81 FR 95657 - Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of the Limit Order Protection for Members Accessing PSX
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 249 (December 28, 2016)
Federal Register Volume 81, Issue 249 (December 28, 2016)
| Page Range | 95657-95658 | |
| FR Document | 2016-31297 |
[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)] [Notices] [Pages 95657-95658] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-31297] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79635; File No. SR-Phlx-2016-124] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Delay the Implementation of the Limit Order Protection for Members Accessing PSX December 21, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 20, 2016, NASDAQ PHLX LLC (``Phlx'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III, below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to delay the implementation of the Limit Order Protection or ``LOP'' for members accessing PSX. 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 purpose of the proposal is to delay the implementation of the Exchange's mechanism to protect against erroneous Limit Orders, which are entered into PSX, at Rule 3307(f).\3\ The Exchange received approval to implement this mechanism on August 24, 2016.\4\ Within that rule change, the Exchanges proposed to implement LOP within ninety days of the approval of the proposal, which was November 22, 2016.\5\ The Exchange subsequently filed a modification to the original proposal and delayed the implementation an additional sixty (60) days from the original timeframe in order to implement the LOP, which was January 21, 2017.\6\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 78246 (August 24, 2016), 81 FR 59672 (August 30, 2016) (SR-Phlx-2016-58). See also Securities Exchange Act Release No. 83917 (November 16, 2016), 81 FR 83917 (November 22, 2016) (SR-Phlx-2016-113). \4\ See Securities Exchange Act Release No. 78246 (August 24, 2016), 81 FR 59672 (August 30, 2016) (SR-Phlx-2016-58) (Notice of Filing of Amendments No. 1 and Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments No. 1, To Adopt Limit Order Protections). \5\ Id. at 45338. \6\ See Securities Exchange Act Release No. 83917 (November 16, 2016), 81 FR 83917 (November 22, 2016) (SR-Phlx-2016-113) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Limit Order Protection). --------------------------------------------------------------------------- At this time the Exchange proposes to delay the implementation from January 21, 2017 until a date no later than March 31, 2017 in order to allow additional time to complete testing. The Exchange will announce the specific date in advance through an Equities Trader Alert. For more information regarding LOP see the previous LOP rule changes.\7\ --------------------------------------------------------------------------- \7\ See note 3 above. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Section 6(b)(5) of the Act,\9\ in particular, in that it is designed 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 [[Page 95658]] system, and, in general to protect investors and the public interest, by permitting the Exchange additional time to implement the LOP in accordance with the Exchange's processes. The Exchange's proposal does not significantly affect the protection of investors or the public interest because this proposal does not modify the manner in which LOP operates, only the implementation date is impacted. The Exchange will provide advance notice to members with respect to the new date. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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's proposal does not impose any significant burden on competition because LOP will apply to all PSX market participants in a uniform manner once implemented. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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 for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act \10\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A)(iii). \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. --------------------------------------------------------------------------- At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-Phlx-2016-124 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-Phlx-2016-124. 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-Phlx-2016-124 and should be submitted on or before January 18, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\12\ --------------------------------------------------------------------------- \12\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016-31297 Filed 12-27-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95657
publicly disclosed in their comment used by the NRC to obtain information places specified in Item IV below. The
submission. Your request should state on NRC contractors, subcontractors, and Exchange has prepared summaries, set
that comment submissions are not other individuals who are not NRC forth in sections A, B, and C below, of
routinely edited to remove such employees and require access to NRC the most significant aspects of such
information before making the comment buildings, IT systems, sensitive statements.
submissions available to the public or information, sensitive unclassified A. Self-Regulatory Organization’s
entering the comment into ADAMS. information, or classified information. Statement of the Purpose of, and
II. Background Dated at Rockville, Maryland, this 21st day Statutory Basis for, the Proposed Rule
of December 2016. Change
Under the provisions of the
For the Nuclear Regulatory Commission.
Paperwork Reduction Act of 1995 (44 1. Purpose
David Cullison,
U.S.C. Chapter 35), the NRC recently The purpose of the proposal is to
submitted a request for renewal of an NRC Clearance Officer, Office of the Chief
Information Officer. delay the implementation of the
existing collection of information to Exchange’s mechanism to protect
OMB for review entitled, ‘‘NRC Form [FR Doc. 2016–31324 Filed 12–27–16; 8:45 am]
against erroneous Limit Orders, which
850A, ‘‘Request for NRC Contractor BILLING CODE 7590–01–P
are entered into PSX, at Rule 3307(f).3
Building Access Authorization’’ NRC The Exchange received approval to
Form 850B, ‘‘Request for NRC implement this mechanism on August
Contractor Information Technology SECURITIES AND EXCHANGE 24, 2016.4 Within that rule change, the
Access Authorization’’ NRC Form 850C, COMMISSION Exchanges proposed to implement LOP
‘‘Request for NRC Contractor Security [Release No. 34–79635; File No. SR–Phlx– within ninety days of the approval of
Clearance.’’ The NRC hereby informs 2016–124] the proposal, which was November 22,
potential respondents that an agency 2016.5 The Exchange subsequently filed
may not conduct or sponsor, and that a Self-Regulatory Organizations; a modification to the original proposal
person is not required to respond to, a NASDAQ PHLX LLC; Notice of Filing and delayed the implementation an
collection of information unless it and Immediate Effectiveness of additional sixty (60) days from the
displays a currently valid OMB control Proposed Rule Change To Delay the original timeframe in order to
number. Implementation of the Limit Order implement the LOP, which was January
The NRC published a Federal Protection for Members Accessing 21, 2017.6
Register notice with a 60-day comment PSX At this time the Exchange proposes to
period on this information collection on delay the implementation from January
September 9, 2016 (81 FR 62546). December 21, 2016.
21, 2017 until a date no later than
1. The title of the information Pursuant to Section 19(b)(1) of the March 31, 2017 in order to allow
collection: NRC Form 850A, ‘‘Request Securities Exchange Act of 1934 additional time to complete testing. The
for NRC Contractor Building Access,’’ (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange will announce the specific
NRC Form 850B, ‘‘Request for NRC notice is hereby given that on December date in advance through an Equities
Contractor Information Technology 20, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ Trader Alert. For more information
Access Authorization,’’ and NRC Form or ‘‘Exchange’’) filed with the Securities regarding LOP see the previous LOP
850C, ‘‘Request for NRC Contractor and Exchange Commission (‘‘SEC’’ or rule changes.7
Security Clearance.’’ ‘‘Commission’’) the proposed rule
2. OMB approval number: 3150–0218. change as described in Items I, II, and 2. Statutory Basis
3. Type of submission: Extension. III, below, which Items have been The Exchange believes that its
4. The form number if applicable: prepared by the Exchange. The proposal is consistent with Section 6(b)
NRC Form 850A, NRC Form 850B, and Commission is publishing this notice to of the Act,8 in general, and furthers the
NRC Form 850C. solicit comments on the proposed rule objectives of Section 6(b)(5) of the Act,9
5. How often the collection is required change from interested persons. in particular, in that it is designed to
or requested: On occasion. promote just and equitable principles of
6. Who will be required or asked to I. Self-Regulatory Organization’s
Statement of the Terms of Substance of trade, to remove impediments to and
respond: NRC contractors, perfect the mechanism of a free and
subcontractors and other individuals the Proposed Rule Change
open market and a national market
who are not NRC employees. The Exchange proposes to delay the
7. The estimated number of annual implementation of the Limit Order 3 See Securities Exchange Act Release No. 78246
responses: 500. Protection or ‘‘LOP’’ for members (August 24, 2016), 81 FR 59672 (August 30, 2016)
8. The estimated number of annual accessing PSX. (SR–Phlx–2016–58). See also Securities Exchange
respondents: 500. Act Release No. 83917 (November 16, 2016), 81 FR
II. Self-Regulatory Organization’s 83917 (November 22, 2016) (SR–Phlx–2016–113).
9. An estimate of the total number of 4 See Securities Exchange Act Release No. 78246
hours needed annually to comply with Statement of the Purpose of, and
(August 24, 2016), 81 FR 59672 (August 30, 2016)
the information collection requirement Statutory Basis for, the Proposed Rule (SR–Phlx–2016–58) (Notice of Filing of
or request: 85. Change Amendments No. 1 and Order Granting Accelerated
10. Abstract: 10 CFR part 10, ‘‘Criteria Approval of Proposed Rule Changes, as Modified by
In its filing with the Commission, the Amendments No. 1, To Adopt Limit Order
and Procedures for Determining Exchange included statements Protections).
Eligibility for Access to Restricted Data
sradovich on DSK3GMQ082PROD with NOTICES
concerning the purpose of and basis for 5 Id. at 45338.
or National Security Information or an the proposed rule change and discussed 6 See Securities Exchange Act Release No. 83917
Employment Clearance,’’ establishes any comments it received on the (November 16, 2016), 81 FR 83917 (November 22,
requirements that individuals requiring 2016) (SR–Phlx–2016–113) (Notice of Filing and
proposed rule change. The text of these Immediate Effectiveness of Proposed Rule Change
an access authorization and/or statements may be examined at the To Amend the Limit Order Protection).
employment clearance must have an 7 See note 3 above.
investigation of their background. NRC 1 15 U.S.C. 78s(b)(1). 8 15 U.S.C. 78f(b).
Forms 850A, 850B, and 850C will be 2 17 CFR 240.19b–4. 9 15 U.S.C. 78f(b)(5).
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![95658 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices
system, and, in general to protect to determine whether the proposed rule For the Commission, by the Division of
investors and the public interest, by should be approved or disapproved. Trading and Markets, pursuant to delegated
permitting the Exchange additional time authority.12
to implement the LOP in accordance IV. Solicitation of Comments Eduardo A. Aleman,
with the Exchange’s processes. The Assistant Secretary.
Interested persons are invited to
Exchange’s proposal does not submit written data, views, and [FR Doc. 2016–31297 Filed 12–27–16; 8:45 am]
significantly affect the protection of arguments concerning the foregoing, BILLING CODE 8011–01–P
investors or the public interest because
including whether the proposed rule
this proposal does not modify the
change is consistent with the Act. SECURITIES AND EXCHANGE
manner in which LOP operates, only the
Comments may be submitted by any of COMMISSION
implementation date is impacted. The
Exchange will provide advance notice to the following methods:
[Release No. 34–79638; File No. SR–NYSE–
members with respect to the new date. Electronic Comments 2016–85]
B. Self-Regulatory Organization’s • Use the Commission’s Internet
Statement on Burden on Competition Self-Regulatory Organizations; New
comment form (http://www.sec.gov/ York Stock Exchange LLC; Notice of
The Exchange does not believe that rules/sro.shtml); or Filing and Immediate Effectiveness of
the proposed rule change will impose • Send an email to rule-comments@ Proposed Rule Change to (1) Change
any burden on competition not sec.gov. Please include File Number SR– How Orders Would be Processed
necessary or appropriate in furtherance When the Protected Best Bid (‘‘PBB’’)
Phlx–2016–124 on the subject line.
of the purposes of the Act. The Is Higher Than the Protected Best
Exchange’s proposal does not impose Paper Comments Offer (‘‘PBO’’) (The ‘‘PBBO’’) in Certain
any significant burden on competition Circumstances, and (2) Adopt a Limit
because LOP will apply to all PSX • Send paper comments in triplicate Order Price Protection Mechanism
market participants in a uniform to Brent J. Fields, Secretary, Securities
manner once implemented. and Exchange Commission, 100 F Street December 21, 2016.
NE., Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the
C. Self-Regulatory Organization’s Securities Exchange Act of 1934 (the
Statement on Comments on the All submissions should refer to File
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Proposed Rule Change Received From Number SR–Phlx–2016–124. This file notice is hereby given that on December
Members, Participants, or Others number should be included on the 12, 2016, New York Stock Exchange
No written comments were either subject line if email is used. To help the LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed
solicited or received. Commission process and review your with the Securities and Exchange
comments more efficiently, please use Commission (‘‘Commission’’) the
III. Date of Effectiveness of the only one method. The Commission will proposed rule change as described in
Proposed Rule Change and Timing for post all comments on the Commission’s Items I, II, and III below, which Items
Commission Action Internet Web site (http://www.sec.gov/ have been prepared by the self-
Because the foregoing proposed rule rules/sro.shtml). Copies of the regulatory organization. The
change does not: (i) Significantly affect submission, all subsequent Commission is publishing this notice to
the protection of investors or the public amendments, all written statements solicit comments on the proposed rule
interest; (ii) impose any significant with respect to the proposed rule change from interested persons.
burden on competition; and (iii) become change that are filed with the
operative for 30 days from the date on I. Self-Regulatory Organization’s
Commission, and all written Statement of the Terms of Substance of
which it was filed, or such shorter time communications relating to the
as the Commission may designate, it has the Proposed Rule Change
proposed rule change between the
become effective pursuant to Section Commission and any person, other than The Exchange proposes to (1) change
19(b)(3)(A)(iii) of the Act 10 and those that may be withheld from the how orders would be processed when
subparagraph (f)(6) of Rule 19b–4 public in accordance with the the protected best bid (‘‘PBB’’) is higher
thereunder.11 than the protected best offer (‘‘PBO’’)
provisions of 5 U.S.C. 552, will be
At any time within 60 days of the (the ‘‘PBBO’’) in certain circumstances,
available for Web site viewing and
filing of the proposed rule change, the and (2) adopt a limit order price
printing in the Commission’s Public
Commission summarily may protection mechanism. The proposed
Reference Room, 100 F Street NE., rule change is available on the
temporarily suspend such rule change if
it appears to the Commission that such Washington, DC 20549, on official Exchange’s Web site at www.nyse.com,
action is: (i) Necessary or appropriate in business days between the hours of at the principal office of the Exchange,
the public interest; (ii) for the protection 10:00 a.m. and 3:00 p.m. Copies of the and at the Commission’s Public
of investors; or (iii) otherwise in filing also will be available for Reference Room.
furtherance of the purposes of the Act. inspection and copying at the principal
office of the Exchange. All comments II. Self-Regulatory Organization’s
If the Commission takes such action, the Statement of the Purpose of, and
Commission shall institute proceedings received will be posted without change;
the Commission does not edit personal Statutory Basis for, the Proposed Rule
Change
sradovich on DSK3GMQ082PROD with NOTICES
10 15 U.S.C. 78s(b)(3)(A)(iii). identifying information from
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– submissions. You should submit only In its filing with the Commission, the
4(f)(6) requires a self-regulatory organization to give information that you wish to make self-regulatory organization included
the Commission written notice of its intent to file
the proposed rule change at least five business days available publicly. All submissions
12 17 CFR 200.30–3(a)(12).
prior to the date of filing of the proposed rule should refer to File Number SR–Phlx– 1 15
change, or such shorter time as designated by the U.S.C.78s(b)(1).
2016–124 and should be submitted on 2 15 U.S.C. 78a.
Commission. The Exchange has satisfied this
requirement. or before January 18, 2017. 3 17 CFR 240.19b–4.
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Document Created: 2016-12-28 02:17:14
Document Modified: 2016-12-28 02:17:14
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 81 FR 95657 |
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