81_FR_9594 81 FR 9557 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Eliminate Certain Fees Which Relate to the Series 56 Examination and To Include Certain Fees Which Relate to Series 57 Examination and Continuing Education

81 FR 9557 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Eliminate Certain Fees Which Relate to the Series 56 Examination and To Include Certain Fees Which Relate to Series 57 Examination and Continuing Education

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 37 (February 25, 2016)

Page Range9557-9559
FR Document2016-03953

Federal Register, Volume 81 Issue 37 (Thursday, February 25, 2016) 
[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)]
[Notices]
[Pages 9557-9559]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-03953]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77193; File No. SR-BOX-2016-09]


Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Amend the Fee Schedule To Eliminate Certain Fees Which Relate to the 
Series 56 Examination and To Include Certain Fees Which Relate to 
Series 57 Examination and Continuing Education

February 19, 2016.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 9, 2016, BOX Options Exchange LLC (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 Exchange filed the 
proposed rule change pursuant to section 19(b)(3)(A)(ii) of the Act,\3\ 
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal 
effective upon filing with the Commission. 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\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing with the Securities and Exchange Commission 
(``Commission'') a proposed rule change to amend the Fee Schedule to 
delete the Continuing Education Fees and the Qualification Examination 
Fee which relate to the Series 56 registration category under the 
Regulatory Fees section of the BOX Fee Schedule on the BOX Market LLC 
(``BOX'') options facility. The text of the proposed rule change is 
available from the principal office of the Exchange, at the 
Commission's Public Reference Room and also on the Exchange's Internet 
Web site at http://boxexchange.com.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the Fee Schedule for trading on BOX 
to delete the Continuing Education Fees and the Qualification 
Examination Fee

[[Page 9558]]

which relate to the Series 56 registration category under the 
Regulatory Fees section of the BOX Fee Schedule. The Financial Industry 
Regulatory Authority (``FINRA'') is retiring the Proprietary Traders 
Qualification Examination (Series 56) and the S501 Proprietary Traders 
Continuing Education Program and replacing them with the Securities 
Trader Qualification Examination (Series 57) and the S101 Continuing 
Education Program.\5\
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    \5\ See Securities Exchange Act Release Nos. 75783 (August 28, 
2015), 80 FR 53369 (September 3, 2015) (approving SR-FINRA-2015-017) 
and 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (approving 
SR-FINRA-2015-015) collectively referred to herein as the ``FINRA 
Amendments''. According to the approval orders, FINRA's expected 
effective date for the FINRA Amendments is [sic] January 4, 2016.
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    Specifically, the Exchange proposes to delete the (i) $60.00 S501 
Continuing Education Fee for Series 56 and (ii) the $195.00 Series 56 
Examination Fee. The Exchange further proposes to add a (i) $55.00 S101 
Continuing Education Fee and (ii) a $120.00 Series 57 Examination Fee.
    BOX is proposing such Fee Schedule amendments in consultation with 
FINRA and the other exchanges, and anticipates that the other exchanges 
will make corresponding changes to their respective fee schedules.\6\
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    \6\ See Securities Exchange Act Release Nos. 76391 (November 9, 
2015), 80 FR 70862 (November 16, 2015) (SR-FINRA-2015-044) and 75581 
(July 31, 2015), 80 FR 47018 (August 6, 2015) (SR-FINRA-2015-015).
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Background
    BOX has amended its rules to establish the Securities Trader and 
Securities Trader Principal registration categories to establish the 
Series 57 examination as the appropriate qualification examination for 
Securities Traders and retire the Series 56 examination for Proprietary 
Traders, and to establish S101 as the appropriate continuing education 
program for Securities Traders and retire the S501 continuing education 
program for Proprietary Traders starting January 4, 2016.\7\
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    \7\ See Securities Exchange Act Release No. 76732 (December 22, 
2015), 80 FR 81390 (December 29, 2015) (SR-BOX-2015-38).
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    In accordance with BOX's amended rules relating to the new 
Securities Trader registration category, individual Participants and 
associated persons of Participants engaged in proprietary trading or 
the direct supervision of proprietary trading will be required to 
register with the Exchange as Securities Traders and be qualified by 
passing the new Securities Trader qualification examination (Series 57) 
being implemented by FINRA, unless grandfathered as provided for in the 
Rules. In addition, the Series 57 examination replaces the Series 56 
examination for those exchange registration categories, such as the 
Proprietary Trader Principal registration category, where the Series 56 
examination was the acceptable prerequisite.\8\
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    \8\ See supra note 7. These amended rule [sic] are effective as 
of January 4, 2016.
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    The Exchange has further amended its Rules, in consultation with 
FINRA and the other exchanges, to provide for the Continuing Education 
Regulatory Element for registered persons. The personalized S101 
Continuing Education Program will be the required Continuing Education 
Program for all registered persons including Securities Traders.
Proposal
    The Exchange proposes to amend its Fee Schedule to delete the (i) 
$60.00 Continuing Education Fee for Series 56 [sic] and the (ii) 
$195.00 Series 56 Examination Fee. The Exchange further proposes to add 
a $120.00 Series 57 Examination Fee which will be applicable with 
respect to the new Securities Trader Qualification Examination (Series 
57).
    The $100.00 fee charged for administration of the S101 Continuing 
Education program applicable to registrants required to take 
examinations other than the Series 56 will remain in effect, and become 
applicable to all registrants, if a continuing education session is 
conducted at a testing center from January 4, 2016 through no later 
than six months thereafter when the Continuing Education program will 
no longer be offered at testing centers. A new $55.00 fee will be 
applicable to all registrants from and after January 4, 2016 for the 
S101 Continuing Education program. The $195.00 fee currently charged 
for the Series 56 examination will be replaced with a $120.00 fee for 
the Series 57 examination starting January 4, 2016. Therefore, the 
Exchange is proposing to add the $55.00 S101 Continuing Education fee 
and the $120.00 Series 57 examination fee to the current BOX Fee 
Schedule. Additionally, the $60.00 fee currently charged for the 
administration of the S501 Continuing Education Program applicable to 
Series 56 is being retired starting January 4, 2016. Therefore, the 
Exchange is proposing to delete both the Series 56 examination fee and 
the $60.00 S501 Continuing Education fee from the current BOX Fee 
Schedule.
    Since the Series 57 and the S101 Continuing Education Program will 
fall within FINRA's jurisdiction, the related fees will be billed 
directly through FINRA commencing as of January 4, 2016.\9\
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    \9\ See supra note 6.
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2. Statutory Basis
    The Exchange believes that the proposal is consistent with the 
requirements of section 6(b) of the Act, in general, and section 
6(b)(4) and 6(b)(5)of the Act,\10\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among BOX Participants and other persons using its facilities 
and does not unfairly discriminate between customers, issuers, brokers 
or dealers.
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    \10\ 15 U.S.C. 78f(b)(4) and (5).
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    The Exchange believes that the proposal is fair, equitable and not 
unreasonably discriminatory because the fee change applies equally to 
all Participants and persons associated with Participants. The proposed 
deletion of the S501 Continuing Education Fees and Series 56 
Qualification Examination Fee is further reasonable because such 
Continuing Education program and exam will be replaced by the S101 
Continuing Education Program and Series 57 Qualification Examination 
Program. In addition, the Exchange believes that the fees added to the 
BOX Fee Schedule are equitably allocated and not unfairly 
discriminatory as they will apply uniformly to all Participants and 
persons associated with Participants who choose to take the Series 57 
examination and participate in the continuing education program through 
FINRA.

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 further believes 
that the proposal does not impose any burden on competition because it 
believes that the other exchanges will also be making the same changes 
to their fee schedules.\11\
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    \11\ See supra notes 5 and 6.
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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.

[[Page 9559]]

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 Exchange Act \12\ and Rule 19b-4(f)(2) 
thereunder,\13\ because it establishes or changes a due, or fee.
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    \12\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \13\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend the rule 
change if it appears to the Commission that the action is necessary or 
appropriate in the public interest, for the protection of investors, or 
would otherwise further 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 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-BOX-2016-09 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-BOX-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., 
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 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-BOX-2016-09, and should be 
submitted on or before March 17, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-03953 Filed 2-24-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices 9557 this proposed rule change. The number should be included on the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange has not received any subject line if email is used. To help the notice is hereby given that on February unsolicited written comments from Commission process and review your 9, 2016, BOX Options Exchange LLC Members or other interested parties. comments more efficiently, please use (the ‘‘Exchange’’) filed with the only one method. The Commission will Securities and Exchange Commission III. Date of Effectiveness of the post all comments on the Commission’s (‘‘Commission’’) the proposed rule Proposed Rule Change and Timing for change as described in Items I, II, and Internet Web site (http://www.sec.gov/ Commission Action III below, which Items have been rules/sro.shtml). Copies of the Because the foregoing proposed rule submission, all subsequent prepared by the Exchange. The change does not: (A) Significantly affect amendments, all written statements Exchange filed the proposed rule change the protection of investors or the public with respect to the proposed rule pursuant to section 19(b)(3)(A)(ii) of the interest; (B) impose any significant change that are filed with the Act,3 and Rule 19b–4(f)(2) thereunder,4 burden on competition; and (C) become Commission, and all written which renders the proposal effective operative for 30 days from the date on communications relating to the upon filing with the Commission. The which it was filed or such shorter time proposed rule change between the Commission is publishing this notice to as the Commission may designate, it has Commission and any person, other than solicit comments on the proposed rule become effective pursuant to Section those that may be withheld from the change from interested persons. 19(b)(3)(A) of the Act 14 and paragraph public in accordance with the I. Self-Regulatory Organization’s (f)(6) of Rule 19b–4 thereunder.15 The provisions of 5 U.S.C. 552, will be Statement of the Terms of the Substance Exchange has given the Commission available for Web site viewing and of the Proposed Rule Change written notice of its intent to file the printing in the Commission’s Public proposed rule change, along with a brief Reference Room, 100 F Street NE., The Exchange is filing with the description and text of the proposed Washington, DC 20549, on official Securities and Exchange Commission rule change at least five business days business days between the hours of (‘‘Commission’’) a proposed rule change prior to the date of filing of the 10:00 a.m. and 3:00 p.m. Copies of such to amend the Fee Schedule to delete the proposed rule change, or such shorter filing will also be available for Continuing Education Fees and the time as designated by the Commission. inspection and copying at the principal Qualification Examination Fee which At any time within 60 days of the office of the Exchange. All comments relate to the Series 56 registration filing of the proposed rule change, the received will be posted without change; category under the Regulatory Fees Commission summarily may section of the BOX Fee Schedule on the the Commission does not edit personal temporarily suspend such rule change if BOX Market LLC (‘‘BOX’’) options identifying information from it appears to the Commission that such facility. The text of the proposed rule submissions. You should submit only action is: (1) Necessary or appropriate in change is available from the principal information that you wish to make the public interest; (2) for the protection office of the Exchange, at the available publicly. All submissions of investors; or (3) otherwise in Commission’s Public Reference Room should refer to File No. SR–BYX–2016– furtherance of the purposes of the Act. and also on the Exchange’s Internet Web 04 and should be submitted on or before If the Commission takes such action, the site at http://boxexchange.com. March 17, 2016. Commission shall institute proceedings II. Self-Regulatory Organization’s to determine whether the proposed rule Statement of the Purpose of, and For the Commission, by the Division of should be approved or disapproved. Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule IV. Solicitation of Comments authority.16 Change Interested persons are invited to Brent J. Fields, In its filing with the Commission, the submit written data, views and Secretary. Exchange included statements arguments concerning the foregoing, [FR Doc. 2016–03947 Filed 2–24–16; 8:45 am] concerning the purpose of and basis for including whether the proposal is BILLING CODE 8011–01–P the proposed rule change and discussed consistent with the Act. Comments may any comments it received on the be submitted by any of the following proposed rule change. The text of these methods: SECURITIES AND EXCHANGE statements may be examined at the COMMISSION places specified in Item IV below. The Electronic Comments Exchange has prepared summaries, set • Use the Commission’s Internet [Release No. 34–77193; File No. SR–BOX– forth in sections A, B, and C below, of comment form (http://www.sec.gov/ 2016–09] the most significant aspects of such rules/sro.shtml); or statements. • Send an email to rule- Self-Regulatory Organizations; BOX A. Self-Regulatory Organization’s comments@sec.gov. Please include File Options Exchange LLC; Notice of Statement of the Purpose of, and Number SR–BYX–2016–04 on the Filing and Immediate Effectiveness of Statutory Basis for, the Proposed Rule subject line. a Proposed Rule Change To Amend Change the Fee Schedule To Eliminate Certain Paper Comments Fees Which Relate to the Series 56 1. Purpose • Send paper comments in triplicate Examination and To Include Certain The Exchange proposes to amend the mstockstill on DSK4VPTVN1PROD with NOTICES to Secretary, Securities and Exchange Fees Which Relate to Series 57 Fee Schedule for trading on BOX to Commission, 100 F Street NE., Examination and Continuing Education delete the Continuing Education Fees Washington, DC 20549–1090. and the Qualification Examination Fee February 19, 2016. All submissions should refer to File Number SR–BYX–2016–04. This file Pursuant to section 19(b)(1) of the 1 15 U.S.C. 78s(b)(1). Securities Exchange Act of 1934 (the 2 17 CFR 240.19b–4. 14 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(ii). 15 17 CFR 240.19b–4. 16 17 CFR 200.30–3(a)(12). 4 17 CFR 240.19b–4(f)(2). VerDate Sep<11>2014 18:07 Feb 24, 2016 Jkt 238001 PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 E:\FR\FM\25FEN1.SGM 25FEN1

9558 Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices which relate to the Series 56 registration grandfathered as provided for in the Since the Series 57 and the S101 category under the Regulatory Fees Rules. In addition, the Series 57 Continuing Education Program will fall section of the BOX Fee Schedule. The examination replaces the Series 56 within FINRA’s jurisdiction, the related Financial Industry Regulatory Authority examination for those exchange fees will be billed directly through (‘‘FINRA’’) is retiring the Proprietary registration categories, such as the FINRA commencing as of January 4, Traders Qualification Examination Proprietary Trader Principal registration 2016.9 (Series 56) and the S501 Proprietary category, where the Series 56 Traders Continuing Education Program 2. Statutory Basis examination was the acceptable and replacing them with the Securities prerequisite.8 The Exchange believes that the Trader Qualification Examination The Exchange has further amended its proposal is consistent with the (Series 57) and the S101 Continuing Rules, in consultation with FINRA and requirements of section 6(b) of the Act, Education Program.5 the other exchanges, to provide for the in general, and section 6(b)(4) and Specifically, the Exchange proposes to Continuing Education Regulatory 6(b)(5)of the Act,10 in particular, in that delete the (i) $60.00 S501 Continuing Element for registered persons. The it provides for the equitable allocation Education Fee for Series 56 and (ii) the personalized S101 Continuing of reasonable dues, fees, and other $195.00 Series 56 Examination Fee. The Education Program will be the required charges among BOX Participants and Exchange further proposes to add a (i) Continuing Education Program for all other persons using its facilities and $55.00 S101 Continuing Education Fee registered persons including Securities does not unfairly discriminate between and (ii) a $120.00 Series 57 Examination Traders. customers, issuers, brokers or dealers. Fee. Proposal The Exchange believes that the BOX is proposing such Fee Schedule proposal is fair, equitable and not amendments in consultation with The Exchange proposes to amend its unreasonably discriminatory because FINRA and the other exchanges, and Fee Schedule to delete the (i) $60.00 the fee change applies equally to all anticipates that the other exchanges will Continuing Education Fee for Series 56 Participants and persons associated make corresponding changes to their respective fee schedules.6 [sic] and the (ii) $195.00 Series 56 with Participants. The proposed Examination Fee. The Exchange further deletion of the S501 Continuing Background proposes to add a $120.00 Series 57 Education Fees and Series 56 BOX has amended its rules to Examination Fee which will be Qualification Examination Fee is further establish the Securities Trader and applicable with respect to the new reasonable because such Continuing Securities Trader Principal registration Securities Trader Qualification Education program and exam will be categories to establish the Series 57 Examination (Series 57). replaced by the S101 Continuing examination as the appropriate The $100.00 fee charged for Education Program and Series 57 qualification examination for Securities administration of the S101 Continuing Qualification Examination Program. In Traders and retire the Series 56 Education program applicable to addition, the Exchange believes that the examination for Proprietary Traders, registrants required to take fees added to the BOX Fee Schedule are and to establish S101 as the appropriate examinations other than the Series 56 equitably allocated and not unfairly continuing education program for will remain in effect, and become discriminatory as they will apply Securities Traders and retire the S501 applicable to all registrants, if a uniformly to all Participants and continuing education program for continuing education session is persons associated with Participants Proprietary Traders starting January 4, conducted at a testing center from who choose to take the Series 57 2016.7 January 4, 2016 through no later than examination and participate in the In accordance with BOX’s amended six months thereafter when the continuing education program through rules relating to the new Securities Continuing Education program will no FINRA. Trader registration category, individual longer be offered at testing centers. A B. Self-Regulatory Organization’s Participants and associated persons of new $55.00 fee will be applicable to all Statement on Burden on Competition Participants engaged in proprietary registrants from and after January 4, trading or the direct supervision of 2016 for the S101 Continuing Education The Exchange does not believe that proprietary trading will be required to program. The $195.00 fee currently the proposed rule change will impose register with the Exchange as Securities charged for the Series 56 examination any burden on competition not Traders and be qualified by passing the will be replaced with a $120.00 fee for necessary or appropriate in furtherance new Securities Trader qualification the Series 57 examination starting of the purposes of the Act. The examination (Series 57) being January 4, 2016. Therefore, the Exchange further believes that the implemented by FINRA, unless Exchange is proposing to add the $55.00 proposal does not impose any burden S101 Continuing Education fee and the on competition because it believes that 5 See Securities Exchange Act Release Nos. 75783 $120.00 Series 57 examination fee to the the other exchanges will also be making (August 28, 2015), 80 FR 53369 (September 3, 2015) current BOX Fee Schedule. the same changes to their fee (approving SR–FINRA–2015–017) and 75581 (July 31, 2015), 80 FR 47018 (August 6, 2015) (approving Additionally, the $60.00 fee currently schedules.11 SR–FINRA–2015–015) collectively referred to charged for the administration of the C. Self-Regulatory Organization’s herein as the ‘‘FINRA Amendments’’. According to S501 Continuing Education Program the approval orders, FINRA’s expected effective Statement on Comments on the applicable to Series 56 is being retired date for the FINRA Amendments is [sic] January 4, Proposed Rule Change Received From mstockstill on DSK4VPTVN1PROD with NOTICES 2016. starting January 4, 2016. Therefore, the Members, Participants, or Others 6 See Securities Exchange Act Release Nos. 76391 Exchange is proposing to delete both the (November 9, 2015), 80 FR 70862 (November 16, Series 56 examination fee and the No written comments were either 2015) (SR–FINRA–2015–044) and 75581 (July 31, $60.00 S501 Continuing Education fee solicited or received. 2015), 80 FR 47018 (August 6, 2015) (SR–FINRA– 2015–015). from the current BOX Fee Schedule. 7 See Securities Exchange Act Release No. 76732 9 See supra note 6. 10 15 U.S.C. 78f(b)(4) and (5). (December 22, 2015), 80 FR 81390 (December 29, 8 See supra note 7. These amended rule [sic] are 2015) (SR–BOX–2015–38). effective as of January 4, 2016. 11 See supra notes 5 and 6. VerDate Sep<11>2014 18:07 Feb 24, 2016 Jkt 238001 PO 00000 Frm 00140 Fmt 4703 Sfmt 4703 E:\FR\FM\25FEN1.SGM 25FEN1

Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices 9559 III. Date of Effectiveness of the available for Web site viewing and (‘‘1940 Act’’), called an exchange-traded Proposed Rule Change and Timing for printing in the Commission’s Public managed fund (‘‘NextShares’’). The Commission Action Reference Room, 100 F Street NE., shares are collectively referred to herein The foregoing rule change has become Washington, DC 20549 on official as ‘‘NextShares.’’ effective pursuant to section business days between the hours of The text of the proposed rule change 19(b)(3)(A)(ii) of the Exchange Act 12 10:00 a.m. and 3:00 p.m. Copies of such is available at nasdaq.cchwallstreet.com and Rule 19b–4(f)(2) thereunder,13 filing also will be available for at Nasdaq principal office, and at the because it establishes or changes a due, inspection and copying at the principal Commission’s Public Reference Room. or fee. office of the Exchange. All comments received will be posted without change; II. Self-Regulatory Organization’s At any time within 60 days of the Statement of the Purpose of, and filing of the proposed rule change, the the Commission does not edit personal identifying information from Statutory Basis for, the Proposed Rule Commission summarily may Change temporarily suspend the rule change if submissions. You should submit only it appears to the Commission that the information that you wish to make In its filing with the Commission, action is necessary or appropriate in the available publicly. All submissions Nasdaq included statements concerning public interest, for the protection of should refer to File Number SR–BOX– the purpose of, and basis for, the investors, or would otherwise further 2016–09, and should be submitted on or proposed rule change and discussed any the purposes of the Act. If the beforeMarch 17, 2016. comments it received on the proposed Commission takes such action, the For the Commission, by the Division of rule change. The text of those Commission shall institute proceedings Trading and Markets, pursuant to delegated statements may be examined at the to determine whether the proposed rule authority.14 places specified in Item IV below. The should be approved or disapproved. Brent J. Fields, Exchange has prepared summaries, set Secretary. forth in sections A, B, and C below, of IV. Solicitation of Comments the most significant parts of such [FR Doc. 2016–03953 Filed 2–24–16; 8:45 am] Interested persons are invited to BILLING CODE 8011–01–P statements. submit written data, views, and arguments concerning the foregoing, A. Self-Regulatory Organization’s including whether the proposed rule Statement of the Purpose of, and SECURITIES AND EXCHANGE Statutory Basis for, the Proposed Rule change is consistent with the Act. COMMISSION Comments may be submitted by any of Change the following methods: [Release No. 34–77191; File No. SR– NASDAQ–2016–025] 1. Purpose Electronic Comments The Exchange proposes to amend Self-Regulatory Organizations; The certain fees in Nasdaq Rule 5940 • Use the Commission’s Internet NASDAQ Stock Market LLC; Notice of (entitled ‘‘Exchange Traded Products’’) comment form (http://www.sec.gov/ Filing and Immediate Effectiveness of associated with the listing of rules/sro.shtml); or • Send an email to rule-comments@ Proposed Rule Change To Amend NextShares.3 At the time of the sec.gov. Please include File Number SR– Nasdaq Rule 5940 To Adopt Entry and Commission’s approval of Nasdaq Rule BOX–2016–09 on the subject line. Annual Fees for NextShares 5745, Nasdaq did not specify fees February 19, 2016. applicable to NextShares. The Exchange Paper Comments now proposes to amend Nasdaq Rule Pursuant to Section 19(b)(1) of the • Send paper comments in triplicate Securities Exchange Act of 1934 5940 to adopt both the entry fees and to Secretary, Securities and Exchange (‘‘Act’’),1 and Rule 19b–4 thereunder,2 annual fees for NextShares. Commission, 100 F Street NE., notice is hereby given that on February Specifically, the proposed entry fee Washington, DC 20549–1090. 11, 2016, The NASDAQ Stock Market for when a company submits an All submissions should refer to File LLC (‘‘NASDAQ’’ or the ‘‘Exchange’’) application for listing a series 4 of Number SR–BOX–2016–09. This file filed with the Securities and Exchange NextShares under Nasdaq Rule 5745 number should be included on the Commission (‘‘Commission’’) a will be $20,000 for the first series of subject line if email is used. To help the proposed rule change as described in NextShares (which will include a Commission process and review your Items I, II and III below, which Items $1,000 non-refundable application fee) comments more efficiently, please use have been prepared by the Exchange. and an additional entry fee of $7,500 for only one method. The Commission will The Commission is publishing this each subsequent series of NextShares post all comments on the Commission’s notice to solicit comments on the (which will include a $1,000 non- Internet Web site (http://www.sec.gov/ proposed rule change from interested refundable application fee). rules/sro.shtml). Copies of the persons. submission, all subsequent 3 The Commission approved Nasdaq Rule 5745 in amendments, all written statements I. Self-Regulatory Organization’s Securities Exchange Act Release No. 34–73562 Statement of the Terms of Substance of (Nov. 7, 2014), 79 FR 68309 (Nov. 14, 2014) (SR– with respect to the proposed rule NASDAQ–2014–020). change that are filed with the the Proposed Rule Change 4 A series refers to each individual NextShares. Commission, and all written Nasdaq is proposing to amend certain For example, assume an issuer launches four communications relating to the fees in Nasdaq Rule 5940 in connection NextShares (e.g., a Large Cap NextShares, a Large Cap Value NextShares, a Large Cap Growth mstockstill on DSK4VPTVN1PROD with NOTICES proposed rule change between the with listing a type of open-end NextShares and a Small Cap NextShares). Under Commission and any person, other than management investment company Nasdaq Rule 5940(a)(2) as it is proposed to be those that may be withheld from the registered under the Investment amended, the issuer would pay a one-time initial public in accordance with the Company Act of 1940, as amended listing fee of $20,000 for the Large Cap NextShares since it is the first series listed, and pay a separate provisions of 5 U.S.C. 552, will be $7,500 initial listing fee for each of the Large Cap 14 17 CFR 200.30–3(a)(12). Value NextShares, Large Cap Growth NextShares 12 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1). and Small Cap NextShares since they each would 13 17 CFR 240.19b–4(f)(2). 2 17 CFR 240.19b–4. be considered a subsequent series of NextShares. VerDate Sep<11>2014 18:07 Feb 24, 2016 Jkt 238001 PO 00000 Frm 00141 Fmt 4703 Sfmt 4703 E:\FR\FM\25FEN1.SGM 25FEN1


Document Created: 2018-02-02 14:35:13
Document Modified: 2018-02-02 14:35:13
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 9557 
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