81 FR 8107 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change Modifying the NYSE Amex Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 31 (February 17, 2016)
Federal Register Volume 81, Issue 31 (February 17, 2016)
| Page Range | 8107-8109 | |
| FR Document | 2016-03129 |
[Federal Register Volume 81, Number 31 (Wednesday, February 17, 2016)] [Notices] [Pages 8107-8109] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03129] [[Page 8107]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77106; File No. SR-NYSEMKT-2016-18] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Change Modifying the NYSE Amex Options Fee Schedule February 10, 2016. Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 1, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (``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 modify the NYSE Amex Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective February 1, 2016. The proposed change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend sections I. E. and G. of the Fee Schedule \3\ to adjust fees and credits payable, effective on February 1, 2016. --------------------------------------------------------------------------- \3\ See Fee Schedule, sections I.E. (Amex Customer Engagement (``ACE'') Program--Standard Options) and I.G. (CUBE Auction Fees & Credits), available here, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf. --------------------------------------------------------------------------- Proposed Changes to ACE Program Section I.E. of the Fee Schedule describes the Exchange's ACE Program, which features five tiers expressed as a percentage of total industry Customer equity and Exchange Traded Fund (``ETF'') option average daily volume \4\ and provides two alternative methods through which Order Flow Providers may receive per contract credits for Electronic Customer volume that the OFP, as agent, submits to the Exchange. --------------------------------------------------------------------------- \4\ The volume thresholds are based on an NYSE Amex Options Market Makers' [sic] volume transacted Electronically as a percentage of total industry Customer equity and ETF options volumes as reported by the Options Clearing Corporation (the ``OCC''). Total industry Customer equity and ETF option volume is comprised of those equity and ETF contracts that clear in the Customer account type at OCC and does not include contracts that clear in either the Firm or Market Maker account type at OCC or contracts overlying a security other than an equity or ETF security. See OCC Monthly Statistics Reports, available here, http://www.theocc.com/webapps/monthly-volume-reports. --------------------------------------------------------------------------- The Exchange proposes to modify the ACE Program by increasing certain of the credits available for Tiers 2, 3 and 4 as illustrated in the table below, with proposed additions appearing in italics and proposed deletions appearing in brackets: * * * * * ---------------------------------------------------------------------------------------------------------------- ACE Program--standard options Credits payable on customer volume only ----------------------------------------------------------------------------------------------------- Total Electronic ADV (of which 20% or greater of the Customer electronic minimum qualifying 1 Year 3 Year Tier ADV as a % of volume for each Customer enhanced enhanced industry customer Tier must be volume customer customer equity and ETF Customer) as a % credits volume volume options ADV of Industry credits credits Customer Equity and ETF Options ADV ---------------------------------------------------------------------------------------------------------------- 1......... 0.00% to 0.60%..... OR......... N/A............... $0.00 $0.00 $0.00 2......... > 0.60% to 0.80% or ........... N/A............... [($0.14)] [($0.15)] ($0.16) >= 0.35% over ($0.16) ($0.16) October 2015 volumes. 3......... > 0.80% to 1.25%... ........... 1.50% to 2.50% of [($0.14)] [($0.16)] [($0.18)] which 20% or ($0.17) ($0.18) ($0.19) greater of 1.50% must be Customer. 4......... > 1.25% to 1.75%... ........... > 2.50% to 3.50% [($0.17)] ($0.19) ($0.21) of which 20% or ($0.18) greater of 2.50% must be Customer. 5......... > 1.75%............ > 3.50% of which ($0.19) ($0.21) ($0.23) 20% or greater of 3.5% must be Customer. ---------------------------------------------------------------------------------------------------------------- The proposed amendments to the ACE Program are designed to enhance the rebates, which the Exchange believes would attract more volume and liquidity to the Exchange to the benefit of Exchange participants through increased opportunities to trade as well as enhancing price discovery. Proposed Changes to CUBE Pricing Section I.G. of the Fee Schedule sets forth the rates for per contract fees and credits for executions associated with a CUBE Auction. The Exchange is proposing to reduce rates for RFR Response fees and Initiating Credits and Rebates. Specifically, the Exchange proposes to reduce RFR Response fees for Non-Customers to $0.12, down from $0.60 for symbols in the Penny Pilot and down from $0.95 for symbols not in the Penny Pilot. The Exchange also proposes to reduce Initiating Participant credits and rebates to $0.05 down from $0.35 for symbols in the Penny Pilot, $0.70 for symbols not in the Penny Pilot and down from $0.12 for the ACE Initiating Participant Rebate. [[Page 8108]] The proposed changes are designed to address concerns expressed to the Exchange by Market Makers about ``imposing oversized transaction fees on market makers (MMs) when they compete with the facilitation side to pre-matched auction crosses,'' including the CUBE Auction.\5\ Specifically, the Market Makers claim that this so-called ``break-up fee'' is ``designed to hamper traders (primarily MMs) from competing on auction crosses.''\6\ The Exchange believes the proposed changes to CUBE pricing, particularly the reduction in the RFR Response Fee addresses the concerns raised and, as a result, may attract greater volume and liquidity to the Exchange, which would improve its overall competitiveness and strengthen its market quality for all market participants. The Exchange notes that the proposed changes would also provide the concerned Market Makers to have a platform on which they can provide proof of concept. --------------------------------------------------------------------------- \5\ See Letter from Gerald D. O'Connell, CRO, Susquehanna International Group, LLP; John Kinahan, CEO, Group One Trading, LP; Daniel Overmyer, Head of Compliance, IMC Financial Markets LLC; Edward Haravon, Chief Operating Officer, SpotTrad1ng L.L.C.; Frank Bednarz, President, CTC, L.L.C.; Kurt Eckert, Principal, Wolverine Trading LLC; and Sebastiaan KoeHng, CEO, Optiver US, LLC to Elizabeth M. Murphy, Secretary, U.S. Securities and Exchange Commission, dated October 13, 2014, available at, http://www.sec.gov/comments/sr-nysemkt-2014-52/nysemkt201452-1.pdf. \6\ See id. at 1. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with section 6(b) of the Act,\7\ in general, and furthers the objectives of sections 6(b)(4) and (5) of the Act,\8\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed amendments to the ACE Program are reasonable, equitable and not unfairly discriminatory because they would enhance the incentives to Order Flow Providers to transact Customer orders on the Exchange, which would benefit all market participants by providing more trading opportunities and tighter spreads, even to those market participants that do not participate in the ACE Program. Additionally, the Exchange believes the proposed changes to the ACE Program are consistent with the Act because they may attract greater volume and liquidity to the Exchange, which would benefit all market participants by providing tighter quoting and better prices, all of which perfects the mechanism for a free and open market and national market system. In addition, the Exchange believes that the proposed changes to CUBE Auction fees are reasonable, equitable and not unfairly discriminatory. First, the proposed reductions to both the Initiating Participant Credits (for all issues) as well as the fees associated with RFR Responses that participate in the CUBE are reasonable, equitable and non-discriminatory because they apply equally to all ATP Holders that choose to participate in the CUBE, and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange likewise believes the proposed reduction of the ACE Initiating Participant Credit is reasonable, equitable and not unfairly discriminatory for the following reasons. First, the ACE Initiating Participant Rebate is based on the amount of business transacted on the Exchange and is designed to attract more volume and liquidity to the Exchange generally, and to CUBE Auctions specifically, which would benefit all market participants (including those that do not participate in the ACE Program) through increased opportunities to trade at potentially improved prices as well as enhancing price discovery. Furthermore, the Exchange notes that the ACE Initiating Participant Rebate is equitable and not unfairly discriminatory because it would continue to incentivize ATP Holders to transact Customer orders on the Exchange and an increase in Customer order flow would bring greater volume and liquidity to the Exchange. Increased volume to the Exchange benefits all market participants by providing more trading opportunities and tighter spreads, even to those market participants that do not participate in the ACE Program. Finally, the Exchange believes the proposed changes are consistent with the Act because to the extent the modifications permit the Exchange to continue to attract greater volume and liquidity, the proposed change would improve the Exchange's overall competitiveness and strengthen its market quality for all market participants. For these reasons, the Exchange believes that the proposal is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with section 6(b)(8) of the Act,\9\ the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the proposed changes to CUBE pricing are designed to address concerns raised by Market Makers that so-called ``break-up fees'' imposed in price improvement auctions like CUBE are anti-competitive. To that end, the Exchange believes the proposed amendments to CUBE Auction pricing are pro-competitive as the fees and credits are designed to incentivize increases in volume and liquidity to the Exchange, which would benefit all of Exchange participants through increased opportunities to trade as well as enhancing price discovery. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- Further, the Exchange believes the proposed amendments to the ACE Program are pro-competitive as the proposed increased rebates may encourage OFPs to direct Customer order flow to the Exchange and any resulting increase in volume and liquidity to the Exchange would benefit all of Exchange participants through increased opportunities to trade as well as enhancing price discovery. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule 19b-4 \11\ thereunder, because it establishes a due, [[Page 8109]] fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under section 19(b)(2)(B) \12\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEMKT-2016-18 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-NYSEMKT-2016-18. 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-NYSEMKT-2016-18, and should be submitted on or before March 9, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-03129 Filed 2-16-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 31 / Wednesday, February 17, 2016 / Notices 8107
SECURITIES AND EXCHANGE I. Self-Regulatory Organization’s A. Self-Regulatory Organization’s
COMMISSION Statement of the Terms of Substance of Statement of the Purpose of, and the
the Proposed Rule Change Statutory Basis for, the Proposed Rule
[Release No. 34–77106; File No. SR– Change
The Exchange proposes to modify the
NYSEMKT–2016–18] NYSE Amex Options Fee Schedule 1. Purpose
(‘‘Fee Schedule’’). The Exchange The purpose of this filing is to amend
Self-Regulatory Organizations; NYSE
proposes to implement the fee change sections I. E. and G. of the Fee
MKT LLC; Notice of Filing and effective February 1, 2016. The
Immediate Effectiveness of Proposed Schedule 3 to adjust fees and credits
proposed change is available on the payable, effective on February 1, 2016.
Change Modifying the NYSE Amex Exchange’s Web site at www.nyse.com,
Options Fee Schedule at the principal office of the Exchange, Proposed Changes to ACE Program
February 10, 2016. and at the Commission’s Public Section I.E. of the Fee Schedule
Reference Room. describes the Exchange’s ACE Program,
Pursuant to section 19(b)(1) of the which features five tiers expressed as a
Securities Exchange Act of 1934 II. Self-Regulatory Organization’s
percentage of total industry Customer
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 Statement of the Purpose of, and
equity and Exchange Traded Fund
notice is hereby given that on February Statutory Basis for, the Proposed Rule
(‘‘ETF’’) option average daily volume 4
1, 2016, NYSE MKT LLC (the Change
and provides two alternative methods
‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with In its filing with the Commission, the through which Order Flow Providers
the Securities and Exchange self-regulatory organization included may receive per contract credits for
Commission (‘‘Commission’’) the statements concerning the purpose of, Electronic Customer volume that the
proposed rule change as described in and basis for, the proposed rule change OFP, as agent, submits to the Exchange.
Items I, II, and III below, which Items and discussed any comments it received The Exchange proposes to modify the
have been prepared by the Exchange. on the proposed rule change. The text ACE Program by increasing certain of
The Commission is publishing this of those statements may be examined at the credits available for Tiers 2, 3 and
notice to solicit comments on the the places specified in Item IV below. 4 as illustrated in the table below, with
proposed rule change from interested The Exchange has prepared summaries, proposed additions appearing in italics
persons. set forth in sections A, B, and C below, and proposed deletions appearing in
of the most significant parts of such brackets:
statements. * * * * *
ACE Program—standard options Credits payable on customer volume only
Total Electronic ADV (of which 20% 1 Year 3 Year
Tier Customer electronic ADV as a % of or greater of the minimum qualifying Customer enhanced enhanced
industry customer volume for each Tier must be Cus- volume customer customer
equity and ETF options ADV tomer) as a % of Industry Customer credits volume volume
Equity and ETF Options ADV credits credits
1 ...... 0.00% to 0.60% ................................ OR N/A .................................................... $0.00 $0.00 $0.00
2 ...... > 0.60% to 0.80% or ≥ 0.35% over N/A .................................................... [($0.14)] [($0.15)] ($0.16)
October 2015 volumes. ($0.16) ($0.16)
3 ...... > 0.80% to 1.25% ............................. 1.50% to 2.50% of which 20% or [($0.14)] [($0.16)] [($0.18)]
greater of 1.50% must be Cus- ($0.17) ($0.18) ($0.19)
tomer.
4 ...... > 1.25% to 1.75% ............................. > 2.50% to 3.50% of which 20% or [($0.17)] ($0.19) ($0.21)
greater of 2.50% must be Cus- ($0.18)
tomer.
5 ...... > 1.75% ............................................ > 3.50% of which 20% or greater of ($0.19) ($0.21) ($0.23)
3.5% must be Customer.
The proposed amendments to the Proposed Changes to CUBE Pricing for Non-Customers to $0.12, down from
ACE Program are designed to enhance $0.60 for symbols in the Penny Pilot and
the rebates, which the Exchange Section I.G. of the Fee Schedule sets down from $0.95 for symbols not in the
believes would attract more volume and forth the rates for per contract fees and Penny Pilot. The Exchange also
liquidity to the Exchange to the benefit credits for executions associated with a proposes to reduce Initiating Participant
of Exchange participants through CUBE Auction. The Exchange is credits and rebates to $0.05 down from
increased opportunities to trade as well proposing to reduce rates for RFR $0.35 for symbols in the Penny Pilot,
as enhancing price discovery. Response fees and Initiating Credits and $0.70 for symbols not in the Penny Pilot
Rebates. Specifically, the Exchange and down from $0.12 for the ACE
asabaliauskas on DSK5VPTVN1PROD with NOTICES
proposes to reduce RFR Response fees Initiating Participant Rebate.
1 15 U.S.C. 78s(b)(1). 4 The volume thresholds are based on an NYSE account type at OCC and does not include contracts
2 17 CFR 240.19b–4. Amex Options Market Makers’ [sic] volume that clear in either the Firm or Market Maker
3 See Fee Schedule, sections I.E. (Amex Customer transacted Electronically as a percentage of total account type at OCC or contracts overlying a
Engagement (‘‘ACE’’) Program—Standard Options) industry Customer equity and ETF options volumes security other than an equity or ETF security. See
and I.G. (CUBE Auction Fees & Credits), available as reported by the Options Clearing Corporation OCC Monthly Statistics Reports, available here,
here, https://www.nyse.com/publicdocs/nyse/ (the ‘‘OCC’’). Total industry Customer equity and http://www.theocc.com/webapps/monthly-volume-
markets/amex-options/NYSE_Amex_Options_Fee_ ETF option volume is comprised of those equity
reports.
Schedule.pdf. and ETF contracts that clear in the Customer
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![Federal Register / Vol. 81, No. 31 / Wednesday, February 17, 2016 / Notices 8109
fee, or other charge imposed by the filing also will be available for November 10, 2015, FINRA responded
Exchange. inspection and copying at the principal to the comments and filed Partial
At any time within 60 days of the office of the Exchange. All comments Amendment No. 1 to the existing
filing of such proposed rule change, the received will be posted without change; proposal.5 On November 12, 2015, the
Commission summarily may the Commission does not edit personal Commission issued an order instituting
temporarily suspend such rule change if identifying information from proceedings pursuant to Exchange Act
it appears to the Commission that such submissions. You should submit only section 19(b)(2)(B) 6 to determine
action is necessary or appropriate in the information that you wish to make whether to approve or disapprove the
public interest, for the protection of available publicly. All submissions proposed rule change, as modified by
investors, or otherwise in furtherance of should refer to File Number SR– Partial Amendment No. 1. The order
the purposes of the Act. If the NYSEMKT–2016–18, and should be was published in the Federal Register
Commission takes such action, the submitted on or before March 9, 2016. on November 18, 2015.7 The
Commission shall institute proceedings Commission received one (1) comment
For the Commission, by the Division of
under section 19(b)(2)(B) 12 of the Act to Trading and Markets, pursuant to delegated letter in response to the Order
determine whether the proposed rule authority.13 Instituting Proceedings.8
change should be approved or Brent J. Fields,
Exchange Act section
disapproved. 19(b)(2)(B)(ii)(I) 9 provides that the
Secretary.
Commission shall approve or
IV. Solicitation of Comments [FR Doc. 2016–03129 Filed 2–16–16; 8:45 am]
disapprove a proposed rule change in
Interested persons are invited to BILLING CODE 8011–01–P Proceedings within 180 days after the
submit written data, views, and Publication Date, or within a longer
arguments concerning the foregoing, period up to 240 days after the
including whether the proposed rule SECURITIES AND EXCHANGE Publication Date if: (1) The Commission
change is consistent with the Act. COMMISSION determines that a longer period is
Comments may be submitted by any of [Release No. 34–77103; File No. SR–FINRA– appropriate and publishes the reasons
the following methods: 2015–029] for so determining,10 or (2) the
Electronic Comments applicable self-regulatory organization
Self-Regulatory Organizations; consents to the extension.11 The 180th
• Use the Commission’s Internet Financial Industry Regulatory day for this filing (File Number SR–
comment form (http://www.sec.gov/ Authority, Inc.; Notice of Designation FINRA–2015–029) is February 10, 2016.
rules/sro.shtml); or of a Longer Period for Commission The Commission is extending this
• Send an email to rule-comments@ Action on Proceedings To Determine 180-day time period. The Commission
sec.gov. Please include File Number SR– Whether To Approve or Disapprove a finds that it is appropriate to designate
NYSEMKT–2016–18 on the subject line. Proposed Rule Change To Adopt a longer period within which to issue an
Paper Comments FINRA Rule 3210 (Accounts at Other order approving or disapproving the
Broker-Dealers and Financial
• Send paper comments in triplicate Institutions), as Modified by Partial Public Investors Arbitration Bar Association, dated
to Secretary, Securities and Exchange Amendment No. 1, in the Consolidated September 3, 2015; and Kevin Zambrowicz,
Commission, 100 F Street NE., FINRA Rulebook Associate General Counsel & Managing Director,
Washington, DC 20549–1090. and Stephen Vogt, Assistant Vice President &
Assistant General Counsel, Securities Industry and
All submissions should refer to File February 10, 2016. Financial Markets Association, dated September 3,
Number SR–NYSEMKT–2016–18. This On July 31, 2015, Financial Industry 2015. Comment letters are available at www.sec.gov.
file number should be included on the Regulatory Authority, Inc. (‘‘FINRA’’) 5 See Letter from Patrice Gliniecki, Senior Vice
filed with the Securities and Exchange President and Deputy General Counsel, FINRA, to
subject line if email is used. To help the the Commission, dated November 10, 2015.
Commission process and review your Commission (‘‘Commission’’), pursuant FINRA’s letter and text of Partial Amendment No.
comments more efficiently, please use to section 19(b)(1) of the Securities 1 are available on FINRA’s Web site at http://
only one method. The Commission will Exchange Act of 1934 (‘‘Exchange www.finra.org, at the principal office of FINRA, and
Act’’) 1 and Rule 19b–4 thereunder,2 a at the Commission’s Public Reference Room.
post all comments on the Commission’s 6 15 U.S.C. 78s(b)(2)(B) (if the Commission does
Internet Web site (http://www.sec.gov/ proposed rule change to adopt a new, not approve or disapprove a proposed rule change
rules/sro.shtml). Copies of the consolidated rule addressing accounts under Exchange Act section 19(b)(2)(A) (i.e., within
submission, all subsequent opened or established by associated 90 days of publication of notice of the filing of the
persons of members at firms other than proposed rule change in the Federal Register (the
amendments, all written statements ‘‘Publication Date’’)), the Commission shall institute
with respect to the proposed rule the firm with which they are associated. proceedings to determine whether to approve or
change that are filed with the The proposed rule change was disapprove the proposed rule change
Commission, and all written published for comment in the Federal (‘‘Proceedings’’)).
communications relating to the Register on August 14, 2015.3 The 7 See Exchange Act Release No. 76430 (Nov. 12,
Commission received four comment 2015), 80 FR 72118 (Nov. 18, 2015) (Order
proposed rule change between the Instituting Proceedings To Determine Whether To
Commission and any person, other than letters in response to the proposal.4 On Approve or Disapprove Proposed Rule Change to
those that may be withheld from the Adopt FINRA Rule 3210 (Accounts at Other Broker-
13 17 CFR 200.30–3(a)(12). Dealers and Financial Institutions), as Modified by
public in accordance with the
1 15 U.S.C. 78s(b)(1). Partial Amendment No. 1) (‘‘Order Instituting
provisions of 5 U.S.C. 552, will be
asabaliauskas on DSK5VPTVN1PROD with NOTICES
2 17 CFR 240.19b–4. Proceedings’’). The comment period closed on
available for Web site viewing and 3 See Exchange Act Rel. No. 75655 (Aug. 10, December 9, 2015.
printing in the Commission’s Public 2015), 80 FR 48941 (Aug. 14, 2015). The comment
8 See Letter from Laura Crosby-Brown, dated
Reference Room, 100 F Street NE., period closed on September 4, 2015. November 13, 2015. Comment letters are available
at www.sec.gov.
Washington, DC 20549 on official 4 See Letters from Eric Arnold and Clifford
9 15 U.S.C. 78s(b)(2)(B)(ii)(I).
business days between the hours of Kirsch, Sutherland Asbill & Brennan LLP (for the
10 Exchange Act section 19(b)(2)(B)(ii)(II)(aa), 15
Committee of Annuity Insurers), dated September 4,
10:00 a.m. and 3:00 p.m. Copies of the 2015; Michael J. Hogan, President and Chief U.S.C. 78s(b)(2)(B)(ii)(II)(aa).
Executive Officer, FOLIOfn Investments, Inc., dated 11 Exchange Act section 19(b)(2)(B)(ii)(II)(bb), 15
12 15 U.S.C. 78s(b)(2)(B). September 4, 2015; Joseph C. Peiffer, President, U.S.C. 78s(b)(2)(B)(ii)(II)(bb).
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Document Created: 2016-02-17 01:16:42
Document Modified: 2016-02-17 01:16:42
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