81 FR 92885 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Enhance the Reopening Auction Process Following a Trading Halt Declared Pursuant to the Plan To Address Extraordinary Market Volatility
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 244 (December 20, 2016)
Federal Register Volume 81, Issue 244 (December 20, 2016)
| Page Range | 92885-92885 | |
| FR Document | 2016-30557 |
[Federal Register Volume 81, Number 244 (Tuesday, December 20, 2016)] [Notices] [Page 92885] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-30557] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79551; File No. SR-NASDAQ-2016-131] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Enhance the Reopening Auction Process Following a Trading Halt Declared Pursuant to the Plan To Address Extraordinary Market Volatility December 14, 2016. On October 13, 2016, The Nasdaq Stock Market LLC (``Exchange'') filed with the Securities and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change related to the reopening auction process following a trading halt declared pursuant to the Plan to Address Extraordinary Market Volatility. The proposed rule change was published for comment in the Federal Register on November 1, 2016.\3\ On December 5, 2016, the Exchange filed Amendment No. 1 to its proposed rule change.\4\ The Commission received no comments on the proposed rule change. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 79158 (October 26, 2016), 81 FR 75879. \4\ In Amendment No. 1, the Exchange proposed to use the Auction Reference Price in determining whether or not a security was priced at $3 or less for purposes of calculating the Auction Collar. In addition, the Exchange proposed to amend Rule 4754(b)(6) to make a conforming change to state that the rule applies to Trading Pauses in existence at or after 3:50 p.m. and before 4:00 p.m. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nasdaq-2016- 131/nasdaq2016131-1.pdf. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \5\ provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is December 16, 2016. The Commission is extending this 45-day time period. --------------------------------------------------------------------------- \5\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\6\ designates January 30, 2017 as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change (File Number SR-NASDAQ-2016-131). --------------------------------------------------------------------------- \6\ Id. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\7\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \7\ 17 CFR 200.30-3(a)(31). --------------------------------------------------------------------------- [FR Doc. 2016-30557 Filed 12-19-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 244 / Tuesday, December 20, 2016 / Notices 92885
For the Commission, by the Division of proposed rule change, or institute The PCAOB is subject to the
Trading and Markets, pursuant to delegated proceedings to determine whether the comprehensive oversight of the
authority.10 proposed rule change should be Securities and Exchange Commission
Robert W. Errett, disapproved. The 45th day after (the ‘‘Commission’’).
Deputy Secretary. publication of the notice for this Section 109 of the Sarbanes-Oxley Act
[FR Doc. 2016–30554 Filed 12–19–16; 8:45 am] proposed rule change is December 16, provides that the PCAOB shall establish
BILLING CODE 8011–01–P 2016. The Commission is extending this a reasonable annual accounting support
45-day time period. fee, as may be necessary or appropriate
The Commission finds that it is to establish and maintain the PCAOB.
SECURITIES AND EXCHANGE appropriate to designate a longer period Under Section 109(f) of the Sarbanes-
COMMISSION within which to take action on the Oxley Act, the aggregate annual
proposed rule change so that it has accounting support fee shall not exceed
[Release No. 34–79551; File No. SR–
sufficient time to consider the proposed the PCAOB’s aggregate ‘‘recoverable
NASDAQ–2016–131]
rule change. Accordingly, the budget expenses,’’ which may include
Self-Regulatory Organizations; The Commission, pursuant to Section operating, capital and accrued items.
Nasdaq Stock Market LLC; Notice of 19(b)(2) of the Act,6 designates January The PCAOB’s annual budget and
Designation of a Longer Period for 30, 2017 as the date by which the accounting support fee are subject to
Commission Action on Proposed Rule Commission shall either approve or approval by the Commission. In
Change To Enhance the Reopening disapprove or institute proceedings to addition, the PCAOB must allocate the
Auction Process Following a Trading determine whether to disapprove the annual accounting support fee among
Halt Declared Pursuant to the Plan To proposed rule change (File Number SR– issuers and among brokers and dealers.
Address Extraordinary Market NASDAQ–2016–131). Section 109(b) of the Sarbanes-Oxley
Volatility Act directs the PCAOB to establish a
For the Commission, by the Division of
budget for each fiscal year in accordance
Trading and Markets, pursuant to delegated
December 14, 2016. authority.7 with the PCAOB’s internal procedures,
On October 13, 2016, The Nasdaq Robert W. Errett,
subject to approval by the Commission.
Stock Market LLC (‘‘Exchange’’) filed Rule 190 of Regulation P governs the
Deputy Secretary.
with the Securities and Exchange Commission’s review and approval of
[FR Doc. 2016–30557 Filed 12–19–16; 8:45 am]
Commission (‘‘Commission’’), pursuant PCAOB budgets and annual accounting
BILLING CODE 8011–01–P support fees.3 This budget rule
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’),1 and provides, among other things, a
Rule 19b–4 thereunder,2 a proposed rule timetable for the preparation and
SECURITIES AND EXCHANGE submission of the PCAOB budget and
change related to the reopening auction COMMISSION
process following a trading halt for Commission actions related to each
declared pursuant to the Plan to [Securities Act of 1933 Release No. 10266/ budget, a description of the information
Address Extraordinary Market December 14, 2016; Securities Exchange that should be included in each budget
Volatility. The proposed rule change Act of 1934 Release No. 79544/December submission, limits on the PCAOB’s
14, 2016] ability to incur expenses and obligations
was published for comment in the
Federal Register on November 1, 2016.3 except as provided in the approved
Order Approving Public Company budget, procedures relating to
On December 5, 2016, the Exchange Accounting Oversight Board Budget
filed Amendment No. 1 to its proposed supplemental budget requests,
and Annual Accounting Support Fee requirements for the PCAOB to furnish
rule change.4 The Commission received for Calendar Year 2017
no comments on the proposed rule on a quarterly basis certain budget-
change. The Sarbanes-Oxley Act of 2002, as related information, and a list of
Section 19(b)(2) of the Act 5 provides amended (the ‘‘Sarbanes-Oxley Act’’),1 definitions that apply to the rule and to
that, within 45 days of the publication established the Public Company general discussions of PCAOB budget
of notice of the filing of a proposed rule Accounting Oversight Board (‘‘PCAOB’’) matters.
change, or within such longer period up to oversee the audits of companies that In accordance with the budget rule, in
to 90 days as the Commission may are subject to the securities laws, and March 2016 the PCAOB provided the
designate if it finds such longer period related matters, in order to protect the Commission with a narrative
to be appropriate and publishes its interests of investors and further the description of its program issues and
reasons for so finding or as to which the public interest in the preparation of outlook for the 2017 budget year. In
self-regulatory organization consents, informative, accurate and independent response, the Commission provided the
the Commission shall either approve the audit reports. Section 982 of the Dodd- PCAOB with economic assumptions and
proposed rule change, disapprove the Frank Wall Street Reform and Consumer budgetary guidance for the 2017 budget
Protection Act (the ‘‘Dodd-Frank Act’’) 2 year. The PCAOB subsequently
1 15 U.S.C. 78s(b)(1). amended the Sarbanes-Oxley Act to delivered a preliminary budget and
2 17 CFR 240.19b–4. provide the PCAOB with explicit budget justification to the Commission.
3 See Securities Exchange Act Release No. 79158
authority to oversee auditors of broker- Staff from the Commission’s Office of
(October 26, 2016), 81 FR 75879.
dealers registered with the Commission. the Chief Accountant and Office of
4 In Amendment No. 1, the Exchange proposed to
The PCAOB is to accomplish these goals Financial Management dedicated a
use the Auction Reference Price in determining
substantial amount of time to the review
mstockstill on DSK3G9T082PROD with NOTICES
whether or not a security was priced at $3 or less through registration of public
for purposes of calculating the Auction Collar. In accounting firms and standard setting, and analysis of the PCAOB’s programs,
addition, the Exchange proposed to amend Rule inspection, and disciplinary programs. projects and budget estimates; reviewed
4754(b)(6) to make a conforming change to state that the PCAOB’s estimates of 2016 actual
the rule applies to Trading Pauses in existence at
or after 3:50 p.m. and before 4:00 p.m. Amendment
6 Id. spending; and attended several meetings
No. 1 is available at https://www.sec.gov/comments/ 7 17CFR 200.30–3(a)(31). with management and staff of the
sr-nasdaq-2016-131/nasdaq2016131-1.pdf. 1 15U.S.C. 7201 et seq.
5 15 U.S.C. 78s(b)(2). 2 Public Law 111–203, 124 Stat. 1376 (2010). 3 17 CFR 202.190.
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Document Created: 2018-02-14 09:09:57
Document Modified: 2018-02-14 09:09:57
| 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 92885 |
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