81 FR 9233 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 341A(a)(4) To Provide for Web-Based Delivery of the Exchange's Continuing Education Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 36 (February 24, 2016)
Federal Register Volume 81, Issue 36 (February 24, 2016)
| Page Range | 9233-9235 | |
| FR Document | 2016-03793 |
[Federal Register Volume 81, Number 36 (Wednesday, February 24, 2016)] [Notices] [Pages 9233-9235] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03793] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77174; File No. SR-NYSEMKT-2016-22] Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 341A(a)(4) To Provide for Web-Based Delivery of the Exchange's Continuing Education Program February 18, 2016. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that on February 4, 2016, NYSE MKT LLC (the ``Exchange'' or ``NYSE MKT'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rule 341A(a)(4) to provide for web- based delivery of the Exchange's continuing education (``CE'') program. The proposed rule change would phase out the current option of completing the Regulatory Element in a test center, delete the current option for in-house delivery of the Regulatory Element of the CE program and also delete the existing text of Rule 341A(a)(4). The Exchange's proposal is materially similar to a recent FINRA filing to amend FINRA Rule 1250, which was recently approved by the Securities and Exchange Commission (``Commission'').\4\ The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release No. 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change to Provide a Web-based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR- FINRA-2015-015). See also Securities Exchange Act Release No. 76880 (January 12, 2016), 81 FR 2928 (January 19, 2016) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Section (a)(4) of Rule 640, Continuing Education for Registered Persons) (SR-PHLX-2015-118). --------------------------------------------------------------------------- II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The CE requirements under Rule 341A consist of a Regulatory Element \5\ and a Firm Element.\6\ The Regulatory Element applies to all registered persons and consists of periodic computer-based training on regulatory, compliance, ethical, and supervisory subjects and sales practice standards, which must be completed within prescribed timeframes.\7\ In addition, unless otherwise determined by the Exchange, a registered person is required to re-take the Regulatory Element of the program and satisfy the program's requirements in their entirety in the event such person: (i) Becomes subject to any statutory disqualification as defined in Section 3(a)(39) of the Securities Exchange Act of 1934; (ii) becomes subject to suspension or to the imposition of a fine of $5,000 or more [[Page 9234]] for violation of any provision of any securities law or regulation, or any agreement with or rule or standard of conduct of any securities governmental agency, securities self-regulatory organization, or as imposed by any such regulatory or self-regulatory organization in connection with a disciplinary proceeding; or (iii) is ordered as a sanction in a disciplinary action to re-take the Regulatory Element by any securities governmental agency or securities self-regulatory organization. --------------------------------------------------------------------------- \5\ See Rule 341A(a) (Regulatory Element). \6\ See Rule 341A(b) (Firm Element). \7\ Pursuant to Rule 341A, each registered person shall complete the Regulatory Element of the continuing education program on the occurrence of their second registration anniversary date(s), and every three years thereafter or as otherwise prescribed by the Exchange. On each occasion, the Regulatory Element must be completed within 120 days after the person's registration anniversary date. A person's initial registration date, also known as the ``base date,'' shall establish the cycle of anniversary dates for purposes of this Rule. --------------------------------------------------------------------------- Rule 341A(a)(1) provides that the following Regulatory Elements administered by FINRA shall be required: The S201 for registered principals and supervisors; the S106 for persons registered only as Investment Company Products/Variable Contracts Limited Representatives; and the S101 for all other registered persons. Currently, the Regulatory Element may be administered in a test center or in-firm subject to specified procedures.\8\ --------------------------------------------------------------------------- \8\ Under current Rule 341A(a)(4), In-Firm Delivery of the Regulatory Element, members and member organizations are permitted to administer the continuing education Regulatory Element program to their registered persons by instituting an in-firm program acceptable to the Exchange. Among others, the following procedures are required in order to administer the Regulatory Element of the CE program in-house: (1) The firm must designate a principal/officer- in-charge to be responsible for the in-firm delivery of the Regulatory Element; (2) the location of the delivery site must be under the control of the firm; (3) the communication links and firm delivery computer hardware must comply with standards defined by the Exchange or its designated vendor; (4) the firm's written supervisory procedures must contain the procedures implemented to comply with requirements of in-firm delivery of the Regulatory Element continuing education; (5) all sessions must be proctored by an authorized person during the entire Regulatory Element continuing education session and proctors must be present in the session room or must be able to view the person(s) sitting for Regulatory Element continuing education through a window or by video monitor; (6) all appointments must be scheduled in advance using the procedures and software specified by the Exchange to communicate with the Exchange's system and designated vendor; and (7) a Letter of Attestation for In-Firm Delivery of Regulatory Element CE must be delivered. --------------------------------------------------------------------------- Currently, most registered persons complete the Regulatory Element in a test center rather than in-firm. Given the advances in Web-based technology, the Exchange believes that there is diminishing utility in the test center and in-firm delivery methods. Moreover, according to FINRA,\9\ registered persons have raised concerns with the test center delivery method because of the travel involved, the limited time currently available to complete a Regulatory Element session \10\ and the use of rigorous security measures at test centers, which are appropriate for taking qualification examinations but onerous for a CE program.\11\ Also, according to FINRA, the test center is expensive to operate.\12\ --------------------------------------------------------------------------- \9\ FINRA is currently responsible for the operation of the test centers used for test center delivery method of the Regulatory Element. \10\ The current session time is three-and-a-half hours. \11\ See Securities Exchange Act Release No. 75154 (June 11, 2015), 80 FR 34777 (June 17, 2015) (Notice of Filing of a Proposed Rule Change To Provide a Web-Based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR-FINRA-2015-015). \12\ Id. at 34779. --------------------------------------------------------------------------- Based on the recent amendments to FINRA Rule 1250,\13\ the Exchange proposes to amend Rule 341A(a)(4) to provide for a Web-based delivery method for completing the Regulatory Element. Specifically, the Exchange proposes to amend Rule 341A(a)(4) to provide that the continuing education Regulatory Element set forth in paragraph (a) of Rule 341A will be administered through Web-based delivery or such other technological manner and format as specified by the Exchange. Should the Exchange determine to administer the Regulatory Element through a delivery mechanism other than Web-based delivery, however, the Exchange would notify the Commission and would need to file a further rule change with the Commission. --------------------------------------------------------------------------- \13\ See FINRA Rule 1250 (Continuing Education Requirements). See also Securities Exchange Act Release No. 75581 (July 31, 2015) 80 FR 47018 (August 6, 2015) (Order Approving a Proposed Rule Change to Provide a Web-based Delivery Method for Completing the Regulatory Element of the Continuing Education Requirements) (SR-FINRA-2015- 015). --------------------------------------------------------------------------- The first phase of the Web-based delivery system was launched October 1, 2015 and includes the Regulatory Element of the S201 for registered principals and supervisors. The second phase of the Web- based delivery system was launched January 4, 2016 and includes the Regulatory Element of the S101 for all registered persons, including, but not limited to Securities Traders. The Exchange is proposing to phase out test-center delivery by no later than six months after January 4, 2016. Registered persons will continue to have the option of completing the Regulatory Element in a test center, but they will be required to use the Web-based system after the test-center delivery is phased out.\14\ --------------------------------------------------------------------------- \14\ The Exchange intends to amend its fee schedule to reduce the cost for Regulatory Element CE from $100 to $55 if administered by Web-delivery. Fees for completing the Regulatory Element at a test center will remain $100. --------------------------------------------------------------------------- Further, the Exchange is proposing to eliminate the current option for in-firm delivery and is deleting the current text of Rule 341A(a)(4) relating to in-firm delivery of the Regulatory Element of the CE programs. The proposed Web-based delivery method will provide registered persons the flexibility to complete the Regulatory Element at a location of their choosing, including their private residence, at any time during their 120-day window for completion of the Regulatory Element.\15\ --------------------------------------------------------------------------- \15\ Although the proposed rule change provides flexibility, firms may choose to impose their own conditions based on their supervisory and compliance needs. For instance, a firm that wishes to have registered persons complete CE on the firm's premises can do so by having the registered person access Web-based CE from a firm device and location. Moreover, firms would have to update their written policies and procedures regarding the Regulatory Element to reflect the transition to Web-based CE and communicate the update to registered persons. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \16\ in general, and furthers the objectives of Section 6(b)(5) of the Act \17\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \18\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers and Section 6(c)(3) \19\ of the Act, which authorizes the Exchange to, among other things, prescribe standards of financial responsibility or operational capability and standards of training, experience and competence for its members and persons associated with members. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78f(b). \17\ 15 U.S.C. 78f(b)(5). \18\ 15 U.S.C. 78f(b)(5). \19\ 15 U.S.C. 78f(c)(3). --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change will improve members' compliance efforts and will allow registered persons to spend a greater amount of time on the review of CE materials and potentially achieve better learning outcomes, which will in turn enhance investor protection. Further, while the proposed rule change will provide more flexibility to members and registered persons, it will maintain the integrity of the Regulatory Element of the CE program and the CE program in general. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose [[Page 9235]] any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that the proposed rule change is specifically intended to reduce the burden on registered persons for complying with the CE requirement while preserving the integrity of the CE program. As described above, the Web-based delivery method will provide registered persons the flexibility to complete the Regulatory Element at any location that they choose. Further, Web-based delivery is efficient and offers significant cost savings over test- center and in-firm deliveries. With respect to the authentication process for Web-based delivery, the CE candidate's personal identifying information will be masked and will be submitted to FINRA through a secure, encrypted, network. The personal identifying information submitted via the Web-based system will be used for authentication purposes only--the information will not be stored in the Web-based system. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \20\ and Rule 19b-4(f)(6) thereunder.\21\ Because the proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b- 4(f)(6)(iii) thereunder. --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A)(iii). \21\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4(f)(6)(iii),\23\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. --------------------------------------------------------------------------- \22\ 17 CFR 240.19b-4(f)(6). \23\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest as it will allow registered persons to immediately complete the Regulatory Element of the Exchange's continuing education requirement through the more flexible Web-based delivery method. Accordingly, the Commission designates the proposed rule change to be operative upon filing.\24\ --------------------------------------------------------------------------- \24\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B) \25\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEMKT-2016-22 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-NYSEMKT-2016-22. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEMKT-2016-22 and should be submitted on or before March 16, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-03793 Filed 2-23-16; 8:45 am] BILLING CODE 8011-01-P
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persons who may be deemed to be and the applicability of other federal or change is available on the Exchange’s
participating in a distribution of Shares state laws to, the proposed transactions. Web site at www.nyse.com, at the
of the Fund to bid for or purchase such For the Commission, by the Division of principal office of the Exchange, and at
Shares during their participation in Trading and Markets, pursuant to delegated the Commission’s Public Reference
such distribution. authority.5 Room.
It is further ordered, pursuant to Rule Robert W. Errett, II. Self-Regulatory Organization’s
102(e) of Regulation M, that the Trust, Deputy Secretary. Statement of the Purpose of, and
based on the representations and the [FR Doc. 2016–03792 Filed 2–23–16; 8:45 am] Statutory Basis for, the Proposed Rule
facts presented in the Letter, is exempt
BILLING CODE 8011–01–P Change
from the requirements of Rule 102 with
respect to the Fund, thus permitting the In its filing with the Commission, the
Fund to redeem Shares of the Fund self-regulatory organization included
SECURITIES AND EXCHANGE
during the continuous offering of such statements concerning the purpose of,
COMMISSION
Shares. and basis for, the proposed rule change
It is further ordered, pursuant to Rule [Release No. 34–77174; File No. SR– and discussed any comments it received
10b–17(b)(2), that the Trust, based on NYSEMKT–2016–22] on the proposed rule change. The text
the representations and the facts of those statements may be examined at
Self-Regulatory Organizations; NYSE the places specified in Item IV below.
presented in the Letter and subject to
MKT LLC; Notice of Filing and The Exchange has prepared summaries,
the conditions below, is exempt from
Immediate Effectiveness of Proposed set forth in sections A, B, and C below,
the requirements of Rule 10b–17 with
Rule Change Amending Rule of the most significant parts of such
respect to transactions in the shares of
341A(a)(4) To Provide for Web-Based statements.
the Fund.
Delivery of the Exchange’s Continuing
This exemptive relief is subject to the A. Self-Regulatory Organization’s
Education Program
following conditions: Statement of the Purpose of, and the
• The Trust will comply with Rule February 18, 2016. Statutory Basis for, the Proposed Rule
10b–17 except for Rule 10b– Pursuant to Section 19(b)(1) 1 of the Change
17(b)(1)(v)(a) and (b); and Securities Exchange Act of 1934 (the
• The Trust will provide the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 1. Purpose
information required by Rule 10b– notice is hereby given that on February The CE requirements under Rule
17(b)(1)(v)(a) and (b) to the Exchange as 4, 2016, NYSE MKT LLC (the 341A consist of a Regulatory Element 5
soon as practicable before trading begins ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with and a Firm Element.6 The Regulatory
on the ex-dividend date, but in no event the Securities and Exchange Element applies to all registered persons
later than the time when the Exchange Commission (the ‘‘Commission’’) the and consists of periodic computer-based
last accepts information relating to proposed rule change as described in training on regulatory, compliance,
distributions on the day before the ex- Items I and II below, which Items have ethical, and supervisory subjects and
dividend date. been prepared by the self-regulatory sales practice standards, which must be
This exemptive relief is subject to organization. The Commission is completed within prescribed
modification or revocation at any time publishing this notice to solicit timeframes.7 In addition, unless
the Commission determines that such comments on the proposed rule change otherwise determined by the Exchange,
action is necessary or appropriate in from interested persons. a registered person is required to re-take
furtherance of the purposes of the the Regulatory Element of the program
Exchange Act. Persons relying upon this I. Self-Regulatory Organization’s
and satisfy the program’s requirements
exemptive relief shall discontinue Statement of the Terms of Substance of
in their entirety in the event such
transactions involving the Shares of the the Proposed Rule Change
person: (i) Becomes subject to any
Fund, pending presentation of the facts The Exchange proposes to amend statutory disqualification as defined in
for the Commission’s consideration, in Rule 341A(a)(4) to provide for web- Section 3(a)(39) of the Securities
the event that any material change based delivery of the Exchange’s Exchange Act of 1934; (ii) becomes
occurs with respect to any of the facts continuing education (‘‘CE’’) program. subject to suspension or to the
or representations made by the The proposed rule change would phase imposition of a fine of $5,000 or more
Requestors and, consistent with all out the current option of completing the
preceding letters, particularly with Regulatory Element in a test center, Provide a Web-based Delivery Method for
respect to the close alignment between delete the current option for in-house Completing the Regulatory Element of the
the market price of Shares and the Continuing Education Requirements) (SR–FINRA–
delivery of the Regulatory Element of 2015–015). See also Securities Exchange Act
Fund’s NAV. In addition, persons the CE program and also delete the Release No. 76880 (January 12, 2016), 81 FR 2928
relying on this exemption are directed existing text of Rule 341A(a)(4). The (January 19, 2016) (Notice of Filing and Immediate
to the anti-fraud and anti-manipulation Exchange’s proposal is materially Effectiveness of a Proposed Rule Change To Amend
provisions of the Exchange Act, Section (a)(4) of Rule 640, Continuing Education for
similar to a recent FINRA filing to Registered Persons) (SR–PHLX–2015–118).
particularly Sections 9(a) and 10(b), and amend FINRA Rule 1250, which was 5 See Rule 341A(a) (Regulatory Element).
Rule 10b–5 thereunder. Responsibility recently approved by the Securities and 6 See Rule 341A(b) (Firm Element).
for compliance with these and any other Exchange Commission 7 Pursuant to Rule 341A, each registered person
applicable provisions of the federal (‘‘Commission’’).4 The proposed rule shall complete the Regulatory Element of the
mstockstill on DSK4VPTVN1PROD with NOTICES
securities laws must rest with the continuing education program on the occurrence of
their second registration anniversary date(s), and
persons relying on this exemption. This 5 17 CFR 200.30–3(a)(6) and (9).
every three years thereafter or as otherwise
order should not be considered a view 1 15 U.S.C. 78s(b)(1). prescribed by the Exchange. On each occasion, the
2 15 U.S.C. 78a.
with respect to any other question that Regulatory Element must be completed within 120
3 17 CFR 240.19b–4.
the proposed transactions may raise, days after the person’s registration anniversary date.
4 See Securities Exchange Act Release No. 75581 A person’s initial registration date, also known as
including, but not limited to the (July 31, 2015), 80 FR 47018 (August 6, 2015) the ‘‘base date,’’ shall establish the cycle of
adequacy of the disclosure concerning, (Order Approving a Proposed Rule Change to anniversary dates for purposes of this Rule.
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any burden on competition not action is consistent with the protection post all comments on the Commission’s
necessary or appropriate in furtherance of investors and the public interest. Internet Web site (http://www.sec.gov/
of the purposes of the Act. The The Exchange has asked the rules/sro.shtml). Copies of the
Exchange notes that the proposed rule Commission to waive the 30-day submission, all subsequent
change is specifically intended to operative delay so that the proposal may amendments, all written statements
reduce the burden on registered persons become operative immediately upon with respect to the proposed rule
for complying with the CE requirement filing. The Commission believes that change that are filed with the
while preserving the integrity of the CE waiving the 30-day operative delay is Commission, and all written
program. As described above, the Web- consistent with the protection of communications relating to the
based delivery method will provide investors and the public interest as it proposed rule change between the
registered persons the flexibility to will allow registered persons to Commission and any person, other than
complete the Regulatory Element at any immediately complete the Regulatory those that may be withheld from the
location that they choose. Further, Web- Element of the Exchange’s continuing public in accordance with the
based delivery is efficient and offers education requirement through the more provisions of 5 U.S.C. 552, will be
significant cost savings over test-center flexible Web-based delivery method. available for Web site viewing and
and in-firm deliveries. With respect to Accordingly, the Commission printing in the Commission’s Public
the authentication process for Web- designates the proposed rule change to Reference Room, 100 F Street NE.,
based delivery, the CE candidate’s be operative upon filing.24 Washington, DC 20549 on official
At any time within 60 days of the business days between the hours of
personal identifying information will be
filing of such proposed rule change, the 10:00 a.m. and 3:00 p.m. Copies of the
masked and will be submitted to FINRA
Commission summarily may filing also will be available for
through a secure, encrypted, network.
temporarily suspend such rule change if inspection and copying at the principal
The personal identifying information
it appears to the Commission that such office of the Exchange. All comments
submitted via the Web-based system
action is necessary or appropriate in the received will be posted without change;
will be used for authentication purposes
public interest, for the protection of the Commission does not edit personal
only—the information will not be stored
investors, or otherwise in furtherance of identifying information from
in the Web-based system.
the purposes of the Act. If the submissions. You should submit only
C. Self-Regulatory Organization’s Commission takes such action, the information that you wish to make
Statement on Comments on the Commission shall institute proceedings available publicly. All submissions
Proposed Rule Change Received From under Section 19(b)(2)(B) 25 of the Act to should refer to File Number SR–
Members, Participants, or Others determine whether the proposed rule NYSEMKT–2016–22 and should be
change should be approved or submitted on or before March 16, 2016.
No written comments were solicited disapproved. For the Commission, by the Division of
or received with respect to the proposed Trading and Markets, pursuant to delegated
rule change. IV. Solicitation of Comments
authority.26
Interested persons are invited to Robert W. Errett,
III. Date of Effectiveness of the submit written data, views, and
Proposed Rule Change and Timing for Deputy Secretary.
arguments concerning the foregoing,
Commission Action [FR Doc. 2016–03793 Filed 2–23–16; 8:45 am]
including whether the proposed rule
BILLING CODE 8011–01–P
The Exchange has filed the proposed change is consistent with the Act.
rule change pursuant to Section Comments may be submitted by any of
19(b)(3)(A)(iii) of the Act 20 and Rule the following methods: SECURITIES AND EXCHANGE
19b–4(f)(6) thereunder.21 Because the Electronic Comments COMMISSION
proposed rule change does not: (i) • Use the Commission’s Internet [Release No. 34–77175; File No. SR–FINRA–
Significantly affect the protection of comment form (http://www.sec.gov/ 2016–007]
investors or the public interest; (ii) rules/sro.shtml); or
impose any significant burden on • Send an email to rule-comments@ Self-Regulatory Organizations;
competition; and (iii) become operative sec.gov. Please include File Number SR– Financial Industry Regulatory
prior to 30 days from the date on which NYSEMKT–2016–22 on the subject line. Authority, Inc.; Notice of Filing of a
it was filed, or such shorter time as the Proposed Rule Change To Require
Commission may designate, if Paper Comments Registration as Securities Traders of
consistent with the protection of • Send paper comments in triplicate Associated Persons Primarily
investors and the public interest, the to Brent J. Fields, Secretary, Securities Responsible for the Design,
proposed rule change has become and Exchange Commission, 100 F Street Development or Significant
effective pursuant to Section 19(b)(3)(A) NE., Washington, DC 20549–1090. Modification of Algorithmic Trading
of the Act and Rule 19b–4(f)(6)(iii) All submissions should refer to File Strategies
thereunder. Number SR–NYSEMKT–2016–22. This February 18, 2016.
A proposed rule change filed under file number should be included on the Pursuant to Section 19(b)(1) of the
Rule 19b–4(f)(6) 22 normally does not subject line if email is used. To help the Securities Exchange Act of 1934
become operative prior to 30 days after Commission process and review your (‘‘Act’’) 1 and Rule 19b–4 thereunder,2
mstockstill on DSK4VPTVN1PROD with NOTICES
the date of the filing. However, pursuant comments more efficiently, please use notice is hereby given that on February
to Rule 19b4(f)(6)(iii),23 the Commission only one method. The Commission will 11, 2016, Financial Industry Regulatory
may designate a shorter time if such Authority, Inc. (‘‘FINRA’’) (f/k/a
24 For purposes only of waiving the 30-day
operative delay, the Commission has also
National Association of Securities
20 15 U.S.C. 78s(b)(3)(A)(iii). considered the proposed rule’s impact on
21 17 CFR 240.19b–4(f)(6). 26 17 CFR 200.30–3(a)(12).
efficiency, competition, and capital formation. See
22 17 CFR 240.19b–4(f)(6). 15 U.S.C. 78c(f). 1 15 U.S.C. 78s(b)(1).
23 17 CFR 240.19b–4(f)(6)(iii). 25 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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Document Created: 2016-02-23 23:55:43
Document Modified: 2016-02-23 23:55:43
| 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 9233 |
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