Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change, as Modified by Amendment No. 1, Amending the Exchange's Fee Schedule To Eliminate the Sponsor Fee In Connection With Listing a New Derivative Securities Product on the Exchange, 62590-62591 [2015-26324]
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62590
Federal Register / Vol. 80, No. 200 / Friday, October 16, 2015 / Notices
Commission shall institute proceedings
under Section 19(b)(2)(B) 14 of the Act to
determine whether the proposed rule
change 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 rule-comments@
sec.gov. Please include File No. SR–
BATS–2015–83 on the subject line.
Paper Comments
srobinson on DSK5SPTVN1PROD with NOTICES
• 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.
SR–BATS–2015–83. 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, 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 such
filing also will be available for
inspection and copying at the principal
office 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 No. SR–BATS–
14 15
U.S.C. 78s(b)(2)(B).
VerDate Sep<11>2014
18:54 Oct 15, 2015
Jkt 238001
2015–83, and should be submitted on or
before November 6, 2015.
and at the Commission’s Public
Reference Room.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
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
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.
[FR Doc. 2015–26328 Filed 10–15–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–76124; File No. SR–
NYSEArca–2015–91]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change, as Modified by
Amendment No. 1, Amending the
Exchange’s Fee Schedule To Eliminate
the Sponsor Fee In Connection With
Listing a New Derivative Securities
Product on the Exchange
October 9, 2015.
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 October
5, 2015, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. On October 8,
2015, the Exchange filed Amendment
No. 1 to the proposed rule change.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as modified by Amendment No.
1, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s Schedule of Fees and
Charges (‘‘Fee Schedule’’) to eliminate
the $20,000 one-time consultation fee
when a first time sponsor, managing
owner, general partner or equivalent is
listing a new Derivative Securities
Product on the Exchange. 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,
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
4 In Amendment No. 1, the Exchange represented
that, notwithstanding the elimination of the
Sponsor Fee (as defined herein), the Exchange will
continue to be able to fund its regulatory
obligations.
1 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Currently, the Exchange’s Schedule of
Fees and Charges (‘‘Schedule’’) provides
that, where a first time sponsor,
managing owner, general partner or
equivalent (‘‘Sponsor’’) lists a new
Derivative Securities Product 5 on the
Exchange, the Sponsor is charged a onetime consulting charge of $20,000 (the
‘‘Sponsor Fee’’). The Exchange
originally implemented the Sponsor Fee
in 2009 to adequately compensate the
Exchange for additional legal and
business resources to properly advise
new Sponsors through the listing
process.6
The Exchange proposes to amend the
Fee Schedule to eliminate the Sponsor
Fee. The Exchange has determined to
eliminate the Sponsor Fee to permit the
Exchange to better compete for listings
of Derivative Securities Products with
other exchanges that do not impose a fee
similar to the Sponsor Fee. Elimination
of the Sponsor Fee would benefit
Sponsors by providing a cost savings
and by permitting them to select their
listing venue for a new Derivative
Securities Product based on level of
service and without consideration of
5 For the purposes of the Schedule, the term
‘‘Derivative Securities Products’’ includes securities
described in NYSE Arca Equities Rules 5.2(j)(3)
(Investment Company Units); 8.100 (Portfolio
Depositary Receipts); 8.200 (Trust Issued Receipts);
8.201 (Commodity-Based Trust Shares); 8.202
(Currency Trust Shares); 8.203 (Commodity Index
Trust Shares); 8.204 (Commodity Futures Trust
Shares); 8.300 (Partnership Units); 8.500 (Trust
Units); 8.600 (Managed Fund Shares), and 8.700
(Managed Trust Securities).
6 See Securities Exchange Act Release No. 60184
(June 29, 2009), 74 FR 32209 (July 7, 2009) (SR–
NYSEArca–2009–52) (notice of filing of proposed
rule change to amend the schedule of fees and
changes for Exchange services).
E:\FR\FM\16OCN1.SGM
16OCN1
Federal Register / Vol. 80, No. 200 / Friday, October 16, 2015 / Notices
whether a consulting fee would be
charged.
Listing Fees and Annual Fees
applicable to Derivatives Securities
Products would remain unchanged.
2. Statutory Basis
NYSE Arca believes that the proposal
is consistent with Section 6(b) 7 of the
Act, in general, and Section 6(b)(4) 8 of
the Act in particular, in that it provides
for the equitable allocation of reasonable
dues, fees and other charges among its
issuers and other persons using its
facilities. In addition, the Exchange
believes the proposal is consistent with
the requirement under Section 6(b)(5) 9
that an exchange have rules that are
designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to remove impediments to, and
perfect the mechanism of a free and
open market and, in general, to protect
investors and the public interest. The
proposed elimination of the Sponsor
Fee is equitable and does not unfairly
discriminate between issuers because it
would apply uniformly to all Sponsors.
The Exchange believes elimination of
the Sponsor Fee is reasonable in that it
constitutes a reduction in fees for
Sponsors. Notwithstanding the
elimination of the Sponsor Fee, the
Exchange will continue to be able to
fund its regulatory obligations.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purpose of the Act. The Exchange
believes the proposed rule change
would promote competition because it
will permit the Exchange to better
compete with other exchanges that do
not charge a fee similar to the Sponsor
Fee.
srobinson on DSK5SPTVN1PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 10 of the Act and
7 15
U.S.C. 78f(b).
8 15 U.S.C. 78f(b)(4).
9 15 U.S.C. 78f(b)(5).
10 15 U.S.C. 78s(b)(3)(A).
VerDate Sep<11>2014
18:54 Oct 15, 2015
subparagraph (f)(2) of Rule 19b–4 11
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 12 of the Act to
determine whether the proposed rule
change 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, as modified by Amendment No.
1, 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–
NYSEArca–2015–91 on the subject line.
Paper comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street, NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2015–91. 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
11 17
12 15
Jkt 238001
PO 00000
CFR 240.19b–4(f)(2).
U.S.C. 78s(b)(2)(B).
Frm 00079
Fmt 4703
Sfmt 4703
62591
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 such
filing will also be available for
inspection and copying at the principal
office 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–
NYSEArca–2015–91 and should be
submitted on or before November 6,
2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–26324 Filed 10–15–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34-76123; File No. SRNASDAQ-2015-096]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Approving Proposed Rule Change To
Adopt a Kill Switch for NOM
October 9, 2015.
I. Introduction
On August 7, 2015, The NASDAQ
Stock Market LLC 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 to
adopt a risk protection functionality
referred to as a kill switch that will be
available to all Participants of the
NASDAQ Options Market (‘‘Exchange’’
or ‘‘NOM’’). The proposed rule change
was published for comment in the
FEDERAL REGISTER on August 26, 2015.3
The Commission received no comment
letters on the proposed rule change.
This order approves the proposed rule
change.
II. Description of the Proposed Rule
Change
The Exchange proposes to offer to all
its members a new optional risk
protection functionality for options to
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 75743
(August 26, 2015), 80 FR 51850 (‘‘Notice’’).
1 15
E:\FR\FM\16OCN1.SGM
16OCN1
]]>Agencies
[Federal Register Volume 80, Number 200 (Friday, October 16, 2015)]
[Notices]
[Pages 62590-62591]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-26324]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-76124; File No. SR-NYSEArca-2015-91]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change, as Modified by
Amendment No. 1, Amending the Exchange's Fee Schedule To Eliminate the
Sponsor Fee In Connection With Listing a New Derivative Securities
Product on the Exchange
October 9, 2015.
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 October 5, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. On October 8, 2015, the Exchange filed Amendment No. 1 to
the proposed rule change.\4\ The Commission is publishing this notice
to solicit comments on the proposed rule change, as modified by
Amendment No. 1, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ In Amendment No. 1, the Exchange represented that,
notwithstanding the elimination of the Sponsor Fee (as defined
herein), the Exchange will continue to be able to fund its
regulatory obligations.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's Schedule of Fees and
Charges (``Fee Schedule'') to eliminate the $20,000 one-time
consultation fee when a first time sponsor, managing owner, general
partner or equivalent is listing a new Derivative Securities Product on
the Exchange. 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, 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 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 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
Currently, the Exchange's Schedule of Fees and Charges
(``Schedule'') provides that, where a first time sponsor, managing
owner, general partner or equivalent (``Sponsor'') lists a new
Derivative Securities Product \5\ on the Exchange, the Sponsor is
charged a one-time consulting charge of $20,000 (the ``Sponsor Fee'').
The Exchange originally implemented the Sponsor Fee in 2009 to
adequately compensate the Exchange for additional legal and business
resources to properly advise new Sponsors through the listing
process.\6\
---------------------------------------------------------------------------
\5\ For the purposes of the Schedule, the term ``Derivative
Securities Products'' includes securities described in NYSE Arca
Equities Rules 5.2(j)(3) (Investment Company Units); 8.100
(Portfolio Depositary Receipts); 8.200 (Trust Issued Receipts);
8.201 (Commodity-Based Trust Shares); 8.202 (Currency Trust Shares);
8.203 (Commodity Index Trust Shares); 8.204 (Commodity Futures Trust
Shares); 8.300 (Partnership Units); 8.500 (Trust Units); 8.600
(Managed Fund Shares), and 8.700 (Managed Trust Securities).
\6\ See Securities Exchange Act Release No. 60184 (June 29,
2009), 74 FR 32209 (July 7, 2009) (SR-NYSEArca-2009-52) (notice of
filing of proposed rule change to amend the schedule of fees and
changes for Exchange services).
---------------------------------------------------------------------------
The Exchange proposes to amend the Fee Schedule to eliminate the
Sponsor Fee. The Exchange has determined to eliminate the Sponsor Fee
to permit the Exchange to better compete for listings of Derivative
Securities Products with other exchanges that do not impose a fee
similar to the Sponsor Fee. Elimination of the Sponsor Fee would
benefit Sponsors by providing a cost savings and by permitting them to
select their listing venue for a new Derivative Securities Product
based on level of service and without consideration of
[[Page 62591]]
whether a consulting fee would be charged.
Listing Fees and Annual Fees applicable to Derivatives Securities
Products would remain unchanged.
2. Statutory Basis
NYSE Arca believes that the proposal is consistent with Section
6(b) \7\ of the Act, in general, and Section 6(b)(4) \8\ of the Act in
particular, in that it provides for the equitable allocation of
reasonable dues, fees and other charges among its issuers and other
persons using its facilities. In addition, the Exchange believes the
proposal is consistent with the requirement under Section 6(b)(5) \9\
that an exchange have rules that are designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to, and perfect the
mechanism of a free and open market and, in general, to protect
investors and the public interest. The proposed elimination of the
Sponsor Fee is equitable and does not unfairly discriminate between
issuers because it would apply uniformly to all Sponsors. The Exchange
believes elimination of the Sponsor Fee is reasonable in that it
constitutes a reduction in fees for Sponsors. Notwithstanding the
elimination of the Sponsor Fee, the Exchange will continue to be able
to fund its regulatory obligations.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(4).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. The Exchange believes the
proposed rule change would promote competition because it will permit
the Exchange to better compete with other exchanges that do not charge
a fee similar to the Sponsor Fee.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective upon filing pursuant to
Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule
19b-4 \11\ thereunder, because it establishes a due, fee, or other
charge imposed by the Exchange.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \12\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1, 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-NYSEArca-2015-91 on the subject line.
Paper comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2015-91. 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, 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 such filing will also be available
for inspection and copying at the principal office 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-NYSEArca-2015-91 and should
be submitted on or before November 6, 2015.
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-26324 Filed 10-15-15; 8:45 am]
BILLING CODE 8011-01-P
