81_FR_84854 81 FR 84628 - Advisory Committee on Small and Emerging Companies

81 FR 84628 - Advisory Committee on Small and Emerging Companies

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 226 (November 23, 2016)

Page Range84628-84629
FR Document2016-28257

The Securities and Exchange Commission Advisory Committee on Small and Emerging Companies is providing notice that it will hold an open, public telephone meeting on Wednesday, December 7, 2016, beginning at 11:00 a.m. ET. Members of the public may attend the meeting by listening to the audiocast accessible on the Commission's Web site at www.sec.gov. Persons needing special accommodations to access the meeting because of a disability should notify the contact person listed below. The agenda for the meeting includes a continuation of discussions started at the Committee's meeting on October 5, 2016, including outreach and board diversity. The public is invited to submit written statements to the Committee.

Federal Register, Volume 81 Issue 226 (Wednesday, November 23, 2016)
[Federal Register Volume 81, Number 226 (Wednesday, November 23, 2016)]
[Notices]
[Pages 84628-84629]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28257]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10258; 34-79350; File No. 265-27]


Advisory Committee on Small and Emerging Companies

AGENCY: Securities and Exchange Commission.

ACTION: Notice of Meeting.

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SUMMARY: The Securities and Exchange Commission Advisory Committee on 
Small and Emerging Companies is providing notice that it will hold an 
open, public telephone meeting on Wednesday, December 7, 2016, 
beginning at 11:00 a.m. ET. Members of the public may attend the 
meeting by listening to the audiocast accessible on the Commission's 
Web site at www.sec.gov. Persons needing special accommodations to 
access the meeting because of a disability should notify the contact 
person listed below. The agenda for the meeting includes a continuation 
of discussions started at the Committee's meeting on October 5, 2016, 
including outreach and board diversity. The public is invited to submit 
written statements to the Committee.

[[Page 84629]]


DATES: The public meeting will be held on Wednesday, December 7, 2016. 
Written statements should be received on or before Monday, December 5, 
2016.

ADDRESSES: Written statements may be submitted by any of the following 
methods:

Electronic Statements

     Use the Commission's Internet submission form (http://www.sec.gov/info/smallbus/acsec.shtml); or
     Send an email message to rule-comments@sec.gov. Please 
include File Number 265-27 on the subject line; or

Paper Statements

     Send paper statements to Brent J. Fields, Federal Advisory 
Committee Management Officer, Securities and Exchange Commission, 100 F 
Street NE., Washington, DC 20549-1090.

All submissions should refer to File No. 265-27. This file number 
should be included on the subject line if email is used. To help us 
process and review your statement more efficiently, please use only one 
method. The Commission will post all statements on the Advisory 
Committee's Web site at http://www.sec.gov./info/smallbus/acsec.shtml.
    Statements also 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. All statements received will be posted without 
change; we do not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly.

FOR FURTHER INFORMATION CONTACT: Julie Z. Davis, Senior Special 
Counsel, at (202) 551-3460, Office of Small Business Policy, Division 
of Corporation Finance, Securities and Exchange Commission, 100 F 
Street NE., Washington, DC 20549-3628.

SUPPLEMENTARY INFORMATION: In accordance with Section 10(a) of the 
Federal Advisory Committee Act, 5 U.S.C.--App. 1, and the regulations 
thereunder, Keith F. Higgins, Designated Federal Officer of the 
Committee, has ordered publication of this notice.

    Dated: November 18, 2016.
Brent J. Fields,
Committee Management Officer.
[FR Doc. 2016-28257 Filed 11-22-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                  84628                    Federal Register / Vol. 81, No. 226 / Wednesday, November 23, 2016 / Notices

                                                  C. Self-Regulatory Organization’s                       decisions that are filed or issued after              communications relating to the
                                                  Statement on Comments on the                            the proposal is filed. The Commission                 proposed rule change between the
                                                  Proposed Rule Change Received From                      believes that waiver of the 30-day                    Commission and any person, other than
                                                  Members, Participants, or Others                        operative delay is consistent with the                those that may be withheld from the
                                                    The Exchange has not solicited, and                   protection of investors and the public                public in accordance with the
                                                  does not intend to solicit, comments on                 interest because it will allow BZX to                 provisions of 5 U.S.C. 552, will be
                                                  this proposed rule change. The                          publish disciplinary complaints or                    available for Web site viewing and
                                                  Exchange has not received any written                   decisions that have been filed or issued              printing in the Commission’s Public
                                                  comments from members or other                          without delay. Therefore, the                         Reference Room, 100 F Street NE.,
                                                  interested parties.                                     Commission designates the proposed                    Washington, DC 20549 on official
                                                                                                          rule change to be operative upon                      business days between the hours of
                                                  III. Date of Effectiveness of the                       filing.16                                             10:00 a.m. and 3:00 p.m. Copies of such
                                                  Proposed Rule Change and Timing for                        At any time within 60 days of the                  filing also will be available for
                                                  Commission Action                                       filing of the proposed rule change, the               inspection and copying at the principal
                                                     Because the foregoing proposed rule                  Commission summarily may                              office of the Exchange. All comments
                                                  change does not: (i) Significantly affect               temporarily suspend such rule change if               received will be posted without change;
                                                  the protection of investors or the public               it appears to the Commission that such                the Commission does not edit personal
                                                  interest; (ii) impose any significant                   action is: (1) Necessary or appropriate in            identifying information from
                                                  burden on competition; and (iii) become                 the public interest; (2) for the protection           submissions. You should submit only
                                                  operative for 30 days from the date on                  of investors; or (3) otherwise in                     information that you wish to make
                                                  which it was filed or such shorter time                 furtherance of the purposes of the Act.               available publicly. All submissions
                                                  as the Commission may designate, it has                 If the Commission takes such action, the              should refer to File Number SR–
                                                  become effective pursuant to Section                    Commission shall institute proceedings                BatsBZX–2016–73 and should be
                                                  19(b)(3)(A) of the Act 13 and paragraph                 to determine whether the proposed rule                submitted on or before December 14,
                                                  (f)(6) of Rule 19b–4 thereunder.14                      should be approved or disapproved.                    2016.
                                                     A proposed rule change filed under                   IV. Solicitation of Comments                            For the Commission, by the Division of
                                                  Rule 19b–4(f)(6) normally does not                                                                            Trading and Markets, pursuant to delegated
                                                  become operative prior to 30 days after                   Interested persons are invited to                   authority.17
                                                  the date of filing. However, Rule 19b–                  submit written data, views and                        Brent J. Fields,
                                                  4(f)(6)(iii) 15 permits the Commission to               arguments concerning the foregoing,
                                                                                                                                                                Secretary.
                                                  designate a shorter time if such action                 including whether the proposed rule
                                                                                                                                                                [FR Doc. 2016–28186 Filed 11–22–16; 8:45 am]
                                                  is consistent with the protection of                    change is consistent with the Act.
                                                                                                          Comments may be submitted by any of                   BILLING CODE 8011–01–P
                                                  investors and the public interest. In its
                                                  filing with the Commission, the                         the following methods:
                                                  Exchange requests that the Commission                   Electronic Comments                                   SECURITIES AND EXCHANGE
                                                  waive the 30-day operative delay. The                                                                         COMMISSION
                                                                                                            • Use the Commission’s Internet
                                                  Exchange states that FINRA performs
                                                                                                          comment form (http://www.sec.gov/                     [Release Nos. 33–10258; 34–79350; File No.
                                                  services for it under a Regulatory
                                                                                                          rules/sro.shtml); or                                  265–27]
                                                  Services Agreement (‘‘RSA’’), including                   • Send an email to rule-
                                                  the filing and prosecution of                           comments@sec.gov. Please include File                 Advisory Committee on Small and
                                                  disciplinary complaints on the                          Number SR–BatsBZX–2016–73 on the                      Emerging Companies
                                                  Exchange’s behalf. FINRA also files and                 subject line.
                                                  prosecutes disciplinary complaints on                                                                         AGENCY: Securities and Exchange
                                                  its own behalf, sometimes on cases                      Paper Comments                                        Commission.
                                                  involving identical or similar conduct to                 • Send paper comments in triplicate                 ACTION: Notice of Meeting.
                                                  the cases it brings on the Exchange’s                   to Secretary, Securities and Exchange
                                                  behalf. Without the waiver, the                                                                               SUMMARY:   The Securities and Exchange
                                                                                                          Commission, 100 F Street NE.,                         Commission Advisory Committee on
                                                  Exchange is concerned that FINRA                        Washington, DC 20549–1090.
                                                  might publish a complaint during the                                                                          Small and Emerging Companies is
                                                                                                          All submissions should refer to File                  providing notice that it will hold an
                                                  30-day operative delay, and that the                    Number SR-BatsBZX–2016–73. This file
                                                  Exchange would not be permitted to                                                                            open, public telephone meeting on
                                                                                                          number should be included on the                      Wednesday, December 7, 2016,
                                                  publish its own complaint, prepared by
                                                                                                          subject line if email is used. To help the            beginning at 11:00 a.m. ET. Members of
                                                  FINRA, regarding the same conduct.
                                                                                                          Commission process and review your                    the public may attend the meeting by
                                                  According to the Exchange, this would
                                                                                                          comments more efficiently, please use                 listening to the audiocast accessible on
                                                  supply the public with an incomplete
                                                                                                          only one method. The Commission will                  the Commission’s Web site at
                                                  picture of the disciplinary proceedings,
                                                                                                          post all comments on the Commission’s                 www.sec.gov. Persons needing special
                                                  the full nature of which could not be
                                                                                                          Internet Web site (http://www.sec.gov/                accommodations to access the meeting
                                                  disclosed until much later when a final
                                                                                                          rules/sro.shtml). Copies of the                       because of a disability should notify the
                                                  disciplinary decision is issued. The
                                                                                                          submission, all subsequent                            contact person listed below. The agenda
                                                  Exchange, therefore, believes that
                                                  waiver of the operative delay is                        amendments, all written statements                    for the meeting includes a continuation
                                                                                                          with respect to the proposed rule                     of discussions started at the
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                                                  consistent with the protection of
                                                  investors and the public interest, as it                change that are filed with the                        Committee’s meeting on October 5,
                                                  will allow the Exchange to immediately                  Commission, and all written                           2016, including outreach and board
                                                  publish any disciplinary complaints or                                                                        diversity. The public is invited to
                                                                                                             16 For purposes only of waiving the 30-day
                                                                                                                                                                submit written statements to the
                                                                                                          operative delay, the Commission also has
                                                    13 15 U.S.C. 78s(b)(3)(A).                            considered the proposed rule’s impact on              Committee.
                                                    14 17 CFR 240.19b–4(f)(6).                            efficiency, competition, and capital formation. See
                                                    15 17 CFR 240.19b–4(f)(6)(iii).                       15 U.S.C. 78c(f).                                       17 17   CFR 200.30–3(a)(12).



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                                                                           Federal Register / Vol. 81, No. 226 / Wednesday, November 23, 2016 / Notices                                                     84629

                                                  DATES: The public meeting will be held                  SECURITIES AND EXCHANGE                               orders in the trading crowd, a Floor
                                                  on Wednesday, December 7, 2016.                         COMMISSION                                            Broker is not permitted to execute an
                                                  Written statements should be received                                                                         order in the trading crowd unless one of
                                                                                                          [Release No. 34–79345; File No. SR–Phlx–
                                                  on or before Monday, December 5, 2016.                  2016–82]                                              three exceptions applies.7 The
                                                                                                                                                                exceptions to the mandatory use of
                                                  ADDRESSES: Written statements may be
                                                                                                          Self-Regulatory Organizations;                        FBMS 8 are set forth in Phlx Rule
                                                  submitted by any of the following
                                                                                                          NASDAQ PHLX LLC; Order Instituting                    1000(f)(iii). These exceptions allow a
                                                  methods:
                                                                                                          Proceedings To Determine Whether To                   Floor Broker to execute a transaction in
                                                  Electronic Statements                                   Approve or Disapprove a Proposed                      the trading crowd (rather than through
                                                                                                          Rule Change To Adopt a New                            FBMS) if: (i) there is a problem with
                                                    • Use the Commission’s Internet                       Exception in Exchange Rule 1000(f) for                Exchange’s systems; (ii) the Floor Broker
                                                  submission form (http://www.sec.gov/                    Sub-MPV Split-Price Orders                            is executing the trade pursuant to Phlx
                                                  info/smallbus/acsec.shtml); or                                                                                Rule 1059 (‘‘Accommodation
                                                                                                          November 17, 2016.
                                                    • Send an email message to rule-                                                                            Transactions’’) or Phlx Rule 1079 (‘‘Flex
                                                  comments@sec.gov. Please include File                   I. Introduction                                       Index, Equity and Currency Options’’);
                                                  Number 265–27 on the subject line; or                      On August 3, 2016, NASDAQ PHLX                     or (iii) the transaction involves a multi-
                                                                                                          LLC (‘‘Exchange’’ or ‘‘Phlx’’) filed with             leg order with more than 15 legs.9
                                                  Paper Statements
                                                                                                          the Securities and Exchange                              Phlx Rule 1014(g)(i)(B) provides a
                                                    • Send paper statements to Brent J.                   Commission (‘‘Commission’’), pursuant                 priority rule regarding open outcry split
                                                  Fields, Federal Advisory Committee                      to Section 19(b)(1) of the Securities                 price transactions in equity options and
                                                  Management Officer, Securities and                      Exchange Act of 1934 (‘‘Act’’) 1 and Rule             options overlying ETFs to permit a
                                                  Exchange Commission, 100 F Street NE.,                  19b–4 thereunder,2 a proposed rule                    member who is responding to an order
                                                  Washington, DC 20549–1090.                              change to provide an additional                       for at least 100 contracts who buys
                                                                                                          exception to the mandatory use of the                 (sells) at least 50 contracts at a
                                                  All submissions should refer to File No.                Exchange’s Floor Broker Management                    particular price to have priority over all
                                                  265–27. This file number should be                      System (‘‘FBMS’’) pursuant to Rule                    other orders in purchasing (selling) up
                                                  included on the subject line if email is                1000(f)(iii) to permit Floor Brokers to               to an equivalent number of contracts of
                                                  used. To help us process and review                     execute certain sub-minimum price                     the same order at the next lower (higher)
                                                  your statement more efficiently, please                 increment (‘‘sub-MPV’’) split-price                   price without being required to yield to
                                                  use only one method. The Commission                     orders in the trading crowd. The                      existing customer interest in the limit
                                                  will post all statements on the Advisory                proposed rule change was published for                order book.10 Absent Phlx Rule
                                                  Committee’s Web site at http://                         comment in the Federal Register on                    1014(g)(i)(B), such orders would be
                                                  www.sec.gov./info/smallbus/                             August 22, 2016.3 On October 3, 2016,                 required to yield priority. The Exchange
                                                  acsec.shtml.                                            the Commission extended the time                      states that ‘‘the purpose behind the
                                                     Statements also will be available for                period within which to approve the                    split-price priority exception was ‘to
                                                  Web site viewing and printing in the                    proposed rule change, disapprove the                  bring about the execution of large
                                                  Commission’s Public Reference Room,                     proposed rule change, or institute                    orders, which by virtue of their size and
                                                  100 F Street NE., Washington, DC                        proceedings to determine whether to                   the need to execute them at multiple
                                                  20549, on official business days                        approve or disapprove the proposed                    prices may be difficult to execute
                                                                                                          rule change to November 20, 2016.4 The
                                                  between the hours of 10:00 a.m. and
                                                                                                          Commission received no comments on                      7 See  Phlx Rule 1000(f)(iii).
                                                  3:00 p.m. All statements received will
                                                                                                          the proposal. This order institutes                     8 The  original FBMS (‘‘FBMS 1’’) began operating
                                                  be posted without change; we do not                                                                           in 2005. The Exchange retired FBMS 1 on March
                                                                                                          proceedings under Section 19(b)(2)(B) of
                                                  edit personal identifying information                                                                         31, 2016 after operating it concurrently with the
                                                                                                          the Act 5 to determine whether to
                                                  from submissions. You should submit                                                                           Exchange’s enhanced FBMS (‘‘FBMS 2’’), which
                                                                                                          disapprove the proposed rule change.                  was made available on March 7, 2014. As of March
                                                  only information that you wish to make
                                                                                                                                                                31, 2016, FBMS 2 is available to all Floor Brokers
                                                  available publicly.                                     II. Description of the Proposed Rule                  in all options and is the only FBMS currently in
                                                                                                          Change                                                use. The Exchange represents that it has contracted
                                                  FOR FURTHER INFORMATION CONTACT:     Julie                                                                    with a third-party to build an alternative system
                                                  Z. Davis, Senior Special Counsel, at                       Currently, Phlx Rule 1000(f) requires              (‘‘FBMS 3’’) to replace FBMS 2, and anticipates that
                                                  (202) 551–3460, Office of Small                         that all Exchange options transactions                FBMS 3 will be ready by November 30, 2016. See
                                                  Business Policy, Division of Corporation                be executed in one of the following                   Notice, supra note 3, at 56725.
                                                  Finance, Securities and Exchange                        three ways: ‘‘(i) [a]utomatically by the                 9 See Notice, supra note 3, at 56726; see also Phlx

                                                                                                          Exchange Trading System pursuant to                   Rule 1000(f)(iii)(A)–(C). According to the Exchange,
                                                  Commission, 100 F Street NE.,                                                                                 each time a Floor Broker uses one the current
                                                  Washington, DC 20549–3628.                              Rule 1080 and other applicable options                exceptions to Phlx Rule 1000(f)(iii), the Floor
                                                                                                          rules; (ii) by and among members in the               Broker is required by Phlx Rule 1063(e)(ii), to
                                                  SUPPLEMENTARY INFORMATION:    In                        Exchange’s options trading crowd none                 record the information required by Phlx Rule
                                                  accordance with Section 10(a) of the                    of whom is a Floor Broker; or (iii)                   1063(e)(i) on paper trade tickets. The Exchange
                                                                                                                                                                further represents that a Floor Broker may only
                                                  Federal Advisory Committee Act, 5                       through the Options [FBMS] for trades                 represent an order for execution that has been time
                                                  U.S.C.—App. 1, and the regulations                      involving at least one Floor Broker.’’ 6              stamped with the time of entry on the trading floor.
                                                  thereunder, Keith F. Higgins, Designated                Although a Floor Broker may represent                 In addition, according to the Exchange, once an
                                                  Federal Officer of the Committee, has                                                                         execution occurs, the trade ticket must be stamped
mstockstill on DSK3G9T082PROD with NOTICES




                                                                                                                                                                with the time of execution of such order. See
                                                  ordered publication of this notice.                       1 15 U.S.C. 78s(b)(1).
                                                                                                                                                                Notice, supra note 3, at 56726.
                                                                                                            2 17 CFR 240.19b–4.                                    10 See Notice, supra note 3, at 56726 (citing
                                                    Dated: November 18, 2016.                               3 See Securities Exchange Act Release No. 78593
                                                                                                                                                                Securities Exchange Act Release No. 51820 (June
                                                  Brent J. Fields,                                        (August 16, 2016), 81 FR 56724 (‘‘Notice’’).          10, 2005), 70 FR 35759 (June 21, 2005) (SR–Phlx–
                                                                                                            4 See Securities Exchange Act Release No. 79023
                                                  Committee Management Officer.                                                                                 2005–28)) (approving pilot). See also Securities
                                                                                                          (October 3, 2016), 81 FR 69877 (October 7, 2016).     Exchange Act Release No. 55993 (June 29, 2007), 72
                                                  [FR Doc. 2016–28257 Filed 11–22–16; 8:45 am]              5 15 U.S.C. 78s(b)(2)(B).
                                                                                                                                                                FR 37301 (July 9, 2007) (SR–Phlx–2007–44)
                                                  BILLING CODE 8011–01–P                                    6 See Phlx Rule 1000(f).                            (permanent approval).



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Document Created: 2016-11-23 05:30:23
Document Modified: 2016-11-23 05:30:23
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
ActionNotice of Meeting.
DatesThe public meeting will be held on Wednesday, December 7, 2016. Written statements should be received on or before Monday, December 5, 2016.
ContactJulie Z. Davis, Senior Special Counsel, at (202) 551-3460, Office of Small Business Policy, Division of Corporation Finance, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-3628.
FR Citation81 FR 84628 

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