Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Rules Governing Trading of Index Options, 38230-38232 [2016-13824]
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Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
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[FR Doc. 2016–13882 Filed 6–10–16; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78004; File No. SR–Phlx–
2016–61]
Self-Regulatory Organizations;
NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Amend
Certain Rules Governing Trading of
Index Options
June 7, 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 May 25,
2016, NASDAQ PHLX LLC
(‘‘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.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00104
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
certain rules governing trading of index
options.
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is amending various
rules regarding index options. The
amendments delete certain outdated
language relating primarily to index
options which the Exchange no longer
lists. The amendments also conform
certain language in the Phlx rules to that
of Chapter XIV, Index Rules, of the
NASDAQ Options Market LLC
(‘‘NOM’’), and make a number of
grammatical and technical corrections.
Deletions of Obsolete Rule Text
The Exchange is deleting references to
the following in Rule 1001A, Position
Limits, Rule 1009A, Designation of the
Index, Sections (g) and (h), and Rule
1101A, Terms of Options Contracts,
Section (a) and Commentary .01, as
applicable, relating to indexes on which
the Exchange no longer lists options:
SIG Energy MLP Index, NASDAQ China
Index, MSCI EM Index, MSCI EAFE
Index, PHLX Computer Box Maker
Index, PHLX Defense Index, PHLX Drug
Index, PHLX Europe Index, PHLX
World Energy Index, SIG Investment
Managers Index, SIG Cable, Media &
Entertainment Index, SIG
Semiconductor Equipment Index, SIG
Semiconductor Device Index, SIG
Specialty Retail Index, SIG Steel
E:\FR\FM\13JNN1.SGM
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Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
Producers Index, SIG Footwear and
Athletic Index, SIG Education Index,
SIG Restaurant Index, SIG Coal
Producers Index, U.S. Top 100 Index,
the OTC Industrial Average Index,
TheStreet.com Internet Sector Index,
Wellspring Bioclinical Trials Index,
Hapoalim American Israeli Index,
Hapoalim Index, SIG KCI Coal Index,
NASDAQ Internet Index, Full Value
MSCI EM Index, Full Value MSCI EAFE
Index, Value Line Composite Index,
National Over-the-Counter Index and
the SIG Casino Gaming Index.
The Exchange is also deleting obsolete
language from Rule 1000A(14), the
definition of ‘‘expiration date’’ regarding
index options expiring prior to February
1, 2015. It is also deleting Rule
1101A(b)(iv), Quarterly Expiring Index
Options, and is also amending the
definition of ‘‘expiration date’’ in Rule
1000A(b)(14) because the Exchange no
longer lists quarterly expiring index
options.
srobinson on DSK5SPTVN1PROD with NOTICES
Rules Amended To Conform to NOM
Rules
The Exchange has amended certain
rules to conform more closely to NOM
rules governing the same subject matter.
In Rule 1000A(b)(5) the word
‘‘securities’’ replaces the word ‘‘stocks’’
in the definition of ‘‘underlying
security’’ or ‘‘underlying securities’’.3 In
Rule 1000A(b)(13), the definition of
European options is amended to take
into account the case of an option
expiring on a day that is not a business
day.4 The Exchange has also added to
Rule 1000A(b) in section (17) a new
definition of ‘‘American option’’ or
‘‘American-style index option’’.5
Rules Amended To Correct Cross
References or Provide Clarity
The Exchange has rewritten Rule
1001A, Position Limits, subsection (a)
solely for clarity. No change in meaning
is intended. As revised, the rule states
that ‘‘[t]he position limit for a broadbased (market) index option shall be
25,000 contracts on the same side of the
market except as provided below.
Certain positions must be aggregated in
accordance with paragraph (d) or (e)
below’’.
Rule 1001A, Commentary .04, DeltaBased Index Hedge Exemption is
amended at section (C) in the definition
of ‘‘permitted pricing model’’ by
replacing an incorrect reference to
‘‘Commentary .09(c)(3), Exchange Rule
1001’’, which was recently deleted, with
a reference to ‘‘Exchange Rule 1001(n)’’
which replaced it. For the same reason,
in Section (D)(2)(i) of that Commentary,
an incorrect reference to ‘‘Commentary
.06 to Exchange Rule 1001’’ is replaced
with a reference to Exchange Rule
1001(k). Rule 1000A(b)(14) which
defines ‘‘expiration date’’ is amended by
the deletion of a reference to the
Exchange ‘‘on which such option is
listed,’’ since the rule applies only to
options listed on Phlx.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 6 in general, and furthers the
objectives of Section 6(b)(5) of the Act 7
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
updating and clarifying outdated rules
relating to index options trading. The
proposed rule change is also consistent
with Section 6(b)(1) of the Act 8 in that
it enables the Exchange to be so
organized as to have the capacity to be
able to carry out the purposes of the Act
and to comply, and to enforce
compliance by its exchange members
and persons associated with its
exchange members, with the provisions
of the Act, the rules and regulations
thereunder, and the rules of the
Exchange. The amendments should
enable Phlx members to better
understand the Exchange’s index
options rules and the Exchange to better
enforce compliance with those rules.
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 because the
rule merely updates and clarifies
outdated rules relating to index options
and conforms certain Phlx rules to NOM
rules.
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.
3 See
6 15
4 See
7 15
NOM Chapter XIV, Section 2(q).
NOM Chapter XIV, Section 2(h).
5 See NOM Chapter XIV, Section 2(b).
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U.S.C. 78f(b).
U.S.C. 78f(b)(5).
8 15 U.S.C. 78f(b)(1).
PO 00000
Frm 00105
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38231
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 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
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–2016–61 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–Phlx–2016–61. 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/
9 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.
10 17
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Federal Register / Vol. 81, No. 113 / Monday, June 13, 2016 / Notices
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–Phlx–
2016–61 and should be submitted on or
before July 5, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–13824 Filed 6–10–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78000; File No. SR–
NYSEMKT–2016–58]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing of Proposed
Rule Change Relating to Amendments
to NYSE MKT Rules 1600 et seq. and
to Changes to the Names and
Operation of the Nuveen Diversified
Commodity Fund and the Nuveen
Long/Short Commodity Total Return
Fund
srobinson on DSK5SPTVN1PROD with NOTICES
June 7, 2016.
Pursuant to section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on May 24,
2016, NYSE MKT LLC (‘‘Exchange’’ or
‘‘NYSE MKT’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
11 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.
1 15
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20:48 Jun 10, 2016
Jkt 238001
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
NYSE MKT Rules 1600 et seq. (Trading
of Trust Units), pursuant to which the
Exchange currently lists and trades
shares of the Nuveen Diversified
Commodity Fund (the ‘‘Diversified
Fund’’) and the Nuveen Long/Short
Commodity Total Return Fund (the
‘‘Long/Short Fund,’’ with the
Diversified Fund and the Long/Short
Fund each being referred to herein as a
‘‘Fund,’’ and collectively, as the
‘‘Funds’’), and to reflect changes to the
names and operation of the Funds, as
described herein. 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
NYSE MKT Rules 1600 et seq. (Trading
of Trust Units), pursuant to which the
Exchange currently lists and trades
shares (‘‘Shares’’) of the Funds.4 In
4 The Commission approved listing and trading of
Shares of the Funds on the Exchange in Securities
Exchange Act Release Nos. 61807 (March 31, 2010),
75 FR 17818 (April 7, 2010) (SR–NYSEAmex–2010–
09) (order approving amendments to NYSE Amex
LLC Rule 1600 and listing and trading of shares of
the Nuveen Diversified Commodity Fund) (‘‘Prior
Diversified Order’’); and 67223 (June 20, 2012) (SR–
NYSEAmex–2012–24) (order approving listing and
trading on NYSE Amex LLC of shares of the Nuveen
Long/Short Commodity Total Return Fund under
NYSE Amex LLC Rule 1600) (‘‘Prior Long/Short
Order’’). See also Securities Exchange Act Release
PO 00000
Frm 00106
Fmt 4703
Sfmt 4703
addition, the Exchange proposes to (1)
reflect changes to the operation of the
Funds, as described herein, and (2)
permit the continued listing and trading
of Shares of the Funds on the Exchange
pursuant to NYSE MKT Rules 1600 et
seq., as proposed to be amended,
following changes to the operation of
the Funds, as described below.5
The Funds are currently structured as
actively managed closed-end
commodity pools. On December 19,
2014, Nuveen Investments, parent
company of Nuveen Commodities Asset
Management, LLC (the ‘‘Manager’’),
announced (the ‘‘Conversion Plan
Announcement’’) that the Manager had
approved a plan to convert the Funds
into exchange-traded products (‘‘ETPs’’)
that utilize a creation/redemption
mechanism, subject to approval by
shareholders of each Fund (such plan,
with respect to each Fund, is referred to
herein as the ‘‘Conversion,’’ and
collectively, the ‘‘Conversions’’).
Subsequently, at meetings of
shareholders in 2015, shareholders of
each Fund likewise approved the
Conversions. The purpose of the
Conversions, which would implement a
process for continual creation and
redemption of Shares at net asset value
(‘‘NAV’’) after receipt of an order in
proper form on any business day (as
described below), is to promote the
trading of the Funds’ Shares at prices
equal to or near their NAV. Indeed,
since the Conversion Plan
Announcement, each Fund has traded at
a substantially reduced discount to
NAV,6 which suggests that the
No. 61571 (February 23, 2010), 75 FR 9265 (March
1, 2010) (SR–NYSE Amex–2010–09) (notice of filing
of proposed rule change amending NYSE Amex
LLC Trust Unit rules and proposing the listing of
the Nuveen Diversified Commodity Fund) (the
‘‘Prior Diversified Notice’’ and, together with the
Prior Diversified Order, the ‘‘Prior Diversified
Release’’); and Securities Exchange Act Release No.
66887 (May 1, 2012), 77 FR 26798 (May 7, 2012)
(SR–NYSEAmex–2012–24) (notice of filing of
proposed rule change relating to listing Nuveen
Long/Short Commodity Total Return Fund under
NYSE Amex LLC Rule 1600) (the ‘‘Prior Long/Short
Notice’’ and, together with the Prior Long/Short
Order, the ‘‘Prior Long/Short Release,’’ with the
Prior Diversified Release and the Prior Long/Short
Release each being referred to herein as a ‘‘Prior
Release,’’ and collectively, as the ‘‘Prior Releases’’).
5 See, for the Diversified Fund, Pre-Effective
Amendment No. 1 to the registration statement on
Form S–3 (File No. 333–205590), filed on November
30, 2015; see also, for the Long/Short Fund, PreEffective Amendment No. 1 to the registration
statement on Form S–3 (File No. 333–205587), filed
on November 30, 2015 (collectively referred to
herein as the ‘‘Registration Statement’’).
6 From December 18, 2014, to March 9, 2016, the
discount to NAV has been reduced for the
Diversified Fund from 18.02% to 5.11% and for the
Long/Short Fund from 19.80% to 3.75%.
E:\FR\FM\13JNN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 113 (Monday, June 13, 2016)]
[Notices]
[Pages 38230-38232]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13824]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78004; File No. SR-Phlx-2016-61]
Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Certain
Rules Governing Trading of Index Options
June 7, 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 May 25, 2016, NASDAQ PHLX LLC (``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.
---------------------------------------------------------------------------
\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 certain rules governing trading of
index options.
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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is amending various rules regarding index options. The
amendments delete certain outdated language relating primarily to index
options which the Exchange no longer lists. The amendments also conform
certain language in the Phlx rules to that of Chapter XIV, Index Rules,
of the NASDAQ Options Market LLC (``NOM''), and make a number of
grammatical and technical corrections.
Deletions of Obsolete Rule Text
The Exchange is deleting references to the following in Rule 1001A,
Position Limits, Rule 1009A, Designation of the Index, Sections (g) and
(h), and Rule 1101A, Terms of Options Contracts, Section (a) and
Commentary .01, as applicable, relating to indexes on which the
Exchange no longer lists options: SIG Energy MLP Index, NASDAQ China
Index, MSCI EM Index, MSCI EAFE Index, PHLX Computer Box Maker Index,
PHLX Defense Index, PHLX Drug Index, PHLX Europe Index, PHLX World
Energy Index, SIG Investment Managers Index, SIG Cable, Media &
Entertainment Index, SIG Semiconductor Equipment Index, SIG
Semiconductor Device Index, SIG Specialty Retail Index, SIG Steel
[[Page 38231]]
Producers Index, SIG Footwear and Athletic Index, SIG Education Index,
SIG Restaurant Index, SIG Coal Producers Index, U.S. Top 100 Index, the
OTC Industrial Average Index, TheStreet.com Internet Sector Index,
Wellspring Bioclinical Trials Index, Hapoalim American Israeli Index,
Hapoalim Index, SIG KCI Coal Index, NASDAQ Internet Index, Full Value
MSCI EM Index, Full Value MSCI EAFE Index, Value Line Composite Index,
National Over-the-Counter Index and the SIG Casino Gaming Index.
The Exchange is also deleting obsolete language from Rule
1000A(14), the definition of ``expiration date'' regarding index
options expiring prior to February 1, 2015. It is also deleting Rule
1101A(b)(iv), Quarterly Expiring Index Options, and is also amending
the definition of ``expiration date'' in Rule 1000A(b)(14) because the
Exchange no longer lists quarterly expiring index options.
Rules Amended To Conform to NOM Rules
The Exchange has amended certain rules to conform more closely to
NOM rules governing the same subject matter. In Rule 1000A(b)(5) the
word ``securities'' replaces the word ``stocks'' in the definition of
``underlying security'' or ``underlying securities''.\3\ In Rule
1000A(b)(13), the definition of European options is amended to take
into account the case of an option expiring on a day that is not a
business day.\4\ The Exchange has also added to Rule 1000A(b) in
section (17) a new definition of ``American option'' or ``American-
style index option''.\5\
---------------------------------------------------------------------------
\3\ See NOM Chapter XIV, Section 2(q).
\4\ See NOM Chapter XIV, Section 2(h).
\5\ See NOM Chapter XIV, Section 2(b).
---------------------------------------------------------------------------
Rules Amended To Correct Cross References or Provide Clarity
The Exchange has rewritten Rule 1001A, Position Limits, subsection
(a) solely for clarity. No change in meaning is intended. As revised,
the rule states that ``[t]he position limit for a broad-based (market)
index option shall be 25,000 contracts on the same side of the market
except as provided below. Certain positions must be aggregated in
accordance with paragraph (d) or (e) below''.
Rule 1001A, Commentary .04, Delta-Based Index Hedge Exemption is
amended at section (C) in the definition of ``permitted pricing model''
by replacing an incorrect reference to ``Commentary .09(c)(3), Exchange
Rule 1001'', which was recently deleted, with a reference to ``Exchange
Rule 1001(n)'' which replaced it. For the same reason, in Section
(D)(2)(i) of that Commentary, an incorrect reference to ``Commentary
.06 to Exchange Rule 1001'' is replaced with a reference to Exchange
Rule 1001(k). Rule 1000A(b)(14) which defines ``expiration date'' is
amended by the deletion of a reference to the Exchange ``on which such
option is listed,'' since the rule applies only to options listed on
Phlx.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \6\ in general, and furthers the objectives of Section
6(b)(5) of the Act \7\ 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 updating and clarifying outdated rules relating to index options
trading. The proposed rule change is also consistent with Section
6(b)(1) of the Act \8\ in that it enables the Exchange to be so
organized as to have the capacity to be able to carry out the purposes
of the Act and to comply, and to enforce compliance by its exchange
members and persons associated with its exchange members, with the
provisions of the Act, the rules and regulations thereunder, and the
rules of the Exchange. The amendments should enable Phlx members to
better understand the Exchange's index options rules and the Exchange
to better enforce compliance with those rules.
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\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
\8\ 15 U.S.C. 78f(b)(1).
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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 because the rule merely updates
and clarifies outdated rules relating to index options and conforms
certain Phlx rules to NOM rules.
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 \9\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(a)(iii).
\10\ 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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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-2016-61 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-Phlx-2016-61. 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/
[[Page 38232]]
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-
Phlx-2016-61 and should be submitted on or before July 5, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-13824 Filed 6-10-16; 8:45 am]
BILLING CODE 8011-01-P
