Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Pricing Schedule, 12160-12162 [2016-05123]
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12160
Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
Notice is hereby given that, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Form N–14 (17 CFR 239.23) is the
form for registration under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) (‘‘Securities Act’’) of securities
issued by management investment
companies registered under the
Investment Company Act of 1940 (15
U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’) and business
development companies as defined by
Section 2(a)(48) of the Investment
Company Act in: (1) A transaction of the
type specified in rule 145(a) under the
Securities Act (17 CFR 230.145(a)); (2) a
merger in which a vote or consent of the
security holders of the company being
acquired is not required pursuant to
applicable state law; (3) an exchange
offer for securities of the issuer or
another person; (4) a public reoffering or
resale of any securities acquired in an
offering registered on Form N–14; or (5)
two or more of the transactions listed in
(1) through (4) registered on one
registration statement. The principal
purpose of Form N–14 is to make
material information regarding
securities to be issued in connection
with business combination transactions
available to investors. The information
required to be filed with the
Commission permits verification of
compliance with securities law
requirements and assures the public
availability and dissemination of such
information. Without the registration
statement requirement, material
information may not necessarily be
available to investors.
We estimate that approximately 124
funds each file one new registration
statement on Form N–14 annually, and
that 68 funds each file one amendment
to a registration statement on Form N–
14 annually. Based on conversations
with fund representatives, we estimate
that the reporting burden is
approximately 620 hours per
respondent for a new Form N–14
registration statement and 300 hours per
respondent for amending the Form N–
14 registration statement. This time is
spent, for example, preparing and
reviewing the registration statements.
Accordingly, we calculate the total
estimated annual internal burden of
responding to Form N–14 to be
approximately 97,280 hours. In addition
to the burden hours, based on
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conversations with fund representatives,
we estimate that the total cost burden of
compliance with the information
collection requirements of Form N–14 is
approximately $27,500 for preparing
and filing an initial registration
statement on Form N–14 and
approximately $16,000 for preparing
and filing an amendment to a
registration statement on Form N–14.
This includes, for example, the cost of
goods and services purchased to prepare
and update registration statements on
Form N–14, such as for the services of
outside counsel. Accordingly, we
calculate the total estimated annual cost
burden of responding to Form N–14 to
be approximately $4,498,000.
Estimates of the average burden hours
are made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under
Form N–14 is mandatory. The
information provided under Form N–14
will not be kept confidential. An agency
may not conduct or sponsor, and a
person is not required to respond to, a
collection of information unless it
displays a currently valid OMB control
number.
The public may view the background
documentation for this information
collection at the following Web site,
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC 20549
or send an email to: PRA_Mailbox@
sec.gov. Comments must be submitted to
OMB within 30 days of this notice.
Dated: March 1, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–05044 Filed 3–7–16; 8:45 am]
BILLING CODE 8011–01–P
PO 00000
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77283; File No. SR-Phlx2016–30]
Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend the
Pricing Schedule
March 3, 2016.
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 February
26, 2016, NASDAQ PHLX LLC (‘‘Phlx’’
or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
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 Substance of
the Proposed Rule Change
The Exchange proposes to amend the
Exchange’s Pricing Schedule to update
the Pricing Schedule in various ways,
(1) remove unnecessary rule text and
footnotes; (2) update names of Nasdaq
exchanges to reflect a recent name
change; (3) update the current
definitions to add detail and rearrange
rule text; and (4) rename the Payment
for Order Flow Fee.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://
nasdaqomxphlx.cchwallstreet.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
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.
1 15
2 17
Frm 00096
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
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Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
‘‘OMX’’ within the Pricing Schedule.
These rule changes are non-substantive.
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 update its
Pricing Schedule in various ways,
which are explained below, to clarify its
pricing. The Exchange proposes to
specifically (1) remove unnecessary rule
text and footnotes; (2) update names of
the Exchange to reflect a recent name
change; (3) update the current
definitions to add detail and rearrange
rule text; and (4) rename the Payment of
Order Flow Fee.
Remove Unnecessary Rule Text and
Footnotes
The Exchange proposes to remove
unnecessary footnote numbers
throughout the Pricing Schedule. The
rule text contained within the footnotes
will remain in the Pricing Schedule, the
actual footnote numbers are being
removed because the Exchange believes
they are distracting and do not add
clarity to the Pricing Schedule.
The Exchange also proposes to
remove the references to SOX, HGX and
OSX in Section II of the Pricing
Schedule, titled ‘‘Multiply Listed
Options Fees,’’ because these symbols
are currently only listed on Phlx and
there is no confusion that they are
Singly Listed symbols. These symbols
were previously listed on The NASDAQ
Options Market, LLC for some time, but
this is no longer the case. SOX, HGX
and OSX will continue to be subject to
Section III pricing. The Exchange is also
removing references to XDM, XEH, XEV
and XDV in Section III, titled ‘‘Singly
Listed Options,’’ as the Exchange no
longer lists options overlying these
securities. These rule changes are nonsubstantive.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Name Changes
The Exchange’s name was recently
updated 3 from ‘‘NASDAQ OMX PHLX
LLC’’ to ‘‘NASDAQ PHLX LLC.’’ The
Exchange is amending its name in the
Pricing Schedule along with references
to ‘‘NASDAQ OMX PSX,’’ changing it to
‘‘NASDAQ PSX,’’ and NASDAQ OMX
BX, Inc.’s name will be changed to
NASDAQ BX, Inc.4 The Exchange
proposes to update these names within
the Pricing Schedule. The Exchange
proposes to remove all references to
3 See Securities Exchange Act Release No. 76654
(December 15, 2015), 80 FR 79396 (December 21,
2015) (SR–Phlx–2015–105).
4 See Securities Exchange Act Release No. 76656
(December 15, 2015), 80 FR 79381 (December 21,
2015) (SR–BX–2015–080).
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Definitions
The Exchange proposes to relocate
rule text currently located within the
footnotes to the text of certain
definitions so the Exchange may
consolidate information. These rule
changes are non-substantive.
Rename Payment for Order Flow as
Marketing Fee
The Exchange is proposing to rename
the ‘‘Payment for Order Flow’’ Fee or
‘‘PFOF’’ as the ‘‘Marketing Fee.’’ The
Exchange believes that this reference to
this fee is more appropriate. This rule
change is non-substantive.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 5 in general, and furthers the
objectives of Section 6(b)(5) of the Act 6
in particular, in that it is designed to
promote just and equitable principles of
trade, 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, by
bringing additional clarity to the
Exchange’s rules regarding pricing.
Remove Unnecessary Rule Text and
Footnotes
The Exchange’s proposal to remove
unnecessary footnote numbers
throughout the Pricing Schedule will
bring clarity to the Pricing Schedule.
The Exchange believes that removing
the actual numbers, while retaining the
rule text, will remove these distracting
footnotes and make the Pricing
Schedule easier to read. Also, the
Exchange proposes to remove the
references to SOX, HGX and OSX in
Section II, titled ‘‘Multiply Listed
Options Fees,’’ of the Pricing Schedule.
This change is consistent with the Act
and the protection of investors because
these symbols are currently only listed
on Phlx and there is no confusion that
they are Singly Listed symbols. These
symbols were listed on The NASDAQ
Options Market, LLC for some time, but
this is no longer the case. The
Exchange’s proposal to remove
references to XDM, XEH, XEV and XDV
in Section III, titled ‘‘Singly Listed
Options,’’ is consistent with the Act
because the Exchange no longer lists
options overlying these securities and
removing these references will bring
clarity to the Pricing Schedule. The
5 15
6 15
PO 00000
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
Frm 00097
Fmt 4703
Sfmt 4703
12161
Exchange believes that these rule
changes are consistent with the Act
because they protect investors and the
public interest by clarifying rules.
Name Changes
The Exchange’s proposal to update
the Exchange’s name, the references to
PSX and NASDAQ BX and remove all
references to ‘‘OMX’’ will also clarify
the Pricing Schedule by using the
proper updated names. The Exchange
believes that these rule changes are
consistent with the Act because they
protect investors and the public interest
by clarifying its rules. These rule
changes are non-substantive.
Definitions
The Exchange’s proposal to relocate
rule text within the footnotes will
provide members with consolidated
information in one place on the Pricing
Schedule. The Exchange believes that
these rule changes are consistent with
the Act because they protect investors
and the public interest by clarifying its
rules. The Exchange is not altering the
definitions; these changes are nonsubstantive.
Rename Payment for Order Flow as
Marketing Fee
The Exchange’s proposal to rename
‘‘Payment for Order Flow’’ Fee or
‘‘PFOF’’ as the ‘‘Marketing Fee’’ is
consistent with the Act because this
non-substantive change will not impact
pricing and is simply a name change.
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 not
necessary or appropriate in furtherance
of the purposes of the Act.
Remove Unnecessary Rule Text and
Footnotes
The Exchange’s proposal to remove
unnecessary footnotes throughout the
Pricing Schedule, remove the references
to SOX, HGX and OSX in Section II and
remove references to XDM, XEH, XEV
and XDV in Section III are nonsubstantive rule changes which will not
impose an undue burden on
competition.
Name Changes
The Exchange’s proposal to update
the Exchange’s name, the references to
PSX and NASDAQ BX and remove
references to ‘‘OMX’’ are nonsubstantive rule changes which will not
impose an undue burden on
competition.
E:\FR\FM\08MRN1.SGM
08MRN1
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Federal Register / Vol. 81, No. 45 / Tuesday, March 8, 2016 / Notices
Definitions
The Exchange’s proposal to relocate
rule text currently located within the
footnotes will provide members with
consolidated information in one place
on the Pricing Schedule. The relocation
of the rule text is a non-substantive rule
change which will not impose an undue
burden on competition.
Rename Payment for Order Flow as
Marketing Fee
The Exchange’s proposal to rename
‘‘Payment for Order Flow’’ or ‘‘PFOF’’ as
‘‘Marketing Fee’’ is a non-substantive
rule change which will not impose an
undue burden on competition.
asabaliauskas on DSK3SPTVN1PROD 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 either
solicited or received.
IV. Solicitation of Comments
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange has stated that it is
requesting this waiver because the
Exchange would like to update its
Pricing Schedule immediately to reflect
these non-substantive changes and
avoid investor confusion. The Exchange
believes that it is important to
immediately update its Pricing
Schedule to reflect current proposed
rule changes to that document. Also, the
Exchange believes that the amendments
will bring clarity to the Pricing
Schedule. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
7 15
U.S.C. 78s(b)(3)(a)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
8 17
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because this waiver will enable the
Exchange to update its Pricing Schedule
immediately with these non-substantive
changes and thereby make the Pricing
Schedule clearer for investors, avoiding
potential points of confusion. For this
reason, the Commission hereby waives
the 30-day operative delay requirement
and designates the proposed rule change
as operative upon filing.9
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: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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.
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
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
Number SR-Phlx–2016–30. 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
9 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
Frm 00098
Fmt 4703
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–05123 Filed 3–7–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77277; File No. 4–657]
• 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–2016–30 on the subject line.
PO 00000
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 Number SR-Phlx–
2016–30, and should be submitted on or
before March 29, 2016.
Sfmt 4703
Joint Industry Plan; Notice of Filing
and Immediate Effectiveness of
Amendment to the Plan To Implement
a Tick Size Pilot Program To Add
National Stock Exchange, Inc. as a
Participant
March 3, 2016.
Pursuant to Section 11A(a)(3) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) 1 and Rule 608
thereunder,2 notice is hereby given that
on February 5, 2016, National Stock
Exchange, Inc. (‘‘NSX’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) 3 an amendment to the
Plan to Implement a Tick Size Pilot
Program (‘‘Plan’’).4 The amendment
10 17
CFR 200.30–3(a)(12).
U.S.C. 78k–1(a)(3).
2 17 CFR 242.608.
3 See letter from James G. Buckley, Chief
Regulatory Officer, National Stock Exchange, Inc.,
to Brent J. Fields, Secretary, Securities and
Exchange Commission, dated February 4, 2016.
4 On May 6, 2015, the Commission issued an
order approving the Plan, as modified by the
Commission, to be implemented within one year
after the date of publication of the Order for a twoyear Pilot Period (the ‘‘Approval Order’’). See
Securities Exchange Act Release No. 74892 (May 6,
2015), 80 FR 27513 (May 13, 2015). Thereafter, in
November 2015, the Commission issued an order
granting the Participants an exemption from
implementing the Plan until October 3, 2016. See
1 15
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]]>Agencies
[Federal Register Volume 81, Number 45 (Tuesday, March 8, 2016)]
[Notices]
[Pages 12160-12162]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-05123]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77283; File No. SR-Phlx-2016-30]
Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Pricing Schedule
March 3, 2016.
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 February 26, 2016, NASDAQ PHLX LLC (``Phlx'' or the ``Exchange'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II 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 Substance
of the Proposed Rule Change
The Exchange proposes to amend the Exchange's Pricing Schedule to
update the Pricing Schedule in various ways, (1) remove unnecessary
rule text and footnotes; (2) update names of Nasdaq exchanges to
reflect a recent name change; (3) update the current definitions to add
detail and rearrange rule text; and (4) rename the Payment for Order
Flow Fee.
The text of the proposed rule change is available on the Exchange's
Web site at https://nasdaqomxphlx.cchwallstreet.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 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.
[[Page 12161]]
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 update its Pricing Schedule in various
ways, which are explained below, to clarify its pricing. The Exchange
proposes to specifically (1) remove unnecessary rule text and
footnotes; (2) update names of the Exchange to reflect a recent name
change; (3) update the current definitions to add detail and rearrange
rule text; and (4) rename the Payment of Order Flow Fee.
Remove Unnecessary Rule Text and Footnotes
The Exchange proposes to remove unnecessary footnote numbers
throughout the Pricing Schedule. The rule text contained within the
footnotes will remain in the Pricing Schedule, the actual footnote
numbers are being removed because the Exchange believes they are
distracting and do not add clarity to the Pricing Schedule.
The Exchange also proposes to remove the references to SOX, HGX and
OSX in Section II of the Pricing Schedule, titled ``Multiply Listed
Options Fees,'' because these symbols are currently only listed on Phlx
and there is no confusion that they are Singly Listed symbols. These
symbols were previously listed on The NASDAQ Options Market, LLC for
some time, but this is no longer the case. SOX, HGX and OSX will
continue to be subject to Section III pricing. The Exchange is also
removing references to XDM, XEH, XEV and XDV in Section III, titled
``Singly Listed Options,'' as the Exchange no longer lists options
overlying these securities. These rule changes are non-substantive.
Name Changes
The Exchange's name was recently updated \3\ from ``NASDAQ OMX PHLX
LLC'' to ``NASDAQ PHLX LLC.'' The Exchange is amending its name in the
Pricing Schedule along with references to ``NASDAQ OMX PSX,'' changing
it to ``NASDAQ PSX,'' and NASDAQ OMX BX, Inc.'s name will be changed to
NASDAQ BX, Inc.\4\ The Exchange proposes to update these names within
the Pricing Schedule. The Exchange proposes to remove all references to
``OMX'' within the Pricing Schedule. These rule changes are non-
substantive.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 76654 (December 15,
2015), 80 FR 79396 (December 21, 2015) (SR-Phlx-2015-105).
\4\ See Securities Exchange Act Release No. 76656 (December 15,
2015), 80 FR 79381 (December 21, 2015) (SR-BX-2015-080).
---------------------------------------------------------------------------
Definitions
The Exchange proposes to relocate rule text currently located
within the footnotes to the text of certain definitions so the Exchange
may consolidate information. These rule changes are non-substantive.
Rename Payment for Order Flow as Marketing Fee
The Exchange is proposing to rename the ``Payment for Order Flow''
Fee or ``PFOF'' as the ``Marketing Fee.'' The Exchange believes that
this reference to this fee is more appropriate. This rule change is
non-substantive.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \5\ in general, and furthers the objectives of Section
6(b)(5) of the Act \6\ in particular, in that it is designed to promote
just and equitable principles of trade, 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,
by bringing additional clarity to the Exchange's rules regarding
pricing.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Remove Unnecessary Rule Text and Footnotes
The Exchange's proposal to remove unnecessary footnote numbers
throughout the Pricing Schedule will bring clarity to the Pricing
Schedule. The Exchange believes that removing the actual numbers, while
retaining the rule text, will remove these distracting footnotes and
make the Pricing Schedule easier to read. Also, the Exchange proposes
to remove the references to SOX, HGX and OSX in Section II, titled
``Multiply Listed Options Fees,'' of the Pricing Schedule. This change
is consistent with the Act and the protection of investors because
these symbols are currently only listed on Phlx and there is no
confusion that they are Singly Listed symbols. These symbols were
listed on The NASDAQ Options Market, LLC for some time, but this is no
longer the case. The Exchange's proposal to remove references to XDM,
XEH, XEV and XDV in Section III, titled ``Singly Listed Options,'' is
consistent with the Act because the Exchange no longer lists options
overlying these securities and removing these references will bring
clarity to the Pricing Schedule. The Exchange believes that these rule
changes are consistent with the Act because they protect investors and
the public interest by clarifying rules.
Name Changes
The Exchange's proposal to update the Exchange's name, the
references to PSX and NASDAQ BX and remove all references to ``OMX''
will also clarify the Pricing Schedule by using the proper updated
names. The Exchange believes that these rule changes are consistent
with the Act because they protect investors and the public interest by
clarifying its rules. These rule changes are non-substantive.
Definitions
The Exchange's proposal to relocate rule text within the footnotes
will provide members with consolidated information in one place on the
Pricing Schedule. The Exchange believes that these rule changes are
consistent with the Act because they protect investors and the public
interest by clarifying its rules. The Exchange is not altering the
definitions; these changes are non-substantive.
Rename Payment for Order Flow as Marketing Fee
The Exchange's proposal to rename ``Payment for Order Flow'' Fee or
``PFOF'' as the ``Marketing Fee'' is consistent with the Act because
this non-substantive change will not impact pricing and is simply a
name change.
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 not necessary or appropriate in
furtherance of the purposes of the Act.
Remove Unnecessary Rule Text and Footnotes
The Exchange's proposal to remove unnecessary footnotes throughout
the Pricing Schedule, remove the references to SOX, HGX and OSX in
Section II and remove references to XDM, XEH, XEV and XDV in Section
III are non-substantive rule changes which will not impose an undue
burden on competition.
Name Changes
The Exchange's proposal to update the Exchange's name, the
references to PSX and NASDAQ BX and remove references to ``OMX'' are
non-substantive rule changes which will not impose an undue burden on
competition.
[[Page 12162]]
Definitions
The Exchange's proposal to relocate rule text currently located
within the footnotes will provide members with consolidated information
in one place on the Pricing Schedule. The relocation of the rule text
is a non-substantive rule change which will not impose an undue burden
on competition.
Rename Payment for Order Flow as Marketing Fee
The Exchange's proposal to rename ``Payment for Order Flow'' or
``PFOF'' as ``Marketing Fee'' is a non-substantive rule change which
will not impose an undue burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
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\7\ 15 U.S.C. 78s(b)(3)(a)(iii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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The Exchange has asked the Commission to waive the 30-day operative
delay so that the proposal may become operative immediately upon
filing. The Exchange has stated that it is requesting this waiver
because the Exchange would like to update its Pricing Schedule
immediately to reflect these non-substantive changes and avoid investor
confusion. The Exchange believes that it is important to immediately
update its Pricing Schedule to reflect current proposed rule changes to
that document. Also, the Exchange believes that the amendments will
bring clarity to the Pricing Schedule. The Commission believes that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest because this waiver will enable the
Exchange to update its Pricing Schedule immediately with these non-
substantive changes and thereby make the Pricing Schedule clearer for
investors, avoiding potential points of confusion. For this reason, the
Commission hereby waives the 30-day operative delay requirement and
designates the proposed rule change as operative upon filing.\9\
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\9\ For purposes only of waiving the 30-day operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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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: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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 rule-comments@sec.gov. Please include
File Number SR-Phlx-2016-30 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 Number SR-Phlx-2016-30. 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 Number SR-Phlx-2016-30, and should be
submitted on or before March 29, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05123 Filed 3-7-16; 8:45 am]
BILLING CODE 8011-01-P
