81 FR 87106 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .14 to Rule 4770 (Compliance With Regulation NMS Plan To Implement a Tick Size Pilot)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 232 (December 2, 2016)
Federal Register Volume 81, Issue 232 (December 2, 2016)
| Page Range | 87106-87109 | |
| FR Document | 2016-28931 |
[Federal Register Volume 81, Number 232 (Friday, December 2, 2016)] [Notices] [Pages 87106-87109] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-28931] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79408; File No. SR-NASDAQ-2016-159] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .14 to Rule 4770 (Compliance With Regulation NMS Plan To Implement a Tick Size Pilot) November 28, 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 November 14, 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 Commentary .14 to Rule 4770 (Compliance with Regulation NMS Plan to Implement a Tick Size Pilot) to provide the SEC with notice of its efforts to re-program its systems to eliminate a re-pricing functionality for certain orders in Test Group Three securities in connection with the Regulation NMS Plan to Implement a Tick Size Pilot Program (``Plan'' or ``Pilot'').\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015) (``Approval Order''). --------------------------------------------------------------------------- The text of the proposed rule change is set forth below. Proposed new language is italicized; deleted text is in brackets. * * * * * The NASDAQ Stock Market Rules * * * * * 4770. Compliance With Regulation NMS Plan To Implement a Tick Size Pilot (a) through (d) No Change. Commentary: .01-.13 No change. .14 Until [November 14, 2016]December 12, 2016, the treatment of Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols in Test Group Three securities shall be as follows: Following entry, and if market conditions allow, a Price to Comply Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Comply Order is able to be ranked and displayed at its original entered limit price. Following entry, and if market conditions allow, a Price to Display Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Display Order is able to be ranked and displayed at its original entered limit price. Following entry, and if market conditions allow, a Non-Displayed Order in a Test Group Three Pilot Security will be adjusted repeatedly in [[Page 87107]] accordance with changes to the NBBO up (down) to the Order's limit price. Following entry, and if market conditions allow, the Post-Only Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO or the best price on the Nasdaq Book, as applicable until such time as the Post-Only Order is able to be ranked and displayed at its original entered limit price. * * * * * 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 On September 7, 2016, The Nasdaq Stock Market LLC (``Nasdaq'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') a proposed rule change (``Proposal'') to adopt paragraph (d) and Commentary .12 to Exchange Rule 4770 to describe changes to system functionality necessary to implement the Plan. The Exchange also proposed amendments to Rule 4770(a) and (c) to clarify how the Trade-at exception may be satisfied. The SEC published the Proposal in the Federal Register for notice and comment on September 20, 2016.\4\ Nasdaq subsequently filed three Partial Amendments to clarify aspects of the Proposal. The Commission approved the Proposal, as amended, on October 7, 2016.\5\ --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 78837 (September 14, 2016), 81 FR 64544 (September 20, 2016) (SR-NASDAQ-2016-126). \5\ See Securities Exchange Act Release No. 79075 (October 7, 2016) (SR-NASDAQ-2016-126). --------------------------------------------------------------------------- In SR-NASDAQ-2016-126, Nasdaq had initially proposed a re-pricing functionality for Price to Comply Orders, Non-Displayed Orders, and Post-Only Orders entered through the OUCH and FLITE protocols in Group Three securities.\6\ Nasdaq subsequently determined that it would not offer this re-pricing functionality for Price to Comply Orders, Non- Displayed Orders, and Post-Only Orders entered through the OUCH and FLITE protocols in Group Three securities. As part of Partial Amendment No. 2 to SR-NASDAQ-2016-126, Nasdaq proposed to delete the relevant language from Rule 4770 related to this re-pricing functionality. --------------------------------------------------------------------------- \6\ As originally proposed, Rule 4770(d)(2) stated that Price to Comply Orders in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Comply Order is able to be ranked and displayed at its original entered limit price. Rule 4770(d)(3) stated that, if market conditions allow, a Non-Displayed Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO up (down) to the Order's limit price. Rule 4770(d)(4) stated that, if market conditions allow, the Post-Only Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO or the best price on the Nasdaq Book, as applicable until such time as the Post-Only Order is able to be ranked and displayed at its original entered limit price. --------------------------------------------------------------------------- In that amendment, Nasdaq noted that this change would only impact the treatment of Price to Comply Orders, Non-Displayed Orders, and Post-Only orders that are submitted through the OUCH and FLITE protocols in Test Group Three Pilot Securities, as these types of Orders that are currently submitted to Nasdaq through the RASH, QIX or FIX protocols are already subject to this re-pricing functionality and will remain subject to this functionality under the Pilot. In the Amendment, Nasdaq further noted that its systems are currently programmed so that Price to Comply Orders, Non-Displayed Orders and Post-Only Orders entered through the OUCH and FLITE protocols in Test Group Three Securities may be adjusted repeatedly to reflect changes to the NBBO and/or the best price on the Nasdaq book. Nasdaq stated that it is re-programming its systems to remove this functionality for Price to Comply Orders, Non-Displayed Orders and Post-Only Orders entered through the OUCH and FLITE protocols in Test Group Three Securities. In the Amendment, Nasdaq stated that it anticipated that this re-programming shall be completed no later than November 30, 2016. If it appeared that this functionality would remain operational by October 17, 2016, Nasdaq indicated that it would file a proposed rule change with the SEC and will provide notice to market participants sufficiently in advance of that date to provide effective notice. The rule change and the notice to market participants would describe the current operation of the Nasdaq systems in this regard, and the timing related to the re-programming. On October 17, 2016, Nasdaq filed a proposal to extend the date by which it would complete the re-programing of its systems to eliminate the re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols.\7\ In that proposal, Nasdaq stated that it anticipated that this re-programming shall be complete on or before October 31, 2016.\8\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 79155 (October 25, 2016) (SR-NASDAQ-2016-143). Subsequent to the approval of SR-NASDAQ-2016-126, Nasdaq become aware that this re-pricing functionality also applies to Price to Display Orders that are entered through the OUCH and FLITE protocols in Test Group Three Securities, and included those Orders as part of SR-NASDAQ-2016-143 accordingly. Price to Display Orders will be treated in the same manner as Price to Comply Orders under the re- pricing functionality. \8\ Id. --------------------------------------------------------------------------- On October 31, 2016, Nasdaq submitted a proposed rule change to extend the date by which it would eliminate the re-pricing functionality to November 14, 2016.\9\ In that proposal, Nasdaq stated that it was still determining how to modify its systems to eliminate the current re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols. --------------------------------------------------------------------------- \9\ See Securities Exchange Release No. 79263 (November 8, 2016) (SR-NASDAQ-2016-151). --------------------------------------------------------------------------- At this time, Nasdaq is in the process of re-programming its systems to eliminate the re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non- Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols. Nasdaq anticipates that this re-programming shall be complete on or before December 12, 2016. Therefore, the current treatment of Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols in Test Group Three securities shall be as follows: Following entry, and if market conditions allow, a Price to Comply Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Comply Order is able to be ranked and displayed at its original entered limit price. [[Page 87108]] Following entry, and if market conditions allow, a Price to Display Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO until such time as the Price to Display Order is able to be ranked and displayed at its original entered limit price. Following entry, and if market conditions allow, a Non-Displayed Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO up (down) to the Order's limit price. Following entry, and if market conditions allow, a Post-Only Order in a Test Group Three Pilot Security will be adjusted repeatedly in accordance with changes to the NBBO or the best price on the Nasdaq Book, as applicable until such time as the Post-Only Order is able to be ranked and displayed at its original entered limit price. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\10\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\11\ in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The purpose of this filing is to inform the SEC and market participants of the status of Nasdaq's attempts to re-program its systems to remove the re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non- Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols, and the current treatment of such orders pending the removal of this functionality. This proposal is consistent with the Act because it provides the SEC and market participants with notice of Nasdaq's efforts in this regard, and is being submitted in connection with the statements made by Nasdaq in SR-NASDAQ-2016-126, SR-NASDAQ-2016-143 and SR-NASDAQ-2016-151 in proposing the removal of this functionality. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Nasdaq also believes that the proposal is consistent with the Act because the re-pricing functionality will not significantly impact the data gathered pursuant to the Pilot. Nasdaq notes that this re-pricing functionality only affects Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols for Test Group Three securities until the re-pricing functionality is eliminated, and only becomes relevant when an Order in a Test Group Three security would cross a Protected Quotation of another market center. Nasdaq has analyzed data relating to the frequency with which Orders in Test Group Three securities are entered with a limit price that would cross a Protected Quotation of another market center, and believes that the re-pricing functionality will be triggered infrequently.\12\ The Exchange also notes that it is diligently working to eliminate the current re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non-Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols, and that it anticipates this re-programming to be complete on or before December 12, 2016. --------------------------------------------------------------------------- \12\ For example, for the time period between October 17 and November 11, 2016, 0.08% of orders that were entered on Nasdaq in Test Group Three securities were entered at a price that crossed the NBBO. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The purpose of this proposal is to provide the SEC and market participants with notice of Nasdaq's efforts to remove its re-pricing functionality in Test Group Three securities for Price to Comply Orders, Price to Display Orders, Non- Displayed Orders, and Post-Only Orders that are entered through the OUCH or FLITE protocols, consistent with its statements in SR-NASDAQ- 2016-126, SR-NASDAQ-2016-143, and SR-NASDAQ-2016-151. 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 The foregoing change has become effective pursuant to Section 19(b)(3)(A)(iii) \13\ of the Act and Rule 19b-4(f)(6) \14\ thereunder, in that it effects a change that: (i) Does not significantly affect the protection of investors or the public interest; (ii) does not impose any significant burden on competition; and (iii) by its terms, does not become operative for 30 days after the date of the filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A)(iii). \14\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NASDAQ-2016-159 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2016-159. 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 [[Page 87109]] 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-2016-159 and should be submitted on or before December 23, 2016. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Robert W. Errett, Deputy Secretary. [FR Doc. 2016-28931 Filed 12-1-16; 8:45 am] BILLING CODE 8011-01-P
![87106 Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices
rejecting all SPX/SPXW orders during Commission process and review your Commission (‘‘SEC’’ or ‘‘Commission’’)
extended hours is currently not unduly comments more efficiently, please use the proposed rule change as described
burdensome it is not unduly only one method. The Commission will in Items I and II below, which Items
burdensome to allow a subset of SPX/ post all comments on the Commission’s have been prepared by the Exchange.
SPXW orders to continue to be treated Internet Web site (http://www.sec.gov/ The Commission is publishing this
in such a manner. Additionally, rules/sro.shtml). Copies of the notice to solicit comments on the
allowing such orders to be executed submission, all subsequent proposed rule change from interested
electronically will not impose any amendments, all written statements persons.
burden on intermarket competition as with respect to the proposed rule
change that are filed with the I. Self-Regulatory Organization’s
options on the S&P 500 are exclusively
Commission, and all written Statement of the Terms of Substance of
listed on the Exchange. To the extent
communications relating to the the Proposed Rule Change
the proposed changes make CBOE a
more attractive marketplace for market proposed rule change between the The Exchange proposes to amend
participants at other exchanges, such Commission and any person, other than Commentary .14 to Rule 4770
market participants are welcome to those that may be withheld from the (Compliance with Regulation NMS Plan
become CBOE market participants. public in accordance with the to Implement a Tick Size Pilot) to
provisions of 5 U.S.C. 552, will be provide the SEC with notice of its efforts
C. Self-Regulatory Organization’s available for Web site viewing and to re-program its systems to eliminate a
Statement on Comments on the printing in the Commission’s Public re-pricing functionality for certain
Proposed Rule Change Received From Reference Room, 100 F Street NE., orders in Test Group Three securities in
Members, Participants, or Others Washington, DC 20549 on official connection with the Regulation NMS
The Exchange neither solicited nor business days between the hours of Plan to Implement a Tick Size Pilot
received comments on the proposed 10:00 a.m. and 3:00 p.m. Copies of the Program (‘‘Plan’’ or ‘‘Pilot’’).3
rule change. filing also will be available for The text of the proposed rule change
inspection and copying at the principal is set forth below. Proposed new
III. Date of Effectiveness of the office of the Exchange. All comments language is italicized; deleted text is in
Proposed Rule Change and Timing for received will be posted without change; brackets.
Commission Action the Commission does not edit personal * * * * *
Within 45 days of the date of identifying information from
publication of this notice in the Federal submissions. You should submit only The NASDAQ Stock Market Rules
Register or within such longer period information that you wish to make * * * * *
up to 90 days (i) as the Commission may available publicly. All submissions
designate if it finds such longer period should refer to File Number SR–CBOE– 4770. Compliance With Regulation
to be appropriate and publishes its 2016–080 and should be submitted on NMS Plan To Implement a Tick Size
reasons for so finding or (ii) as to which or before December 23, 2016. Pilot
the Exchange consents, the Commission For the Commission, by the Division of (a) through (d) No Change.
will: Trading and Markets, pursuant to delegated Commentary: .01–.13 No change.
A. By order approve or disapprove authority.42 .14 Until [November 14,
such proposed rule change, or Robert W. Errett, 2016]December 12, 2016, the treatment
B. institute proceedings to determine Deputy Secretary. of Price to Comply Orders, Price to
whether the proposed rule change [FR Doc. 2016–28929 Filed 12–1–16; 8:45 am] Display Orders, Non-Displayed Orders,
should be disapproved. and Post-Only Orders that are entered
BILLING CODE 8011–01–P
IV. Solicitation of Comments through the OUCH or FLITE protocols
in Test Group Three securities shall be
Interested persons are invited to as follows:
SECURITIES AND EXCHANGE
submit written data, views, and COMMISSION Following entry, and if market
arguments concerning the foregoing, conditions allow, a Price to Comply
including whether the proposed rule [Release No. 34–79408; File No. SR–
Order in a Test Group Three Pilot
change is consistent with the Act. NASDAQ–2016–159]
Security will be adjusted repeatedly in
Comments may be submitted by any of accordance with changes to the NBBO
Self-Regulatory Organizations; The
the following methods: until such time as the Price to Comply
NASDAQ Stock Market LLC; Notice of
Electronic Comments Filing and Immediate Effectiveness of Order is able to be ranked and displayed
Proposed Rule Change To Amend at its original entered limit price.
• Use the Commission’s Internet Following entry, and if market
comment form (http://www.sec.gov/ Commentary .14 to Rule 4770
(Compliance With Regulation NMS conditions allow, a Price to Display
rules/sro.shtml); or Order in a Test Group Three Pilot
• Send an email to rule-comments@ Plan To Implement a Tick Size Pilot)
Security will be adjusted repeatedly in
sec.gov. Please include File Number SR– November 28, 2016. accordance with changes to the NBBO
CBOE–2016–080 on the subject line. Pursuant to Section 19(b)(1) of the until such time as the Price to Display
Paper Comments Securities Exchange Act of 1934 Order is able to be ranked and displayed
asabaliauskas on DSK3SPTVN1PROD with NOTICES
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 at its original entered limit price.
• Send paper comments in triplicate notice is hereby given that on November
to Secretary, Securities and Exchange Following entry, and if market
14, 2016, The NASDAQ Stock Market conditions allow, a Non-Displayed
Commission, 100 F Street NE., LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed
Washington, DC 20549–1090. Order in a Test Group Three Pilot
with the Securities and Exchange Security will be adjusted repeatedly in
All submissions should refer to File
Number SR–CBOE–2016–080. This file 42 17 CFR 200.30–3(a)(12). 3 See Securities Exchange Act Release No. 74892
number should be included on the 1 15 U.S.C. 78s(b)(1). (May 6, 2015), 80 FR 27513 (May 13, 2015)
subject line if email is used. To help the 2 17 CFR 240.19b–4. (‘‘Approval Order’’).
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![Federal Register / Vol. 81, No. 232 / Friday, December 2, 2016 / Notices 87109
business days between the hours of ADDRESSES: The Commission: Secretary, For the Commission, by the Division of
10:00 a.m. and 3:00 p.m. Copies of the U.S. Securities and Exchange Investment Management, pursuant to
filing also will be available for Commission, 100 F Street NE., delegated authority.
inspection and copying at the principal Washington, DC 20549–1090. Robert W. Errett,
office of the Exchange. All comments Deputy Secretary.
FOR FURTHER INFORMATION CONTACT:
received will be posted without change; [FR Doc. 2016–28935 Filed 12–1–16; 8:45 am]
Jessica Shin, Attorney-Adviser, at (202)
the Commission does not edit personal BILLING CODE 8011–01–P
551–5921 or Chief Counsel’s Office at
identifying information from
(202) 551–6821; SEC, Division of
submissions. You should submit only
Investment Management, Chief SECURITIES AND EXCHANGE
information that you wish to make
Counsel’s Office, 100 F Street NE., COMMISSION
available publicly. All submissions
Washington, DC 20549–8010.
should refer to File Number SR– [Release No. 34–79403; File No. SR–
NASDAQ–2016–159 and should be Dreyfus/Laurel Tax-Free Municipal BatsEDGX–2016–65]
submitted on or before December 23, Funds [File No. 811–03700]
2016. Self-Regulatory Organizations; Bats
Summary: Applicant seeks an order EDGX Exchange, Inc.; Notice of Filing
For the Commission, by the Division of
declaring that it has ceased to be an and Immediate Effectiveness of a
Trading and Markets, pursuant to delegated
authority.15 investment company. On October 28, Proposed Rule Change To Make a
2015, applicant made a liquidating Ministerial Change to Exchange Rules
Robert W. Errett,
distribution to its shareholders, based 11.8, 11.14, and 11.22
Deputy Secretary.
on net asset value. Expenses of
[FR Doc. 2016–28931 Filed 12–1–16; 8:45 am] $1,700.10 incurred in connection with November 28, 2016.
BILLING CODE 8011–01–P the liquidation were paid by the Pursuant to Section 19(b)(1) of the
applicant’s investment adviser. A notice Securities Exchange Act of 1934 (the
of applicant’s application was included ‘‘Act’’),1 and Rule 19b–4 thereunder,2
SECURITIES AND EXCHANGE in the notice of applications for notice is hereby given that on November
COMMISSION deregistration for September 2016 17, 2016, Bats EDGX Exchange, Inc. (the
[Release No. IC–32373] (Investment Company Act Release No. ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
32299). However, applicants Securities and Exchange Commission
Notice of Applications for subsequently amended their application (‘‘Commission’’) the proposed rule
Deregistration Under Section 8(f) of the on October 25, 2016 to correct an error change as described in Items I and II
Investment Company Act of 1940 in connection with the liquidation. below, which Items have been prepared
by the Exchange. The Exchange has
November 28, 2016. Filing Dates: The application was designated this proposal as a ‘‘non-
The following is a notice of filed on August 8, 2016, and amended controversial’’ proposed rule change
applications for deregistration under on August 31, 2016, October 13, 2016, pursuant to Section 19(b)(3)(A) of the
section 8(f) of the Investment Company and October 25, 2016. Act 3 and Rule 19b–4(f)(6)(iii)
Act of 1940 for the month of November Applicant’s Address: c/o The Dreyfus thereunder,4 which renders it effective
2016. A copy of each application may be Corporation, 200 Park Avenue, New upon filing with the Commission. The
obtained via the Commission’s Web site York, New York 10166. Commission is publishing this notice to
by searching for the file number, or for solicit comments on the proposed rule
an applicant using the Company name Templeton Russia and East European change from interested persons.
box, at http://www.sec.gov/search/ Fund, Inc. [File No. 811–08788]
I. Self-Regulatory Organization’s
search.htm or by calling (202) 551– Summary: Applicant, a closed-end Statement of the Terms of Substance of
8090. An order granting each investment company, seeks an order the Proposed Rule Change
application will be issued unless the declaring that it has ceased to be an
SEC orders a hearing. Interested persons The Exchange filed a proposal to
investment company. On December 16,
may request a hearing on any make a ministerial change to Exchange
2015 and December 18, 2016, applicant Rules 11.8(d)(5), 11.14(g)(4), and
application by writing to the SEC’s made liquidating distributions to its
Secretary at the address below and 11.22(a)(7)(A)(i)(2) in order to remove
shareholders, based on net asset value. erroneous and irrelevant rule text as
serving the relevant applicant with a As of October 26, 2016, there remained
copy of the request, personally or by well as correct a typographical error.
17,126.077 shares that have not been The text of the proposed rule change
mail. Hearing requests should be surrendered for exchange. The
received by the SEC by 5:30 p.m. on is available at the Exchange’s Web site
applicant’s transfer agent will hold the at www.batstrading.com, at the
December 23, 2016, and should be shares’ distribution pending surrender
accompanied by proof of service on principal office of the Exchange, and at
of the shares for exchange. If the holders the Commission’s Public Reference
applicants, in the form of an affidavit or, do not surrender their shares for the
for lawyers, a certificate of service. Room.
payment and there is no contact from
Pursuant to Rule 0–5 under the Act, the holder, then the property will be II. Self-Regulatory Organization’s
hearing requests should state the nature deemed to be abandoned. Expenses of Statement of the Purpose of, and
of the writer’s interest, any facts bearing
asabaliauskas on DSK3SPTVN1PROD with NOTICES
approximately $122,038 incurred in Statutory Basis for, the Proposed Rule
upon the desirability of a hearing on the connection with the liquidation were Change
matter, the reason for the request, and paid by the applicant. In its filing with the Commission, the
the issues contested. Persons who wish Exchange included statements
to be notified of a hearing may request Filing Dates: The application was
notification by writing to the filed on October 4, 2016, and amended
1 15 U.S.C. 78s(b)(1).
Commission’s Secretary. on November 4, 2016. 2 17 CFR 240.19b–4.
Applicant’s Address: 300 SE 2nd 3 15 U.S.C. 78s(b)(3)(A).
15 17 CFR 200.30–3(a)(12). Street, Fort Lauderdale, Florida 33301. 4 17 CFR 240.19b–4(f)(6)(iii).
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Document Created: 2018-02-14 09:01:52
Document Modified: 2018-02-14 09:01:52
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 87106 |
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