81_FR_79286 81 FR 79068 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 9400 To Include a Cross-Reference

81 FR 79068 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 9400 To Include a Cross-Reference

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 218 (November 10, 2016)

Page Range79068-79069
FR Document2016-27150

Federal Register, Volume 81 Issue 218 (Thursday, November 10, 2016)
[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)]
[Notices]
[Pages 79068-79069]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-27150]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79240; File No. SR-NASDAQ-2016-146]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To 
Amend Rule 9400 To Include a Cross-Reference

November 4, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'')\1\, and Rule 19b-4 \2\ thereunder, notice is hereby given 
that, on October 25, 2016, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II 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 amend Rule 9400, entitled ``Expedited 
Client Suspension Proceeding'' to include a cross-reference for 
clarification.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaq.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
    The Exchange is filing this proposal to amend Rule 9400, entitled 
``Expedited Client Suspension Proceeding'' to include a cross-reference 
Chapter III, Section 16, entitled ``Disruptive Quoting and Trading 
Activity Prohibited'' within Rule 9400. The Exchange filed a rule 
change to adopt an options rule, identical to equities Rule 2170, which 
relates to disruptive quoting and trading activity.\3\ In that rule 
change, it stated that ``[t]he Exchange will initiate disciplinary 
action for violations of Chapter III, Section 16, pursuant to Rule 
9400.'' \4\ At that time, the Exchange inadvertently did not include 
the cross-references to Chapter III, Section 16 within Rule 9400. The 
Exchange proposes to add references to Chapter III, Section 16 within 
Rule 9400 for clarity. This rule change is non-controversial.
---------------------------------------------------------------------------

    \3\ See Securities and Exchange Release No. 78208 (June 30, 
2016), 81 FR 44366 (July 7, 2016) (SR-NASDAQ-2016-092).
    \4\ See Securities and Exchange Release No. 78208 (June 30, 
2016), 81 FR 44366, 44370 (July 7, 2016) (SR-NASDAQ-2016-092). Rule 
9400 is located within the Code of Procedure rules which apply to 
both equities and options violations.
---------------------------------------------------------------------------

Background
    The Exchange filed a rule change to adopt an options rule to 
clearly prohibit disruptive quoting and trading activity on the 
Exchange and to permit the Exchange to take prompt action to suspend 
members or their clients that violate such rule pursuant to Rule 
9400.\5\ The Exchange had previously adopted Rule 9400 to set forth 
procedures for issuing suspension orders, immediately prohibiting a 
member from conducting continued disruptive quoting and trading 
activity on the Exchange.\6\ Rule 9400 provides the Exchange the 
authority to order a member to cease and desist from providing access 
to the Exchange to a client of the member that is conducting disruptive 
quoting and trading activity in violation of Rule 2170. The Exchange 
also previously adopted Rule 2400 to specifically define and prohibit 
disruptive equities quoting and trading activity on the Exchange.\7\ 
Chapter III, Section 16 is identical to Rule 2400, however applicable 
to options. Similarly, Chapter III, Section 16 prohibits members from 
engaging in or facilitating disruptive options quoting and trading 
activity on the Exchange.
---------------------------------------------------------------------------

    \5\ See note 3.
    \6\ See Securities and Exchange Release No. 77913 (May 25, 
2016), 81 FR 35081 (June 1, 2016) (SR-NASDAQ-2016-074).
    \7\ See note 3.
---------------------------------------------------------------------------

    The Exchange proposes to simply add the cross-references for the 
options rules alongside the equity rule for clarity. This rule change 
is consistent with the intent of the rule proposal which adopted 
Chapter III, Section 16.\8\
---------------------------------------------------------------------------

    \8\ See note 3.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act,\9\ in general, and furthers the objectives of Section 
6(b)(5) of the Act,\10\ in particular, in that the rules of the 
Exchange are designed to prevent fraudulent and manipulative acts and 
practices, it [sic] 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 by making clear within 
Rule 9400 that violations of Chapter III, Section 16 are subject to 
disciplinary action pursuant to Rule 9400 as stated in the Exchange's 
rule filing.\11\ This cross-reference will provide clarity to members 
and ease of reference to the

[[Page 79069]]

corresponding options rule. The proposed rule change is non-
controversial. The addition of the cross-reference is for clarity.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
    \11\ See note 4.
---------------------------------------------------------------------------

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. This non-controversial rule 
change will merely add the reference to the options rule next to the 
current reference for the equity rule to make clear, as noted in the 
rule changes, that violations of either rule relating to disruptive 
quoting and trading activity, will be disciplined pursuant to Rule 
9400.

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 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \14\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \15\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because it would allow 
the Exchange to immediately add the cross-reference within Rule 9400 
which would provide clarity to members. The Exchange notes that a rule 
change to permit Rule 9400 to apply to violations of Chapter III, 
Section 16 was previously filed with the Commission. However, that 
filing failed to amend the rule text of Rule 9400 and only discussed 
the intended application of Rule 9400 to violations of Chapter III, 
Section 16 in the purpose section of the Form 19b-4.
---------------------------------------------------------------------------

    \14\ 17 CFR 240.19b-4(f)(6).
    \15\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The text of the rule governs what actions the Exchange can 
take.\16\ However, because the description in the original filing sets 
forth what the Exchange intended the rule to cover, and this proposed 
rule change corrects an oversight by the Exchange in the previous 
filing, the Commission believes that waiving the 30-day operative delay 
\17\ is consistent with the protection of investors and the public 
interest and designates the proposal operative on filing.
---------------------------------------------------------------------------

    \16\ See Section 6(b)(1) of the Act. 15 U.S.C. 78f(b)(1).
    \17\ For purposes only of waiving the 30-day operative delay, 
the Commission has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission will 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 Comments

     Use 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-NASDAQ-2016-146 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-NASDAQ-2016-146. 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-NASDAQ-2016-146 and should 
be submitted on or before December 1, 2016.
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
Brent J. Fields,
Secretary.
[FR Doc. 2016-27150 Filed 11-9-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                    79068                     Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices

                                                    No. 1 further clarified CBOE’s                          I. Self-Regulatory Organization’s                     Background
                                                    background discussion of how quotes                     Statement of the Terms of Substance of                   The Exchange filed a rule change to
                                                    and orders are cancelled pursuant to the                the Proposed Rule Change                              adopt an options rule to clearly prohibit
                                                    QRM Mechanism in order to harmonize                                                                           disruptive quoting and trading activity
                                                    the description of the existing rule with                  The Exchange proposes to amend
                                                                                                            Rule 9400, entitled ‘‘Expedited Client                on the Exchange and to permit the
                                                    the text of Rule 8.18. Both of these                                                                          Exchange to take prompt action to
                                                    changes are consistent with the proposal                Suspension Proceeding’’ to include a
                                                                                                            cross-reference for clarification.                    suspend members or their clients that
                                                    as initially filed, and simply add detail                                                                     violate such rule pursuant to Rule
                                                    to the filing to resolve internal                          The text of the proposed rule change               9400.5 The Exchange had previously
                                                    inconsistencies. The changes do not                     is available on the Exchange’s Web site               adopted Rule 9400 to set forth
                                                    introduce material, new, or novel                       at http://nasdaq.cchwallstreet.com, at                procedures for issuing suspension
                                                    concepts. Accordingly, the Commission                   the principal office of the Exchange, and             orders, immediately prohibiting a
                                                    finds good cause, pursuant to Section                   at the Commission’s Public Reference                  member from conducting continued
                                                    19(b)(2) of the Act,53 to approve the                   Room.                                                 disruptive quoting and trading activity
                                                    proposed rule change, as modified by                                                                          on the Exchange.6 Rule 9400 provides
                                                    Amendment No. 1, on an accelerated                      II. Self-Regulatory Organization’s
                                                                                                            Statement of the Purpose of, and                      the Exchange the authority to order a
                                                    basis.                                                                                                        member to cease and desist from
                                                                                                            Statutory Basis for, the Proposed Rule
                                                    VI. Conclusion                                          Change                                                providing access to the Exchange to a
                                                                                                                                                                  client of the member that is conducting
                                                      It is therefore ordered, pursuant to                    In its filing with the Commission, the              disruptive quoting and trading activity
                                                    Section 19(b)(2) of the Act,54 that the                 Exchange included statements                          in violation of Rule 2170. The Exchange
                                                    proposed rule change (SR–CBOE–2016–                     concerning the purpose of and basis for               also previously adopted Rule 2400 to
                                                    053), as modified by Amendment No. 1,                   the proposed rule change and discussed                specifically define and prohibit
                                                    be, and hereby is, approved on an                       any comments it received on the                       disruptive equities quoting and trading
                                                    accelerated basis.                                      proposed rule change. The text of these               activity on the Exchange.7 Chapter III,
                                                      For the Commission, by the Division of                statements may be examined at the                     Section 16 is identical to Rule 2400,
                                                    Trading and Markets, pursuant to delegated              places specified in Item IV below. The                however applicable to options.
                                                    authority.55                                            Exchange has prepared summaries, set                  Similarly, Chapter III, Section 16
                                                    Brent J. Fields,                                        forth in sections A, B, and C below, of               prohibits members from engaging in or
                                                    Secretary.                                              the most significant aspects of such                  facilitating disruptive options quoting
                                                    [FR Doc. 2016–27153 Filed 11–9–16; 8:45 am]             statements.                                           and trading activity on the Exchange.
                                                    BILLING CODE 8011–01–P
                                                                                                                                                                     The Exchange proposes to simply add
                                                                                                            A. Self-Regulatory Organization’s                     the cross-references for the options rules
                                                                                                            Statement of the Purpose of, and                      alongside the equity rule for clarity.
                                                                                                            Statutory Basis for, the Proposed Rule                This rule change is consistent with the
                                                    SECURITIES AND EXCHANGE
                                                                                                            Change                                                intent of the rule proposal which
                                                    COMMISSION
                                                                                                            1. Purpose                                            adopted Chapter III, Section 16.8
                                                    [Release No. 34–79240; File No. SR–                                                                           2. Statutory Basis
                                                    NASDAQ–2016–146]                                           The Exchange is filing this proposal to
                                                                                                            amend Rule 9400, entitled ‘‘Expedited                    The Exchange believes that its
                                                    Self-Regulatory Organizations; The                      Client Suspension Proceeding’’ to                     proposal is consistent with Section 6(b)
                                                    NASDAQ Stock Market LLC; Notice of                      include a cross-reference Chapter III,                of the Act,9 in general, and furthers the
                                                    Filing and Immediate Effectiveness of                   Section 16, entitled ‘‘Disruptive Quoting             objectives of Section 6(b)(5) of the Act,10
                                                    Proposed Rule Change To Amend Rule                      and Trading Activity Prohibited’’ within              in particular, in that the rules of the
                                                    9400 To Include a Cross-Reference                       Rule 9400. The Exchange filed a rule                  Exchange are designed to prevent
                                                                                                            change to adopt an options rule,                      fraudulent and manipulative acts and
                                                    November 4, 2016.                                       identical to equities Rule 2170, which                practices, it [sic] is designed to promote
                                                       Pursuant to Section 19(b)(1) of the                  relates to disruptive quoting and trading             just and equitable principles of trade, to
                                                    Securities Exchange Act of 1934                         activity.3 In that rule change, it stated             remove impediments to and perfect the
                                                    (‘‘Act’’)1, and Rule 19b-4 2 thereunder,                that ‘‘[t]he Exchange will initiate                   mechanism of a free and open market
                                                    notice is hereby given that, on October                 disciplinary action for violations of                 and a national market system, and, in
                                                    25, 2016, The NASDAQ Stock Market                       Chapter III, Section 16, pursuant to Rule             general to protect investors and the
                                                    LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed                  9400.’’ 4 At that time, the Exchange                  public interest by making clear within
                                                    with the Securities and Exchange                        inadvertently did not include the cross-              Rule 9400 that violations of Chapter III,
                                                    Commission (‘‘SEC’’ or ‘‘Commission’’)                  references to Chapter III, Section 16                 Section 16 are subject to disciplinary
                                                    the proposed rule change as described                   within Rule 9400. The Exchange                        action pursuant to Rule 9400 as stated
                                                    in Items I and II below, which Items                    proposes to add references to Chapter                 in the Exchange’s rule filing.11 This
                                                    have been prepared by the Exchange.                     III, Section 16 within Rule 9400 for                  cross-reference will provide clarity to
                                                    The Commission is publishing this                       clarity. This rule change is non-                     members and ease of reference to the
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    notice to solicit comments on the                       controversial.
                                                                                                                                                                    5 See note 3.
                                                    proposed rule change from interested                                                                            6 See Securities and Exchange Release No. 77913
                                                    persons.                                                  3 See  Securities and Exchange Release No. 78208
                                                                                                                                                                  (May 25, 2016), 81 FR 35081 (June 1, 2016) (SR–
                                                                                                            (June 30, 2016), 81 FR 44366 (July 7, 2016) (SR–
                                                                                                                                                                  NASDAQ–2016–074).
                                                      53 15
                                                                                                            NASDAQ–2016–092).
                                                            U.S.C. 78s(b)(2).                                  4 See Securities and Exchange Release No. 78208
                                                                                                                                                                    7 See note 3.
                                                      54 See id.                                                                                                    8 See note 3.
                                                                                                            (June 30, 2016), 81 FR 44366, 44370 (July 7, 2016)
                                                      55 17 CFR 200.30–3(a)(12).                                                                                    9 15 U.S.C. 78f(b).
                                                                                                            (SR–NASDAQ–2016–092). Rule 9400 is located
                                                      1 15 U.S.C. 78s(b)(1).                                                                                        10 15 U.S.C. 78f(b)(5).
                                                                                                            within the Code of Procedure rules which apply to
                                                      2 17 CFR 240.19b–4.                                   both equities and options violations.                   11 See note 4.




                                               VerDate Sep<11>2014   19:43 Nov 09, 2016   Jkt 241001   PO 00000   Frm 00102   Fmt 4703   Sfmt 4703   E:\FR\FM\10NON1.SGM    10NON1


                                                                              Federal Register / Vol. 81, No. 218 / Thursday, November 10, 2016 / Notices                                                 79069

                                                    corresponding options rule. The                         of Rule 9400 to violations of Chapter III,            submission, all subsequent
                                                    proposed rule change is non-                            Section 16 in the purpose section of the              amendments, all written statements
                                                    controversial. The addition of the cross-               Form 19b–4.                                           with respect to the proposed rule
                                                    reference is for clarity.                                  The text of the rule governs what                  change that are filed with the
                                                                                                            actions the Exchange can take.16                      Commission, and all written
                                                    B. Self-Regulatory Organization’s                       However, because the description in the               communications relating to the
                                                    Statement on Burden on Competition                      original filing sets forth what the                   proposed rule change between the
                                                       The Exchange does not believe that                   Exchange intended the rule to cover,                  Commission and any person, other than
                                                    the proposed rule change will impose                    and this proposed rule change corrects                those that may be withheld from the
                                                    any burden on competition not                           an oversight by the Exchange in the                   public in accordance with the
                                                    necessary or appropriate in furtherance                 previous filing, the Commission                       provisions of 5 U.S.C. 552, will be
                                                    of the purposes of the Act. This non-                   believes that waiving the 30-day                      available for Web site viewing and
                                                    controversial rule change will merely                   operative delay 17 is consistent with the             printing in the Commission’s Public
                                                    add the reference to the options rule                   protection of investors and the public                Reference Room, 100 F Street NE.,
                                                    next to the current reference for the                   interest and designates the proposal                  Washington, DC 20549, on official
                                                    equity rule to make clear, as noted in                  operative on filing.                                  business days between the hours of
                                                    the rule changes, that violations of                       At any time within 60 days of the                  10:00 a.m. and 3:00 p.m. Copies of the
                                                    either rule relating to disruptive quoting              filing of the proposed rule change, the               filing also will be available for
                                                    and trading activity, will be disciplined               Commission summarily may                              inspection and copying at the principal
                                                    pursuant to Rule 9400.                                  temporarily suspend such rule change if               office of the Exchange. All comments
                                                                                                            it appears to the Commission that such                received will be posted without change;
                                                    C. Self-Regulatory Organization’s                       action is necessary or appropriate in the             the Commission does not edit personal
                                                    Statement on Comments on the                            public interest, for the protection of                identifying information from
                                                    Proposed Rule Change Received From                      investors, or otherwise in furtherance of             submissions. You should submit only
                                                    Members, Participants, or Others                        the purposes of the Act. If the                       information that you wish to make
                                                      No written comments were either                       Commission takes such action, the                     available publicly. All submissions
                                                    solicited or received.                                  Commission will institute proceedings                 should refer to File Number SR–
                                                                                                            to determine whether the proposed rule                NASDAQ–2016–146 and should be
                                                    III. Date of Effectiveness of the
                                                                                                            change should be approved or                          submitted on or before December 1,
                                                    Proposed Rule Change and Timing for
                                                                                                            disapproved.                                          2016.
                                                    Commission Action
                                                                                                            IV. Solicitation of Comments                            For the Commission, by the Division of
                                                       Because the foregoing proposed rule                                                                        Trading and Markets, pursuant to delegated
                                                    change does not: (i) significantly affect                 Interested persons are invited to                   authority.18
                                                    the protection of investors or the public               submit written data, views and                        Brent J. Fields,
                                                    interest; (ii) impose any significant                   arguments concerning the foregoing,                   Secretary.
                                                    burden on competition; and (iii) become                 including whether the proposed rule
                                                                                                                                                                  [FR Doc. 2016–27150 Filed 11–9–16; 8:45 am]
                                                    operative for 30 days from the date on                  change is consistent with the Act.
                                                                                                                                                                  BILLING CODE 8011–01–P
                                                    which it was filed, or such shorter time                Comments may be submitted by any of
                                                    as the Commission may designate, it has                 the following methods:
                                                    become effective pursuant to Section                    Electronic Comments                                   SECURITIES AND EXCHANGE
                                                    19(b)(3)(A) of the Act 12 and Rule 19b–                                                                       COMMISSION
                                                    4(f)(6) thereunder.13                                     • Use the Commission’s Internet
                                                       A proposed rule change filed                         comment form (http://www.sec.gov/                     [Release No. 34–79239; File No. SR–MSRB–
                                                    pursuant to Rule 19b–4(f)(6) under the                  rules/sro.shtml); or                                  2016–14]
                                                    Act 14 normally does not become                           • Send an email to rule-comments@
                                                                                                            sec.gov. Please include File Number SR–               Self-Regulatory Organizations;
                                                    operative for 30 days after the date of its                                                                   Municipal Securities Rulemaking
                                                    filing. However, Rule 19b–4(f)(6) 15                    NASDAQ–2016–146 on the subject line.
                                                                                                                                                                  Board; Notice of Filing and Immediate
                                                    permits the Commission to designate a                   Paper Comments                                        Effectiveness of a Proposed Rule
                                                    shorter time if such action is consistent
                                                                                                               • Send paper comments in triplicate                Change To Establish Fees Related to
                                                    with the protection of investors and the                                                                      the MSRB Academic Historical
                                                                                                            to Secretary, Securities and Exchange
                                                    public interest. The Exchange believes                                                                        Transaction Data Product
                                                                                                            Commission, 100 F Street, NE.,
                                                    that waiving the 30-day operative delay
                                                                                                            Washington, DC 20549–1090.
                                                    is consistent with the protection of                                                                          November 4, 2016.
                                                    investors and the public interest                       All submissions should refer to File                     Pursuant to Section 19(b)(1) of the
                                                    because it would allow the Exchange to                  Number SR–NASDAQ–2016–146. This                       Securities Exchange Act of 1934 (the
                                                    immediately add the cross-reference                     file number should be included on the                 ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule
                                                    within Rule 9400 which would provide                    subject line if email is used. To help the            19b–4 thereunder,2 notice is hereby
                                                    clarity to members. The Exchange notes                  Commission process and review your                    given that on October 25, 2016 the
                                                    that a rule change to permit Rule 9400                  comments more efficiently, please use                 Municipal Securities Rulemaking Board
                                                    to apply to violations of Chapter III,                  only one method. The Commission will                  (the ‘‘MSRB’’ or ‘‘Board’’) filed with the
                                                                                                            post all comments on the Commission’s
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                    Section 16 was previously filed with the                                                                      Securities and Exchange Commission
                                                    Commission. However, that filing failed                 Internet Web site (http://www.sec.gov/                (‘‘Commission’’) the proposed rule
                                                    to amend the rule text of Rule 9400 and                 rules/sro.shtml). Copies of the                       change as described in Items I, II, and
                                                    only discussed the intended application                                                                       III below, which Items have been
                                                                                                              16 See Section 6(b)(1) of the Act. 15 U.S.C.

                                                                                                            78f(b)(1).
                                                                                                                                                                  prepared by the MSRB. The
                                                      12 15 U.S.C. 78s(b)(3)(A).                              17 For purposes only of waiving the 30-day
                                                      13 17 CFR 240.19b–4(f)(6).                                                                                    18 17 CFR 200.30–3(a)(12).
                                                                                                            operative delay, the Commission has considered the
                                                      14 17 CFR 240.19b–4(f)(6).                                                                                    1 15 U.S.C. 78s(b)(1).
                                                                                                            proposed rule’s impact on efficiency, competition,
                                                      15 17 CFR 240.19b–4(f)(6).                            and capital formation. See 15 U.S.C. 78c(f).            2 17 CFR 240.19b–4.




                                               VerDate Sep<11>2014   19:43 Nov 09, 2016   Jkt 241001   PO 00000   Frm 00103   Fmt 4703   Sfmt 4703   E:\FR\FM\10NON1.SGM    10NON1



Document Created: 2016-11-10 01:44:03
Document Modified: 2016-11-10 01:44:03
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 79068 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR