Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Amend the Bylaws of the Exchange Relating to the Nomination and Election of the Vice Chairman, 22557-22558 [2014-09078]

Download as PDF tkelley on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 79, No. 77 / Tuesday, April 22, 2014 / Notices Thursday, May 22, 2014—1:30 p.m. Until 5:00 p.m. The Subcommittee will review and discuss the license renewal application and the associated draft Safety Evaluation Report (SER) with open items for the Callaway Plant, Unit 1. The Subcommittee will hear presentations by and hold discussions with the NRC staff, Ameren Missouri, and other interested persons regarding this matter. The Subcommittee will gather information, analyze relevant issues and facts, and formulate proposed positions and actions, as appropriate, for deliberation by the Full Committee. Members of the public desiring to provide oral statements and/or written comments should notify the Designated Federal Official (DFO), Kent Howard (Telephone 301–415–2989 or Email: Kent.Howard@nrc.gov) five days prior to the meeting, if possible, so that appropriate arrangements can be made. 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Information regarding topics to be discussed, changes to the agenda, whether the meeting has been canceled or rescheduled, and the time allotted to present oral statements can be obtained from the Web site cited above or by contacting the identified DFO. Moreover, in view of the possibility that the schedule for ACRS meetings may be adjusted by the Chairman as necessary to facilitate the conduct of the meeting, persons planning to attend should check with these references if such rescheduling would result in a major inconvenience. If attending this meeting, please enter through the One White Flint North building, 11555 Rockville Pike, Rockville, MD. After registering with VerDate Mar<15>2010 16:26 Apr 21, 2014 Jkt 232001 security, please contact Mr. Theron Brown (Telephone 240–888–9835) to be escorted to the meeting room. Dated: April 8, 2014. Cayetano Santos, Chief, Technical Support Branch, Advisory Committee on Reactor Safeguards. [FR Doc. 2014–09156 Filed 4–21–14; 8:45 am] BILLING CODE 7590–01–P 22557 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71954; File No. SR–CHX– 2014–03] Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Amend the Bylaws of the Exchange Relating to the Nomination and Election of the Vice Chairman April 16, 2014. SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission will hold a Closed Meeting on Thursday, April 24, 2014 at 2:00 p.m. Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the Closed Meeting. Certain staff members who have an interest in the matters also may be present. The General Counsel of the Commission, or her designee, has certified that, in her opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the scheduled matter at the Closed Meeting. Commissioner Piwowar, as duty officer, voted to consider the items listed for the Closed Meeting in closed session. The subject matter of the Closed Meeting will be: Institution and settlement of injunctive actions; institution and settlement of administrative proceedings; amicus consideration; an adjudicatory matter; and other matters relating to enforcement proceedings. At times, changes in Commission priorities require alterations in the scheduling of meeting items. For further information and to ascertain what, if any, matters have been added, deleted or postponed, please contact the Office of the Secretary at (202) 551–5400. Dated: April 17, 2014. Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–09213 Filed 4–18–14; 11:15 am] BILLING CODE 8011–01–P PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 I. Introduction On February 28, 2014, Chicago Stock Exchange, Inc. (‘‘Exchange’’ or ‘‘CHX’’) 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 proposal to amend Article II, Section 5 of the Bylaws of the Exchange (‘‘Bylaws’’) to change the method by which the Vice Chairman is nominated and elected. The proposed rule change was published for comment in the Federal Register on March 14, 2014.3 The Commission received no comments on the proposal. This order approves the proposed rule change. II. Description of the Proposed Rule Change 4 Article II, Section 5(a) of the Bylaws governs the election of the Vice Chairman 5 of the Board of Directors (‘‘Board’’). It provides, among other things, that Participant Directors 6 shall elect the Vice Chairman by majority vote from among the Participant Directors. By the proposed rule change, the Exchange is amending this Bylaws provision to: (1) Eliminate the requirement that the Vice Chairman be a Participant Director; (2) provide that the Chairman nominate the Vice Chairman; and (3) provide that the Vice Chairman be elected by a majority vote of the Board of Directors. The Exchange 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 71675 (March 10, 2014), 79 FR 14550 (March 14, 2014) (‘‘Notice’’). 4 A more detailed description of the proposal is contained in the Notice. See id. 5 Article II, Section 5(b) of the Bylaws states that the Vice Chairman ‘‘shall perform the functions of the Chairman in his absence or inability to act.’’ The Vice Chairman may appoint members of certain committees and nominate persons to fill vacancies on the Board of Directors of the Exchange, among other authority. 6 Article II, Section 2(b) of the Bylaws defines a Participant Director as ‘‘a director who is a Participant or an officer, managing member or partner of an entity that is a Participant.’’ A Participant is ‘‘any individual, corporation, partnership or other entity that holds a permit issued by the Corporation to trade securities on the market operated by the Corporation.’’ 2 17 E:\FR\FM\22APN1.SGM 22APN1 22558 Federal Register / Vol. 79, No. 77 / Tuesday, April 22, 2014 / Notices also proposes to require that the Chairman provide the name of the nominee for Vice Chairman to the Board no less than five business days before the election vote. SECURITIES AND EXCHANGE COMMISSION III. Discussion and Commission Findings Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Proposes To Amend Certain of Its NYSE MKT Equities Rule Series (500 through 525) To Permit Additional Securities To Be Admitted to Dealings on the Exchange Pursuant to a Grant of Unlisted Trading Privileges After careful review, the Commission finds that the Exchange’s proposal is consistent with the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposed rule change is consistent with Section 6(b)(1) of the Act,8 which requires that a national securities exchange be organized and have the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its members and persons associated with its members, with of the Act, the rules and regulations thereunder, and the Exchange’s own rules. Proposed Article II, Section 5(a) of the Bylaws allows the Exchange to select its Vice Chairman from a larger pool of individuals, which may—and which CHX states will— ‘‘result in the position being held by the most able and willing candidate.’’ 9 IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,10 that the proposed rule change (SR–CHX–2014– 03) be, and it hereby is, approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–09078 Filed 4–21–14; 8:45 am] tkelley on DSK3SPTVN1PROD with NOTICES BILLING CODE 8011–01–P 7 In approving the proposed rule change, the Commission has considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 8 15 U.S.C. 78f(b)(1). 9 See Notice, supra note 3, 79 FR at 14550. The Commission notes that the Exchange’s proposal makes no change to the composition provision of Article II, Section 2(b) of the Bylaws, which requires a certain proportion of Public and Participant Directors on the Board. 10 15 U.S.C. 78s(b)(2). 11 17 CFR 200.30–3(a)(12). VerDate Mar<15>2010 16:26 Apr 21, 2014 Jkt 232001 [Release No. 34–71952; File No. SR– NYSEMKT–2014–32] April 16, 2014. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on April 4, 2014, NYSE MKT LLC (the ‘‘Exchange’’ or ‘‘NYSE MKT’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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 Substance of the Proposed Rule Change The Exchange proposes to amend certain of its NYSE MKT Equities Rule Series (500 through 525) to permit additional securities to be admitted to dealings on the Exchange pursuant to a grant of unlisted trading privileges. Additionally, the Exchange proposes to amend Supplementary Material .20 to Rule 103—Equities to apply a uniform minimum net capital standard to Designated Market Maker (‘‘DMM’’) units, regardless of the type of security in which the DMM unit is registered. The text of the proposed rule change is available on the Exchange’s Web site at www.nyse.com, at the principal office of the Exchange, at the Commission’s Public Reference Room, and on the Commission’s Web site at www.sec.gov. 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 self-regulatory organization 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 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 of those 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 parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend certain of its NYSE MKT Equities Rule Series (500 through 525) (the ‘‘500 series rules’’) to permit additional securities to be admitted to dealings on the Exchange pursuant to a grant of unlisted trading privileges. Additionally, the Exchange proposes to amend Supplementary Material .20 to NYSE MKT Rule 103— Equities to apply a uniform minimum net capital standard to DMM units,4 regardless of the type of security in which the DMM unit is registered. Amendments to 500 Series Rules Securities admitted to trade on the Exchange pursuant to a grant of unlisted trading privileges are subject to a pilot program (the ‘‘UTP Pilot Program’’) set forth in the 500 series rules.5 The current UTP Pilot Program is limited to securities listed on the Nasdaq Stock Exchange (‘‘Nasdaq Securities’’), and includes only a single Exchange Traded Fund, the Invesco PowerShares QQQTM (the ‘‘QQQTM’’).6 The Exchange proposes to amend certain of the 500 series rules to expand the UTP Pilot Program beyond Nasdaq Securities and replace the term ‘‘Nasdaq Securities’’ with the term ‘‘UTP Securities,’’ which would be admitted to trading on the Exchange pursuant to a grant of unlisted trading privileges. As proposed, amended Rule 501(b)— Equities 7 would define ‘‘UTP Security’’ 4 DMM unit is defined as ‘‘any member organization, aggregation unit within a member organization, or division or department within an integrated proprietary aggregation unit of a member organization that (i) has been approved by NYSE Regulation pursuant to NYSE MKT Rule 98(c)— Equities, (ii) is eligible for allocations under Rule 103B—Equities as a DMM unit in a security listed or traded on the Exchange, and (iii) has met all registration and qualification requirements for DMM units assigned to such unit.’’ See Rule 98(b)(2)—Equities. 5 See Securities Exchange Act Release No. 62479 (July 9, 2010), 75 FR 41264 (July 15, 2010) (SR– NYSEAmex–2010–31). 6 The UTP Pilot Program is currently scheduled to expire on the earlier of Commission approval to make the pilot permanent or July 31, 2014. See Securities Exchange Act Release No. 71363 (Jan. 21, 2014), 79 FR 4373 (Jan. 27, 2014) (SR–NYSEMKT– 2014–01). 7 As discussed in detail below, the scope of Exchange Traded Funds eligible to trade on the Exchange pursuant to a grant of unlisted trading E:\FR\FM\22APN1.SGM 22APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 77 (Tuesday, April 22, 2014)]
[Notices]
[Pages 22557-22558]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09078]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71954; File No. SR-CHX-2014-03]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Order Approving a Proposed Rule Change To Amend the Bylaws of the 
Exchange Relating to the Nomination and Election of the Vice Chairman

April 16, 2014.

I. Introduction

    On February 28, 2014, Chicago Stock Exchange, Inc. (``Exchange'' or 
``CHX'') 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 
proposal to amend Article II, Section 5 of the Bylaws of the Exchange 
(``Bylaws'') to change the method by which the Vice Chairman is 
nominated and elected. The proposed rule change was published for 
comment in the Federal Register on March 14, 2014.\3\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 71675 (March 10, 
2014), 79 FR 14550 (March 14, 2014) (``Notice'').
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II. Description of the Proposed Rule Change \4\
---------------------------------------------------------------------------

    \4\ A more detailed description of the proposal is contained in 
the Notice. See id.
---------------------------------------------------------------------------

    Article II, Section 5(a) of the Bylaws governs the election of the 
Vice Chairman \5\ of the Board of Directors (``Board''). It provides, 
among other things, that Participant Directors \6\ shall elect the Vice 
Chairman by majority vote from among the Participant Directors. By the 
proposed rule change, the Exchange is amending this Bylaws provision 
to: (1) Eliminate the requirement that the Vice Chairman be a 
Participant Director; (2) provide that the Chairman nominate the Vice 
Chairman; and (3) provide that the Vice Chairman be elected by a 
majority vote of the Board of Directors. The Exchange

[[Page 22558]]

also proposes to require that the Chairman provide the name of the 
nominee for Vice Chairman to the Board no less than five business days 
before the election vote.
---------------------------------------------------------------------------

    \5\ Article II, Section 5(b) of the Bylaws states that the Vice 
Chairman ``shall perform the functions of the Chairman in his 
absence or inability to act.'' The Vice Chairman may appoint members 
of certain committees and nominate persons to fill vacancies on the 
Board of Directors of the Exchange, among other authority.
    \6\ Article II, Section 2(b) of the Bylaws defines a Participant 
Director as ``a director who is a Participant or an officer, 
managing member or partner of an entity that is a Participant.'' A 
Participant is ``any individual, corporation, partnership or other 
entity that holds a permit issued by the Corporation to trade 
securities on the market operated by the Corporation.''
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's 
proposal is consistent with the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\7\ In 
particular, the Commission finds that the proposed rule change is 
consistent with Section 6(b)(1) of the Act,\8\ which requires that a 
national securities exchange be organized and have the capacity to be 
able to carry out the purposes of the Act and to comply, and to enforce 
compliance by its members and persons associated with its members, with 
of the Act, the rules and regulations thereunder, and the Exchange's 
own rules. Proposed Article II, Section 5(a) of the Bylaws allows the 
Exchange to select its Vice Chairman from a larger pool of individuals, 
which may--and which CHX states will--``result in the position being 
held by the most able and willing candidate.'' \9\
---------------------------------------------------------------------------

    \7\ In approving the proposed rule change, the Commission has 
considered its impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(1).
    \9\ See Notice, supra note 3, 79 FR at 14550. The Commission 
notes that the Exchange's proposal makes no change to the 
composition provision of Article II, Section 2(b) of the Bylaws, 
which requires a certain proportion of Public and Participant 
Directors on the Board.
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\10\ that the proposed rule change (SR-CHX-2014-03) be, and it 
hereby is, approved.
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09078 Filed 4-21-14; 8:45 am]
BILLING CODE 8011-01-P

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