81 FR 8814 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Policy for Amending Billing Information and a Research Fee
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 34 (February 22, 2016)
Federal Register Volume 81, Issue 34 (February 22, 2016)
| Page Range | 8814-8818 | |
| FR Document | 2016-03526 |
[Federal Register Volume 81, Number 34 (Monday, February 22, 2016)] [Notices] [Pages 8814-8818] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03526] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77143; File No. SR-Phlx-2016-09] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Policy for Amending Billing Information and a Research Fee February 16, 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 3, 2016, NASDAQ PHLX LLC (``Phlx'' or the ``Exchange'') 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 adopt a new policy entitled, ``Policy for Amending Billing Information.'' The Exchange also proposes to adopt a Research Fee. The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. [[Page 8815]] A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to adopt a ``Policy for Amending Billing Information'' and a Research Fee. The Exchange also proposes some minor amendments to clarify the Pricing Schedule. Each of these changes will be discussed in more detail below. Adopting a policy regarding amending billing information will clarify how the Exchange will treat such corrections. The Research Fee is intended to relieve the Exchange of administrative burdens associated with handling errors on the part of members and member organizations (hereinafter ``member(s)'') for proper billing with respect to strategy transactions. Policy for Amending Billing Information The Exchange proposes to adopt a Policy for Amending Billing Information which would apply to corrections submitted to the Exchange after trade date and prior to the issuance of an invoice. These corrections are errors on the part of members with respect to executed orders that impact billing. These errors are not Exchange errors as no billing has occurred at this time for the transactions at issue.\3\ The Exchange notes that members may correct certain trade information on trade date, but not after the trade date without Exchange intervention. For example, today a member is required to mark transactions related to strategy trades \4\ by identifying the specific strategy. Members may need to correct a marking related to a strategy trade by amending the type of identified transactions or adding a missed marking throughout the trading day. Once the trade date passes, Exchange staff would need to be notified of such errors for billing purposes.\5\ Also, once an invoice is issued, the Exchange's Billing Dispute Policy \6\ is effective. --------------------------------------------------------------------------- \3\ The Exchange bills one month in arrears. \4\ The Exchange permits dividend, merger, short stock interest, reversal or conversion, jelly roll or box spread strategies on the Exchange. \5\ Members may correct certain information at The Options Clearing Corporation (``OCC''). The Exchange is able to capture corrected information such as capacity changes for billing purposes through OCC records. The type of information that would need to be corrected at the Exchange by submitting a trade correction for billing purposes includes marking trades for strategy transactions, contra party information, account information or CMTA changes. \6\ The Exchange's billing dispute policy provides that all disputes must be submitted to the Exchange in writing and must be accompanied by supporting documentation. All disputes must be submitted no later than sixty (60) days after receipt of a billing invoice, except for disputes concerning NASDAQ OMX PSX fees, proprietary data feed fees and co-location service fees. After sixty calendar days, all fees assessed by the Exchange are final. --------------------------------------------------------------------------- The Exchange proposes to require members to submit corrections impacting billing to the Exchange, in writing, and accompanied by supporting documentation. The Exchange believes that requiring members to support their corrections to the billing information is important to validate trades for billing purposes. Further, the Exchange proposes to require that only members may submit information related to billing corrections. This policy will eliminate the need for the Exchange to deal with Customers directly. Members are responsible for all trades submitted to the Exchange and should be responsible for handling related billing information corrections such as marking strategy transactions. The Exchange also proposes to clarify at this time that only members may submit billing disputes. The Exchange proposes to add this language to the rule text for clarity and to hold members responsible for also handling billing disputes. The Exchange's adoption of this Policy for Amending Billing Information will also amend a prior policy related to strategy transactions. Today, the Exchange requires members to designate on the trade ticket whether the trade involves a dividend,\7\ merger,\8\ short stock interest,\9\ reversal or conversion,\10\ jelly roll \11\ or box spread \12\ strategy by inserting a code on the trade ticket \13\ or requesting Exchange staff on the trading floor to input the code into the trading system.\14\ This marking must occur on the day the order was entered to receive the benefit of any trading cap \15\ for which they may qualify.\16\ This proposed policy will enable members to make corrections after the trade date and still qualify for the strategy fee cap. The Exchange's proposed Policy for Amending Billing Information does not impact the Exchange's Regulatory group's actions with respect to the proper marking of trades. Members must comply with Exchange rules in properly marking their trades and may be subject to disciplinary action in the event they fail to comply with Exchange Rules. --------------------------------------------------------------------------- \7\ A dividend strategy is defined as transactions done to achieve a dividend arbitrage involving the purchase, sale and exercise of in-the-money options of the same class, executed the first business day prior to the date on which the underlying stock goes ex-dividend. \8\ A merger strategy is defined as transactions done to achieve a merger arbitrage involving the purchase, sale and exercise of options of the same class and expiration date, executed the first business day prior to the date on which shareholders of record are required to elect their respective form of consideration, i.e., cash or stock. \9\ A short stock interest strategy is defined as transactions done to achieve a short stock interest arbitrage involving the purchase, sale and exercise of in-the-money options of the same class. \10\ Reversal and conversion strategies are transactions that employ calls and puts of the same strike price and the underlying stock. Reversals are established by combining a short stock position with a short put and a long call position that shares the same strike and expiration. Conversions employ long positions in the underlying stock that accompany long puts and short calls sharing the same strike and expiration. \11\ A jelly roll strategy is defined as transactions created by entering into two separate positions simultaneously. One position involves buying a put and selling a call with the same strike price and expiration. The second position involves selling a put and buying a call, with the same strike price, but with a different expiration from the first position. \12\ A box spread strategy is a strategy that synthesizes long and short stock positions to create a profit. Specifically, a long call and short put at one strike is combined with a short call and long put at a different strike to create synthetic long and synthetic short stock positions, respectively. \13\ The Exchange has designated ``Z1'' for dividend strategies, ``Z2'' for short stock interest and merger strategies, ``Z3'' for box spread strategies and ``Z4'' for reversal and conversion and jelly roll strategies. \14\ The Exchange's trading system on the trading floor is the Floor Broker Management System or FBMS. \15\ The Exchange offers members certain strategy caps at Section II of the Pricing Schedule. The buy and sell side of a transaction must originate from the Exchange floor to qualify for these caps. Also, reversal and conversion, jelly roll and box spread strategy executions are not included in the Monthly Strategy Cap for a Firm. Reversal and conversion, jelly roll and box spread strategy executions are included in the Monthly Firm Fee Cap. All dividend, merger, short stock interest, reversal and conversion, jelly roll and box spread strategy executions will be excluded from the Monthly Market Maker Cap. Firms are subject to a maximum fee of $75,000 (``Monthly Firm Fee Cap''). \16\ See Securities Exchange Act Release No. 70850 (November 12, 2013), 78 FR 69164 (November 18, 2013) (SR-Phlx-2013-109) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding Box Spread Strategies). --------------------------------------------------------------------------- The Exchange believes that the Policy for Amending Billing Information will promote consistency in the treatment of all corrections submitted to the Exchange. Research Fee The Exchange proposes to adopt a Research Fee of $1,000 applicable to members submitting corrections applicable to strategy transactions. The Exchange would assess this fee for each transaction correction presented to the Exchange. Assessing a fee to members to correct errors related to the marking of strategy trades caused by the member will relieve the administrative burden on the Exchange associated with reviewing and validating these trade corrections. Correcting mismarked strategy transactions requires Exchange personnel to review errors and make adjustments to its billing processes to ensure the corrected trade is properly [[Page 8816]] processed for billing. The Exchange believes that assessing a fee will promote increased accuracy in executing strategy transactions and proper marking of those trades among members who may wish to avoid the correction fee. The integrity of the audit trail is important to the Exchange and the fee will continue to reinforce the need to ensure that strategy trades are properly marked. The Research Fee will also compensate the Exchange for administrative resources utilized to research fees and promote accuracy for strategy transaction corrections. Other Amendments The Exchange proposes to remove a historical date from the Billing Dispute policy as the origination date of the policy is no longer relevant. The Exchange also proposes to amend the Table of Contents to properly reflect sections which have been revised in the Pricing Schedule. Finally, the Exchange proposes to add the letter ``D'' before the Remote Specialist Fee to identify that section in the Table of Contents. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \17\ in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act \18\ in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system which the Exchange operates or controls, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange further addresses its adoption of a Policy for Amending Billing Information and Research Fee below. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b). \18\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- Policy for Amending Billing Information The Exchange's proposal to adopt a Policy for Amending Billing Information is reasonable because the corrections are related to member errors that are not yet ripe for treatment pursuant to the Billing Dispute Policy. This proposal will enable the Exchange to apply the proper pricing to each transaction in the event of an error. The Exchange believes that the Policy for Amending Billing Information will promote consistency in the treatment of all corrections submitted to the Exchange. Requiring members to support their corrections with documentation is reasonable to maintain the integrity of executed transactions on the Exchange by verifying that each trade should be corrected for billing purposes. The Exchange's amendment to corrections related to strategy transactions is reasonable because the Exchange will price all qualifying strategy transactions uniformly according to the Pricing Schedule, regardless of whether an error occurred when the trade was initially submitted, provided the member submits a trade correction. The Exchange will validate all trade corrections and apply the appropriate fees, rebates and caps to the transaction. All members will be able to qualify for the strategy cap even in the event of an error. Members remain responsible to comply with Exchange rules and properly mark their trades or be subject to disciplinary action in the event they fail to comply with Exchange Rules. Also, the proposed Research Fee should continue to promote the consistent marking of strategy trades. The Exchange's proposal to adopt a Policy for Amending Billing Information is equitable and not unfairly discriminatory because it will uniformly apply to all members. All members will be required to support their corrections with documentation. The Exchange's amendment to corrections related to strategy transactions is equitable and not unfairly discriminatory because the Exchange's Policy for Amending Billing Information will uniformly apply to all members submitting corrections for strategy transactions. All strategy transactions will be uniformly assessed the pricing in the Pricing Schedule for all qualifying strategy transactions, regardless of whether an error occurred when the trade was initially submitted, provided the member submits a correction. All members will be able to qualify for the strategy cap even in the event of an error. The Exchange's proposal to require members to submit corrections and billing disputes is reasonable because members should be responsible for all trades submitted to the Exchange and handling related corrections. The Exchange provides members with both daily and monthly fee reports in an effort to keep members apprised of executions and associated pricing. This practice also is intended to encourage members to review transactions so errors can be promptly identified. Errors identified prior to the invoice may be corrected pursuant to the Policy for Amending Billing Information. The Exchange's proposal to require members to submit corrections and billing disputes is equitable and not unfairly discriminatory because the Exchange has privity with its members and those members will uniformly be held responsible for all trades submitted to the Exchange and the handling of related corrections and billing disputes. Research Fee The Exchange's proposal to adopt a Research Fee of $1,000 applicable to member submitting corrections related to strategy transactions is reasonable because the Exchange expends resources to review a correction submitted by members and believes this fee will compensate the Exchange. For example, Exchange staff validates the corrections to ensure the accuracy of the correction as it relates to a specific strategy and reviews its internal billing to correct its records to properly bill the corrected transaction. The Exchange believes that assessing a Research Fee will also promote proper marking of strategy transactions. The Exchange believes that it is reasonable to only assess a Research Fee related to strategy transactions because these types of marking errors require Exchange staff intervention. Other types of marking errors may be handled at OCC. The Exchange believes assessing a Research Fee in the amount of $1,000 is reasonable because the Exchange believes that the fee level is appropriate given the amount of Exchange resources expended to correct the error. Further the fee is not egregious and similar fee levels are assessed by the Exchange for failures to mark certain transactions.\19\ --------------------------------------------------------------------------- \19\ See Options Floor Procedure Advices and Order & Decorum Regulations in Section F. These fines range from $250 to $2,500. See F-1, F-2 and F-4. --------------------------------------------------------------------------- The Exchange's proposal to adopt a Research Fee of $1,000 applicable to members submitting corrections related to strategy transactions is equitable and not unfairly discriminatory because the Exchange will uniformly assess this fee to all members submitting corrections related to strategy transactions. The Exchange believes that it is equitable and not unfairly discriminatory to only assess a Research Fee related to strategy transactions because the Exchange must intervene to correct the billing of these types of transactions when the member fails to mark a strategy transaction. Other types of information may be corrected at OCC and Exchange intervention is not required. The Exchange proposes this fee to recoup administrative costs associated with validating all trade corrections and applying the appropriate fees, rebates and caps to the transaction. The Exchange does not have the same administrative burdens with other types of corrections required by members with respect to executed transactions. The [[Page 8817]] Exchange believes assessing a Research Fee in the amount of $1,000 is equitable and not unfairly discriminatory because the Exchange would uniformly assess this fee to all members with strategy transaction corrections and this fee would serve to recoup the Exchange for the administrative time related to these corrections. Other Amendments The Exchange's proposal to remove a historical date from the Billing Dispute policy, amend the Table of Contents to properly reflect sections, which have been revised, and add the letter ``D'' before the Remote Specialist Fee is reasonable, equitable and not unfairly discriminatory because the Exchange believes that removing unnecessary language, reflecting current sections and identifying sections in the Pricing Schedule brings clarity to Exchange's pricing and benefits market participants. 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 Exchange believes that the adoption of a Policy for Amending Billing Information does not impose an undue burden on inter-market competition because the Exchange believes that other Exchanges have policies related to trade corrections. The Exchange believes that the adoption of a Research Fee does not impose an undue burden on inter-market competition because the purpose of the fee is to recover costs expended by the Exchange to review corrections related to strategy transactions. Policy for Amending Billing Information The Exchange's proposal to adopt a Policy for Amending Billing Information, which would apply to billing corrections submitted to the Exchange after trade date and prior to the issuance of an invoice, does not impose an undue burden on intra-market competition because the policy will uniformly apply to all members. All members will be required to support their trade corrections by providing documentation. Only members will be permitted to submit corrections and billing disputes. The Exchange's amendment to the Policy for Amending Billing Information related to strategy transactions does not impose an undue burden on intra-market competition because all members will be able to submit errors related to strategy transactions for correction. All members will be able to qualify for the strategy cap even in the event of an error. These members will be assessed a Research Fee. The Exchange's proposal to require members to submit corrections and billing disputes does not impose an undue burden on intra-market competition because members have privity with the Exchange and those members will uniformly be held responsible for all trades submitted to the Exchange and the handling of related corrections and billing disputes. Research Fee The Exchange's proposal to adopt a Research Fee of $1,000 applicable to members submitting corrections related to strategy transactions does not impose an undue burden on intra-market competition because the purpose of the fee is to recoup costs associated with expending Exchange resources to review corrections submitted by members who inadvertently mismark or neglect to mark a strategy transaction. The Exchange will uniformly assess this fee to all members submitting strategy transaction corrections. The Exchange's proposal to only assess a Research Fee related to strategy transactions does not impose an undue burden on intra-market competition because the Exchange must intervene to correct the billing of these types of transactions when the member fails to mark a strategy transaction. Other types of information may be corrected at OCC and Exchange intervention is not required. The Exchange's proposal to assess a Research Fee in the amount of $1,000 does not impose an undue burden on intra-market competition because the Exchange would uniformly assess this fee to all members with strategy transaction corrections and this fee would serve to recoup the Exchange for the administrative time related to these corrections. Other Amendments The Exchange's proposal to remove a historical date from the Billing Dispute policy, amend the Table of Contents to properly reflect sections, which have been revised, and add the letter ``D'' before the Remote Specialist Fee does not impose an undue burden on intra-market competition because the proposed changes are non-substantive. 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 rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.\20\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A)(ii). --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2016-09 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-Phlx-2016-09. 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., [[Page 8818]] Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal offices of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-Phlx-2016-09, and should be submitted on or before March 14, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ Brent J. Fields, Secretary. --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-03526 Filed 2-19-16; 8:45 am] BILLING CODE 8011-01-P
![8814 Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Notices
SECURITIES AND EXCHANGE application procedure annually, with a SECURITIES AND EXCHANGE
COMMISSION total burden of approximately 2,250 COMMISSION
hours, based upon past submissions.
Proposed Collection; Comment This figure is based on eighteen [Release No. 34–77143; File No. SR–Phlx–
Request respondents, spending approximately 2016–09]
Upon Written Request, Copies Available 125 hours each per year. It is estimated
From: Securities and Exchange that each respondent will submit Self-Regulatory Organizations;
Commission, Office of FOIA Services, approximately 250 responses. The staff NASDAQ PHLX LLC; Notice of Filing
100 F Street NE., Washington, DC estimates that the average number of and Immediate Effectiveness of
20549–2736. hours necessary to comply with the Proposed Rule Change Relating to a
Extension: Rule 19d–1, SEC File No. 270– requirements of Rule 19d–1 for each Policy for Amending Billing
242, OMB Control No. 3235–0206. submission is 0.5 hours. The average Information and a Research Fee
Notice is hereby given that pursuant cost per hour, per each submission is
February 16, 2016.
to the Paperwork Reduction Act of 1995 approximately $101. Therefore, it is
(44 U.S.C. 3501 et seq.) (‘‘PRA’’), the estimated that the internal labor cost of Pursuant to Section 19(b)(1) of the
Securities and Exchange Commission compliance for all respondents is Securities Exchange Act of 1934
(‘‘Commission’’) is soliciting comments approximately $227,250 (18 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
on the existing collection of information respondents × 250 responses per notice is hereby given that on February
provided for in Rule 19d–1 (17 CFR respondent × 0.5 hours per response × 3, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or
240.19d–1) under the Securities $101 per hour). the ‘‘Exchange’’) filed with the
Exchange Act of 1934 (17 U.S.C. 78a et Written comments are invited on: (a) Securities and Exchange Commission
seq.) (‘‘Exchange Act’’). The Whether the proposed collection of (‘‘Commission’’) the proposed rule
Commission plans to submit this information is necessary for the proper change as described in Items I, II, and
existing collection of information to the III below, which Items have been
performance of the functions of the
Office of Management and Budget) prepared by the Exchange. The
(‘‘OMB’’) for extension and approval. Commission, including whether the
information shall have practical utility; Commission is publishing this notice to
Rule 19d–1 prescribes the form and solicit comments on the proposed rule
content of notices to be filed with the (b) the accuracy of the Commission’s
estimates of the burden of the proposed change from interested persons.
Commission by self-regulatory
organizations (‘‘SROs’’) for which the collection of information; (c) ways to I. Self-Regulatory Organization’s
Commission is the appropriate enhance the quality, utility, and clarity Statement of the Terms of Substance of
regulatory agency concerning the of the information collected; and (d) the Proposed Rule Change
following final SRO actions: (1) ways to minimize the burden of the
Disciplinary actions with respect to any collection of information on The Exchange proposes to adopt a
person; (2) denial, bar, prohibition, or respondents, including through the use new policy entitled, ‘‘Policy for
limitation of membership, participation of automated collection techniques or Amending Billing Information.’’ The
or association with a member or of other forms of information technology. Exchange also proposes to adopt a
access to services offered by an SRO or Consideration will be given to Research Fee.
member thereof; (3) summarily comments and suggestions submitted in The text of the proposed rule change
suspending a member, participant, or writing within 60 days of this is available on the Exchange’s Web site
person associated with a member, or publication. at http://nasdaqomxphlx.
summarily limiting or prohibiting any
persons with respect to access to or An agency may not conduct or cchwallstreet.com/, at the principal
services offered by the SRO or a member sponsor, and a person is not required to office of the Exchange, and at the
thereof; and (4) delisting a security. respond to, a collection of information Commission’s Public Reference Room.
The Rule enables the Commission to under the PRA unless it displays a II. Self-Regulatory Organization’s
obtain reports from the SROs containing currently valid OMB control number. Statement of the Purpose of, and
information regarding SRO Please direct your written comments Statutory Basis for, the Proposed Rule
determinations to delist a security, to: Pamela C. Dyson, Director/Chief Change
discipline members or associated Information Officer, Securities and
persons of members, deny membership In its filing with the Commission, the
Exchange Commission, c/o Remi Pavlik-
or participation or association with a Exchange included statements
Simon, 100 F Street NE., Washington,
member, and similar adjudicated concerning the purpose of and basis for
findings. The Rule requires that such DC 20549 or send an email to: PRA_
Mailbox@sec.gov. the proposed rule change and discussed
actions be promptly reported to the any comments it received on the
Commission. The Rule also requires that Dated: February 16, 2016.
proposed rule change. The text of these
the reports and notices supply sufficient Brent J. Fields, statements may be examined at the
information regarding the background, Secretary.
factual basis and issues involved in the places specified in Item IV below. The
[FR Doc. 2016–03517 Filed 2–19–16; 8:45 am] Exchange has prepared summaries, set
proceeding to enable the Commission:
BILLING CODE 8011–01–P forth in sections A, B, and C below, of
mstockstill on DSK4VPTVN1PROD with NOTICES
(1) To determine whether the matter
should be called up for review on the the most significant aspects of such
Commission’s own motion; and (2) to statements.
ascertain generally whether the SRO has
adequately carried out its
responsibilities under the Exchange Act.
It is estimated that approximately 1 15 U.S.C. 78s(b)(1).
eighteen respondents will utilize this 2 17 CFR 240.19b–4.
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![8818 Federal Register / Vol. 81, No. 34 / Monday, February 22, 2016 / Notices
Washington, DC 20549 on official services; capital to enable tribal recommended and recommended
business days between the hours of investment in new or replacement proposals, however, planning projects
10:00 a.m. and 3:00 p.m. Copies of such equipment; and funding for tribal transit were capped at $25,000. Recommended
filing also will be available for planning activities for public projects received the scalable amount
inspection and copying at the principal transportation services on and around provided by the applicant. Operating
offices of the Exchange. All comments Indian reservations. TTP services link assistance for existing services was
received will be posted without change; tribal citizens to employment, food, funded at one year. Tribes selected for
the Commission does not edit personal healthcare, school, social services, competitive discretionary funding
identifying information from recreation/leisure, and other key should work with their FTA regional
submissions. You should submit only community connections. FTA funds office to finalize the grant application in
information that you wish to make may only be used for eligible purposes FTA’s Transit Award Management
available publicly. All submissions defined under 49 U.S.C 5311 and System (TrAMs) for the projects
should refer to File Number SR–Phlx– described in the FTA Circular 9040.1G identified in the attached table to
2016–09, and should be submitted on or and consistent with the specific quickly obligate funds. In cases where
before March 14, 2016. eligibility and priorities established in the allocation amount is less than the
For the Commission, by the Division of the December 2014 NOFA. proposer’s requested amount, tribes
Trading and Markets, pursuant to delegated FOR FURTHER INFORMATION CONTACT: should work with the regional office to
authority.21 Successful applicants should contact ensure the funds are obligated for
Brent J. Fields, the appropriate FTA Regional office for eligible aspects of the projects, and for
Secretary. information regarding applying for the the specific purpose intended as
[FR Doc. 2016–03526 Filed 2–19–16; 8:45 am] funds or program-specific information. reflected in Table 1. A discretionary
BILLING CODE 8011–01–P A list of Regional offices, along with a project identification number has been
list of tribal liaisons can be found at assigned to each project for tracking
www.fta.dot.gov. Unsuccessful purposes, and must be used in the
DEPARTMENT OF TRANSPORTATION applicants may contact Élan Flippin, TrAMs application. For more
Office of Program Management at (202) information about TrAMs, please visit
Federal Transit Administration 366–3800, email: Elan.Flippin@dot.gov http://www.fta.dot.gov/16260_
to arrange a proposal debriefing within 15769.html. The post award reporting
Fiscal Year 2014–2015 Public 30 days of this announcement. In the requirements include submission of the
Transportation on Indian Reservations event the contact information provided Federal Financial Report (FFR) and
Program Project Selections by your tribe in the application has Milestone Progress Report in TrAMs,
changed, please contact your regional and National Transit Database (NTD)
AGENCY: Federal Transit Administration
tribal liaison with the current reporting as appropriate (see FTA
(FTA), U.S. Department of
information in order to expedite the Circular 9040.1G).
Transportation (DOT).
grant award process. A TDD is available Tribes must continue to report to the
ACTION: Tribal Transit Program
at 1–800–877–8339 (TDD/FIRS). NTD to be eligible for formula
Announcement of Project Selections.
SUPPLEMENTARY INFORMATION: apportionment funds. To be considered
SUMMARY: The Federal Transit Approximately $10 million is available in the FY 2016 formula apportionments,
Administration (FTA) announces the for FY 2014 and FY 2015 under the tribes should have submitted their
selection of projects with Fiscal Year TTP. A total of 79 applications were reports to the NTD no later than August
(FY) 2014 and FY 2015 appropriations received from 64 tribes in 20 states 31, 2015; voluntary reporting to the
for the Public Transportation on Indian requesting $19.5 million, indicating NTD is also encouraged. Additionally,
Reservations Program Tribal Transit significant demand for funds for public to be considered for the FY 2017
Program (TTP), as authorized by Section transportation projects. Project formula apportionment funds, tribes
5311 (j) of the Moving Ahead for proposals were evaluated based on each need to submit their reports to the NTD
Progress in the 21st Century Act (MAP– applicant’s responsiveness to the no later than June 30, 2016. For tribes
21), Public Law 112–14 (July 2012). On program evaluation criteria outlined in who have not reported before, please
December 9, 2014 FTA published a FTA’s December 2014 NOFA. The FTA contact the NTD Operations Center in
Federal Register Notice (79 FR 236) also took into consideration the current advance to get a reporting account for
announcing the availability of Federal status of previously funded applicants. the NTD on-line data collection system.
funding for the program. MAP–21 This included evaluating available prior The Operation Center can be reached
authorized approximately $5 million year discretionary and formula balances; Monday–Friday, 8:00 a.m.–7:00 p.m.
annually for federally recognized Indian geographic balance and diversity, (ET), by email NTDHelp@dot.gov or by
Tribes or Alaska Native villages, groups, including regional balance based on phone 1–888–252–0936. Tribes must
or communities as identified by the tribal population; and support of the comply with all applicable Federal
Bureau of Indian Affairs (BIA) in the Ladders of Opportunity initiative. As a statutes, regulations, executive orders,
U.S. Department of the Interior for result, FTA is funding a total of 65 FTA circulars, and other Federal
public transportation. FTA is allocating projects for 55 tribes in 18 states. The requirements in carrying out the project
a total of approximately $10 million to projects selected in Table 1 provide supported by the FTA grant. To assist
selected projects in this notice since we funding for transit planning studies, tribes with understanding these
mstockstill on DSK4VPTVN1PROD with NOTICES
are including FY 2015 funding capital and operating requests for requirements, FTA has conducted
described in the December 2014 Notice existing, start-up expansion and approximately nine Tribal Transit
of Funding Availability (NOFA). The replacement services. Funds must be Technical Assistance Workshops, and
TTP supports many types of projects used only for the specific purposes expects to offer several workshops in FY
including: Operating costs to enable identified in Table 1. Allocations may 2016. FTA has also expanded its
tribes to start or continue transit be less than what the applicant technical assistance to tribes receiving
requested and were capped at $300,000 funds under this program. In FY15, FTA
21 17 CFR 200.30–3(a)(12). to provide funding to all highly implemented the Tribal Transit
VerDate Sep<11>2014 19:03 Feb 19, 2016 Jkt 238001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\22FEN1.SGM 22FEN1](https://thefederalregister.org/doc/81_FR_8848/page/5.svg)
Document Created: 2016-02-19 23:56:45
Document Modified: 2016-02-19 23:56:45
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 81 FR 8814 |
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