact listed or traded any burden on competition not
on Phlx. The Exchange has no current necessary or appropriate in furtherance
Self-Regulatory Organizations; of the purposes of the Act. The
NASDAQ PHLX LLC; Notice of Filing intention to list or trade PHLX FOREX
Options in the foreseeable future. proposed change is not designed to
and Immediate Effectiveness of address any competitive issue but
Proposed Rule Change To Delete Accordingly, the Exchange proposes to
delete the caption ‘‘Rules Applicable to would merely remove rule language
Obsolete Rules 1000C–1009C relating to PHLX FOREX Options that is
Trading of PHLX FOREX Options TM
February 8, 2016. (Rules 1000C–1009C)’’ as well as Rules not relevant to the Exchange’s business
Pursuant to Section 19(b)(1) of the 1000C through 1009C dealing solely in any respect.
Securities Exchange Act of 1934 (the with PHLX FOREX Options. C. Self-Regulatory Organization’s
‘‘Act’’),1 and Rule 19b–4 thereunder,2 The Exchange also proposes to make Statement on Comments on the
notice is hereby given that on February conforming changes to Phlx Option Proposed Rule Change Received From
1, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or Floor Procedure Advices F–6, Option Members, Participants, or Others
the ‘‘Exchange’’) filed with the Quote Parameters, and F–15, Minor
Securities and Exchange Commission No written comments were either
(‘‘SEC’’ or the ‘‘Commission’’) the 3 See Securities Exchange Act Release No. 66616 solicited or received.
(March 16, 2012) 77 FR 16879 (March 22, 2012)
proposed rule change as described in (SR–Phlx–2012–11) (Order Granting Approval of III. Date of Effectiveness of the
Items I, II, and III, below, which Items Proposed Rule Change Regarding the Listing and Proposed Rule Change and Timing for
have been prepared by the Exchange. Trading of PHLX FOREX OptionsTM). In the Commission Action
The Commission is publishing this approval order the Commission approved listing
and trading of PHLX FOREX Options the British Because the foregoing proposed rule
notice to solicit comments on the pound, the Swiss franc, the Canadian dollar, the
proposed rule change from interested Australian dollar, the New Zealand dollar, and the
change does not: (i) Significantly affect
persons. Euro. These six foreign currencies also underlie the protection of investors or the public
asabaliauskas on DSK9F6TC42PROD with NOTICES2
another type of foreign currency option that is interest; (ii) impose any significant
I.Self-Regulatory Organization’s currently listed and traded on the Exchange burden on competition; and (iii) become
Statement of the Terms of Substance of (referred to as either ‘‘FCOs’’ or World Currency
Options, ‘‘WCOs’’). The primary difference between
operative for 30 days from the date on
the Proposed Rule Change FCOs and the PHLX FOREX Options is the pricing which it was filed, or such shorter time
The Exchange proposes to delete convention of PHLX FOREX Options, which as the Commission may designate, it has
resembles the ‘‘spot market pricing’’ on the become effective pursuant to Section
obsolete Rules 1000C–1009C, underlying currencies. The proposal to delist the
PHLX FOREX OptionsTM does not affect the
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78f(b).
continued listing and trading of FCOs on the
2 17 CFR 240.19b–4. Exchange. 5 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices 7619
19(b)(3)(A)(iii) of the Act 6 and available for Web site viewing and Corp. (‘‘SFIMC’’), a Delaware
subparagraph (f)(6) of Rule 19b–4 printing in the Commission’s Public Corporation registered as an investment
thereunder.7 Reference Room, 100 F Street NE., adviser under the Investment Advisers
At any time within 60 days of the Washington, DC 20549, on official Act of 1940; and State Farm VP
filing of the proposed rule change, the business days between the hours of Management Corp., a Delaware
Commission summarily may 10:00 a.m. and 3:00 p.m. Copies of the corporation, registered as a broker-
temporarily suspend such rule change if filing also will be available for dealer under the Securities Exchange
it appears to the Commission that such inspection and copying at the principal Act of 1934 (‘‘Exchange Act’’).
action is: (i) Necessary or appropriate in office of the Exchange. All comments DATES: Filing Dates: The application was
the public interest; (ii) for the protection received will be posted without change; filed on October 2, 2015, and amended
of investors; or (iii) otherwise in the Commission does not edit personal on January 5, 2016.
furtherance of the purposes of the Act. identifying information from Hearing or Notification of Hearing: An
If the Commission takes such action, the submissions. You should submit only order granting the requested relief will
Commission shall institute proceedings information that you wish to make be issued unless the Commission orders
to determine whether the proposed rule available publicly. All submissions a hearing. Interested persons may
should be approved or disapproved. should refer to File Number SR–Phlx– request a hearing by writing to the
2016–16 and should be submitted on or Commission’s Secretary and serving
IV. Solicitation of Comments before March 4, 2016. applicants with a copy of the request,
Interested persons are invited to For the Commission, by the Division of personally or by mail. Hearing requests
submit written data, views, and Trading and Markets, pursuant to delegated should be received by the Commission
arguments concerning the foregoing, authority.8 by 5:30 p.m. on March 4, 2016 and
including whether the proposed rule Robert W. Errett, should be accompanied by proof of
change is consistent with the Act. Deputy Secretary. service on the applicants, in the form of
Comments may be submitted by any of [FR Doc. 2016–02836 Filed 2–11–16; 8:45 am] an affidavit, or, for lawyers, a certificate
the following methods: BILLING CODE 8011–01–P of service. Pursuant to Rule 0–5 under
Electronic Comments the Act, hearing requests should state
the nature of the writer’s interest, any
• Use the Commission’s Internet SECURITIES AND EXCHANGE facts bearing upon the desirability of a
comment form (http://www.sec.gov/ COMMISSION hearing on the matter, the reason for the
rules/sro.shtml); or
request, and the issues contested.
• Send an email to rule-comments@ [Investment Company Act Release No.
31988; File No. 812–14558] Persons who wish to be notified of a
sec.gov. Please include File Number SR–
hearing may request notification by
Phlx–2016–16 on the subject line. State Farm Associates’ Funds Trust, et writing to the Commission’s Secretary.
Paper Comments al.; Notice of Application ADDRESSES: Brent J. Fields, Secretary,
• Send paper comments in triplicate February 8, 2016. U.S. Securities and Exchange
to Secretary, Securities and Exchange AGENCY: Securities and Exchange Commission, 100 F Street NE.,
Commission, 100 F Street NE., Commission (‘‘Commission’’). Washington, DC 20549–1090.
Washington, DC 20549–1090. ACTION: Notice of an application for an
Applicants: c/o Mr. David Moore, State
All submissions should refer to File order under section 12(d)(1)(J) of the Farm Investment Management Corp.,
Number SR–Phlx–2016–16. This file Investment Company Act of 1940 (the One State Farm Plaza, Bloomington, IL
number should be included on the ‘‘Act’’) for an exemption from sections 61710–0001.
subject line if email is used. To help the 12(d)(1)(A), (B), and (C) of the Act and FOR FURTHER INFORMATION CONTACT: Jean
Commission process and review your under sections 6(c) and 17(b) of the Act E. Minarick, Senior Counsel, at (202)
comments more efficiently, please use for an exemption from sections 17(a)(1) 551–6811, or Daniele Marchesani,
only one method. The Commission will and (2) of the Act. The requested order Branch Chief, at (202) 551–6821
post all comments on the Commission’s would permit certain registered open- (Division of Investment Management,
Internet Web site (http://www.sec.gov/ end investment companies to acquire Chief Counsel’s Office).
rules/sro.shtml). Copies of the shares of certain registered open-end SUPPLEMENTARY INFORMATION: The
submission, all subsequent investment companies, registered following is a summary of the
amendments, all written statements closed-end investment companies, and application. The complete application
with respect to the proposed rule registered unit investment trusts may be obtained via the Commission’s
change that are filed with the (collectively, ‘‘Underlying Funds’’) that Web site by searching for the file
Commission, and all written are within and outside the same group number, or for an applicant using the
communications relating to the of investment companies as the Company name box, at http://
proposed rule change between the acquiring investment companies, in www.sec.gov/search/search.htm, or by
Commission and any person, other than excess of the limits in section 12(d)(1) calling (202) 551–8090.
those that may be withheld from the of the Act.
public in accordance with the Summary of the Application
Applicants: State Farm Associates’ 1. Applicants request an order to
provisions of 5 U.S.C. 552, will be
asabaliauskas on DSK9F6TC42PROD with NOTICES2
Funds Trust, State Farm Mutual Fund permit (a) a Fund 1 (each a ‘‘Fund of
6 15 U.S.C. 78s(b)(3)(a)(iii).
Trust and State Farm Variable Product
7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Trust, each a Delaware statutory trust 1 Applicants request that the order apply to each
4(f)(6) requires a self-regulatory organization to give and registered under the Act as an open- existing and future series of the Trusts and to each
the Commission written notice of its intent to file end management investment company existing and future registered open-end investment
the proposed rule change at least five business days with multiple series (each, a ‘‘Trust’’); company or series thereof that is advised by SFIMC
prior to the date of filing of the proposed rule or its successor or by any entity controlling,
change, or such shorter time as designated by the State Farm Investment Management controlled by or under common control with SFIMC
Commission. The Exchange has satisfied this or its successor and is part of the same ‘‘group of
requirement. 8 17 CFR 200.30–3(a)(12). Continued
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Document Created: 2016-02-12 01:23:57
Document Modified: 2016-02-12 01:23:57
| 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 7618 |
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