82 FR 18328 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 73 (April 18, 2017)

Page Range		18328-18329
FR Document		2017-07867

Federal Register, Volume 82 Issue 73 (Tuesday, April 18, 2017)

[Federal Register Volume 82, Number 73 (Tuesday, April 18, 2017)]
[Notices]
[Pages 18328-18329]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-07867]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a closed meeting on Thursday, April 
20, 2017 at 2 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the closed meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (a)(5), (a)(7), (a)(9)(ii) and (a)(10), permit 
consideration of the scheduled matter at the closed meeting.
    Acting Chairman Piwowar, as duty officer, voted to consider the 
items listed for the closed meeting in closed session.
    The subject matter of the closed meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Resolution of litigation claims;
    Litigation matters; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed; please

[[Page 18329]]

contact Brent J. Fields from the Office of the Secretary at (202) 551-
5400.

    Dated: April 13, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-07867 Filed 4-14-17; 11:15 am]
 BILLING CODE 8011-01-P

18328 Federal Register / Vol. 82, No. 73 / Tuesday, April 18, 2017 / Notices

B. Self-Regulatory Organization’s fee, or other charge imposed by the filing also will be available for
Statement on Burden on Competition Exchange. inspection and copying at the principal
At any time within 60 days of the office of the Exchange. All comments
In accordance with Section 6(b)(8) of
filing of such proposed rule change, the received will be posted without change;
the Act, the Exchange does not believe
Commission summarily may the Commission does not edit personal
that the proposed rule change will
temporarily suspend such rule change if identifying information from
impose any burden on competition that
it appears to the Commission that such submissions. You should submit only
is not necessary or appropriate in
action is necessary or appropriate in the information that you wish to make
furtherance of the purposes of the Act.
public interest, for the protection of available publicly. All submissions
Instead, the Exchange believes that the investors, or otherwise in furtherance of
proposed changes would encourage should refer to File Number SR–
the purposes of the Act. If the NYSEArca–2017–35, and should be
competition, including by attracting Commission takes such action, the
additional liquidity to the Exchange, submitted on or before May 9, 2017.
Commission shall institute proceedings
which would continue to make the For the Commission, by the Division of
under Section 19(b)(2)(B) 14 of the Act to Trading and Markets, pursuant to delegated
Exchange a more competitive venue for, determine whether the proposed rule
among other things, order execution and authority.15
change should be approved or Eduardo A. Aleman,
price discovery. The Exchange does not disapproved.
believe that the proposed change would Assistant Secretary.
impair the ability of any market IV. Solicitation of Comments [FR Doc. 2017–07753 Filed 4–17–17; 8:45 am]
participants or competing order Interested persons are invited to BILLING CODE 8011–01–P
execution venues to maintain their submit written data, views, and
competitive standing in the financial arguments concerning the foregoing,
markets. Further, the incentive would including whether the proposed rule SECURITIES AND EXCHANGE
be available to all similarly-situated change is consistent with the Act. COMMISSION
participants, and, as such, the proposed Comments may be submitted by any of
change would not impose a disparate Sunshine Act Meeting
the following methods:
burden on competition either among or Notice is hereby given, pursuant to
between classes of market participants Electronic Comments
the provisions of the Government in the
and may, in fact, encourage • Use the Commission’s Internet Sunshine Act, Public Law 94–409, that
competition. comment form (http://www.sec.gov/ the Securities and Exchange
The Exchange believes that the rules/sro.shtml); or Commission will hold a closed meeting
proposed enhanced credits for LMMs • Send an email to rule-comments@ on Thursday, April 20, 2017 at 2 p.m.
would not impose an unfair burden on sec.gov. Please include File Number SR– Commissioners, Counsel to the
competition because the LMMs have NYSEArca–2017–35 on the subject line. Commissioners, the Secretary to the
heightened obligations for issues in Paper Comments Commission, and recording secretaries
their allocation that do not apply to will attend the closed meeting. Certain
other market participants. • Send paper comments in triplicate
staff members who have an interest in
The Exchange notes that it operates in to Secretary, Securities and Exchange
the matters also may be present.
a highly competitive market in which Commission, 100 F Street NE.,
The General Counsel of the
market participants can readily favor Washington, DC 20549–1090.
Commission, or her designee, has
competing venues. In such an All submissions should refer to File certified that, in her opinion, one or
environment, the Exchange must Number SR–NYSEArca–2017–35. This more of the exemptions set forth in 5
continually review, and consider file number should be included on the U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
adjusting, its fees and credits to remain subject line if email is used. To help the and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
competitive with other exchanges. For Commission process and review your (a)(9)(ii) and (a)(10), permit
the reasons described above, the comments more efficiently, please use consideration of the scheduled matter at
Exchange believes that the proposed only one method. The Commission will the closed meeting.
rule change reflects this competitive post all comments on the Commission’s Acting Chairman Piwowar, as duty
environment. Internet Web site (http://www.sec.gov/ officer, voted to consider the items
rules/sro.shtml). Copies of the listed for the closed meeting in closed
C. Self-Regulatory Organization’s submission, all subsequent
Statement on Comments on the session.
amendments, all written statements The subject matter of the closed
Proposed Rule Change Received From with respect to the proposed rule
Members, Participants, or Others meeting will be:
change that are filed with the Institution and settlement of
No written comments were solicited Commission, and all written injunctive actions;
or received with respect to the proposed communications relating to the Institution and settlement of
rule change. proposed rule change between the administrative proceedings;
Commission and any person, other than Resolution of litigation claims;
III. Date of Effectiveness of the those that may be withheld from the
Proposed Rule Change and Timing for Litigation matters; and
public in accordance with the Other matters relating to enforcement
Commission Action provisions of 5 U.S.C. 552, will be proceedings.
The foregoing rule change is effective
sradovich on DSK3GMQ082PROD with NOTICES

available for Web site viewing and At times, changes in Commission
upon filing pursuant to Section printing in the Commission’s Public priorities require alterations in the
19(b)(3)(A) 12 of the Act and Reference Room, 100 F Street NE., scheduling of meeting items.
subparagraph (f)(2) of Rule 19b–4 13 Washington, DC 20549, on official For further information and to
thereunder, because it establishes a due, business days between the hours of ascertain what, if any, matters have been
10:00 a.m. and 3:00 p.m. Copies of the added, deleted or postponed; please
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(2). 14 15 U.S.C. 78s(b)(2)(B). 15 17 CFR 200.30–3(a)(12).

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Federal Register / Vol. 82, No. 73 / Tuesday, April 18, 2017 / Notices 18329

contact Brent J. Fields from the Office of places specified in Item IV below. The allocation entitlement for orders of five
the Secretary at (202) 551–5400. Exchange has prepared summaries, set contracts or fewer,7 would not receive
Dated: April 13, 2017. forth in sections A, B, and C below, of this allocation entitlement if it were
Brent J. Fields,
the most significant aspects of such designated as the Preferred Market
statements. Maker.
Secretary. The Exchange now proposes to amend
[FR Doc. 2017–07867 Filed 4–14–17; 11:15 am] A. Self-Regulatory Organization’s the participation rights of Preferred
BILLING CODE 8011–01–P Statement of the Purpose of, and PMMs such that the PMM appointed in
Statutory Basis for, the Proposed Rule an option class will receive
Change participation rights that are consistent
SECURITIES AND EXCHANGE 1. Purpose with the higher allocation entitlement
COMMISSION given to PMM equivalents on the MIAX
Supplementary Material .03 to Rule
[Release No. 34–80438; File No. SR–ISE– 713 allows an Electronic Access Options Exchange (‘‘MIAX’’). In
2017–31] Member (‘‘EAM’’) to designate a particular, the Exchange proposes to
‘‘Preferred Market Maker’’ on orders it amend Supplementary Material .03(c) to
Self-Regulatory Organizations; Nasdaq Rule 713 to provide that, the Preferred
enters into the System (‘‘Preferenced
ISE, LLC; Notice of Filing and Market Maker has participation rights
Orders’’). A Preferred Market Maker
Immediate Effectiveness of Proposed equal to the greater of: (i) The
may be the Primary Market Maker
Rule Change To Amend proportion of the total size at the best
(‘‘PMM’’) appointed to the options class
Supplementary Material .03 to Rule 713 price represented by the size of its
or any Competitive Market Maker
To Change the Allocation Entitlement (‘‘CMM’’) appointed to the options quote, (ii) sixty percent (60%) of the
for Preferred PMMs class.4 The purpose of the proposed rule contracts to be allocated if there is only
change is to amend Supplementary one (1) other Professional Order or
April 12, 2017.
Material .03 to Rule 713 to change the market maker quotation at the best price
Pursuant to Section 19(b)(1) of the and forty percent (40%) if there are two
Securities Exchange Act of 1934 allocation entitlement for PMMs that
receive Preferenced Orders (i.e., (2) or more other Professional Orders
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 and/or market maker quotes at the best
notice is hereby given that on April 5, ‘‘Preferred PMMs’’), consistent with
allocation entitlements for PMM price, or (iii) the full size of a
2017, Nasdaq ISE, LLC (‘‘ISE’’ or Preferenced Order for five (5) contracts
‘‘Exchange’’ ) 3 filed with the Securities equivalents on another options
exchange. or fewer if the Primary Market Maker
and Exchange Commission (‘‘SEC’’ or appointed to the options class is
‘‘Commission’’) the proposed rule Currently, a Preferred Market Maker
that is quoting at the national best bid designated as the Preferred Market
change as described in Items I, II, and Maker—i.e., the small order allocation
III, below, which Items have been of offer (‘‘NBBO’’) at the time the
Preferenced Order is received,5 is entitlement contained in Supplementary
prepared by the Exchange. The Material .01(c) to Rule 713. Thus, the
Commission is publishing this notice to entitled to participation rights equal to
the greater of: (i) The proportion of the PMM appointed to an options class
solicit comments on the proposed rule would receive an allocation entitlement
change from interested persons. total size at the best price represented
by the size of its quote, or (ii) sixty for orders of five contracts or fewer,
I. Self-Regulatory Organization’s percent (60%) of the contracts to be regardless of whether that order is
Statement of the Terms of Substance of allocated if there is only one (1) other submitted as a Preferenced Order. The
the Proposed Rule Change Professional Order or market maker Exchange believes that this is
quotation at the best price and forty appropriate since the PMMs obligations
The Exchange proposes to amend to the market are the same regardless of
Supplementary Material .03 to Rule 713 percent (40%) if there are two (2) or
more other Professional Orders and/or whether an order happens to be
to change the allocation entitlement for submitted with a preference instruction.
Preferred PMMs. market maker quotes at the best price.6
This allocation entitlement is in lieu of PMM equivalents on MIAX currently
The text of the proposed rule change receive this participation right when
is available on the Exchange’s Web site the regular allocation provided in
Supplementary Material .01 to Rule 713, preferenced, in addition to the regular
at www.ise.com, at the principal office 60% or 40% preferenced allocation
of the Exchange, and at the and applies regardless of whether the
Preferred Market Maker is a PMM or currently provided in the rule.8
Commission’s Public Reference Room. Preferred CMMs will continue to receive
CMM. In some instances where the
II. Self-Regulatory Organization’s Preferred Market Maker is the PMM the same allocation entitlement that
Statement of the Purpose of, and appointed to the options class this they receive today.
Statutory Basis for, the Proposed Rule results in a preferenced allocation that Pursuant to Supplementary Material
Change is worse than the market maker’s regular .01(c) to Rule 713 the Exchange
allocation entitlement. Specifically, evaluates on a quarterly basis what
In its filing with the Commission, the percentage of the volume executed on
Exchange included statements Supplementary Material .01(c) to Rule
713 provides a small order entitlement the Exchange is comprised of orders for
concerning the purpose of and basis for five (5) contracts or fewer executed by
the proposed rule change and discussed whereby orders of five contracts or
fewer are executed first by the PMM. A PMMs. The Exchange represents that
any comments it received on the this review will extend to the small
proposed rule change. The text of these PMM that normally receives an
sradovich on DSK3GMQ082PROD with NOTICES

order entitlement for Preferred PMMs.
statements may be examined at the 4 See Supplementary Material .03(a) to Rule 713.
5 If 7 See Supplementary Material .01(c) to Rule 713.
the Preferred Market Maker is not quoting at
1 15 U.S.C. 78s(b)(1). a price equal to the NBBO at the time the 8 See MIAX Rule 514(g), (i). The proposed
2 17 CFR 240.19b–4.
Preferenced Order is received, the Exchange’s allocation entitlement is also the same as allocation
3 ISE was renamed Nasdaq ISE, LLC in a rule regular allocation procedure applies to the entitlements recently adopted by the Exchange’s
change that became operative on April 3, 2017. See execution of the Preferenced Order. See affiliate, ISE Gemini, LLC. See Securities Exchange
Securities Exchange Act Release No. 80325 (March Supplementary Material .03(b) to Rule 713. Act Release No. 80239 (March 14, 2017), 82 FR
29, 2017) (SR–ISE–2017–25). 6 See Supplementary Material .03(c) to Rule 713. 14413 (March 20, 2017) (SR–ISEGemini–2017–14).

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Document Created: 2017-04-18 00:00:12
Document Modified: 2017-04-18 00:00:12

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
FR Citation		82 FR 18328