82 FR 33537 - Delegation of Authority to the Director of the Office of U.S. Foreign Assistance Resources To Concur in Assistance Programs
DEPARTMENT OF STATE Federal Register Volume 82, Issue 138 (July 20, 2017)
Federal Register Volume 82, Issue 138 (July 20, 2017)
| Page Range | 33537-33537 | |
| FR Document | 2017-15226 |
[Federal Register Volume 82, Number 138 (Thursday, July 20, 2017)] [Notices] [Page 33537] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-15226] ======================================================================= ----------------------------------------------------------------------- DEPARTMENT OF STATE [Delegation of Authority: 437] Delegation of Authority to the Director of the Office of U.S. Foreign Assistance Resources To Concur in Assistance Programs By virtue of the authority vested in the Secretary of State, including section 1 of the State Department Basic Authorities Act (22 U.S.C. 2651a) and 10 U.S.C. 333, I hereby delegate to the Director the Office of U.S. Foreign Assistance Resources, to the extent authorized by law, the authority to concur in programs authorized by section 333 of title 10 of the U.S. Code. Notwithstanding this delegation of authority, any function or authority delegated herein may be exercised by the Secretary or a Deputy Secretary. Any reference in this delegation of authority to any statute or delegation of authority shall be deemed to be a reference to such statute or delegation of authority as amended from time to time. This delegation of authority shall be published in the Federal Register. Dated: May 1, 2017. Rex W. Tillerson, Secretary of State. [FR Doc. 2017-15226 Filed 7-19-17; 8:45 am] BILLING CODE 4710-10-P
![Federal Register / Vol. 82, No. 138 / Thursday, July 20, 2017 / Notices 33537
aware of interest represented by floor of participation in the auction and to For the Commission, by the Division of
brokers, which is not publicly influence the closing price.49 Trading and Markets, pursuant to delegated
disseminated.44 When offsetting an Additionally, the argument by Citadel authority.53
imbalance during the closing auction, that the current prohibition creates an Jill M. Peterson,
DMM interest trades at parity with limit uneven playing field, and that it limits Assistant Secretary.
orders on the Exchange order book, and DMMs’ ‘‘ability to provide competitive [FR Doc. 2017–15195 Filed 7–19–17; 8:45 am]
DMM interest takes priority over limit- quotations,’’ 50 fails to address that BILLING CODE 8011–01–P
on-close orders with a price equal to the DMMs have unique privileges on NYSE
closing price and over closing-offset and NYSE MKT and that the proposed
orders.45 In approving the entire set of rule change is not limited to DEPARTMENT OF STATE
advantages given to DMMs in 2008 circumstances in which DMMs would
through the New Market Model, the [Delegation of Authority: 437]
be allowed to quote competitively and
Commission specifically assessed
provide liquidity, but would also allow Delegation of Authority to the Director
‘‘whether the rewards granted to DMMs
. . . are commensurate with their them to aggressively take liquidity. of the Office of U.S. Foreign
obligations’’ and found that the Additionally, while NYSE and NYSE Assistance Resources To Concur in
proposed New Market Model pilot MKT have argued that the proposal is Assistance Programs
reflected ‘‘an appropriate balance of consistent with the Exchange Act By virtue of the authority vested in
DMM obligations against the benefits because remaining exchange rules the Secretary of State, including section
provided to DMMs.’’ 46 address the possibility of disruptive or 1 of the State Department Basic
In proposing to remove the Prohibited improper DMM trading during the last Authorities Act (22 U.S.C. 2651a) and
Transactions Rule, however, NYSE and ten minutes of the day, the Commission 10 U.S.C. 333, I hereby delegate to the
NYSE MKT have failed to adequately does not believe that NYSE and NYSE Director the Office of U.S. Foreign
explain or justify how the proposed MKT have met their burden to Assistance Resources, to the extent
alteration to the balance of benefits and demonstrate that these other rules— authorized by law, the authority to
obligations of a DMM previously which require the exercise of judgment concur in programs authorized by
approved by the Commission is as to what is ‘‘reasonable,’’ ‘‘excessive,’’ section 333 of title 10 of the U.S. Code.
consistent with Section 6(b)(5) of the ‘‘appropriate,’’ or ‘‘commensurate’’ 51— Notwithstanding this delegation of
Exchange Act, or how allowing DMMs authority, any function or authority
are adequate substitutes for a clear,
to aggressively take liquidity in the last delegated herein may be exercised by
meaningful, and enforceable bright-line
ten minutes of trading is both consistent the Secretary or a Deputy Secretary. Any
with a DMM’s obligation to maintain a rule that limits aggressive DMM trading
at a particularly sensitive and important reference in this delegation of authority
fair and orderly market in its assigned to any statute or delegation of authority
securities and designed to prevent time of the trading day and that
addresses the risk of destabilizing or shall be deemed to be a reference to
fraudulent or manipulative acts and such statute or delegation of authority as
practices regarding the closing auction, even manipulative activity.
Additionally, the Commission believes amended from time to time.
for which a DMM has crucial This delegation of authority shall be
responsibilities. that NYSE and NYSE MKT have merely
published in the Federal Register.
The Exchanges and Citadel in their asserted that, but not explained how,
comment letters argue that changes in existing surveillances can act as an Dated: May 1, 2017.
market structure such as the inability of adequate substitute for this bright-line Rex W. Tillerson,
DMMs, compared to specialists, to ‘‘set rule. Secretary of State.
prices’’ in their assigned securities, and Thus, because the Exchanges’ [FR Doc. 2017–15226 Filed 7–19–17; 8:45 am]
the movement of trading volume in arguments in favor of the proposed rule BILLING CODE 4710–10–P
NYSE-listed securities away from the changes do not adequately address
NYSE, support the elimination of the
significant issues raised by the
Prohibited Transactions Rule. But, as DEPARTMENT OF STATE
proposals, the Commission does not
noted above, the Prohibited
find that the proposed rule changes are [Public Notice: 10062]
Transactions Rule was included in the
consistent with the requirements of the
New Market Model rule filing that Notice of Determinations; Culturally
established the role of DMMs, and the Exchange Act and the rules and
regulations thereunder applicable to a Significant Objects Imported for
market-share statistics offered by Exhibition Determinations: ‘‘Delirious:
Citadel—which purportedly establish national securities exchange and, in
particular, with Section 6(b)(5) of the Art at the Limits of Reason, 1950–
the relatively weak pricing power of a 1980’’ Exhibition
DMM 47—fail to acknowledge that the Exchange Act.
Exchanges have a dominant market Notice is hereby given of the
V. Conclusion
share in the closing auction,48 and that following determinations: Pursuant to
a DMM has discretion and informational It is therefore ordered that, pursuant the authority vested in me by the Act of
advantages that place the DMM in a to Section 19(b)(2) of the Exchange October 19, 1965 (79 Stat. 985; 22 U.S.C.
unique position to choose its own level Act,52 the proposed rule changes (SR– 2459), E.O. 12047 of March 27, 1978, the
asabaliauskas on DSKBBXCHB2PROD with NOTICES
NYSE–2016–71 and SR–NYSEMKT– Foreign Affairs Reform and
44 See Exchange Rule 104(j); see also NYSE Rule
2016–99) be, and hereby are, Restructuring Act of 1998 (112 Stat.
123C and NYSE MKT Rule 123C—Equities.
disapproved. 2681, et seq.; 22 U.S.C. 6501 note, et
45 See NYSE Rule 123C(7)(b); NYSE MKT Rule
seq.), Delegation of Authority No. 234 of
123C(7)(b)—Equities.
46 Securities Exchange Act Release No. 58845 49 See
supra notes 42–44 and accompanying text.
October 1, 1999, Delegation of Authority
(Oct. 24, 2008), 73 FR 64379, 64388–89 (Oct. 29, 50 Citadel
Letter, supra note 7, at 2–3. No. 236–3 of August 28, 2000 (and, as
2008) (SR–NYSE–2008–46). 51 See supra notes 25 & 40 and accompanying appropriate, Delegation of Authority No.
47 See Citadel Letter, supra note 7, at 2. text.
48 See supra note 39 and accompanying text. 52 15 U.S.C. 78s(b)(2). 53 17 CFR 200.30–3(a)(12).
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Document Created: 2017-07-20 06:57:59
Document Modified: 2017-07-20 06:57:59
| 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 33537 |
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