82 FR 12268 - Securities and Exchange Commission Evidence Summit

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 39 (March 1, 2017)

Page Range		12268-12269
FR Document		2017-03945

The Securities and Exchange Commission's Office of the Investor Advocate will host a public conference, characterized as an ``Evidence Summit,'' to discuss, among other things, potential strategies for enhancing retail investors' understanding of key investment characteristics such as fees, risks, returns, and conflicts of interest. An objective of the conference is to marshal research from the fields of economics and cognitive sciences to help inform ways of thinking about investor behavior and identify areas for possible future research to be conducted under the auspices of an investor research initiative led by the Commission's Office of the Investor Advocate.

Federal Register, Volume 82 Issue 39 (Wednesday, March 1, 2017)

[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Pages 12268-12269]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03945]


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SECURITIES AND EXCHANGE COMMISSION

[Release Nos. 33-10312; 34-80096]


Securities and Exchange Commission Evidence Summit

AGENCY: Securities and Exchange Commission.

ACTION: Notice of conference.

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SUMMARY: The Securities and Exchange Commission's Office of the 
Investor Advocate will host a public conference, characterized as an 
``Evidence Summit,'' to discuss, among other things, potential 
strategies for enhancing retail investors' understanding of key 
investment characteristics such as fees, risks, returns, and conflicts 
of interest. An objective of the conference is to marshal research from 
the fields of economics and cognitive sciences to help inform ways of 
thinking about investor behavior and identify areas for possible future 
research to be conducted under the auspices of an investor research 
initiative led by the Commission's Office of the Investor Advocate.

DATES: The conference will be held on Friday, March 10, 2017 from 9:30 
a.m. until 4:30 p.m. (ET).

ADDRESSES: The conference will be held in the Auditorium, Room L-002 at 
the Commission's headquarters, 100 F Street NE., Washington, DC 20549. 
The conference will be webcast on the Commission's Web site at 
www.sec.gov.

FOR FURTHER INFORMATION CONTACT: Dr. Brian Scholl, Principal Economic 
Advisor and Senior Economist, Office of the Investor Advocate, at (202) 
551-3302, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The conference will be open to the public, 
except for that portion of the conference reserved for a nonpublic 
networking session for panelists during lunch. Persons needing special 
accommodations to take part because of a disability should notify the 
contact person listed in the section above entitled FOR FURTHER 
INFORMATION CONTACT.
    The agenda for the conference includes: Opening remarks by Acting

[[Page 12269]]

Chairman Michael S. Piwowar; plenary remarks by panelists Brigitte 
Madrian and Terry Odean; a panel discussion exploring how investors 
think and act; a keynote address by panelist George Lowenstein; a panel 
discussion addressing ways in which the Commission's disclosure regime 
can facilitate disclosure in the most effective manner for a wide 
variety of users; remarks from Commissioner Kara M. Stein; a panel 
discussion regarding ways in which to improve the disclosure of fees, 
strategies/risks, and performance; and a nonpublic networking session 
for panelists during lunch.

    Dated: February 24, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-03945 Filed 2-28-17; 8:45 am]
BILLING CODE 8011-01-P

12268 Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices

in the Order Instituting Proceedings.41 SECURITIES AND EXCHANGE For the Commission, by the Division of
Comments may be submitted by any of COMMISSION Trading and Markets, pursuant to delegated
the following methods: authority.7
Eduardo A. Aleman,
Electronic Comments [Release No. 34–80094; File No. SR–
Assistant Secretary.
NYSEARCA–2016–176]
• Use the Commission’s Internet [FR Doc. 2017–03909 Filed 2–28–17; 8:45 am]
comment form (http://www.sec.gov/ Self-Regulatory Organizations; NYSE BILLING CODE 8011–01–P
rules/sro.shtml); or Arca, Inc.; Notice of Designation of a
• Send an email to rule-comments@ Longer Period for Commission Action
sec.gov. Please include File Number SR– SECURITIES AND EXCHANGE
on Proposed Rule Change Relating to
NYSEARCA–2016–101 in the subject COMMISSION
the Listing and Trading of Shares of
line. the EtherIndex Ether Trust Under [Release Nos. 33–10312; 34–80096]
Paper Comments NYSE Arca Equities Rule 8.201
Securities and Exchange Commission
• Send paper comments in triplicate February 23, 2017. Evidence Summit
to Secretary, Securities and Exchange
Commission, 100 F Street NE., On December 30, 2016, NYSE Arca, AGENCY: Securities and Exchange
Washington, DC 20549–1090. Inc. filed with the Securities and Commission.
Exchange Commission (‘‘Commission’’), ACTION: Notice of conference.
All submissions should refer to File
pursuant to Section 19(b)(1) 1 of the
Number SR–NYSEARCA–2016–101. SUMMARY: The Securities and Exchange
Securities Exchange Act of 1934
This file number should be included in Commission’s Office of the Investor
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3 a
the subject line if email is used. To help Advocate will host a public conference,
the Commission process and review proposed rule change to list and trade
shares of EtherIndex Ether Trust under characterized as an ‘‘Evidence Summit,’’
your comments more efficiently, please to discuss, among other things, potential
use only one method. The Commission NYSE Arca Equities Rule 8.201. The
proposed rule change was published for strategies for enhancing retail investors’
will post all comments on the understanding of key investment
Commission’s Internet Web site (http:// comment in the Federal Register on
characteristics such as fees, risks,
www.sec.gov/rules/sro.shtml). Copies of January 23, 2017.4
returns, and conflicts of interest. An
the submission, all subsequent Section 19(b)(2) of the Act 5 provides objective of the conference is to marshal
amendments, all written statements that within 45 days of the publication of research from the fields of economics
with respect to the proposed rule notice of the filing of a proposed rule and cognitive sciences to help inform
change that are filed with the change, or within such longer period up ways of thinking about investor
Commission, and all written to 90 days as the Commission may behavior and identify areas for possible
communications relating to the designate if it finds such longer period future research to be conducted under
proposed rule change between the to be appropriate and publishes its the auspices of an investor research
Commission and any person, other than reasons for so finding, or as to which the initiative led by the Commission’s
those that may be withheld from the self-regulatory organization consents, Office of the Investor Advocate.
public in accordance with the the Commission shall either approve the DATES: The conference will be held on
provisions of 5 U.S.C. 552, will be proposed rule change, disapprove the Friday, March 10, 2017 from 9:30 a.m.
available for Web site viewing and proposed rule change, or institute until 4:30 p.m. (ET).
printing in the Commission’s Public proceedings to determine whether the ADDRESSES: The conference will be held
Reference Room, 100 F Street NE., proposed rule change should be in the Auditorium, Room L–002 at the
Washington, DC 20549, on official disapproved. The 45th day after Commission’s headquarters, 100 F
business days between the hours of publication of the notice for this Street NE., Washington, DC 20549. The
10:00 a.m. and 3:00 p.m. Copies of the proposed rule change is March 9, 2017. conference will be webcast on the
filing will also be available for The Commission is extending this 45- Commission’s Web site at www.sec.gov.
inspection and copying at the principal day time period. FOR FURTHER INFORMATION CONTACT: Dr.
office of the Exchange. All comments Brian Scholl, Principal Economic
received will be posted without change; The Commission finds it appropriate
to designate a longer period within Advisor and Senior Economist, Office of
the Commission does not edit personal the Investor Advocate, at (202) 551–
identifying information from which to take action on the proposed
rule change so that it has sufficient time 3302, Securities and Exchange
submissions. You should submit only Commission, 100 F Street NE.,
information that you wish to make to consider the proposed rule change.
Accordingly, the Commission, pursuant Washington, DC 20549.
available publicly. All submissions
to Section 19(b)(2) of the Act,6 SUPPLEMENTARY INFORMATION: The
should refer to File Number SR– conference will be open to the public,
NYSEARCA–2016–101 and should be designates April 23, 2017, as the date by
which the Commission shall either except for that portion of the conference
submitted on or before March 16, 2017. reserved for a nonpublic networking
approve or disapprove, or institute
For the Commission, by the Division of session for panelists during lunch.
Trading and Markets, pursuant to delegated
proceedings to determine whether to
disapprove, the proposed rule change Persons needing special
authority.42
asabaliauskas on DSK3SPTVN1PROD with NOTICES

(File No. SR–NYSEARCA–2016–176). accommodations to take part because of
Robert W. Errett, a disability should notify the contact
Deputy Secretary.
1 15
person listed in the section above
U.S.C.78s(b)(1).
[FR Doc. 2017–03983 Filed 2–28–17; 8:45 am] 2 15 U.S.C. 78a.
entitled FOR FURTHER INFORMATION
BILLING CODE 8011–01–P 3 17 CFR 240.19b–4. CONTACT.
4 See Securities Exchange Act Release No. 79792 The agenda for the conference
41 See Order Instituting Proceedings, supra note 6, (Jan. 13, 2017), 82 FR 7891 (Jan. 23, 2017). includes: Opening remarks by Acting
at 76402. 5 15 U.S.C. 78s(b)(2).
42 17 CFR 200.30–3(a)(12). 6 Id. 7 17 CFR 200.30–3(a)(31).

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Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices 12269

Chairman Michael S. Piwowar; plenary The text of the proposed rule change because no market participant has
remarks by panelists Brigitte Madrian is available on the Exchange’s Web site utilized the Directed Orders
and Terry Odean; a panel discussion at www.ise.com, at the principal office functionality in the last thirteen months.
exploring how investors think and act; of the Exchange, and at the The Exchange will introduce the
a keynote address by panelist George Commission’s Public Reference Room.
Directed Orders functionality on ISE
Lowenstein; a panel discussion
II. Self-Regulatory Organization’s within one year from the date of this
addressing ways in which the
Statement of the Purpose of, and filing, otherwise the Exchange will file
Commission’s disclosure regime can
Statutory Basis for, the Proposed Rule a rule proposal with the Commission to
facilitate disclosure in the most effective
Change remove these rules.
manner for a wide variety of users;
remarks from Commissioner Kara M. In its filing with the Commission, the
2. Statutory Basis
Stein; a panel discussion regarding ways Exchange included statements
in which to improve the disclosure of concerning the purpose of and basis for The Exchange believes that its
fees, strategies/risks, and performance; the proposed rule change and discussed proposal is consistent with Section 6(b)
and a nonpublic networking session for any comments it received on the of the Act,6 in general, and furthers the
panelists during lunch. proposed rule change. The text of these objectives of Section 6(b)(5) of the Act,7
statements may be examined at the in particular, in that it is designed to
Dated: February 24, 2017.
places specified in Item IV below. The promote just and equitable principles of
Brent J. Fields,
Exchange has prepared summaries, set
Secretary. trade, to remove impediments to and
forth in sections A, B, and C below, of
[FR Doc. 2017–03945 Filed 2–28–17; 8:45 am] perfect the mechanism of a free and
the most significant aspects of such
BILLING CODE 8011–01–P statements. open market and a national market
system, and, in general to protect
A. Self-Regulatory Organization’s investors and the public interest
SECURITIES AND EXCHANGE Statement of the Purpose of, and because the Exchange desires to rollout
COMMISSION Statutory Basis for, the Proposed Rule this functionality at a later date to allow
Change additional time to rebuild this
[Release No. 34–80100; File No. SR–ISE–
2017–15] 1. Purpose technology on the new platform. By
The Exchange proposes to delay the turning off the functionality on February
Self-Regulatory Organizations; 24, 2017, this will provide the Exchange
International Securities Exchange, implementation of the Directed Orders
functionality in ISE Rule 811. The additional time to test and implement
LLC; Notice of Filing and Immediate this functionality, which is not being
Effectiveness of Proposed Rule Exchange proposes to no longer offer the
functionality as of February 24, 2017. amended. The Exchange believes that
Change To Delay Directed Orders Members have been given adequate
The Exchange has notified Members
February 24, 2017. that the functionality will no longer be notice of the implementation dates. The
Pursuant to Section 19(b)(1) of the available by issuing a Market Exchange notes that Members are aware
Securities Exchange Act of 1934 Information Circular. The Exchange of the Exchange’s efforts to replatform to
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 proposes to launch this functionality the INET technology and no Member is
notice is hereby given that on February within one year from the date of filing using the Directed Orders functionality.
23, 2017, the International Securities of this rule change to be announced in The Exchange will continue to provide
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) a separate notice.4 The Exchange notes notifications to Members to ensure
filed with the Securities and Exchange that ISE Gemini functionality is also clarity about the availability of this
Commission (‘‘Commission’’) the similarly being turned off on February functionality. The Exchange will note
proposed rule change as described in 24, 2017.5 the applicable dates within the rule text
Items I and II below, which Items have The Exchange desires to turn off this as to the availability of this
been prepared by the Exchange. The functionality at this time and rollout functionality.
Commission is publishing this notice to this functionality at a later date in light
solicit comments on the proposed rule of the upcoming migration to the new B. Self-Regulatory Organization’s
change from interested persons. INET platform. The Exchange is staging Statement on Burden on Competition
the replatform to provide maximum
I. Self-Regulatory Organization’s The Exchange does not believe that
benefit to its Members while also
Statement of the Terms of Substance of the proposed rule change will impose
ensuring a successful rollout. This delay
the Proposed Rule Change any burden on competition not
will provide the Exchange additional
The Exchange proposes to delay the time to test and implement this necessary or appropriate in furtherance
implementation of the Directed Orders 3 functionality. The Exchange notes that of the purposes of the Act. The
functionality on ISE. no market participant would be Exchange does not believe that the
impacted by the delay in proposed rule change will impact the
1 15 U.S.C. 78s(b)(1). implementation as no participants intense competition that exists in the
2 17 CFR 240.19b–4.
3 ISE currently operates a Directed Orders system
currently utilize this feature on ISE options market. No market participant
will be impacted by turning off this
asabaliauskas on DSK3SPTVN1PROD with NOTICES

in which Electronic Access Members (‘‘EAMs’’) can
send an order to a DMM for possible price which case there are certain restrictions on the functionality and delaying its
improvement. If a DMM accepts Directed Orders DMM interacting with the order. See ISE Rule 811.
4 The separate notice will be an Options Trader
implementation as no participants
generally, that DMM must accept all Directed
Orders from all EAMs. Once such a DMM receives Alert. currently utilize this feature on ISE. The
a Directed Order, it either (i) must enter the order 5 See Securities Exchange Act Release No. 80011 Exchange plans to offer the functionality
into the Exchange’s PIM auction and guarantee its (February 10, 2017), 82 FR 10927 (SR–ISEGemini- after a period of delay.
execution at a price better than the ISE best bid or 2016–17) (Order Approving Proposed Rule Change,
offer (‘‘ISE BBO’’) by at least a penny and equal to as Modified by Amendment Nos. 1 and 2, To
6 15 U.S.C. 78f(b).
or better than the NBBO or (ii) must release the Amend Various Rules in Connection With a System
order into the Exchange’s limit order book, in Migration to Nasdaq INET Technology). 7 15 U.S.C. 78f(b)(5).

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Document Created: 2017-03-01 03:39:16
Document Modified: 2017-03-01 03:39:16

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice of conference.
Dates		The conference will be held on Friday, March 10, 2017 from 9:30 a.m. until 4:30 p.m. (ET).
Contact		Dr. Brian Scholl, Principal Economic Advisor and Senior Economist, Office of the Investor Advocate, at (202) 551-3302, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549.
FR Citation		82 FR 12268