Sunshine Act Meeting, 14495 [2016-06130]

Download as PDF Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Notices For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.34 Lynn M. Powalski, Deputy Secretary. Dated: March 14, 2016. Lynn M. Powalski, Deputy Secretary. forth in sections A, B, and C below, of the most significant aspects of such statements. [FR Doc. 2016–06130 Filed 3–15–16; 11:15 am] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change BILLING CODE 8011–01–P [FR Doc. 2016–05977 Filed 3–16–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION SECURITIES AND EXCHANGE COMMISSION [Release No. 34–77350; File No. SR–BX– 2016–014] asabaliauskas on DSK3SPTVN1PROD with NOTICES 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 (‘‘Commission’’) will hold an Open Meeting on Monday, March 21, 2016, at 11:00 a.m., in the Auditorium (L–002) at the Commission’s headquarters building, to hear oral argument in an appeal from an initial decision of an administrative law judge by respondents Edgar Page (‘‘Page’’) and PageOne Financial, Inc. (‘‘PageOne’’). On March 10, 2015, after the Commission instituted proceedings, Page and PageOne submitted an offer of settlement, accepted by the Commission, pursuant to which they consented to entry of an order: finding that they violated the Investment Advisers Act of 1940 by failing to disclose a conflict of interest; imposing a censure and a cease-and-desist order; and ordering additional proceedings to determine what, if any, disgorgement, prejudgment interest, civil penalties, and other remedial action is in the public interest. In an initial decision issued June 25, 2015, the law judge barred Page from the securities industry, revoked PageOne’s investment adviser registration, ordered Page and PageOne to disgorge $2,184,850.30, with prejudgment interest, jointly and severally, and declined to impose a civil penalty. Page and PageOne appealed the sanctions imposed in the initial decision. The Commission’s Division of Enforcement cross-appealed the initial decision’s imposition of a time-limited industry bar, as opposed to a permanent industry bar with a right to reapply. The oral argument is likely to address what penalties, if any, are appropriate in the public interest. Also likely to be considered at oral argument is whether these administrative proceedings violate the U.S. Constitution. For further information, please contact the Office of the Secretary at (202) 551–5400. Self-Regulatory Organizations; NASDAQ BX, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 7018 March 11, 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 29, 2016, NASDAQ BX, Inc. (‘‘BX’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the fee schedule under Exchange Rule 7018(a) with respect to execution and routing of orders in securities priced at $1 or more per share. This filing is being made for immediate effectiveness and will become operative March 1, 2016. The text of the proposed rule change is also available on the Exchange’s Web site at https:// nasdaqomxbx.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 1 15 34 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:03 Mar 16, 2016 2 17 Jkt 238001 14495 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00086 Fmt 4703 Sfmt 4703 1. Purpose The Exchange is proposing to amend the fee schedule under BX Rule 7018(a), relating to fees and credits provided for orders in securities priced and $1 or more per share that execute on BX. Under BX Rule 7018(a), the Exchange provides credits to member firms that access liquidity on BX. The Exchange is proposing to eliminate two credit tiers, as well as to amend the criteria of two other credit tiers, each for orders that access liquidity (excluding orders with midpoint pegging and excluding orders that receive price improvement and execute against an order with midpoint pegging). Specifically, the first eliminated credit tier is for a member that adds and accesses liquidity equal to or exceeding 0.50% of total consolidated volume (‘‘TCV’’) during a month to receive a credit of $0.0017 per share executed. The second eliminated credit tier is for a member that accesses liquidity equal to or exceeding 0.05% of TCV during a month to receive a credit of $0.0008 per share executed. Members that previously would have qualified under the eliminated tiers may continue to qualify for and receive either an equal or higher credit. Specifically, members that previously qualified for the credit of $0.0017 per share executed for adding and accessing liquidity equal to or exceeding 0.50% of TCV during a month may still receive the same credit, but for meeting the lower TCV threshold and through solely accessing liquidity (no longer includes adding liquidity) equal to or exceeding 0.20% of TCV during a month. Otherwise, members may receive a lower credit. For [sic] members that previously qualified for the credit of $0.0008 per share executed for accessing liquidity equal to or exceeding 0.05% of TCV during a month will receive a higher credit of $0.0015 per share executed for meeting the same monthly threshold. The first amended credit tier reduces the threshold to qualify for a credit of $0.0016 per share executed. The current threshold requires a member to access liquidity equal to or exceeding 0.15% of TCV during a month. The proposed rule change lowers this threshold for a member to access liquidity equal to or E:\FR\FM\17MRN1.SGM 17MRN1

Agencies

[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Notices]
[Page 14495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-06130]


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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 (``Commission'') will hold an Open Meeting on 
Monday, March 21, 2016, at 11:00 a.m., in the Auditorium (L-002) at the 
Commission's headquarters building, to hear oral argument in an appeal 
from an initial decision of an administrative law judge by respondents 
Edgar Page (``Page'') and PageOne Financial, Inc. (``PageOne'').
    On March 10, 2015, after the Commission instituted proceedings, 
Page and PageOne submitted an offer of settlement, accepted by the 
Commission, pursuant to which they consented to entry of an order: 
finding that they violated the Investment Advisers Act of 1940 by 
failing to disclose a conflict of interest; imposing a censure and a 
cease-and-desist order; and ordering additional proceedings to 
determine what, if any, disgorgement, prejudgment interest, civil 
penalties, and other remedial action is in the public interest. In an 
initial decision issued June 25, 2015, the law judge barred Page from 
the securities industry, revoked PageOne's investment adviser 
registration, ordered Page and PageOne to disgorge $2,184,850.30, with 
prejudgment interest, jointly and severally, and declined to impose a 
civil penalty.
    Page and PageOne appealed the sanctions imposed in the initial 
decision. The Commission's Division of Enforcement cross-appealed the 
initial decision's imposition of a time-limited industry bar, as 
opposed to a permanent industry bar with a right to reapply. The oral 
argument is likely to address what penalties, if any, are appropriate 
in the public interest. Also likely to be considered at oral argument 
is whether these administrative proceedings violate the U.S. 
Constitution.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

    Dated: March 14, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-06130 Filed 3-15-16; 11:15 am]
 BILLING CODE 8011-01-P
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