82 FR 56280 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing of Proposed Minor Rule Violation Plan

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 227 (November 28, 2017)

Page Range		56280-56281
FR Document		2017-25648
Federal Register, Volume 82 Issue 227 (Tuesday, November 28, 2017)
[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56280-56281]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25648]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82146; File No. 4-715]


Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing 
of Proposed Minor Rule Violation Plan

November 22, 2017.
    Pursuant to Section 19(d)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19d-1(c)(2) thereunder,\2\ notice is hereby 
given that on November 16, 2017, MIAX PEARL, LLC (``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') a proposed 
minor rule violation plan (``MRVP'') with sanctions not exceeding 
$2,500 which would not be subject to the provisions of Rule 19d-1(c)(1) 
of the Act \3\ requiring that a self-regulatory organization (``SRO'') 
promptly file notice with the Commission of any final disciplinary 
action taken with respect to any person or organization.\4\ In 
accordance with Rule 19d-1(c)(2) under the Act,\5\ the Exchange 
proposed to designate certain specified rule violations as minor rule 
violations, and requested that it be relieved of the prompt reporting 
requirements regarding such violations, provided it gives notice of 
such violations to the Commission on a quarterly basis.
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    \1\ 15 U.S.C. 78s(d)(1).
    \2\ 17 CFR 240.19d-1(c)(2).
    \3\ 17 CFR 240.19d-1(c)(1).
    \4\ The Commission adopted amendments to paragraph (c) of Rule 
19d-1 to allow SROs to submit for Commission approval plans for the 
abbreviated reporting of minor disciplinary infractions. See 
Securities Exchange Act Release No. 21013 (June 1, 1984), 49 FR 
23828 (June 8, 1984). Any disciplinary action taken by an SRO 
against any person for violation of a rule of the SRO which has been 
designated as a minor rule violation pursuant to such a plan filed 
with and declared effective by the Commission shall not be 
considered ``final'' for purposes of Section 19(d)(1) of the Act if 
the sanction imposed consists of a fine not exceeding $2,500 and the 
sanctioned person has not sought an adjudication, including a 
hearing, or otherwise exhausted his administrative remedies.
    \5\ 17 CFR 240.19d-1(c)(2).
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    The Exchange proposes to include in its MRVP the procedures and 
violations currently included in Exchange Rule 1014 (``Imposition of 
Fines for Minor Rule Violations'').\6\ According to the Exchange's 
MRVP, under Rule 1014, the Exchange may impose a fine (not to exceed 
$2,500) on any Member, or person associated with or employed by a 
Member, for any rule listed in Rule 1014(d).\7\ The Exchange shall 
serve the person against whom a fine is imposed with a written 
statement setting forth the rule or rules violated, the act or omission 
constituting each such violation, the fine imposed, and the date by 
which such determination becomes final or by which such determination 
must be contested. If the person against whom the fine is imposed pays 
the fine, such payment shall be deemed to be a waiver of such person's 
right to a disciplinary proceeding and any review of the matter under 
the Exchange rules. Any person against whom a fine is imposed may 
contest the Exchange's determination by filing with the Exchange a 
written answer, at which point the matter shall become a disciplinary 
proceeding.
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    \6\ The Exchange received its grant of registration on December 
13, 2016, which included approving the rules that govern the 
Exchange. See Securities Exchange Act Release No. 79543 (December 
13, 2016), 81 FR 92901 (December 20, 2016).
    \7\ While Rule 1014 allows the Exchange to administer fines up 
to $5,000, the Exchange is only seeking relief from the reporting 
requirements of paragraph (c)(1) of Rule 19d-1 for fines 
administered under Rule 1014(d) that do not exceed $2,500.
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    The Exchange proposes that, as set forth in Exchange Rule 1014(d), 
violations of the following rules would be appropriate for disposition 
under the MRVP: Rule 307 (Position Limits); Rule 803 (Focus Reports); 
Rule 804 (Requests for Trade Data); Rule 520 (Order Entry); Rule 605 
(Execution of Orders in Appointed Options); Rule 314 (Mandatory Systems 
Testing); Rule 700 (Exercise of Option Contracts); Rule 309 (Exercise 
Limits); Rule 310 (Reports Related to Position Limits); Rule 403 
(Trading in Restricted Classes); Rule 605 (Market Maker Quotations); 
and Rules 1301, 1302, and 1303 (Failure to Timely File Amendments to 
Form U4, Form U5, and Form BD). The Exchange notes that it is 
specifically excluding Rule 1014(d)(4), Conduct and Decorum Policies, 
from this filing.
    Upon the Commission's declaration of effectiveness of the MRVP, the 
Exchange will provide to the Commission a quarterly report for any 
actions taken on minor rule violations under the MRVP. The quarterly 
report will include: The disposition date, the name of the firm/
individual, the Exchange's internal enforcement number, the review 
period, the nature of the violation type, the number of the rule that 
was violated, the number of instances the violation occurred, and the 
sanction imposed.
    The Exchange also proposes that, going forward, to the extent that 
there are any changes to the rules applicable to the Exchange's MRVP, 
the Exchange requests that the Commission deem such changes to be 
modifications to the Exchange's MRVP.

I. Solicitation of Comments

    Interested persons are invited to submit written data, views, and

[[Page 56281]]

arguments concerning the Exchange's proposed MRVP, including whether 
the proposed MRVP is consistent with the Act. Comments may be submitted 
by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File No. 4-715 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File No. 4-715. This file number should 
be included on the subject line if email is used. To help the 
Commission process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed MRVP that are filed with the 
Commission, and all written communications relating to the proposed 
MRVP between the Commission and any person, other than those that may 
be withheld from the public in accordance with the provisions of 5 
U.S.C. 552, will be available for Web site viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE., Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the proposed MRVP also will be available for 
inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File No. 4-715 and should be submitted on 
or before December 19, 2017.

II. Date of Effectiveness of the Proposed Minor Rule Violation Plan and 
Timing for Commission Action

    Pursuant to Section 19(d)(1) of the Act and Rule 19d-1(c)(2) 
thereunder,\8\ after December 19, 2017, the Commission may, by order, 
declare the Exchange's proposed MRVP effective if the plan is 
consistent with the public interest, the protection of investors, or 
otherwise in furtherance of the purposes of the Act. The Commission in 
its order may restrict the categories of violations to be designated as 
minor rule violations and may impose any other terms or conditions to 
the proposed MRVP, File No. 4-715, and to the period of its 
effectiveness, which the Commission deems necessary or appropriate in 
the public interest, for the protection of investors or otherwise in 
furtherance of the purposes of the Act.
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    \8\ 15 U.S.C. 78s(d)(1); 17 CFR 240.19d-1(c)(2).
    \9\ 17 CFR 200.30-3(a)(44).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Brent J. Fields,
Secretary.
[FR Doc. 2017-25648 Filed 11-27-17; 8:45 am]
 BILLING CODE 8011-01-P
56280 Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Notices

deadline(s) for each request appear in SECURITIES AND EXCHANGE person against whom a fine is imposed
section II. COMMISSION with a written statement setting forth
the rule or rules violated, the act or
II. Docketed Proceeding(s) [Release No. 34–82146; File No. 4–715]
omission constituting each such
1. Docket No(s).: MC2018–31 and Self-Regulatory Organizations; MIAX violation, the fine imposed, and the date
CP2018–61; Filing Title: USPS Request PEARL, LLC; Notice of Filing of by which such determination becomes
to Add First-Class Package Service Proposed Minor Rule Violation Plan final or by which such determination
must be contested. If the person against
Contract 85 to Competitive Product List November 22, 2017. whom the fine is imposed pays the fine,
and Notice of Filing Materials Under Pursuant to Section 19(d)(1) of the such payment shall be deemed to be a
Seal; Filing Acceptance Date: November Securities Exchange Act of 1934 waiver of such person’s right to a
21, 2017; Filing Authority: 39 U.S.C. (‘‘Act’’) 1 and Rule 19d–1(c)(2) disciplinary proceeding and any review
3642 and 39 CFR 3020.30 et seq.; Public thereunder,2 notice is hereby given that of the matter under the Exchange rules.
Representative: Timothy J. Schwuchow; on November 16, 2017, MIAX PEARL, Any person against whom a fine is
Comments Due: November 30, 2017. LLC (‘‘Exchange’’) filed with the imposed may contest the Exchange’s
This notice will be published in the Securities and Exchange Commission determination by filing with the
Federal Register. (‘‘Commission’’) a proposed minor rule Exchange a written answer, at which
violation plan (‘‘MRVP’’) with sanctions point the matter shall become a
Stacy L. Ruble, not exceeding $2,500 which would not disciplinary proceeding.
Secretary. be subject to the provisions of Rule 19d– The Exchange proposes that, as set
[FR Doc. 2017–25666 Filed 11–27–17; 8:45 am] 1(c)(1) of the Act 3 requiring that a self- forth in Exchange Rule 1014(d),
BILLING CODE 7710–FW–P
regulatory organization (‘‘SRO’’) violations of the following rules would
promptly file notice with the be appropriate for disposition under the
Commission of any final disciplinary MRVP: Rule 307 (Position Limits); Rule
action taken with respect to any person 803 (Focus Reports); Rule 804 (Requests
POSTAL SERVICE or organization.4 In accordance with for Trade Data); Rule 520 (Order Entry);
Rule 19d–1(c)(2) under the Act,5 the Rule 605 (Execution of Orders in
Product Change—First-Class Package Exchange proposed to designate certain Appointed Options); Rule 314
Service Negotiated Service Agreement specified rule violations as minor rule (Mandatory Systems Testing); Rule 700
violations, and requested that it be (Exercise of Option Contracts); Rule 309
AGENCY: Postal ServiceTM. relieved of the prompt reporting (Exercise Limits); Rule 310 (Reports
requirements regarding such violations, Related to Position Limits); Rule 403
ACTION: Notice. provided it gives notice of such (Trading in Restricted Classes); Rule 605
violations to the Commission on a (Market Maker Quotations); and Rules
SUMMARY: The Postal Service gives quarterly basis. 1301, 1302, and 1303 (Failure to Timely
notice of filing a request with the Postal The Exchange proposes to include in File Amendments to Form U4, Form U5,
Regulatory Commission to add a its MRVP the procedures and violations and Form BD). The Exchange notes that
domestic shipping services contract to currently included in Exchange Rule
it is specifically excluding Rule
the list of Negotiated Service 1014 (‘‘Imposition of Fines for Minor
1014(d)(4), Conduct and Decorum
Agreements in the Mail Classification Rule Violations’’).6 According to the
Policies, from this filing.
Schedule’s Competitive Products List. Exchange’s MRVP, under Rule 1014, the
Upon the Commission’s declaration of
Exchange may impose a fine (not to
DATES: Date of notice required under 39 effectiveness of the MRVP, the Exchange
exceed $2,500) on any Member, or
U.S.C. 3642(d)(1): November 28, 2017. will provide to the Commission a
person associated with or employed by
quarterly report for any actions taken on
FOR FURTHER INFORMATION CONTACT:
a Member, for any rule listed in Rule
minor rule violations under the MRVP.
1014(d).7 The Exchange shall serve the
Elizabeth A. Reed, 202–268–3179. The quarterly report will include: The
SUPPLEMENTARY INFORMATION: The 1 15 U.S.C. 78s(d)(1). disposition date, the name of the firm/
individual, the Exchange’s internal
United States Postal Service® hereby
2 17 CFR 240.19d–1(c)(2).
3 17 CFR 240.19d–1(c)(1). enforcement number, the review period,
gives notice that, pursuant to 39 U.S.C. 4 The Commission adopted amendments to the nature of the violation type, the
3642 and 3632(b)(3), on November 21, paragraph (c) of Rule 19d–1 to allow SROs to number of the rule that was violated, the
2017, it filed with the Postal Regulatory submit for Commission approval plans for the
number of instances the violation
abbreviated reporting of minor disciplinary
Commission a USPS Request to Add infractions. See Securities Exchange Act Release occurred, and the sanction imposed.
First-Class Package Service Contract 85 No. 21013 (June 1, 1984), 49 FR 23828 (June 8, The Exchange also proposes that,
to Competitive Product List. Documents 1984). Any disciplinary action taken by an SRO
going forward, to the extent that there
against any person for violation of a rule of the SRO
are available at www.prc.gov, Docket which has been designated as a minor rule violation are any changes to the rules applicable
Nos. MC2018–31, CP2018–61. pursuant to such a plan filed with and declared to the Exchange’s MRVP, the Exchange
effective by the Commission shall not be considered requests that the Commission deem
Ruth B. Stevenson, ‘‘final’’ for purposes of Section 19(d)(1) of the Act
if the sanction imposed consists of a fine not such changes to be modifications to the
Attorney, Federal Compliance.
exceeding $2,500 and the sanctioned person has not Exchange’s MRVP.
[FR Doc. 2017–25585 Filed 11–27–17; 8:45 am] sought an adjudication, including a hearing, or
I. Solicitation of Comments
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BILLING CODE 7710–12–P otherwise exhausted his administrative remedies.
5 17 CFR 240.19d–1(c)(2).
6 The Exchange received its grant of registration
Interested persons are invited to
on December 13, 2016, which included approving submit written data, views, and
the rules that govern the Exchange. See Securities
Exchange Act Release No. 79543 (December 13, seeking relief from the reporting requirements of
2016), 81 FR 92901 (December 20, 2016). paragraph (c)(1) of Rule 19d–1 for fines
7 While Rule 1014 allows the Exchange to administered under Rule 1014(d) that do not exceed
administer fines up to $5,000, the Exchange is only $2,500.

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Federal Register / Vol. 82, No. 227 / Tuesday, November 28, 2017 / Notices 56281

arguments concerning the Exchange’s II. Date of Effectiveness of the Proposed that is regulated as a money market fund
proposed MRVP, including whether the Minor Rule Violation Plan and Timing under rule 2a–7 [17 CFR 270.2a–7], that
proposed MRVP is consistent with the for Commission Action experiences any of the events specified
Act. Comments may be submitted by Pursuant to Section 19(d)(1) of the Act on Form N–CR [17 CFR 274.222], must
any of the following methods: and Rule 19d–1(c)(2) thereunder,8 after file with the Commission a current
December 19, 2017, the Commission report on Form N–CR within the time
Electronic Comments period specified in that form. The
may, by order, declare the Exchange’s
information collection requirements for
• Use the Commission’s Internet proposed MRVP effective if the plan is
consistent with the public interest, the rule 30b1–8 and Form N–CR are
comment form (http://www.sec.gov/
protection of investors, or otherwise in designed to assist Commission staff in
rules/sro.shtml); or its oversight of money market funds and
furtherance of the purposes of the Act.
• Send an email to rule-comments@ The Commission in its order may its ability to respond to market events.
sec.gov. Please include File No. 4–715 restrict the categories of violations to be It also provides investors with better
on the subject line. designated as minor rule violations and and timelier disclosure of potentially
may impose any other terms or important events. Finally, the
Paper Comments Commission is able to use the
conditions to the proposed MRVP, File
• Send paper comments in triplicate No. 4–715, and to the period of its information provided on Form N–CR in
effectiveness, which the Commission its regulatory, disclosure review,
to Brent J. Fields, Secretary, Securities
deems necessary or appropriate in the inspection, and policymaking roles. The
and Exchange Commission, 100 F Street
public interest, for the protection of rule imposes a burden per report of
NE., Washington, DC 20549–1090.
investors or otherwise in furtherance of approximately 8.5 hours and $840, so
All submissions should refer to File No. the purposes of the Act. that the total annual burden for the
4–715. This file number should be estimated 37 reports filed per year on
For the Commission, by the Division of Form N–CR is 315 hours and $31,080.
included on the subject line if email is Trading and Markets, pursuant to delegated
used. To help the Commission process authority.9
The estimate of average burden hours
and review your comments more is made solely for the purposes of the
Brent J. Fields,
efficiently, please use only one method. Paperwork Reduction Act. The estimate
Secretary. is based on communications with
The Commission will post all comments
[FR Doc. 2017–25648 Filed 11–27–17; 8:45 am] industry representatives, and is not
on the Commission’s Internet Web site
(http://www.sec.gov/rules/sro.shtml).
BILLING CODE 8011–01–P derived from a comprehensive or even
Copies of the submission, all subsequent a representative survey or study.
amendments, all written statements The collection of information on Form
SECURITIES AND EXCHANGE N–CR is mandatory for any fund that
with respect to the proposed MRVP that COMMISSION holds itself out as a money market fund
are filed with the Commission, and all
[SEC File No. 270–657, OMB Control No. in reliance on rule 2a–7. Responses will
written communications relating to the
3235–0705] not be kept confidential. An agency may
proposed MRVP between the
not conduct or sponsor, and a person is
Commission and any person, other than Submission for OMB Review; not required to respond to, a collection
those that may be withheld from the Comment Request of information unless it displays a
public in accordance with the currently valid OMB control number.
provisions of 5 U.S.C. 552, will be Upon Written Request, Copies Available
From: Securities and Exchange The public may view the background
available for Web site viewing and documentation for this information
printing in the Commission’s Public Commission, Office of FOIA Services,
100 F Street NE., Washington, DC collection at the following Web site,
Reference Room, 100 F Street NE., www.reginfo.gov. Comments should be
Washington, DC 20549, on official 20549–2736
directed to: (i) Desk Officer for the
business days between the hours of Extension: Securities and Exchange Commission,
10:00 a.m. and 3:00 p.m. Copies of the Rule 30b1–8 and Form N–CR
Office of Information and Regulatory
proposed MRVP also will be available Notice is hereby given that, pursuant Affairs, Office of Management and
for inspection and copying at the to the Paperwork Reduction Act of 1995 Budget, Room 10102, New Executive
principal office of the Exchange. All (‘‘Paperwork Reduction Act’’) (44 U.S.C. Office Building, Washington, DC 20503,
comments received will be posted 3501–3520), the Securities and or by sending an email to: Shagufta_
without change. Persons submitting Exchange Commission (the Ahmed@omb.eop.gov; and (ii) Pamela
comments are cautioned that we do not ‘‘Commission’’) has submitted to the Dyson, Director/Chief Information
redact or edit personal identifying Office of Management and Budget Officer, Securities and Exchange
information from comment submissions. (‘‘OMB’’) a request for extension of the Commission, c/o Remi Pavlik-Simon,
You should submit only information previously approved collection of 100 F Street NE., Washington, DC 20549
that you wish to make available information discussed below. or send an email to: PRA_Mailbox@
publicly. All submissions should refer Rule 30b1–8 under the Act [17 CFR sec.gov. Comments must be submitted to
to File No. 4–715 and should be 270.30b1–8], entitled ‘‘Current Report OMB within 30 days of this notice.
for Money Market Funds,’’ provides that
ethrower on DSK3G9T082PROD with NOTICES

submitted on or before December 19, November 21, 2017.
every registered open-end management
2017. Eduardo A. Aleman,
investment company, or series thereof,
Assistant Secretary.
8 15 U.S.C. 78s(d)(1); 17 CFR 240.19d–1(c)(2). [FR Doc. 2017–25601 Filed 11–27–17; 8:45 am]
9 17 CFR 200.30–3(a)(44). BILLING CODE 8011–01–P

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Document Created: 2017-11-28 01:50:58
Document Modified: 2017-11-28 01:50:58
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 56280