82 FR 26966 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change in Connection With the Proposed Transaction Involving CHX Holdings, Inc. and North America Casin Holdings, Inc.
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 111 (June 12, 2017)
Federal Register Volume 82, Issue 111 (June 12, 2017)
| Page Range | 26966-26967 | |
| FR Document | 2017-12042 |
[Federal Register Volume 82, Number 111 (Monday, June 12, 2017)] [Notices] [Pages 26966-26967] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-12042] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80864; File No. SR-CHX-2016-20] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change in Connection With the Proposed Transaction Involving CHX Holdings, Inc. and North America Casin Holdings, Inc. June 6, 2017. On December 2, 2016, the Chicago Stock Exchange, Inc. (``CHX'' or ``Exchange'') 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 in connection with the proposed transaction involving CHX Holdings, Inc. and North America Casin Holdings, Inc. The proposed rule change was published for comment in the Federal Register on December 12, 2016.\3\ The Commission received five comments on the proposed rule change,\4\ and two responses from the Exchange in response to certain comments.\5\ On January 12, 2017, 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\ Following the Order Instituting Proceedings, the Commission received 21 additional comment letters,\8\ and a response letter from the Exchange.\9\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 79474 (December 6, 2016), 81 FR 89543. \4\ See letters from: (1) Representative Robert Pittenger, Representative Earl L. ``Buddy'' Carter, Representative Peter DeFazio, Representative Collin Peterson, and Representative David Joyce, dated December 22, 2016; (2) James N. Hill, dated December 23, 2016; (3) John Ciccarelli, dated January 2, 2017; (4) Anonymous, dated January 3, 2017; and (5) David E. Kaplan, Executive Director, Global Investigative Journalism Network, dated January 4, 2017. \5\ See letters from John K. Kerin, President and Chief Executive Officer, CHX, dated January 5, 2017; and Albert J. Kim, Vice President and Associate General Counsel, CHX, dated January 6, 2017. \6\ 15 U.S.C. 78s(b)(2)(B). \7\ See Securities Exchange Act Release No. 79781, 82 FR 6669 (January 19, 2017) (``Order Instituting Proceedings''). \8\ See letters from: (1) Reddy Dandolu, Founder, Chief Executive Officer, Las Vegas Stock Exchange, dated February 4, 2017; (2) David Ferris, Senior Research Analyst, The Public Interest Review, dated February 16, 2017; (3) Michael Brennan, Independent Market Commentator, dated February 17, 2017; (4) Lawrence Bass, Individual Supporter, Alliance for American Manufacturing, dated February 20, 2017; (5) Steven Mayer, dated February 20, 2017; (6) William Park, dated February 21, 2017; (7) Jason Blake, Commentator, The Wall Street Journal, dated February 25, 2017; (8) John Meagher, Freelance Journalist, dated March 1, 2017; (9) Yong Xiao, Chief Executive Officer, North America Casin Holdings, Inc., dated March 1, 2017; (10) Steven Caban, dated March 1, 2017; (11) Harley Seyedin, President, American Chamber of Commerce in South China, dated March 2, 2017; (12) Salvatore Nobile, dated March 2, 2017; (13) Olga Gouroudeva, dated March 3, 2017; (14) John R. Prufeta, dated March 3, 2017; (15) Anthony J. Saliba, Saliba Ventures Holdings, LLC, dated March 3, 2017; (16) Aileen Zhong, dated March 5, 2017; (17) Duncan Karcher, dated March 5, 2017; (18) Ira Gottlieb, Principal, Healthcare Practice, Mazars USA LLP, dated March 5, 2017; (19) James N. Hill, dated March 6, 2017; (20) David Ferris, Senior Research Analyst, The Public Interest Review, dated March 6, 2017; and (21) Sean Casey, dated April 24, 2017. All of the comments are available at: https://www.sec.gov/comments/sr-chx-2016-20/chx201620.shtml. \9\ See letter from John K. Kerin, President and Chief Executive Officer, CHX, dated March 6, 2017. --------------------------------------------------------------------------- Section 19(b)(2) of the Act \10\ provides that, after initiating 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, however, 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 December 12, 2016.\11\ June 10, 2017 is 180 days from that date, and August 9, 2017 is 240 days from that date. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(2). \11\ See supra note 3. --------------------------------------------------------------------------- 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 the proposed rule change, the issues raised in the comment letters that have been submitted in connection therewith, [[Page 26967]] and the Exchange's responses to the comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\12\ designates August 9, 2017 as the date by which the Commission should either approve or disapprove the proposed rule change (File No. SR-CHX-2016-20). --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(57). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2017-12042 Filed 6-9-17; 8:45 am] BILLING CODE 8011-01-P
![26966 Federal Register / Vol. 82, No. 111 / Monday, June 12, 2017 / Notices
Register or up to 90 days (i) as the information that you wish to make 19(b)(2)(B) of the Act 6 to determine
Commission may designate if it finds available publicly. All submissions whether to approve or disapprove the
such longer period to be appropriate should refer to File Number SR–NYSE– proposed rule change.7 Following the
and publishes its reasons for so finding 2017–08, and should be submitted on or Order Instituting Proceedings, the
or (ii) as to which the self-regulatory before July 3, 2017. Commission received 21 additional
organization consents, the Commission For the Commission, by the Division of comment letters,8 and a response letter
will: Trading and Markets, pursuant to delegated from the Exchange.9
(A) By order approve or disapprove authority.9 Section 19(b)(2) of the Act 10 provides
the proposed rule change, or Brent J. Fields, that, after initiating proceedings, the
(B) institute proceedings to determine Secretary. Commission shall issue an order
whether the proposed rule change approving or disapproving the proposed
[FR Doc. 2017–12040 Filed 6–9–17; 8:45 am]
should be disapproved. rule change not later than 180 days after
BILLING CODE 8011–01–P
IV. Solicitation of Comments the date of publication of notice of filing
of the proposed rule change. The
Interested persons are invited to Commission may, however, extend the
submit written data, views, and SECURITIES AND EXCHANGE
COMMISSION period for issuing an order approving or
arguments concerning the foregoing, disapproving the proposed rule change
including whether the proposed rule [Release No. 34–80864; File No. SR–CHX– by not more than 60 days if the
change is consistent with the Act. 2016–20] Commission determines that a longer
Comments may be submitted by any of period is appropriate and publishes the
the following methods: Self-Regulatory Organizations;
reasons for such determination. The
Chicago Stock Exchange, Inc.; Notice
Electronic Comments proposed rule change was published for
of Designation of Longer Period for
notice and comment in the Federal
• Use the Commission’s Internet Commission Action on Proceedings To
Register on December 12, 2016.11 June
comment form (http://www.sec.gov/ Determine Whether To Approve or
10, 2017 is 180 days from that date, and
rules/sro.shtml); or Disapprove a Proposed Rule Change
August 9, 2017 is 240 days from that
• Send an email to rule-comments@ in Connection With the Proposed
date.
sec.gov. Please include File Number SR– Transaction Involving CHX Holdings, The Commission finds it appropriate
NYSE–2017–08 on the subject line. Inc. and North America Casin to designate a longer period within
Holdings, Inc. which to issue an order approving or
Paper Comments
June 6, 2017. disapproving the proposed rule change
• Send paper comments in triplicate
On December 2, 2016, the Chicago so that it has sufficient time to consider
to Brent J. Fields, Secretary, Securities
Stock Exchange, Inc. (‘‘CHX’’ or the proposed rule change, the issues
and Exchange Commission, 100 F Street
‘‘Exchange’’) filed with the Securities raised in the comment letters that have
NE., Washington, DC 20549–1090.
and Exchange Commission been submitted in connection therewith,
All submissions should refer to File
(‘‘Commission’’), pursuant to Section
Number SR–NYSE–2017–08. This file 6 15 U.S.C. 78s(b)(2)(B).
19(b)(1) of the Securities Exchange Act
number should be included on the 7 See Securities Exchange Act Release No. 79781,
of 1934 (‘‘Act’’) 1 and Rule 19b–4
subject line if email is used. To help the 82 FR 6669 (January 19, 2017) (‘‘Order Instituting
thereunder,2 a proposed rule change in Proceedings’’).
Commission process and review your
connection with the proposed 8 See letters from: (1) Reddy Dandolu, Founder,
comments more efficiently, please use
transaction involving CHX Holdings, Chief Executive Officer, Las Vegas Stock Exchange,
only one method. The Commission will dated February 4, 2017; (2) David Ferris, Senior
Inc. and North America Casin Holdings,
post all comments on the Commission’s Inc. The proposed rule change was Research Analyst, The Public Interest Review, dated
Internet Web site (http://www.sec.gov/ published for comment in the Federal
February 16, 2017; (3) Michael Brennan,
rules/sro.shtml). Copies of the Independent Market Commentator, dated February
Register on December 12, 2016.3 The 17, 2017; (4) Lawrence Bass, Individual Supporter,
submission, all subsequent Commission received five comments on Alliance for American Manufacturing, dated
amendments, all written statements the proposed rule change,4 and two February 20, 2017; (5) Steven Mayer, dated
with respect to the proposed rule responses from the Exchange in
February 20, 2017; (6) William Park, dated February
change that are filed with the 21, 2017; (7) Jason Blake, Commentator, The Wall
response to certain comments.5 On Street Journal, dated February 25, 2017; (8) John
Commission, and all written January 12, 2017, the Commission Meagher, Freelance Journalist, dated March 1, 2017;
communications relating to the instituted proceedings under Section (9) Yong Xiao, Chief Executive Officer, North
proposed rule change between the America Casin Holdings, Inc., dated March 1, 2017;
Commission and any person, other than (10) Steven Caban, dated March 1, 2017; (11) Harley
9 17 CFR 200.30–3(a)(12). Seyedin, President, American Chamber of
those that may be withheld from the 1 15 U.S.C. 78s(b)(1). Commerce in South China, dated March 2, 2017;
public in accordance with the 2 17 CFR 240.19b–4. (12) Salvatore Nobile, dated March 2, 2017; (13)
provisions of 5 U.S.C. 552, will be 3 See Securities Exchange Act Release No. 79474 Olga Gouroudeva, dated March 3, 2017; (14) John
available for Web site viewing and (December 6, 2016), 81 FR 89543. R. Prufeta, dated March 3, 2017; (15) Anthony J.
4 See letters from: (1) Representative Robert Saliba, Saliba Ventures Holdings, LLC, dated March
printing in the Commission’s Public 3, 2017; (16) Aileen Zhong, dated March 5, 2017;
Pittenger, Representative Earl L. ‘‘Buddy’’ Carter,
Reference Room, 100 F Street NE., Representative Peter DeFazio, Representative Collin (17) Duncan Karcher, dated March 5, 2017; (18) Ira
Washington, DC 20549 on official Peterson, and Representative David Joyce, dated Gottlieb, Principal, Healthcare Practice, Mazars
USA LLP, dated March 5, 2017; (19) James N. Hill,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
business days between the hours of December 22, 2016; (2) James N. Hill, dated
December 23, 2016; (3) John Ciccarelli, dated dated March 6, 2017; (20) David Ferris, Senior
10:00 a.m. and 3:00 p.m. Copies of such Research Analyst, The Public Interest Review, dated
January 2, 2017; (4) Anonymous, dated January 3,
filing also will be available for 2017; and (5) David E. Kaplan, Executive Director, March 6, 2017; and (21) Sean Casey, dated April 24,
inspection and copying at the principal Global Investigative Journalism Network, dated 2017. All of the comments are available at: https://
office of the Exchange. All comments January 4, 2017. www.sec.gov/comments/sr-chx-2016-20/
5 See letters from John K. Kerin, President and chx201620.shtml.
received will be posted without change; 9 See letter from John K. Kerin, President and
Chief Executive Officer, CHX, dated January 5,
the Commission does not edit personal 2017; and Albert J. Kim, Vice President and Chief Executive Officer, CHX, dated March 6, 2017.
identifying information from Associate General Counsel, CHX, dated January 6, 10 15 U.S.C. 78s(b)(2).
submissions. You should submit only 2017. 11 See supra note 3.
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![Federal Register / Vol. 82, No. 111 / Monday, June 12, 2017 / Notices 26967
and the Exchange’s responses to the the words ‘‘acknowledged receipt of’’ in Exchange of any claims for
comments. Rule 13.2(b) with the word ‘‘received.’’ compensation; and
Accordingly, the Commission, Additionally, the Exchange seeks to • replace the words ‘‘acknowledged
pursuant to Section 19(b)(2) of the have the proposed changes to eliminate receipt of’’ in Rule 13.2(b) with the
Act,12 designates August 9, 2017 as the the daily caps function retroactively to word ‘‘received.’’
date by which the Commission should March 1, 2017. The proposed rule
either approve or disapprove the Proposal To Align and Clarify the Scope
change is available on the Exchange’s
proposed rule change (File No. SR– of 13.2(a) With Rules of Other National
Web site at www.nyse.com, at the
CHX–2016–20). Securities Exchanges
principal office of the Exchange, and at
For the Commission, by the Division of the Commission’s Public Reference The Exchange proposes to align the
Trading and Markets, pursuant to delegated Room. scope of 13.2(a) with the rules of other
authority.13 national securities exchanges 4 by
II. Self-Regulatory Organization’s adding rule text specifying that, except
Brent J. Fields,
Statement of the Purpose of, and as otherwise expressly provided in the
Secretary. Statutory Basis for, the Proposed Rule
[FR Doc. 2017–12042 Filed 6–9–17; 8:45 am] rules, the Exchange is not liable to ETP
Change Holders’ successors, representatives or
BILLING CODE 8011–01–P
In its filing with the Commission, the customers. Rule 13.2 does not authorize
self-regulatory organization included the Exchange to compensate a
SECURITIES AND EXCHANGE statements concerning the purpose of, successor, representative or customer of
COMMISSION and basis for, the proposed rule change an ETP Holder because the rule does not
and discussed any comments it received reference those entities. As such, the
[Release No. 34–80866; File No. SR– Exchange believes that the proposed
NYSEArca–2017–46] on the proposed rule change. The text
of those statements may be examined at text specifically referencing these
Self-Regulatory Organizations; NYSE the places specified in Item IV below. entities clarifies the scope of the rule.
Arca, Inc.; Notice of Filing of Proposed The Exchange has prepared summaries, Proposal To Eliminate Daily Caps on
Rule Change To Amend NYSE Arca set forth in sections A, B, and C below, Liability
Equities Rule 13.2, Liability of of the most significant parts of such
Corporation statements. Rule 13.2 provides the Exchange with
the authority to compensate ETP
June 6, 2017. A. Self-Regulatory Organization’s Holders for claims arising out of the
Pursuant to Section 19(b)(1) 1 of the Statement of the Purpose of, and the negligent acts or omissions of its
Securities Exchange Act of 1934 Statutory Basis for, the Proposed Rule employees or for the failure of its
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3 Change systems or facilities up to specified
notice is hereby given that, on May 23, 1. Purpose amounts in paragraph (b) of the Rule.
2017, NYSE Arca, Inc. (the ‘‘Exchange’’ Specifically, Rule 13.2(b) provides that:
or ‘‘NYSE Arca’’) filed with the NYSE Arca Equities Rule 13.2 (‘‘Rule • As to claims made by a single ETP
Securities and Exchange Commission 13.2’’) provides a mechanism for ETP Holder, with respect to a single trading
(‘‘Commission’’) the proposed rule Holders to receive compensation for day, the Exchange will not be liable in
change as described in Items I and II losses sustained as a result of the excess of the larger of $100,000, or the
below, which Items have been prepared negligent acts or omissions of the amount of any recovery obtained by the
by the self-regulatory organization. The Exchange’s employees or for the failure Exchange under any applicable
Commission is publishing this notice to of Exchange systems or facilities. insurance;
solicit comments on the proposed rule Specifically, if an ETP Holder transmits • As to claims made by all ETP
change from interested persons. an order to or through the Exchange’s Holders, with respect to a single trading
order routing systems, electronic book, day, the Exchange will not be liable in
I. Self-Regulatory Organization’s or automatic execution systems or to excess of the larger of $250,000 or the
Statement of the Terms of Substance of any other automated facility of the amount of the recovery obtained by the
the Proposed Rule Change Exchange and the Exchange has Exchange under any applicable
The Exchange proposes to amend acknowledged receipt of the order, Rule insurance; and
NYSE Arca Equities Rule 13.2 13.2(b) permits the Exchange to • As to claims made by all ETP
(‘‘Liability of Corporation’’) by (1) compensate ETP Holders for losses Holders, with respect to a single
aligning the scope of 13.2(a) with the resulting from ‘‘the negligent acts or calendar month, the Exchange will not
rules of other national securities omissions of its employees or for the be liable in excess of the larger of
exchanges by specifying that the failure of its systems or facilities.’’ The $500,000, or the amount of the recovery
Exchange is not liable to its ETP Exchange is only permitted to obtained by the Exchange under any
Holders’ ‘‘successors, representatives or compensate an ETP Holder for losses to applicable insurance.
customers’’; (2) eliminating the daily the extent the Exchange’s rules The Exchange proposes to eliminate
caps that limit the amount the Exchange authorize such compensation. As the daily caps in paragraphs (b)(1) and
may compensate ETP Holders for claims described below, the Exchange proposes (b)(2). The Exchange would retain the
arising under the rule; (3) changing the to: monthly cap in (b)(3) of $500,000. The
asabaliauskas on DSKBBXCHB2PROD with NOTICES
procedural requirements for submitting • Align its rule with those of other proposal to eliminate the daily caps in
notification to the Exchange of any national securities exchanges by adding paragraphs (b)(1) and (b)(2) is consistent
claims for compensation; and (4) replace that the Exchange is not liable to with the rules of other national
‘‘successors, representatives, or securities exchanges, which only have a
12 15 U.S.C. 78s(b)(2). customers’’ of ETP Holders;
13 17 CFR 200.30–3(a)(57).
1 15 U.S.C. 78s(b)(1). • eliminate the daily caps on liability; 4 See Investors’ Exchange LLC (‘‘IEX’’) Rule
11.260, BATS BZX Exchange Inc. (‘‘BATS’’) Rule
2 15 U.S.C. 78a. • change the procedural requirements 11.16, and EDGX Exchange Inc. (‘‘EDGX’’) Rule
3 17 CFR 240.19b–4. for submitting notification to the 11.14.
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Document Created: 2017-06-10 01:40:51
Document Modified: 2017-06-10 01:40:51
| 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 26966 |
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