81_FR_95928 81 FR 95679 - Self-Regulatory Organizations; NYSE MKT LLC; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Extend the Time Within Which a Member, Member Organization, an ATP Holder, an OTP Holder, or an OTP Firm Must File a Uniform Termination Notice for Securities Industry Registration (“Form U5”) and Any Amendments Thereto

81 FR 95679 - Self-Regulatory Organizations; NYSE MKT LLC; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Extend the Time Within Which a Member, Member Organization, an ATP Holder, an OTP Holder, or an OTP Firm Must File a Uniform Termination Notice for Securities Industry Registration (“Form U5”) and Any Amendments Thereto

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 249 (December 28, 2016)

Page Range95679-95680
FR Document2016-31306

Federal Register, Volume 81 Issue 249 (Wednesday, December 28, 2016) 
[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Pages 95679-95680]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31306]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79645; File Nos. SR-NYSEMKT-2016-52 and SR-NYSEArca 
2016-103]


Self-Regulatory Organizations; NYSE MKT LLC; NYSE Arca, Inc.; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove Proposed Rule 
Changes To Extend the Time Within Which a Member, Member Organization, 
an ATP Holder, an OTP Holder, or an OTP Firm Must File a Uniform 
Termination Notice for Securities Industry Registration (``Form U5'') 
and Any Amendments Thereto

December 21, 2016.
    On June 16, 2016, NYSE MKT LLC (``NYSE MKT'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') 
\2\ and Rule 19b-4 thereunder,\3\ a proposed rule change to extend the 
time within which a member or member organization, or an Amex Trading 
Permit Holder (``ATP Holder'') must file a Form U5, or any amendments 
thereto. The proposed rule change was published for comment in

[[Page 95680]]

the Federal Register on July 7, 2016.\4\ On July 14, 2016, NYSE Arca, 
Inc. (``NYSE Arca'') (NYSE MKT and NYSE Arca, each an ``Exchange'') 
filed with the Commission, pursuant to Section 19(b)(1) \5\ of the Act 
and Rule 19b-4 thereunder,\6\ a proposed rule change to extend the time 
within which an Options Trading Permit Holder (``OTP Holder'') or 
Options Trading Permit Firm (``OTP Firm'') must file a Form U5, or any 
amendments thereto. The proposed rule change was published for comment 
in the Federal Register on July 27, 2016.\7\ The Commission received 
one comment letter regarding the proposals.\8\ The New York Stock 
Exchange LLC (``NYSE''), on behalf of the Exchanges, responded to the 
comment on August 12, 2016.\9\ On August 17, 2016 \10\ and September 1, 
2016,\11\ the Commission designated a longer period for Commission 
action on the respective proposed rule changes. On October 3, 2016, the 
Commission received another comment regarding the proposals.\12\ On 
October 5, 2016, the Commission instituted proceedings under Section 
19(b)(2)(B) of the Act \13\ to determine whether to approve or 
disapprove the proposed rule changes.\14\ The Commission received four 
additional comment letters regarding the proposals.\15\ NYSE, on behalf 
of the Exchanges, responded to the OIA Letter on October 25, 2016.\16\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 78198 (June 30, 
2016), 81 FR 44363.
    \5\ 15 U.S.C. 78s(b)(1).
    \6\ 17 CFR 240.19b-4.
    \7\ See Securities Exchange Act Release No. 78381 (July 21, 
2016), 81 FR 49286.
    \8\ See letter from Judith Shaw, President, North American 
Securities Administrators Association, Inc. (``NASAA''), dated 
August 3, 2016, to Brent J. Fields, Secretary, Securities and 
Exchange Commission (``NASAA Letter''). While the NASAA Letter 
addresses issues associated with the NYSE MKT proposal, the 
Commission believes that the concerns raised by NASAA are equally 
applicable to the two proposals addressed in this Notice.
    \9\ See letter from Elizabeth K. King, General Counsel and 
Corporate Secretary, NYSE, dated August 12, 2016, to Brent J. 
Fields, Secretary, Commission.
    \10\ See Securities Exchange Act Release No. 78598, 81 FR 57642 
(August 23, 2016).
    \11\ See Securities Exchange Act Release No. 78755, 81 FR 62912 
(September 8, 2016).
    \12\ See letter from Rick A. Fleming, Investor Advocate, and 
Tracey L. McNeil, Ombudsman, Office of the Investor Advocate, 
Commission, dated October 3, 2016, to Brent J. Fields, Secretary, 
Commission (``OIA Letter'').
    \13\ 15 U.S.C. 78s(b)(2)(B).
    \14\ See Securities Exchange Act Release No. 79055, 81 FR 70460 
(October 12, 2016).
    \15\ See letters from Kevin Zambrowicz, Associate General 
Counsel, Securities Industry and Financial Markets Association, 
dated October 19, 2016; Michele Van Tassel, President, Association 
of Registration Management, November 4, 2016; Edwin L. Reed, Deputy 
Director, Alabama Securities Commission, dated November 14, 2016; 
and Mike Rothman, President, NASAA, dated November 16, 2016 (``NASAA 
Letter 2''), to Brent J. Fields, Secretary, Commission. While the 
NASAA Letter 2 addresses issues associated with the NYSEMKT 
proposal, the Commission believes that the concerns raised by NASAA 
are equally applicable to the two proposals addressed in this 
Notice.
    \16\ See letter from Elizabeth K. King, General Counsel and 
Corporate Secretary, NYSE, dated October 26, 2016, to Brent J. 
Fields, Secretary, Commission.
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    Section 19(b)(2) of the Act \17\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. For 
proposed rule change SR-NYSEMKT-2016-52, January 3, 2017 and March 4, 
2017 are 180 days and 240 days, respectively, from July 7, 2016, the 
date that the proposed rule change was published for notice and comment 
in the Federal Register. For proposed rule change SR-NYSEArca 2016-103, 
January 23, 2017, and March 24, 2017, are 180 days and 240 days, 
respectively from July 27, 2016, the date that the proposed rule change 
was published for comment in the Federal Register.
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    \17\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule changes so that it has sufficient time to consider the proposed 
rule changes and the comments received.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act \18\ designates, for SR-NYSEMKT-2016-52 and SR-NYSEArca-2106-103, 
March 4, 2017 and March 24, 2017, respectively, as the dates by which 
the Commission shall either approve or disapprove the proposed rule 
changes.
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    \18\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-31306 Filed 12-27-16; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices 95679 The Exchange believes that the A proposed rule change filed under public in accordance with the proposed deletion of two references to Rule 19b–4(f)(6) 11 normally does not provisions of 5 U.S.C. 552, will be Rule 123D in Section 202.06B of the become operative prior to 30 days after available for Web site viewing and Listed Company Manual is reasonable, the date of the filing. However, pursuant printing in the Commission’s Public equitable and not unfairly to Rule 19b4(f)(6)(iii),12 the Commission Reference Room, 100 F Street NE., discriminatory because the references may designate a shorter time if such Washington, DC 20549 on official are obsolete. The proposed changes action is consistent with the protection business days between the hours of would result in the removal of obsolete of investors and the public interest. 10:00 a.m. and 3:00 p.m. Copies of the text from the Listed Company Manual At any time within 60 days of the filing also will be available for and therefore add greater clarity to the filing of such proposed rule change, the inspection and copying at the principal Listed Company Manual regarding halts Commission summarily may office of the Exchange. All comments in trading. temporarily suspend such rule change if received will be posted without change; The Exchange believes that the it appears to the Commission that such the Commission does not edit personal proposed re-lettering of the remaining action is necessary or appropriate in the identifying information from subsections of Rule 123D is reasonable, public interest, for the protection of submissions. You should submit only equitable and not unfairly investors, or otherwise in furtherance of information that you wish to make discriminatory because the proposed the purposes of the Act. If the available publicly. All submissions change would add greater clarity to the Commission takes such action, the should refer to File Number SR–NYSE– Exchange’s rule book. Commission shall institute proceedings 2016–86 and should be submitted on or under Section 19(b)(2)(B) 13 of the Act to before January 18, 2017. B. Self-Regulatory Organization’s determine whether the proposed rule For the Commission, by the Division of Statement on Burden on Competition change should be approved or Trading and Markets, pursuant to delegated disapproved. authority.14 The Exchange does not believe that the proposed rule change will impose IV. Solicitation of Comments Eduardo A. Aleman, any burden on competition that is not Interested persons are invited to Assistant Secretary. necessary or appropriate in furtherance submit written data, views, and [FR Doc. 2016–31299 Filed 12–27–16; 8:45 am] of the purposes of the Act. The arguments concerning the foregoing, BILLING CODE 8011–01–P proposed change is not designed to including whether the proposed rule address any competitive issue but rather change is consistent with the Act. would streamline functionality, Comments may be submitted by any of SECURITIES AND EXCHANGE eliminate an unnecessary step, and the following methods: COMMISSION streamline forms, thereby reducing confusion and making the Exchange’s Electronic Comments [Release No. 34–79645; File Nos. SR– rules easier to understand and navigate. • Use the Commission’s Internet NYSEMKT–2016–52 and SR–NYSEArca comment form (http://www.sec.gov/ 2016–103] C. Self-Regulatory Organization’s rules/sro.shtml); or Statement on Comments on the Self-Regulatory Organizations; NYSE • Send an email to rule-comments@ Proposed Rule Change Received From MKT LLC; NYSE Arca, Inc.; Notice of sec.gov. Please include File Number SR– Members, Participants, or Others Designation of a Longer Period for NYSE–2016–86 on the subject line. Commission Action on Proceedings To No written comments were solicited Paper Comments Determine Whether To Approve or or received with respect to the proposed • Send paper comments in triplicate Disapprove Proposed Rule Changes rule change. to Brent J. Fields, Secretary, Securities To Extend the Time Within Which a and Exchange Commission, 100 F Street Member, Member Organization, an ATP III. Date of Effectiveness of the NE., Washington, DC 20549–1090. Holder, an OTP Holder, or an OTP Firm Proposed Rule Change and Timing for Must File a Uniform Termination Notice Commission Action All submissions should refer to File for Securities Industry Registration Number SR–NYSE–2016–86. This file The Exchange has filed the proposed (‘‘Form U5’’) and Any Amendments number should be included on the rule change pursuant to Section Thereto subject line if email is used. To help the 19(b)(3)(A)(iii) of the Act 9 and Rule Commission process and review your December 21, 2016. 19b–4(f)(6) thereunder.10 Because the comments more efficiently, please use On June 16, 2016, NYSE MKT LLC proposed rule change does not: (i) only one method. The Commission will (‘‘NYSE MKT’’) filed with the Securities significantly affect the protection of post all comments on the Commission’s and Exchange Commission investors or the public interest; (ii) Internet Web site (http://www.sec.gov/ (‘‘Commission’’), pursuant to Section impose any significant burden on rules/sro.shtml). Copies of the 19(b)(1) 1 of the Securities Exchange Act competition; and (iii) become operative submission, all subsequent of 1934 (‘‘Act’’) 2 and Rule 19b–4 prior to 30 days from the date on which amendments, all written statements thereunder,3 a proposed rule change to it was filed, or such shorter time as the with respect to the proposed rule extend the time within which a member Commission may designate, if change that are filed with the or member organization, or an Amex consistent with the protection of Commission, and all written Trading Permit Holder (‘‘ATP Holder’’) investors and the public interest, the sradovich on DSK3GMQ082PROD with NOTICES communications relating to the must file a Form U5, or any proposed rule change has become proposed rule change between the amendments thereto. The proposed rule effective pursuant to Section 19(b)(3)(A) Commission and any person, other than change was published for comment in of the Act and Rule 19b–4(f)(6)(iii) those that may be withheld from the thereunder. 14 17 CFR 200.30–3(a)(12). 11 17 CFR 240.19b–4(f)(6). 1 15 U.S.C. 78s(b)(1). 9 15 U.S.C. 78s(b)(3)(A)(iii). 12 17 CFR 240.19b–4(f)(6)(iii). 2 15 U.S.C. 78a. 10 17 CFR 240.19b–4(f)(6). 13 15 U.S.C. 78s(b)(2)(B). 3 17 CFR 240.19b–4. VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00125 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1

95680 Federal Register / Vol. 81, No. 249 / Wednesday, December 28, 2016 / Notices the Federal Register on July 7, 2016.4 Exchanges, responded to the OIA Letter SECURITIES AND EXCHANGE On July 14, 2016, NYSE Arca, Inc. on October 25, 2016.16 COMMISSION (‘‘NYSE Arca’’) (NYSE MKT and NYSE Section 19(b)(2) of the Act 17 provides [Release No. IC–32399; File No. 812–13603] Arca, each an ‘‘Exchange’’) filed with that, after initiating disapproval the Commission, pursuant to Section proceedings, the Commission shall issue Ares Capital Corporation, et al.; Notice 19(b)(1) 5 of the Act and Rule 19b–4 of Application an order approving or disapproving the thereunder,6 a proposed rule change to proposed rule change not later than 180 December 21, 2016. extend the time within which an Options Trading Permit Holder (‘‘OTP days after the date of publication of AGENCY: Securities and Exchange Holder’’) or Options Trading Permit notice of filing of the proposed rule Commission (‘‘Commission’’). Firm (‘‘OTP Firm’’) must file a Form U5, change. The Commission may extend ACTION: Notice of application for an or any amendments thereto. The the period for issuing an order order under sections 17(d) and 57(i) of proposed rule change was published for approving or disapproving the proposed the Investment Company Act of 1940 comment in the Federal Register on July rule change, however, by not more than (the ‘‘Act’’) and rule 17d–1 under the 27, 2016.7 The Commission received 60 days if the Commission determines Act to permit certain joint transactions one comment letter regarding the that a longer period is appropriate and otherwise prohibited by sections 17(d) proposals.8 The New York Stock publishes the reasons for such and 57(a)(4) of the Act and rule 17d–1 Exchange LLC (‘‘NYSE’’), on behalf of determination. For proposed rule under the Act. the Exchanges, responded to the change SR–NYSEMKT–2016–52, comment on August 12, 2016.9 On January 3, 2017 and March 4, 2017 are Summary of Application: Applicants August 17, 2016 10 and September 1, request an order to permit a business 180 days and 240 days, respectively, 2016,11 the Commission designated a development company to co-invest in from July 7, 2016, the date that the portfolio companies with affiliated longer period for Commission action on proposed rule change was published for investment funds. the respective proposed rule changes. notice and comment in the Federal Applicants: Ares Capital Corporation On October 3, 2016, the Commission Register. For proposed rule change SR– (‘‘ARCC’’), Ares Capital Management received another comment regarding the NYSEArca 2016–103, January 23, 2017, LLC (‘‘ACM’’), Ivy Hill Asset proposals.12 On October 5, 2016, the and March 24, 2017, are 180 days and Management, L.P. (‘‘Ivy Hill’’), Ares Commission instituted proceedings 240 days, respectively from July 27, Capital CP Funding LLC, Ares Capital JB under Section 19(b)(2)(B) of the Act 13 to 2016, the date that the proposed rule Funding LLC, A.C. Corporation, ACE determine whether to approve or change was published for comment in Equity Holdco (Cayman) Ltd., ACE II disapprove the proposed rule changes.14 the Federal Register. Master Fund L.P., ACE III Acquisition The Commission received four L.P., ACE III Master L.P., ACF Finco I additional comment letters regarding The Commission finds it appropriate to designate a longer period within LP, ACF Gateway LLC, ACOF the proposals.15 NYSE, on behalf of the Investment Management LLC, ACOF which to issue an order approving or Operating Manager III, LLC, ACOF 4 See Securities Exchange Act Release No. 78198 disapproving the proposed rule changes (June 30, 2016), 81 FR 44363. Operating Manager IV, LLC, ACRC so that it has sufficient time to consider Lender C LLC, ACRC Lender LLC, ACRC 5 15 U.S.C. 78s(b)(1). 6 17 CFR 240.19b–4. the proposed rule changes and the Lender W LLC, AELIS IR Participation 7 See Securities Exchange Act Release No. 78381 comments received. LLC, AELIS X Management, L.P., AEPEP (July 21, 2016), 81 FR 49286. Accordingly, the Commission, II Investment S.A.R.L., AEPEP II Master 8 See letter from Judith Shaw, President, North pursuant to Section 19(b)(2) of the Act 18 S.A.R.L., AEPEP II N Strategic American Securities Administrators Association, Inc. (‘‘NASAA’’), dated August 3, 2016, to Brent J. designates, for SR–NYSEMKT–2016–52 Investments, L.P., AF III Cayman AIV, Fields, Secretary, Securities and Exchange and SR–NYSEArca–2106–103, March 4, L.P., AF III US BD Holdings L.P., AF IV Commission (‘‘NASAA Letter’’). While the NASAA 2017 and March 24, 2017, respectively, BD Holdings (offshore) Ltd., AF IV US Letter addresses issues associated with the NYSE BD Holdings II, L.P., AF IV US BD MKT proposal, the Commission believes that the as the dates by which the Commission shall either approve or disapprove the Holdings III, L.P., AF IV US BD concerns raised by NASAA are equally applicable to the two proposals addressed in this Notice. proposed rule changes. Holdings IV, L.P., AF IV US BD 9 See letter from Elizabeth K. King, General Holdings V, L.P., AF IV US BD Counsel and Corporate Secretary, NYSE, dated For the Commission, by the Division of Holdings, L.P., Apollo European Real August 12, 2016, to Brent J. Fields, Secretary, Trading and Markets, pursuant to delegated Estate III (EU) Cooperatief U.A., Apollo Commission. authority.19 10 See Securities Exchange Act Release No. 78598, European Real Estate III Cooperatief 81 FR 57642 (August 23, 2016). Eduardo A. Aleman, U.A., APSecurities LLC, APSecurities 11 See Securities Exchange Act Release No. 78755, Assistant Secretary. Manager LP, AREG AC Makena 81 FR 62912 (September 8, 2016). [FR Doc. 2016–31306 Filed 12–27–16; 8:45 am] Holdings LLC, AREG US Fund VIII 12 See letter from Rick A. Fleming, Investor BILLING CODE 8011–01–P Blocker LLC, AREG US Fund VIII Advocate, and Tracey L. McNeil, Ombudsman, Holdings LLC, AREG US Fund VIII REIT Office of the Investor Advocate, Commission, dated October 3, 2016, to Brent J. Fields, Secretary, LLC, Ares ASIP Holdings Cayman, L.P., J. Fields, Secretary, Commission. While the NASAA Commission (‘‘OIA Letter’’). Letter 2 addresses issues associated with the Ares Cactus Operating Manager, L.P., 13 15 U.S.C. 78s(b)(2)(B). NYSEMKT proposal, the Commission believes that Ares Cactus Private Asset Backed Fund, 14 See Securities Exchange Act Release No. 79055, the concerns raised by NASAA are equally L.P., Ares Capital Europe (Luxembourg) 81 FR 70460 (October 12, 2016). applicable to the two proposals addressed in this S.A.R.L., Ares Capital Europe II Assets sradovich on DSK3GMQ082PROD with NOTICES 15 See letters from Kevin Zambrowicz, Associate Notice. S.A.R.L., Ares Capital Europe II General Counsel, Securities Industry and Financial 16 See letter from Elizabeth K. King, General Markets Association, dated October 19, 2016; Holdings S.A.R.L., Ares Capital Europe Counsel and Corporate Secretary, NYSE, dated Michele Van Tassel, President, Association of October 26, 2016, to Brent J. Fields, Secretary, II Investments S.A.R.L., Ares Capital Registration Management, November 4, 2016; Europe III Holdings S.A.R.L., Ares Commission. Edwin L. Reed, Deputy Director, Alabama Securities Commission, dated November 14, 2016; 17 15 U.S.C. 78s(b)(2). Capital Europe III Investments S.A.R.L., and Mike Rothman, President, NASAA, dated 18 Id. Ares Capital Europe Limited, Ares November 16, 2016 (‘‘NASAA Letter 2’’), to Brent 19 17 CFR 200.30–3(a)(57). Capital Europe, L.P., Ares Capital VerDate Sep<11>2014 18:54 Dec 27, 2016 Jkt 241001 PO 00000 Frm 00126 Fmt 4703 Sfmt 4703 E:\FR\FM\28DEN1.SGM 28DEN1


Document Created: 2016-12-28 02:17:07
Document Modified: 2016-12-28 02:17:07
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 95679 
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