Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending the Fees for NYSE Proprietary Market Data as They Apply to Federal Agency Customers, 12177-12178 [2016-05120]

Download as PDF Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–77280; File No. SR–NYSE– 2016–19] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Amending the Fees for NYSE Proprietary Market Data as They Apply to Federal Agency Customers March 3, 2016. 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 February 29, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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. 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 the fees for NYSE proprietary market data as they apply to Federal agency customers. 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. asabaliauskas on DSK3SPTVN1PROD with NOTICES 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. 1 15 U.S.C.78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 VerDate Sep<11>2014 17:02 Mar 07, 2016 Jkt 238001 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the NYSE Proprietary Market Data Fee Schedule (‘‘Fee Schedule’’), to provide that market data fees do not apply to any Federal agency for their use of NYSE real-time proprietary market data products. The term ‘‘Federal agency’’ as used in the Fee Schedule would include all Federal agencies subject to the Federal Acquisition Regulation (FAR),4 as well as any Federal agency not subject to FAR that has promulgated its own procurement rules.5 The Exchange is proposing to specify that access fees, professional user fees and non-display fees do not apply to Federal agencies for those products to which those fees apply.6 The proposal is designed to allow the Exchange to provide Federal agencies with NYSE real-time proprietary market data products at no cost in support of Federal agencies’ regulatory responsibilities. With the adoption of the proposed fee waiver, the Exchange is not waiving any of its contractual rights and all Federal agencies that subscribe to NYSE realtime proprietary market data products will be required to execute the appropriate subscriber agreement, which includes, among other things, provisions against the redistribution of data. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,7 in general, and Sections 6(b)(4) and 6(b)(5) of the Act,8 in particular, in that it provides an equitable allocation of reasonable fees among users and recipients of the data and is not designed to permit unfair 4 FAR is the principal set of rules governing the process by which the U.S. federal government purchases goods and services. 5 See 48 CFR 2.101. FAR defines ‘‘Federal agency’’ as ‘‘any executive agency or any independent establishment in the legislative or judicial branch of the Government (except the Senate, the House of Representatives, the Architect of the Capitol, and any activities under the Architect’s direction).’’ ‘‘Executive agency’’ is defined as ‘‘an executive department, a military department, or any independent establishment within the meaning of 5 U.S.C. 101, 102, and 104(1), respectively, and any wholly owned Government corporation within the meaning of 31 U.S.C. 9101.’’ 6 These products are currently NYSE Integrated Feed, NYSE OpenBook, NYSE BBO, NYSE Trades, NYSE BQT, NYSE Order Imbalances, NYSE Alerts and NYSE Bonds. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(4), (5). PO 00000 Frm 00113 Fmt 4703 Sfmt 4703 12177 discrimination among customers, issuers, and brokers. The Exchange believes the proposal to eliminate the access fees, display fees for professional users, and non-display fees associated with its proprietary market data products for customers that are Federal agencies is reasonable, equitable and not unfairly discriminatory because it is designed to facilitate federal government regulation without giving an undue advantage to one set of commercial users over another. The Exchange believes that it is reasonable to assess no fees to Federal agencies that subscribe to the Exchange’s proprietary market data products because Federal agencies do not use the Exchange’s proprietary market data for commercial gain, but only for regulatory purposes. 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 purposes of the Act. In setting the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Federal agencies that will benefit from the proposed rule change, however, do not use the Exchange’s proprietary market data products for commercial purposes and do not compete with commercial users of the data. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. 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) 9 of the Act and subparagraph (f)(2) of Rule 19b–4 10 thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(2). 10 17 E:\FR\FM\08MRN1.SGM 08MRN1 12178 Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices 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) 11 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: asabaliauskas on DSK3SPTVN1PROD with NOTICES 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–NYSE–2016–19 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–NYSE–2016–19. 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 the filing also will be available for 11 15 U.S.C. 78s(b)(2)(B). VerDate Sep<11>2014 17:02 Mar 07, 2016 Jkt 238001 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–NYSE– 2016–19 and should be submitted on or before March 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–05120 Filed 3–7–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 32020; 813–00385] Ares Management LLC; Notice of Application March 2, 2016. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice of application for an order under sections 6(b) and 6(e) of the Investment Company Act of 1940 (the ‘‘Act’’) granting an exemption from all provisions of the Act and the rules and regulations thereunder, except sections 9, 17, 30, and 36 through 53 of the Act, and the rules and regulations thereunder (the ‘‘Rules and Regulations’’). With respect to sections 17(a), (d), (f), (g) and (j) and 30(a), (b), (e), and (h) of the Act, and the Rules and Regulations, and rule 38a–1 under the Act, the exemption is limited as set forth in the application. AGENCY: hearing. Interested persons may request a hearing by writing to the Commission’s Secretary and serving applicants with a copy of the request, personally or by mail. Hearing requests should be received by the Commission by 5:30 p.m. on March 28, 2016, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Hearing requests should state the nature of the writer’s interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission’s Secretary. ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090; Applicant: 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067. FOR FURTHER INFORMATION CONTACT: James D. McGinnis, Attorney-Advisor, at (202) 551–3025, or Sara Crovitz, Assistant Chief Counsel, at (202) 551– 6720 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: The following is a summary of the application. The complete application may be obtained via the Commission’s Web site by searching for the file number, or for an applicant using the Company name box, at https:// www.sec.gov/search/search.htm or by calling (202) 551–8090. Applicant’s Representations 1. The Company is a Delaware limited liability company, and together with its ‘‘affiliates,’’ as defined in rule 12b–2 under the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) (collectively, ‘‘Ares,’’ and each, an ‘‘Ares entity’’), may organize certain partnerships, limited liability companies, business SUMMARY: Summary of Application: trusts or other entities (each a Applicants request an order to exempt ‘‘Partnership’’ and, collectively, the certain limited partnerships and other ‘‘Partnerships’’) as ‘‘employees’ entities (‘‘Partnerships’’) formed for the securities companies,’’ as defined in benefit of eligible employees of Ares section 2(a)(13) of the Act. Management LLC (the ‘‘Company’’) and 2. A Partnership may be organized its affiliates from certain provisions of under the laws of the state of Delaware, the Act. Each Partnership will be an another state, or a jurisdiction outside ‘‘employees’ securities company’’ the United States. A Partnership may be within the meaning of section 2(a)(13) of organized under the laws of a non-U.S. the Act. jurisdiction to address any tax, legal, Applicant: The Company. accounting and regulatory considerations applicable to certain DATES: Filing Dates: The application Eligible Employees (as defined below) was filed on May 11, 2015 and was in other jurisdictions or the nature of amended on October 29, 2015 and the program. Interests in a Partnership January 15, 2016. Hearing or Notification of Hearing: An (‘‘Interests’’) may be issued in one or more series, each of which corresponds order granting the application will be to particular Partnership investments issued unless the Commission orders a (each, a ‘‘Series’’). Each Series will be an 12 17 CFR 200.30–3(a)(12). ‘‘employees’ securities company’’ PO 00000 Frm 00114 Fmt 4703 Sfmt 4703 E:\FR\FM\08MRN1.SGM 08MRN1

Agencies

[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12177-12178]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05120]



[[Page 12177]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77280; File No. SR-NYSE-2016-19]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 
Amending the Fees for NYSE Proprietary Market Data as They Apply to 
Federal Agency Customers

March 3, 2016.
    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 February 29, 2016, New York Stock Exchange LLC (``NYSE'' 
or the ``Exchange'') 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. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend the fees for NYSE proprietary market 
data as they apply to Federal agency customers. 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend the NYSE Proprietary Market Data Fee 
Schedule (``Fee Schedule''), to provide that market data fees do not 
apply to any Federal agency for their use of NYSE real-time proprietary 
market data products. The term ``Federal agency'' as used in the Fee 
Schedule would include all Federal agencies subject to the Federal 
Acquisition Regulation (FAR),\4\ as well as any Federal agency not 
subject to FAR that has promulgated its own procurement rules.\5\
---------------------------------------------------------------------------

    \4\ FAR is the principal set of rules governing the process by 
which the U.S. federal government purchases goods and services.
    \5\ See 48 CFR 2.101. FAR defines ``Federal agency'' as ``any 
executive agency or any independent establishment in the legislative 
or judicial branch of the Government (except the Senate, the House 
of Representatives, the Architect of the Capitol, and any activities 
under the Architect's direction).'' ``Executive agency'' is defined 
as ``an executive department, a military department, or any 
independent establishment within the meaning of 5 U.S.C. 101, 102, 
and 104(1), respectively, and any wholly owned Government 
corporation within the meaning of 31 U.S.C. 9101.''
---------------------------------------------------------------------------

    The Exchange is proposing to specify that access fees, professional 
user fees and non-display fees do not apply to Federal agencies for 
those products to which those fees apply.\6\ The proposal is designed 
to allow the Exchange to provide Federal agencies with NYSE real-time 
proprietary market data products at no cost in support of Federal 
agencies' regulatory responsibilities. With the adoption of the 
proposed fee waiver, the Exchange is not waiving any of its contractual 
rights and all Federal agencies that subscribe to NYSE real-time 
proprietary market data products will be required to execute the 
appropriate subscriber agreement, which includes, among other things, 
provisions against the redistribution of data.
---------------------------------------------------------------------------

    \6\ These products are currently NYSE Integrated Feed, NYSE 
OpenBook, NYSE BBO, NYSE Trades, NYSE BQT, NYSE Order Imbalances, 
NYSE Alerts and NYSE Bonds.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with the provisions of Section 6 of the Act,\7\ in general, and 
Sections 6(b)(4) and 6(b)(5) of the Act,\8\ in particular, in that it 
provides an equitable allocation of reasonable fees among users and 
recipients of the data and is not designed to permit unfair 
discrimination among customers, issuers, and brokers.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4), (5).
---------------------------------------------------------------------------

    The Exchange believes the proposal to eliminate the access fees, 
display fees for professional users, and non-display fees associated 
with its proprietary market data products for customers that are 
Federal agencies is reasonable, equitable and not unfairly 
discriminatory because it is designed to facilitate federal government 
regulation without giving an undue advantage to one set of commercial 
users over another. The Exchange believes that it is reasonable to 
assess no fees to Federal agencies that subscribe to the Exchange's 
proprietary market data products because Federal agencies do not use 
the Exchange's proprietary market data for commercial gain, but only 
for regulatory purposes.

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 purposes of the Act. In setting the proposed 
fees, the Exchange considered the competitiveness of the market for 
proprietary data and all of the implications of that competition. The 
Federal agencies that will benefit from the proposed rule change, 
however, do not use the Exchange's proprietary market data products for 
commercial purposes and do not compete with commercial users of the 
data. The Exchange believes that it has considered all relevant factors 
and has not considered irrelevant factors in order to establish fair, 
reasonable, and not unreasonably discriminatory fees and an equitable 
allocation of fees among all users.

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) \9\ of the Act and subparagraph (f)(2) of Rule 19b-
4 \10\ thereunder, because it establishes a due, fee, or other charge 
imposed by the Exchange.
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 17 CFR 240.19b-4(f)(2).

---------------------------------------------------------------------------

[[Page 12178]]

    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) \11\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
---------------------------------------------------------------------------

    \11\ 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 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-NYSE-2016-19 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-NYSE-2016-19. 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 the 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 Number SR-NYSE-2016-19 and should be 
submitted on or before March 29, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05120 Filed 3-7-16; 8:45 am]
 BILLING CODE 8011-01-P
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