82 FR 2425 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings to Determine Whether to Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, to BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, to List and Trade Winklevoss Bitcoin Shares Issued by the Winklevoss Bitcoin Trust

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 5 (January 9, 2017)

Page Range		2425-2426
FR Document		2017-00101

Federal Register, Volume 82 Issue 5 (Monday, January 9, 2017)

[Federal Register Volume 82, Number 5 (Monday, January 9, 2017)]
[Notices]
[Pages 2425-2426]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-00101]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79725; File No. SR-BatsBZX-2016-30]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings to 
Determine Whether to Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, to BZX Rule 14.11(e)(4), Commodity-Based 
Trust Shares, to List and Trade Winklevoss Bitcoin Shares Issued by the 
Winklevoss Bitcoin Trust

January 4, 2017.
    On June 30, 2016, Bats BZX Exchange, Inc. filed with the Securities 
and Exchange Commission (``Commission''), pursuant to Section 19(b)(1) 
of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to list and trade Winklevoss 
Bitcoin Shares issued by the Winklevoss Bitcoin Trust under BZX Rule 
14.11(e)(4). The proposed rule change was published for comment in the 
Federal Register on July 14, 2016.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 78262 (Jul. 8, 
2016), 81 FR 45554.
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    On August 23, 2016, pursuant to Section 19(b)(2) of the Act,\4\ the 
Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ On October 12, 2016, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\ On October 20, 2016, 
the Exchange filed Amendment No. 1 to the proposed rule change, and 
Amendment No. 1 was published for comment in the

[[Page 2426]]

Federal Register on November 3, 2016.\8\ The Commission has received 30 
comment letters on the proposed rule change.\9\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 78653, 81 FR 59256 
(Aug. 29, 2016). The Commission designated October 12, 2016, as the 
date by which it should approve, disapprove, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 79084, 81 FR 71778 
(Oct. 18, 2016). Specifically, the Commission instituted proceedings 
to allow for additional analysis of the proposed rule change's 
consistency with Section 6(b)(5) of the Act, which requires, among 
other things, that the rules of a national securities exchange be 
``designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade,'' and 
``to protect investors and the public interest.'' See id., 81 FR at 
71781.
    \8\ See Securities Exchange Act Release No. 79183 (Oct. 28, 
2016), 81 FR 76650 (Nov. 3, 2016).
    \9\ See Letters from Robert D. Miller, VP Technical Services, 
RKL eSolutions (July 11, 2016); Jorge Stolfi, Full Professor, 
Institute of Computing UNICAMP (July 13, 2016); Guillaume 
Lethuillier (July 26, 2016); Michael B. Casey (July 31, 2016); Erik 
A. Aronesty, Sr. Software Engineer, Bloomberg LP (Aug. 2, 2016); Dan 
Anderson (Aug. 27, 2016); Robert Miller (Oct. 12, 2016); Lysle Shaw-
McMinn, O.D. (Oct. 13, 2016); Nils Neidhardt (Oct. 13, 2016); Dana 
K. Barish (2 letters; Oct. 13, 2016); Xin Lu (Oct. 13, 2016); Rodger 
Delehanty CFA (Oct. 14, 2016); Dylan (Oct. 14, 2016); Dana K. Barish 
(Oct. 14, 2016); Dana K. Barish (2 letters; Oct. 15, 2016); Jorge 
Stolfi, Full Professor, Institute of Computing UNICAMP (Nov. 1, 
2016); Michael B. Casey (Nov. 5, 2016); Anonymous (Nov. 8, 2016); 
Chris Burniske, Blockchain Products Lead, ARK Investment Management 
LLC (Nov. 8, 2016); Colin Keeler (Nov. 14, 2016); Robert S. Tull, 
(Nov. 14, 2016); Mark T. Williams (Nov. 15, 2016); Anonymous (Nov. 
21, 2016); XBT OPPS Team (Nov. 21, 2016); Anonymous (Nov. 22, 2016); 
Ken Maher (Nov. 22, 2016); Kyle Murray, Assistant General Counsel, 
Bats Global Markets, Inc. (Nov. 25, 2016); and Colin Baird (Nov. 26, 
2016). All comments on the proposed rule change are available on the 
Commission's Web site at: https://www.sec.gov/comments/sr-batsbzx-2016-30/batsbzx201630.shtml.
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    Section 19(b)(2) of the Act \10\ 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 by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for notice and comment in the Federal Register on 
July 14, 2016. January 10, 2017 is 180 days from that date, and March 
11, 2017 is 240 days from that date.
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    \10\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule change so that it has sufficient time to consider this proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Act,\11\ designates March 11, 2017 as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-BatsBZX-2016-30), as modified by Amendment No. 1.
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    \11\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-00101 Filed 1-6-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices 2425

The Exchange believes that the Paper Comments SECURITIES AND EXCHANGE
changes to the noted rules in the Series COMMISSION
500 Rules will make remaining Rules • Send paper comments in triplicate
501, 507, 508, and 510 easier to apply, to Brent J. Fields, Secretary, Securities
[Release No. 34–79725; File No. SR–
clearer and more transparent. Such and Exchange Commission, 100 F Street
BatsBZX–2016–30]
proposed changes are in consistent with NE., Washington, DC 20549–1090.
the Act, the public interest, and All submissions should refer to File Self-Regulatory Organizations; Bats
continue to serve to protect investors. Number SR–Phlx–2016–105. This file BZX Exchange, Inc.; Notice of
B. Self-Regulatory Organization’s number should be included on the Designation of a Longer Period for
Statement on Burden on Competition subject line if email is used. To help the Commission Action on Proceedings to
Commission process and review your Determine Whether to Approve or
The Exchange does not believe that comments more efficiently, please use Disapprove a Proposed Rule Change,
the proposed rule change will result in only one method. The Commission will as Modified by Amendment No. 1, to
any burden on competition that is not post all comments on the Commission’s BZX Rule 14.11(e)(4), Commodity-
necessary or appropriate in furtherance Internet Web site (http://www.sec.gov/ Based Trust Shares, to List and Trade
of the purposes of the Act, as amended. rules/sro.shtml). Copies of the Winklevoss Bitcoin Shares Issued by
While the Exchange does not believe submission, all subsequent the Winklevoss Bitcoin Trust
that the proposed change is a burden on amendments, all written statements January 4, 2017.
competition, or is competitive in nature, with respect to the proposed rule
the Exchange believes that clearer, On June 30, 2016, Bats BZX Exchange,
change that are filed with the
updated, modernized, and better- Inc. filed with the Securities and
Commission, and all written
conforming rules that do not refer to Exchange Commission (‘‘Commission’’),
communications relating to the
obsolete concepts are always beneficial pursuant to Section 19(b)(1) of the
proposed rule change between the Securities Exchange Act of 1934
to market participants, are in the public
Commission and any person, other than (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
interest, and serve to protect investors.
those that may be withheld from the proposed rule change to list and trade
C. Self-Regulatory Organization’s public in accordance with the Winklevoss Bitcoin Shares issued by the
Statement on Comments on the provisions of 5 U.S.C. 552, will be Winklevoss Bitcoin Trust under BZX
Proposed Rule Change Received From available for Web site viewing and Rule 14.11(e)(4). The proposed rule
Members, Participants, or Others printing in the Commission’s Public change was published for comment in
Reference Room, 100 F Street NE., the Federal Register on July 14, 2016.3
No written comments were either
Washington, DC 20549 on official
solicited or received. On August 23, 2016, pursuant to
business days between the hours of
Section 19(b)(2) of the Act,4 the
III. Date of Effectiveness of the 10:00 a.m. and 3:00 p.m. Copies of such
Commission designated a longer period
Proposed Rule Change and Timing for filing also will be available for within which to approve the proposed
Commission Action inspection and copying at the principal rule change, disapprove the proposed
office of the Exchange. All comments rule change, or institute proceedings to
Within 45 days of the date of received will be posted without change;
publication of this notice in the Federal determine whether to disapprove the
the Commission does not edit personal proposed rule change.5 On October 12,
Register or within such longer period (i)
identifying information from 2016, the Commission instituted
as the Commission may designate up to
submissions. You should submit only proceedings under Section 19(b)(2)(B) of
90 days of such date if it finds such
information that you wish to make the Act 6 to determine whether to
longer period to be appropriate and
available publicly. All submissions approve or disapprove the proposed
publishes its reasons for so finding or
(ii) as to which the Exchange consents, should refer to File Number SR–Phlx– rule change.7 On October 20, 2016, the
the Commission shall: (a) By order 2016–105, and should be submitted on Exchange filed Amendment No. 1 to the
approve or disapprove such proposed or before January 30, 2017. proposed rule change, and Amendment
rule change, or (b) institute proceedings For the Commission, by the Division of No. 1 was published for comment in the
to determine whether the proposed rule Trading and Markets, pursuant to delegated
1 15 U.S.C. 78s(b)(1).
change should be disapproved. authority.47
2 17 CFR 240.19b–4.
Eduardo A. Aleman,
IV. Solicitation of Comments 3 See Securities Exchange Act Release No. 78262

Assistant Secretary. (Jul. 8, 2016), 81 FR 45554.
Interested persons are invited to [FR Doc. 2017–00100 Filed 1–6–17; 8:45 am]
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 78653,
submit written data, views, and BILLING CODE 8011–01–P
81 FR 59256 (Aug. 29, 2016). The Commission
arguments concerning the foregoing, designated October 12, 2016, as the date by which
including whether the proposed rule it should approve, disapprove, or institute
change is consistent with the Act. proceedings to determine whether to disapprove the
Comments may be submitted by any of proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
the following methods: 7 See Securities Exchange Act Release No. 79084,

Electronic Comments 81 FR 71778 (Oct. 18, 2016). Specifically, the
sradovich on DSK3GMQ082PROD with NOTICES

Commission instituted proceedings to allow for
• Use the Commission’s Internet additional analysis of the proposed rule change’s
consistency with Section 6(b)(5) of the Act, which
comment form (http://www.sec.gov/ requires, among other things, that the rules of a
rules/sro.shtml); or national securities exchange be ‘‘designed to
prevent fraudulent and manipulative acts and
• Send an email to rule-comments@ practices, to promote just and equitable principles
sec.gov. Please include File Number SR– of trade,’’ and ‘‘to protect investors and the public
Phlx–2016–105 on the subject line. 47 17 CFR 200.30–3(a)(12). interest.’’ See id., 81 FR at 71781.

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2426 Federal Register / Vol. 82, No. 5 / Monday, January 9, 2017 / Notices

Federal Register on November 3, 2016.8 For the Commission, by the Division of Section 19(b)(2) of the Act 8 provides
The Commission has received 30 Trading and Markets, pursuant to delegated that, after initiating disapproval
comment letters on the proposed rule authority.12 proceedings, the Commission shall issue
change.9 Eduardo A. Aleman, an order approving or disapproving the
Assistant Secretary. proposed rule change not later than 180
Section 19(b)(2) of the Act 10 provides
[FR Doc. 2017–00101 Filed 1–6–17; 8:45 am] days after the date of publication of
that, after initiating disapproval
proceedings, the Commission shall issue BILLING CODE 8011–01–P notice of filing of the proposed rule
an order approving or disapproving the change. The Commission may extend
proposed rule change not later than 180 the period for issuing an order
SECURITIES AND EXCHANGE approving or disapproving the proposed
days after the date of publication of COMMISSION
notice of filing of the proposed rule rule change by not more than 60 days
change. The Commission may extend [Release No. 34–79726; File No. SR– if the Commission determines that a
NYSEArca–2016–101] longer period is appropriate and
the period for issuing an order
approving or disapproving the proposed publishes the reasons for such
Self-Regulatory Organizations; NYSE
rule change by not more than 60 days determination. The proposed rule
Arca, Inc.; Notice of Designation of a
if the Commission determines that a change was published for notice and
Longer Period for Commission Action
longer period is appropriate and on Proceedings To Determine Whether comment in the Federal Register on
publishes the reasons for such To Approve or Disapprove a Proposed August 2, 2016. January 29, 2017 is 180
determination. The proposed rule Rule Change Relating to the Listing days from that date, and March 30, 2017
change was published for notice and and Trading of Shares of SolidX is 240 days from that date.
comment in the Federal Register on July Bitcoin Trust Under NYSE Arca The Commission finds it appropriate
14, 2016. January 10, 2017 is 180 days Equities Rule 8.201 to designate a longer period within
from that date, and March 11, 2017 is which to issue an order approving or
January 3, 2017.
240 days from that date. disapproving the proposed rule change
On July 13, 2016, NYSE Arca, Inc.
The Commission finds it appropriate filed with the Securities and Exchange so that it has sufficient time to consider
to designate a longer period within Commission (‘‘Commission’’), pursuant this proposed rule change. Accordingly,
which to issue an order approving or to Section 19(b)(1) of the Securities the Commission, pursuant to Section
disapproving the proposed rule change Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19(b)(2) of the Act,9 designates March
so that it has sufficient time to consider 19b–4 thereunder,2 a proposed rule 30, 2017 as the date by which the
this proposed rule change. Accordingly, change to list and trade shares of the Commission should either approve or
the Commission, pursuant to Section SolidX Bitcoin Trust under NYSE Arca disapprove the proposed rule change
19(b)(2) of the Act,11 designates March Equities Rule 8.201. The proposed rule (File No. SR–NYSEArca–2016–101).
11, 2017 as the date by which the change was published for comment in For the Commission, by the Division of
Commission should either approve or the Federal Register on August 2, 2016.3 Trading and Markets, pursuant to delegated
disapprove the proposed rule change On September 6, 2016, pursuant to authority.10
(File No. SR–BatsBZX–2016–30), as Section 19(b)(2) of the Act,4 the
Commission designated a longer period Eduardo A. Aleman,
modified by Amendment No. 1. Assistant Secretary.
within which to approve the proposed
8 See
rule change, disapprove the proposed [FR Doc. 2017–00102 Filed 1–6–17; 8:45 am]
Securities Exchange Act Release No. 79183
(Oct. 28, 2016), 81 FR 76650 (Nov. 3, 2016). rule change, or institute proceedings to BILLING CODE 8011–01–P
9 See Letters from Robert D. Miller, VP Technical determine whether to disapprove the
Services, RKL eSolutions (July 11, 2016); Jorge proposed rule change.5 On October 27,
Stolfi, Full Professor, Institute of Computing 2016, the Commission instituted
UNICAMP (July 13, 2016); Guillaume Lethuillier proceedings to determine whether to
(July 26, 2016); Michael B. Casey (July 31, 2016);
approve or disapprove the proposed
Erik A. Aronesty, Sr. Software Engineer, Bloomberg
LP (Aug. 2, 2016); Dan Anderson (Aug. 27, 2016); rule change.6 The Commission has
Robert Miller (Oct. 12, 2016); Lysle Shaw-McMinn, received seven comments on the
O.D. (Oct. 13, 2016); Nils Neidhardt (Oct. 13, 2016); proposed rule change.7
Dana K. Barish (2 letters; Oct. 13, 2016); Xin Lu
(Oct. 13, 2016); Rodger Delehanty CFA (Oct. 14, 12 17 CFR 200.30–3(a)(57).
2016); Dylan (Oct. 14, 2016); Dana K. Barish (Oct. 1 15 U.S.C. 78s(b)(1).
14, 2016); Dana K. Barish (2 letters; Oct. 15, 2016); 2 17 CFR 240.19b–4.
Jorge Stolfi, Full Professor, Institute of Computing 3 See Securities Exchange Act Release No. 78426
UNICAMP (Nov. 1, 2016); Michael B. Casey (Nov. Knight, Associate Director, Financial Regulation
(Jul. 27, 2016), 81 FR 50763 (Aug. 2, 2016).
5, 2016); Anonymous (Nov. 8, 2016); Chris 4 15 U.S.C. 78s(b)(2). Studies, The Cato Institute (Dec. 1, 2016); Jerry
Burniske, Blockchain Products Lead, ARK 5 See Securities Exchange Act Release No. 78770, Brito, Executive Director, Coin Center (Dec. 7,
Investment Management LLC (Nov. 8, 2016); Colin 2016); Joseph Colangelo, President, Consumers’
81 FR 62780 (Sept. 12, 2016).
Keeler (Nov. 14, 2016); Robert S. Tull, (Nov. 14, 6 See Securities Exchange Act Release No. 79171, Research (Dec. 7, 2016); Denise Krisko, CFA,
2016); Mark T. Williams (Nov. 15, 2016); President and Co-Founder, Vident Investment
81 FR 76400 (Nov. 2, 2016). Specifically, the
Anonymous (Nov. 21, 2016); XBT OPPS Team (Nov. Advisory, LLC (Dec. 7, 2016); Balaji Srinivasan,
Commission instituted proceedings to allow for
21, 2016); Anonymous (Nov. 22, 2016); Ken Maher Chief Executive Officer & Cofounder, 21, et al. (Dec.
additional analysis of the proposed rule change’s
sradovich on DSK3GMQ082PROD with NOTICES

(Nov. 22, 2016); Kyle Murray, Assistant General consistency with Section 6(b)(5) of the Act, which 7, 2016); and Ken I. Maher (Dec. 8, 2016). All
Counsel, Bats Global Markets, Inc. (Nov. 25, 2016); requires, among other things, that the rules of a comments on the proposed rule change are
and Colin Baird (Nov. 26, 2016). All comments on national securities exchange be ‘‘designed to available on the Commission’s Web site at: https://
the proposed rule change are available on the prevent fraudulent and manipulative acts and
Commission’s Web site at: https://www.sec.gov/ www.sec.gov/comments/sr-nysearca-2016-101/
practices, to promote just and equitable principles
comments/sr-batsbzx-2016-30/batsbzx nysearca2016101.shtml.
of trade,’’ and ‘‘to protect investors and the public
8 15 U.S.C. 78s(b)(2).
201630.shtml. interest.’’ See id. at 76401.
10 15 U.S.C. 78s(b)(2). 7 See Letters from Daniel H. Gallancy, CFA, 9 Id.

11 Id. SolidX Management LLP (Nov. 23, 2016); Thaya B. 10 17 CFR 200.30–3(a)(57).

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Document Created: 2018-10-24 11:09:18
Document Modified: 2018-10-24 11:09:18

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 2425