Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delay the Implementation Date for its Excess Order Fee, 35101-35102 [2012-14193]
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srobinson on DSK4SPTVN1PROD with NOTICES
Federal Register / Vol. 77, No. 113 / Tuesday, June 12, 2012 / Notices
designed to prevent the use and
dissemination of material non-public
information regarding the actual
components of the portfolio.26 The
Exchange states that it has a general
policy prohibiting the distribution of
material, non-public information by its
employees. The Commission also notes
that all of the primary equity
investments to be held by each Fund, as
well as the non-U.S.-listed equity
securities, including any depositary
receipts, held by each Fund will trade
in markets that are ISG members or are
parties to a comprehensive surveillance
sharing agreement with the Exchange.27
The Exchange further represents that
the Shares are deemed to be equity
securities, thus rendering trading in the
Shares subject to the Exchange’s
existing rules governing the trading of
equity securities. In support of this
proposal, the Exchange has made
representations, including:
(1) The Shares will conform to the
initial and continued listing criteria
under NYSE Arca Equities Rule 8.600.
(2) The Exchange has appropriate
rules to facilitate transactions in the
Shares during all trading sessions.
(3) The Exchange’s surveillance
procedures applicable to derivative
products, which include Managed Fund
Shares, are adequate to properly
monitor Exchange trading of the Shares
in all trading sessions and to deter and
detect violations of Exchange rules and
applicable federal securities laws.
(4) Prior to the commencement of
trading, the Exchange will inform its
Equity Trading Permit (‘‘ETP’’) Holders
in an Information Bulletin (‘‘Bulletin’’)
of the special characteristics and risks
associated with trading the Shares.
Specifically, the Bulletin will discuss
the following: (a) The procedures for
purchases and redemptions of Shares in
Creation Unit aggregations (and that
Shares are not individually redeemable);
(b) NYSE Arca Equities Rule 9.2(a),
which imposes a duty of due diligence
on its ETP Holders to learn the essential
facts relating to every customer prior to
trading the Shares; (c) the risks involved
in trading the Shares during the
Opening and Late Trading Sessions
when an updated PIV will not be
calculated or publicly disseminated; (d)
how information regarding the PIV is
disseminated; (e) the requirement that
ETP Holders deliver a prospectus to
investors purchasing newly issued
Shares prior to or concurrently with the
confirmation of a transaction; and (f)
trading information.
26 See
27 See
NYSE Arca Equities Rule 8.600(d)(2)(B)(ii).
Notice, supra note 3.
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22:42 Jun 11, 2012
Jkt 226001
(5) For initial and/or continued
listing, each Fund will be in compliance
with Rule 10A–3 under the Act,28 as
provided by NYSE Arca Equities Rule
5.3.
(6) Each Fund may not hold more
than 15% of net assets in illiquid
investments, including Rule 144A
securities and loan participations.
(7) The Funds will not invest in
options, futures, or swaps, and the
Funds’ investments will be consistent
with each Fund’s investment objective
and will not be used to enhance
leverage.
(8) All of the primary equity
investments to be held by each Fund, as
well as the non-U.S.-listed equity
securities, including any depositary
receipts, held by each Fund will trade
in markets that are ISG members or are
parties to a comprehensive surveillance
sharing agreement with the Exchange.
(9) A minimum of 100,000 Shares of
each Fund will be outstanding at the
commencement of trading on the
Exchange.
This approval order is based on all of
the Exchange’s representations and
description of the Funds, including
those set forth above and in the Notice.
For the foregoing reasons, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act 29 and the rules and
regulations thereunder applicable to a
national securities exchange.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,30 that the
proposed rule change (SR–NYSEArca–
2012–34) be, and it hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.31
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14192 Filed 6–11–12; 8:45 am]
BILLING CODE 8011–01–P
35101
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67147; File No. SR–Phlx–
2012–72]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change to Delay the
Implementation Date for its Excess
Order Fee
June 6, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 24,
2012, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes a rule change
to delay the implementation date for its
Excess Order Fee. The text of the
proposed rule change is available at
https://
nasdaqomxphlx.cchwallstreet.com/, at
the Exchange’s principal office, and at
the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
28 See
17 CFR 240.10A–3.
29 15 U.S.C. 78f(b)(5).
30 15 U.S.C. 78s(b)(2).
31 17 CFR 200.30–3(a)(12).
PO 00000
Frm 00169
Fmt 4703
Sfmt 4703
Phlx recently submitted a proposed
rule change to introduce an Excess
1 15
2 17
E:\FR\FM\12JNN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
12JNN1
35102
Federal Register / Vol. 77, No. 113 / Tuesday, June 12, 2012 / Notices
Order Fee,3 aimed at reducing
inefficient order entry practices of
certain market participants that place
excessive burdens on the systems of
Phlx and its members and that may
negatively impact the usefulness and
life cycle cost of market data. In order
to provide market participants with
additional time to enhance their
efficiency so as to avoid the fee, Phlx is
delaying the implementation date of the
fee until July 2, 2012.
2. Statutory Basis
Phlx believes that the proposed rule
change is consistent with the provisions
of Section 6 of the Act,4 in general, and
with Section 6(b)(5) of the Act,5 in
particular, in that the proposal is
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
regulating, clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest. Specifically, Phlx
believes that delaying the
implementation date of the Excess
Order Fee will provide market
participants with additional time to
enhance the efficiency of their systems,
and that implementation of the fee on
July 2, 2012 will benefit investors and
the public interest by encouraging more
efficient order entry practices by all
market participants.
srobinson on DSK4SPTVN1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
Phlx does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
Specifically, Phlx believes that the fee
will constrain market participants from
pursuing certain inefficient and
potentially abusive trading strategies. To
the extent that this change may be
construed as a burden on competition,
Phlx believes that it is appropriate in
order to further the purposes of Section
6(b)(5) of the Act.6 Phlx further believes
that the proposed delay of one month in
the implementation of the fee will not
have any effect on competition.
3 Securities Exchange Act Release No. 67004 (May
17, 2012), 77 FR 30581 (May 23, 2012) (SR–Phlx–
2012–64).
4 15 U.S.C. 78f.
5 15 U.S.C. 78f(b)(5).
6 15 U.S.C. 78f(b)(5).
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22:42 Jun 11, 2012
Jkt 226001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(i) of the Act.7 At any time
within 60 days of the filing of the
proposed rule change, the Commission
summarily may temporarily suspend
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–Phlx–2012–72 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–Phlx–2012–72. 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
(https://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
7 15
PO 00000
U.S.C. 78s(b)(3)(a)(i). [sic]
Frm 00170
Fmt 4703
Sfmt 4703
proposed rule change 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 on official business
days between the hours of 10:00 a.m.
and 3:00 p.m. Copies of such filing also
will be available for inspection and
copying at the principal offices of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–Phlx–
2012–72, and should be submitted on or
before July 3, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14193 Filed 6–11–12; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
Commercial Space Transportation
Advisory Committee; Public
Teleconference
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of Commercial Space
Transportation Advisory Committee
Teleconference.
AGENCY:
Pursuant to Section 10(a)(2) of
the Federal Advisory Committee Act
(Pub. L. 92–463, 5 U.S.C. App. 2), notice
is hereby given of a teleconference of
the Operations Working Group (OWG)
of the Commercial Space Transportation
Advisory Committee (COMSTAC). The
teleconference will take place on
Tuesday, July 17, 2012, starting at 1
p.m. Eastern Daylight Time. Individuals
who plan to participate should contact
Susan Lender, Designated Federal
Officer (DFO), (the Contact Person listed
below) by phone or email for the
teleconference call in number. The
proposed agenda for this teleconference
is to follow up on issues raised during
the May 10, 2012, OWG meeting. These
issues include:
• Discussing the question of on-orbit
authority for the FAA and the
SUMMARY:
8 17
E:\FR\FM\12JNN1.SGM
CFR 200.30–3(a)(12).
12JNN1
]]>Agencies
[Federal Register Volume 77, Number 113 (Tuesday, June 12, 2012)]
[Notices]
[Pages 35101-35102]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14193]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67147; File No. SR-Phlx-2012-72]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Delay the
Implementation Date for its Excess Order Fee
June 6, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on May 24, 2012, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II and III below, which
Items have been prepared by the Exchange. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes a rule change to delay the implementation
date for its Excess Order Fee. The text of the proposed rule change is
available at https://nasdaqomxphlx.cchwallstreet.com/, at the
Exchange's principal office, and at the Commission's Public Reference
Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Phlx recently submitted a proposed rule change to introduce an
Excess
[[Page 35102]]
Order Fee,\3\ aimed at reducing inefficient order entry practices of
certain market participants that place excessive burdens on the systems
of Phlx and its members and that may negatively impact the usefulness
and life cycle cost of market data. In order to provide market
participants with additional time to enhance their efficiency so as to
avoid the fee, Phlx is delaying the implementation date of the fee
until July 2, 2012.
---------------------------------------------------------------------------
\3\ Securities Exchange Act Release No. 67004 (May 17, 2012), 77
FR 30581 (May 23, 2012) (SR-Phlx-2012-64).
---------------------------------------------------------------------------
2. Statutory Basis
Phlx believes that the proposed rule change is consistent with the
provisions of Section 6 of the Act,\4\ in general, and with Section
6(b)(5) of the Act,\5\ in particular, in that the proposal is designed
to prevent fraudulent and manipulative acts and practices, to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, to remove impediments to and perfect the mechanism of a
free and open market and a national market system, and, in general, to
protect investors and the public interest. Specifically, Phlx believes
that delaying the implementation date of the Excess Order Fee will
provide market participants with additional time to enhance the
efficiency of their systems, and that implementation of the fee on July
2, 2012 will benefit investors and the public interest by encouraging
more efficient order entry practices by all market participants.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f.
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
Phlx does not believe that the proposed rule change will result in
any burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as amended. Specifically, Phlx
believes that the fee will constrain market participants from pursuing
certain inefficient and potentially abusive trading strategies. To the
extent that this change may be construed as a burden on competition,
Phlx believes that it is appropriate in order to further the purposes
of Section 6(b)(5) of the Act.\6\ Phlx further believes that the
proposed delay of one month in the implementation of the fee will not
have any effect on competition.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act.\7\ At any time within 60 days of the filing
of the proposed rule change, the Commission summarily may temporarily
suspend such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act. If the Commission takes such action, the Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(a)(i). [sic]
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-Phlx-2012-72 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-Phlx-2012-72. 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 (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change 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 on
official business days between the hours of 10:00 a.m. and 3:00 p.m.
Copies of such filing also will be available for inspection and copying
at the principal offices of the Exchange. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-Phlx-2012-72, and should be submitted on
or before July 3, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14193 Filed 6-11-12; 8:45 am]
BILLING CODE 8011-01-P
