81_FR_93961 81 FR 93716 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending Its Program That Allows Transactions to Take Place at a Price That Is Below $1 Per Option Contract Until July 5, 2017

81 FR 93716 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending Its Program That Allows Transactions to Take Place at a Price That Is Below $1 Per Option Contract Until July 5, 2017

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 245 (December 21, 2016)

Page Range93716-93717
FR Document2016-30687

Federal Register, Volume 81 Issue 245 (Wednesday, December 21, 2016) 
[Federal Register Volume 81, Number 245 (Wednesday, December 21, 2016)]
[Notices]
[Pages 93716-93717]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30687]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79564; File No. SR-NYSEMKT-2016-116]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Extending Its Program 
That Allows Transactions to Take Place at a Price That Is Below $1 Per 
Option Contract Until July 5, 2017

December 15, 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 December 7, 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, II, 
and III 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.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend its program that allows 
transactions to take place at a price that is below $1 per option 
contract until July 5, 2017. 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.

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 purpose of this filing is to extend the Pilot Program \4\ under 
Rule 968NY to allow accommodation transactions (``Cabinet Trades'') to 
take place at a price that is below $1 per option contract for one 
additional year [sic]. The Exchange proposes to extend the program, 
which is due to expire on January 5, 2017, until July 5, 2017. The 
proposed extension of the Pilot Program will provide the Exchange 
additional time to submit a separate proposed rule change under Section 
19(b)(2) of the Securities Exchange Act of 1934 (the ``Act'') to make 
the program permanent (``Permanent Filing''). In support of making the 
Pilot Program permanent, the Exchange represents that, in the Permanent 
Filing, it would provide statistics related to Cabinet Trades that were 
executed in calendar year 2016 and describe the manner in which Cabinet 
Trades are cleared and processed.
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    \4\ See Securities Exchange Act Release No. 63475 (December 8, 
2010), 75 FR 77932 (December 14, 2010) (SR-NYSE Amex-2010-114).
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    An ``accommodation'' or ``cabinet'' trade refers to trades in 
listed options on the Exchange that are worthless and typically not 
actively traded. Cabinet trading is generally conducted in accordance 
with Exchange Rules, except as provided in Exchange Rule 968NY, 
Accommodation Transactions (Cabinet Trades), which sets forth specific 
procedures for engaging in cabinet trades. Rule 968NY currently 
provides for cabinet transactions to occur via open outcry at a cabinet 
price of a $1 per option contract in any options series open for 
trading on the Exchange, except that the Rule is not applicable to 
trading in option classes participating in the Penny Pilot Program. 
Under the procedures, bids and offers (whether opening or closing a 
position) at a price of $1 per option contract may be represented in 
the trading crowd by a Floor Broker or by a Market Maker or provided in 
response to a request by a Trading Official, a Floor Broker or a Market 
Maker, but must yield priority to all resting orders in the Cabinet 
(those orders held by the Trading Official, and which resting cabinet 
orders may be closing only). Provided that the buyer and the seller 
yield to orders resting in the cabinet book, opening cabinet bids can 
trade with opening cabinet offers at $1 per option contract.
    The Exchange has temporarily amended the procedures through January 
5, 2017 to allow transactions to take place in open outcry at a price 
of at least $0 but less than $1 per option contract. These lower-priced 
transactions are permitted to be traded pursuant to the same procedures 
applicable to $1 cabinet trades, except that (i) bids and offers for 
opening transactions are only permitted to accommodate closing 
transactions in order to limit use of the procedure to liquidations of 
existing positions, and (ii) the procedures are also made available for 
trading in option classes participating in the Penny Pilot Program.\5\ 
The Exchange believes that allowing a price of at least $0 but less 
than $1 better accommodates the closing of options positions in series 
that are worthless or not actively traded, particularly in the event 
where there has been a significant move in the price of the underlying 
security that results in a large number of series being out-of-the-
money. For example, a market participant might have a long position in 
a put series with a strike price of $30 and the underlying stock might 
be trading at $100. In such an instance, there might not otherwise be a 
market for that person to close-out the position even at the $1 cabinet 
price (e.g., the series might be quoted no bid).
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    \5\ Currently, the $1 cabinet trading procedures are limited to 
options classes traded in $0.05 or $0.10 standard increment. The $1 
cabinet trading procedures are not available in Penny Pilot Program 
classes because in those classes an option series can trade in a 
standard increment as low as $0.01 per share (or $1.00 per option 
contract with a 100 share multiplier). Because the temporary 
procedures allow trading below $0.01 per share (or $1.00 per option 
contract with a 100 share multiplier), the procedures are available 
for all classes, including those classes participating in the Penny 
Pilot Program.
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    As with other accommodation liquidations under Rule 968NY, 
transactions that occur for less than $1 will not be disseminated to 
the public on the consolidated tape. In addition, as with other 
accommodation liquidations under Rule 968NY, the transactions will be 
exempt from the Consolidated Options Audit Trail (``COATS'') 
requirements of Exchange Rule 955NY, Order Format and System Entry 
Requirements. However, the Exchange will maintain quotation, order and 
transaction information for the transactions in the same format as the 
COATS data is maintained. In this regard, all transactions for less 
than $1 must be reported to the Exchange

[[Page 93717]]

following the close of each business day.
2. Statutory Basis
    The Exchange believes that this proposed rule change is consistent 
with Section 6(b) \6\ of the Act, in general, and furthers the 
objectives of Section 6(b)(5) \7\ of the Act in particular, in that it 
is designed to promote just and equitable principles of trade, to 
prevent fraudulent and manipulative acts, to remove impediments to and 
to perfect the mechanism for a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest. The Exchange believes that allowing for liquidations at a 
price less than $1 per option contract will better facilitate the 
closing of options positions that are worthless or not actively 
trading, especially in Penny Pilot issues where Cabinet Trades are not 
otherwise permitted.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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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 that is not necessary or appropriate 
in furtherance of the purposes of the Act. The proposed rule change is 
to extend an established pilot program for an additional six months and 
continue to facilitate ATP Holders ability to close positions in 
worthless or not actively traded series.

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 \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
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.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change, along with a 
brief description and text of the proposed rule change, at least 
five business days prior to the date of filing of the proposed rule 
change, or such shorter time as designated by the Commission. The 
Exchange has satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally 
does not become operative prior to 30 days after the date of the 
filing. However, pursuant to Rule 19b4(f)(6)(iii),\11\ the Commission 
may designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the Pilot 
Program may continue without interruption. The Commission believes that 
the proposed rule change is consistent with the protection of investors 
and the public interest because it will allow the pilot to continue 
uninterrupted, thereby avoiding any potential investor confusion that 
could result from a temporary interruption in the pilot and allowing 
members to continue to benefit from the Pilot Program. Based on the 
foregoing, the Commission hereby waives the 30-day operative delay and 
designates the proposal operative upon filing.\12\
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    \10\ 17 CFR 240.19b-4(f)(6).
    \11\ 17 CFR 240.19b-4(f)(6)(iii).
    \12\ For purposes only of waiving the operative delay of this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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    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) \13\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \13\ 15 U.S.C. 78s(b)(2)(B).
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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 Comments

     Use 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-NYSEMKT-2016-116 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-2016-116. 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-2016-116 and should 
be submitted on or before January 11, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Eduardo A. Aleman,
Assistant Secretary.
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    \14\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2016-30687 Filed 12-20-16; 8:45 am]
 BILLING CODE 8011-01-P

93716 Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Notices For the Commission, by the Division of The Exchange has prepared summaries, the cabinet book, opening cabinet bids Trading and Markets, pursuant to delegated set forth in sections A, B, and C below, can trade with opening cabinet offers at authority.13 of the most significant parts of such $1 per option contract. Eduardo A. Aleman, statements. The Exchange has temporarily Assistant Secretary. amended the procedures through A. Self-Regulatory Organization’s [FR Doc. 2016–30694 Filed 12–20–16; 8:45 am] January 5, 2017 to allow transactions to Statement of the Purpose of, and the BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule take place in open outcry at a price of Change at least $0 but less than $1 per option contract. These lower-priced SECURITIES AND EXCHANGE 1. Purpose transactions are permitted to be traded COMMISSION The purpose of this filing is to extend pursuant to the same procedures [Release No. 34–79564; File No. SR– the Pilot Program 4 under Rule 968NY to applicable to $1 cabinet trades, except NYSEMKT–2016–116] allow accommodation transactions that (i) bids and offers for opening (‘‘Cabinet Trades’’) to take place at a transactions are only permitted to Self-Regulatory Organizations; NYSE price that is below $1 per option accommodate closing transactions in MKT LLC; Notice of Filing and contract for one additional year [sic]. order to limit use of the procedure to Immediate Effectiveness of Proposed The Exchange proposes to extend the liquidations of existing positions, and Rule Change Extending Its Program program, which is due to expire on (ii) the procedures are also made That Allows Transactions to Take January 5, 2017, until July 5, 2017. The available for trading in option classes Place at a Price That Is Below $1 Per proposed extension of the Pilot Program participating in the Penny Pilot Option Contract Until July 5, 2017 will provide the Exchange additional Program.5 The Exchange believes that time to submit a separate proposed rule allowing a price of at least $0 but less December 15, 2016. change under Section 19(b)(2) of the than $1 better accommodates the closing Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the of options positions in series that are Securities Exchange Act of 1934 (the ‘‘Act’’) to make the program permanent worthless or not actively traded, ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 (‘‘Permanent Filing’’). In support of particularly in the event where there has notice is hereby given that on December making the Pilot Program permanent, been a significant move in the price of 7, 2016, NYSE MKT LLC (the the Exchange represents that, in the the underlying security that results in a ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with Permanent Filing, it would provide large number of series being out-of-the- the Securities and Exchange statistics related to Cabinet Trades that money. For example, a market Commission (the ‘‘Commission’’) the were executed in calendar year 2016 participant might have a long position proposed rule change as described in and describe the manner in which in a put series with a strike price of $30 Items I, II, and III below, which Items Cabinet Trades are cleared and and the underlying stock might be have been prepared by the self- processed. trading at $100. In such an instance, regulatory organization. The An ‘‘accommodation’’ or ‘‘cabinet’’ there might not otherwise be a market Commission is publishing this notice to trade refers to trades in listed options on for that person to close-out the position solicit comments on the proposed rule the Exchange that are worthless and even at the $1 cabinet price (e.g., the change from interested persons. typically not actively traded. Cabinet series might be quoted no bid). I. Self-Regulatory Organization’s trading is generally conducted in accordance with Exchange Rules, except As with other accommodation Statement of the Terms of Substance of liquidations under Rule 968NY, the Proposed Rule Change as provided in Exchange Rule 968NY, Accommodation Transactions (Cabinet transactions that occur for less than $1 The Exchange proposes to extend its Trades), which sets forth specific will not be disseminated to the public program that allows transactions to take procedures for engaging in cabinet on the consolidated tape. In addition, as place at a price that is below $1 per trades. Rule 968NY currently provides with other accommodation liquidations option contract until July 5, 2017. The for cabinet transactions to occur via under Rule 968NY, the transactions will proposed rule change is available on the open outcry at a cabinet price of a $1 be exempt from the Consolidated Exchange’s Web site at www.nyse.com, per option contract in any options series Options Audit Trail (‘‘COATS’’) at the principal office of the Exchange, open for trading on the Exchange, requirements of Exchange Rule 955NY, and at the Commission’s Public except that the Rule is not applicable to Order Format and System Entry Reference Room. trading in option classes participating in Requirements. However, the Exchange the Penny Pilot Program. Under the will maintain quotation, order and II. Self-Regulatory Organization’s transaction information for the Statement of the Purpose of, and procedures, bids and offers (whether opening or closing a position) at a price transactions in the same format as the Statutory Basis for, the Proposed Rule COATS data is maintained. In this Change of $1 per option contract may be represented in the trading crowd by a regard, all transactions for less than $1 In its filing with the Commission, the Floor Broker or by a Market Maker or must be reported to the Exchange self-regulatory organization included provided in response to a request by a statements concerning the purpose of, Trading Official, a Floor Broker or a 5 Currently, the $1 cabinet trading procedures are and basis for, the proposed rule change Market Maker, but must yield priority to limited to options classes traded in $0.05 or $0.10 asabaliauskas on DSK3SPTVN1PROD with NOTICES standard increment. The $1 cabinet trading and discussed any comments it received all resting orders in the Cabinet (those procedures are not available in Penny Pilot Program on the proposed rule change. The text orders held by the Trading Official, and classes because in those classes an option series can of those statements may be examined at which resting cabinet orders may be trade in a standard increment as low as $0.01 per the places specified in Item IV below. closing only). Provided that the buyer share (or $1.00 per option contract with a 100 share multiplier). Because the temporary procedures and the seller yield to orders resting in allow trading below $0.01 per share (or $1.00 per 13 17 CFR 200.30–3(a)(12). option contract with a 100 share multiplier), the 1 15 U.S.C.78s(b)(1). 4 See Securities Exchange Act Release No. 63475 procedures are available for all classes, including 2 15 U.S.C. 78a. (December 8, 2010), 75 FR 77932 (December 14, those classes participating in the Penny Pilot 3 17 CFR 240.19b–4. 2010) (SR–NYSE Amex–2010–114). Program. VerDate Sep<11>2014 18:38 Dec 20, 2016 Jkt 241001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\21DEN1.SGM 21DEN1

Federal Register / Vol. 81, No. 245 / Wednesday, December 21, 2016 / Notices 93717 following the close of each business competition; and (iii) become operative Electronic Comments day. prior to 30 days from the date on which it was filed, or such shorter time as the • Use the Commission’s Internet 2. Statutory Basis comment form (http://www.sec.gov/ Commission may designate, if The Exchange believes that this consistent with the protection of rules/sro.shtml); or proposed rule change is consistent with investors and the public interest, the • Send an email to rule-comments@ Section 6(b) 6 of the Act, in general, and proposed rule change has become sec.gov. Please include File Number SR– furthers the objectives of Section effective pursuant to Section 19(b)(3)(A) NYSEMKT–2016–116 on the subject 6(b)(5) 7 of the Act in particular, in that of the Act and Rule 19b–4(f)(6)(iii) line. it is designed to promote just and thereunder. equitable principles of trade, to prevent A proposed rule change filed under Paper Comments fraudulent and manipulative acts, to Rule 19b–4(f)(6) 10 normally does not remove impediments to and to perfect • Send paper comments in triplicate become operative prior to 30 days after the mechanism for a free and open to Brent J. Fields, Secretary, Securities the date of the filing. However, pursuant market and a national market system, and Exchange Commission, 100 F Street to Rule 19b4(f)(6)(iii),11 the Commission and, in general, to protect investors and may designate a shorter time if such NE., Washington, DC 20549–1090. the public interest. The Exchange action is consistent with the protection All submissions should refer to File believes that allowing for liquidations at of investors and the public interest. The Number SR–NYSEMKT–2016–116. This a price less than $1 per option contract Exchange has asked the Commission to file number should be included on the will better facilitate the closing of waive the 30-day operative delay so that options positions that are worthless or subject line if email is used. To help the the Pilot Program may continue without Commission process and review your not actively trading, especially in Penny interruption. The Commission believes Pilot issues where Cabinet Trades are comments more efficiently, please use that the proposed rule change is only one method. The Commission will not otherwise permitted. consistent with the protection of post all comments on the Commission’s B. Self-Regulatory Organization’s investors and the public interest Internet Web site (http://www.sec.gov/ Statement on Burden on Competition because it will allow the pilot to rules/sro.shtml). Copies of the The Exchange does not believe that continue uninterrupted, thereby submission, all subsequent the proposed rule change will impose avoiding any potential investor amendments, all written statements any burden on competition that is not confusion that could result from a temporary interruption in the pilot and with respect to the proposed rule necessary or appropriate in furtherance change that are filed with the of the purposes of the Act. The allowing members to continue to benefit from the Pilot Program. Based on the Commission, and all written proposed rule change is to extend an communications relating to the established pilot program for an foregoing, the Commission hereby waives the 30-day operative delay and proposed rule change between the additional six months and continue to Commission and any person, other than facilitate ATP Holders ability to close designates the proposal operative upon filing.12 those that may be withheld from the positions in worthless or not actively public in accordance with the traded series. At any time within 60 days of the filing of such proposed rule change, the provisions of 5 U.S.C. 552, will be C. Self-Regulatory Organization’s Commission summarily may available for Web site viewing and Statement on Comments on the temporarily suspend such rule change if printing in the Commission’s Public Proposed Rule Change Received From it appears to the Commission that such Reference Room, 100 F Street NE., Members, Participants, or Others action is necessary or appropriate in the Washington, DC 20549 on official No written comments were solicited public interest, for the protection of business days between the hours of or received with respect to the proposed investors, or otherwise in furtherance of 10:00 a.m. and 3:00 p.m. Copies of the rule change. the purposes of the Act. If the filing also will be available for Commission takes such action, the inspection and copying at the principal III. Date of Effectiveness of the Commission shall institute proceedings office of the Exchange. All comments Proposed Rule Change and Timing for under Section 19(b)(2)(B) 13 of the Act to Commission Action received will be posted without change; determine whether the proposed rule the Commission does not edit personal The Exchange has filed the proposed change should be approved or identifying information from rule change pursuant to Section disapproved. submissions. You should submit only 19(b)(3)(A)(iii) of the Act 8 and Rule information that you wish to make 19b–4(f)(6) thereunder.9 Because the IV. Solicitation of Comments available publicly. All submissions proposed rule change does not: (i) Interested persons are invited to should refer to File Number SR– significantly affect the protection of submit written data, views, and NYSEMKT–2016–116 and should be investors or the public interest; (ii) arguments concerning the foregoing, impose any significant burden on submitted on or before January 11, 2017. including whether the proposed rule change is consistent with the Act. For the Commission, by the Division of 6 15 U.S.C. 78f(b). Comments may be submitted by any of Trading and Markets, pursuant to delegated 7 15 U.S.C. 78f(b)(5). the following methods: authority.14 asabaliauskas on DSK3SPTVN1PROD with NOTICES 8 15 U.S.C. 78s(b)(3)(A)(iii). 9 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– Eduardo A. Aleman, 10 17 CFR 240.19b–4(f)(6). 4(f)(6)(iii) requires the Exchange to give the Assistant Secretary. 11 17 CFR 240.19b–4(f)(6)(iii). Commission written notice of the Exchange’s intent [FR Doc. 2016–30687 Filed 12–20–16; 8:45 am] 12 For purposes only of waiving the operative to file the proposed rule change, along with a brief delay of this proposal, the Commission has BILLING CODE 8011–01–P description and text of the proposed rule change, at least five business days prior to the date of filing considered the proposed rule’s impact on of the proposed rule change, or such shorter time efficiency, competition, and capital formation. 15 as designated by the Commission. The Exchange U.S.C. 78c(f). has satisfied this requirement. 13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 18:38 Dec 20, 2016 Jkt 241001 PO 00000 Frm 00063 Fmt 4703 Sfmt 9990 E:\FR\FM\21DEN1.SGM 21DEN1


Document Created: 2018-02-14 09:12:07
Document Modified: 2018-02-14 09:12:07
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation81 FR 93716 
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