Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Commentary .02 to Exchange Rule 6.72 in Order To Extend the Penny Pilot Through December 31, 2016, 43332-43334 [2016-15713]
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43332
Federal Register / Vol. 81, No. 127 / Friday, July 1, 2016 / 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–BatsBYX–2016–14 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.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–BatsBYX–2016–14. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549, on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing will also be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
BatsBYX–2016–14 and should be
submitted on or before July 22, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–15583 Filed 6–30–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78174; File No. SR–
NYSEArca–2016–88]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Commentary
.02 to Exchange Rule 6.72 in Order To
Extend the Penny Pilot Through
December 31, 2016
June 28, 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 June 17,
2016, NYSE Arca, Inc. (the ‘‘Exchange’’
or ‘‘NYSE Arca’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Commentary .02 to Exchange Rule 6.72
in order to extend the Penny Pilot in
options classes in certain issues (‘‘Pilot
Program’’) previously approved by the
Securities and Exchange Commission
(‘‘Commission’’) through December 31,
2016. The Pilot Program is currently
scheduled to expire on June 30, 2016.
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.
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
20 17
CFR 200.30–3(a)(12).
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange hereby proposes to
amend Commentary .02 to Exchange
Rule 6.72 to extend the time period of
the Pilot Program,4 which is currently
scheduled to expire on June 30, 2016,
through December 31, 2016. The
Exchange also proposes that the dates to
replace issues in the Pilot Program that
have been delisted be revised to the
second trading day following July 1,
2016.5
This filing does not propose any
substantive changes to the Pilot
Program: All classes currently
participating will remain the same and
all minimum increments will remain
unchanged. The Exchange believes the
benefits to public customers and other
market participants who will be able to
express their true prices to buy and sell
options have been demonstrated to
outweigh the increase in quote traffic.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) 6 of the
Securities Exchange Act of 1934 (the
‘‘Act’’), in general, and furthers the
objectives of Section 6(b)(5),7 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system.
In particular, the proposed rule
change, which extends the Penny Pilot
Program for six months, allows the
Exchange to continue to participate in a
program that has been viewed as
beneficial to traders, investors and
public customers and viewed as
successful by the other options
exchanges participating in it.
Accordingly, the Exchange believes that
4 See Securities Exchange Act Release No. 75280
(June 24, 2015), 80 FR 37331 (June 30, 2015) (SR–
NYSEArca–2015–51).
5 The month immediately preceding a
replacement class’s addition to the Pilot Program
(i.e., June) would not be used for purposes of the
analysis for determining the replacement class.
Thus, a replacement class to be added on the
second trading day following July 1, 2016 would be
identified based on The Option Clearing
Corporation’s trading volume data from December
1, 2015 through May 31, 2016. The Exchange will
announce the replacement issues to the Exchange’s
membership through a Trader Update.
6 15 U.S.C. 78f(b).
7 15 U.S.C. 78f(b)(5).
E:\FR\FM\01JYN1.SGM
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Federal Register / Vol. 81, No. 127 / Friday, July 1, 2016 / Notices
the proposal is consistent with the Act
because it will allow the Exchange to
extend the Pilot Program prior to its
expiration on June 30, 2016. The
Exchange notes that this proposal does
not propose any new policies or
provisions that are unique or unproven,
but instead relates to the continuation of
an existing program that operates on a
pilot basis.
The Exchange believes that the Pilot
Program promotes just and equitable
principles of trade by enabling public
customers and other market participants
to express their true prices to buy and
sell options to the benefit of all market
participants.
The proposal to extend the Pilot
Program is designed to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system, by
allowing the Exchange and the
Commission additional time to analyze
the impact of the Pilot Program while
also allowing the Exchange to continue
to compete for order flow with other
exchanges in option issues trading as
part of the Pilot Program.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
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. Specifically,
the Exchange believes that, by extending
the expiration of the Pilot Program, the
proposed rule change will allow for
further analysis of the Pilot Program and
a determination of how the Program
should be structured in the future. In
doing so, the proposed rule change will
also serve to promote regulatory clarity
and consistency, thereby reducing
burdens on the marketplace and
facilitating investor protection. The
Pilot Program is an industry wide
initiative supported by all other option
exchanges. The Exchange believes that
extending the Pilot Program will allow
for continued competition between
Exchange market participants trading
similar products as their counterparts
on other exchanges, while at the same
time allowing the Exchange to continue
to compete for order flow with other
exchanges in option issues trading as
part of the Pilot Program.
VerDate Sep<11>2014
19:05 Jun 30, 2016
Jkt 238001
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 Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and Rule
19b–4(f)(6) thereunder.9 Because the
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
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing.11 However,
pursuant to Rule 19b–4(f)(6)(iii),12 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because doing so will allow the Pilot
Program to continue without
interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program and will allow the
Exchange and the Commission
additional time to analyze the impact of
the Pilot Program.13 Accordingly, the
8 15
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and the text of 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 pre-filing requirement.
12 17 CFR 240.19b–4(f)(6)(iii).
13 See Securities Exchange Act Release No. 61061
(November 24, 2009), 74 FR 62857 (December 1,
9 17
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Fmt 4703
Sfmt 4703
43333
Commission designates the proposed
rule change as operative upon filing
with the Commission.14
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) 15 of the Act to
determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2016–88 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2016–88. 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
2009) (SR–NYSEArca–2009–44). See also supra
note 4.
14 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
15 15 U.S.C. 78s(b)(2)(B).
E:\FR\FM\01JYN1.SGM
01JYN1
43334
Federal Register / Vol. 81, No. 127 / Friday, July 1, 2016 / Notices
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Section, 100 F Street NE.,
Washington, DC 20549–1090 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 NYSE’s
principal office. All comments received
will be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2016–88 and should be
submitted on or before July 22, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–15713 Filed 6–30–16; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Interest Rates
asabaliauskas on DSK3SPTVN1PROD with NOTICES
The Small Business Administration
publishes an interest rate called the
optional ‘‘peg’’ rate (13 CFR 120.214) on
a quarterly basis. This rate is a weighted
average cost of money to the
government for maturities similar to the
average SBA direct loan. This rate may
be used as a base rate for guaranteed
fluctuating interest rate SBA loans. This
rate will be 2.13 percent for the July–
September quarter of FY 2016.
Pursuant to 13 CFR 120.921(b), the
maximum legal interest rate for any
third party lender’s commercial loan
which funds any portion of the cost of
a 504 project (see 13 CFR 120.801) shall
be 6% over the New York Prime rate or,
if that exceeds the maximum interest
rate permitted by the constitution or
laws of a given State, the maximum
interest rate will be the rate permitted
by the constitution or laws of the given
State.
John M. Wade,
Acting Director, Office of Financial
Assistance.
[FR Doc. 2016–15686 Filed 6–30–16; 8:45 am]
BILLING CODE P
16 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:05 Jun 30, 2016
Jkt 238001
DEPARTMENT OF STATE
[Public Notice: 9620]
E.O. 13224 Designation of al-Qa’ida in
the Indian Subcontinent, Also Known
as al-Qaeda in the Indian
Subcontinent, Also Known as Qaedat
al-Jihad in the Indian Subcontinent as
a Specially Designated Global Terrorist
Acting under the authority of and in
accordance with section 1(b) of
Executive Order 13224 of September 23,
2001, as amended by Executive Order
13268 of July 2, 2002, and Executive
Order 13284 of January 23, 2003, I
hereby determine that the organization
known as al-Qa’ida in the Indian
Subcontinet, also known as al-Qaeda in
the Indian Subcontinent, also known as
Qaedat al-Jihad in the Indian
Subcontinent committed, or poses a
significant risk of committing, acts of
terrorism that threaten the security of
U.S. nationals or the national security,
foreign policy, or economy of the United
States.
Consistent with the determination in
section 10 of Executive Order 13224 that
‘‘prior notice to persons determined to
be subject to the Order who might have
a constitutional presence in the United
States would render ineffectual the
blocking and other measures authorized
in the Order because of the ability to
transfer funds instantaneously,’’ I
determine that no prior notice needs to
be provided to any person subject to this
determination who might have a
constitutional presence in the United
States, because to do so would render
ineffectual the measures authorized in
the Order.
This notice shall be published in the
Federal Register.
Dated: June 10, 2016.
John F. Kerry,
Secretary of State.
[FR Doc. 2016–15683 Filed 6–30–16; 8:45 am]
BILLING CODE 4710–AD–P
DEPARTMENT OF STATE
[Public Notice: 9621]
Foreign Terrorist Organization
Designation of al-Qa’ida in the Indian
Subcontinent, Also Known as al-Qaeda
in the Indian Subcontinent, Also
Known as Qaedat al-Jihad in the Indian
Subcontinent as a Specially
Designated Global Terrorist
Based upon a review of the
Administrative Record assembled in
this matter, and in consultation with the
Attorney General and the Secretary of
the Treasury, I conclude that there is a
PO 00000
Frm 00153
Fmt 4703
Sfmt 4703
sufficient factual basis to find that the
relevant circumstances described in
section 219 of the Immigration and
Nationality Act, as amended (hereinafter
‘‘INA’’) (8 U.S.C. 1189), exist with
respect to al-Qa’ida in the Indian
Subcontinent, also known as al-Qaeda
in the Indian Subcontinent, also known
as Qaedat al-Jihad in the Indian
Subcontinent.
Therefore, I hereby designate the
aforementioned organization and its
aliases as a foreign terrorist organization
pursuant to section 219 of the INA.
This determination shall be published
in the Federal Register.
Dated: June 10, 2016.
John F. Kerry,
Secretary of State.
[FR Doc. 2016–15680 Filed 6–30–16; 8:45 am]
BILLING CODE 4710–AD–P
SURFACE TRANSPORTATION BOARD
[Docket No. AB 1241; Docket No. FD
36040] 1
Newvista Property Holdings, LLC—
Adverse Abandonment of the Ironton
Branch—In Utah County, Utah;
Newvista Property Holdings, LLC—
Petition For Declaratory Order
By petition filed on March 7, 2016,
NewVista Property Holdings, LLC
(NewVista), seeks waivers of certain
Board regulations and exemptions from
certain statutory provisions in
connection with an adverse, or thirdparty, application for abandonment it
plans to file under 49 U.S.C. 10903.
NewVista’s petition concerns
approximately 1.87 miles of railroad
owned by Union Pacific Railroad
Company (UP) known as the Ironton
Branch. NewVista states that it owns, or
controls, nearly all of the industrial
property that abuts the Ironton Branch.
On March 28, 2016, UP filed a reply
to NewVista’s petition, arguing that the
petition should be rejected or denied
because the Ironton Branch is excepted
track under 49 U.S.C. 10906, and thus
falls outside the Board’s abandonment
authority.
On April 7, 2016, NewVista filed a
reply to UP’s reply (the Surreply). In its
Surreply, NewVista requests: (1)
Guidance regarding the appropriate
procedures to obtain a ruling on
whether the Ironton Branch has been
removed from the Board’s jurisdiction;
(2) a declaratory order that the Board
‘‘has authority to adversely abandon the
1 These proceedings are not consolidated. A
single decision is being issued for administrative
convenience.
E:\FR\FM\01JYN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 127 (Friday, July 1, 2016)]
[Notices]
[Pages 43332-43334]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15713]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78174; File No. SR-NYSEArca-2016-88]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending Commentary
.02 to Exchange Rule 6.72 in Order To Extend the Penny Pilot Through
December 31, 2016
June 28, 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 June 17, 2016, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
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 Commentary .02 to Exchange Rule 6.72
in order to extend the Penny Pilot in options classes in certain issues
(``Pilot Program'') previously approved by the Securities and Exchange
Commission (``Commission'') through December 31, 2016. The Pilot
Program is currently scheduled to expire on June 30, 2016. 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 hereby proposes to amend Commentary .02 to Exchange
Rule 6.72 to extend the time period of the Pilot Program,\4\ which is
currently scheduled to expire on June 30, 2016, through December 31,
2016. The Exchange also proposes that the dates to replace issues in
the Pilot Program that have been delisted be revised to the second
trading day following July 1, 2016.\5\
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 75280 (June 24,
2015), 80 FR 37331 (June 30, 2015) (SR-NYSEArca-2015-51).
\5\ The month immediately preceding a replacement class's
addition to the Pilot Program (i.e., June) would not be used for
purposes of the analysis for determining the replacement class.
Thus, a replacement class to be added on the second trading day
following July 1, 2016 would be identified based on The Option
Clearing Corporation's trading volume data from December 1, 2015
through May 31, 2016. The Exchange will announce the replacement
issues to the Exchange's membership through a Trader Update.
---------------------------------------------------------------------------
This filing does not propose any substantive changes to the Pilot
Program: All classes currently participating will remain the same and
all minimum increments will remain unchanged. The Exchange believes the
benefits to public customers and other market participants who will be
able to express their true prices to buy and sell options have been
demonstrated to outweigh the increase in quote traffic.
2. Statutory Basis
The proposed rule change is consistent with Section 6(b) \6\ of the
Securities Exchange Act of 1934 (the ``Act''), in general, and furthers
the objectives of Section 6(b)(5),\7\ in particular, in that it is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanisms of
a free and open market and a national market system.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the proposed rule change, which extends the Penny
Pilot Program for six months, allows the Exchange to continue to
participate in a program that has been viewed as beneficial to traders,
investors and public customers and viewed as successful by the other
options exchanges participating in it. Accordingly, the Exchange
believes that
[[Page 43333]]
the proposal is consistent with the Act because it will allow the
Exchange to extend the Pilot Program prior to its expiration on June
30, 2016. The Exchange notes that this proposal does not propose any
new policies or provisions that are unique or unproven, but instead
relates to the continuation of an existing program that operates on a
pilot basis.
The Exchange believes that the Pilot Program promotes just and
equitable principles of trade by enabling public customers and other
market participants to express their true prices to buy and sell
options to the benefit of all market participants.
The proposal to extend the Pilot Program is designed to promote
just and equitable principles of trade, to foster cooperation and
coordination with persons engaged in facilitating transactions in
securities, and to remove impediments to and perfect the mechanisms of
a free and open market and a national market system, by allowing the
Exchange and the Commission additional time to analyze the impact of
the Pilot Program while also allowing the Exchange to continue to
compete for order flow with other exchanges in option issues trading as
part of the Pilot Program.
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. Specifically, the Exchange
believes that, by extending the expiration of the Pilot Program, the
proposed rule change will allow for further analysis of the Pilot
Program and a determination of how the Program should be structured in
the future. In doing so, the proposed rule change will also serve to
promote regulatory clarity and consistency, thereby reducing burdens on
the marketplace and facilitating investor protection. The Pilot Program
is an industry wide initiative supported by all other option exchanges.
The Exchange believes that extending the Pilot Program will allow for
continued competition between Exchange market participants trading
similar products as their counterparts on other exchanges, while at the
same time allowing the Exchange to continue to compete for order flow
with other exchanges in option issues trading as part of the Pilot
Program.
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 Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A)(iii).
\9\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \10\ normally
does not become operative prior to 30 days after the date of the
filing.\11\ However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the
Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because doing so will allow the Pilot Program to continue without
interruption in a manner that is consistent with the Commission's prior
approval of the extension and expansion of the Pilot Program and will
allow the Exchange and the Commission additional time to analyze the
impact of the Pilot Program.\13\ Accordingly, the Commission designates
the proposed rule change as operative upon filing with the
Commission.\14\
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\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and the text of 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 pre-filing requirement.
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ See Securities Exchange Act Release No. 61061 (November 24,
2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44). See
also supra note 4.
\14\ For purposes only of waiving the operative delay for this
proposal, 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 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) \15\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\15\ 15 U.S.C. 78s(b)(2)(B).
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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-NYSEArca-2016-88 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2016-88. 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
[[Page 43334]]
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549-1090 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 NYSE's principal office.
All comments received will be posted without change; the Commission
does not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly. All submissions should refer to File Number SR-NYSEArca-2016-
88 and should be submitted on or before July 22, 2016.
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\16\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-15713 Filed 6-30-16; 8:45 am]
BILLING CODE 8011-01-P
