Order Extending a Temporary Exemption From Compliance With Rules 13n-1 to 13n-12 Under the Securities Exchange Act of 1934, 44337-44338 [2016-16073]

Download as PDF Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices Dated: June 29, 2016. Cynthia L. Attwood, Chairman. [FR Doc. 2016–16065 Filed 7–6–16; 8:45 am] BILLING CODE 7600–01–P POSTAL REGULATORY COMMISSION [Docket Nos. CP2016–233; CP2016–234] New Postal Products Postal Regulatory Commission. Notice. AGENCY: ACTION: The Commission is noticing recent Postal Service filings for the Commission’s consideration concerning negotiated service agreements. This notice informs the public of the filing, invites public comment, and takes other administrative steps. DATES: Comments are due: July 8, 2016 (Comment due date applies to all Docket Nos. listed above) ADDRESSES: Submit comments electronically via the Commission’s Filing Online system at http:// www.prc.gov. Those who cannot submit comments electronically should contact the person identified in the FOR FURTHER INFORMATION CONTACT section by telephone for advice on filing alternatives. SUMMARY: FOR FURTHER INFORMATION CONTACT: David A. Trissell, General Counsel, at 202–789–6820. SUPPLEMENTARY INFORMATION: Table of Contents I. Introduction II. Docketed Proceeding(s) srobinson on DSK5SPTVN1PROD with NOTICES I. Introduction The Commission gives notice that the Postal Service has filed request(s) for the Commission to consider matters related to negotiated service agreement(s). The requests(s) may propose the addition or removal of a negotiated service agreement from the market dominant or the competitive product list, or the modification of an existing product currently appearing on the market dominant or the competitive product list. Section II identifies the docket number(s) associated with each Postal Service request, the title of each Postal Service request, the request’s acceptance date, and the authority cited by the Postal Service for each request. For each request, the Commission appoints an officer of the Commission to represent the interests of the general public in the proceeding, pursuant to 39 U.S.C. 505 (Public Representative). Section II also VerDate Sep<11>2014 17:23 Jul 06, 2016 Jkt 238001 establishes comment deadline(s) pertaining to each request. The public portions of the Postal Service’s request(s) can be accessed via the Commission’s Web site (http:// www.prc.gov). Non-public portions of the Postal Service’s request(s), if any, can be accessed through compliance with the requirements of 39 CFR 3007.40. The Commission invites comments on whether the Postal Service’s request(s) in the captioned docket(s) are consistent with the policies of title 39. For request(s) that the Postal Service states concern market dominant product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3622, 39 U.S.C. 3642, 39 CFR part 3010, and 39 CFR part 3020, subpart B. For request(s) that the Postal Service states concern competitive product(s), applicable statutory and regulatory requirements include 39 U.S.C. 3632, 39 U.S.C. 3633, 39 U.S.C. 3642, 39 CFR part 3015, and 39 CFR part 3020, subpart B. Comment deadline(s) for each request appear in section II. II. Docketed Proceeding(s) 1. Docket No(s).: CP2016–233; Filing Title: Notice of United States Postal Service of Filing a Functionally Equivalent Global Expedited Package Services 6 Negotiated Service Agreement and Application for NonPublic Treatment of Materials Filed Under Seal; Filing Acceptance Date: June 30, 2016; Filing Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Natalie R. Ward; Comments Due: July 8, 2016. 2. Docket No(s).: CP2016–234; Filing Title: Notice of the United States Postal Service of Filing a Functionally Equivalent Global Plus 1D Negotiated Service Agreement and Application for Non-Public Treatment of Materials Filed Under Seal; Filing Acceptance Date: June 30, 2016; Authority: 39 U.S.C. 3642 and 39 CFR 3020.30 et seq.; Public Representative: Kenneth R. Moeller; Comments Due: July 8, 2016. This notice will be published in the Federal Register. Stacy L. Ruble, Secretary. [FR Doc. 2016–16089 Filed 7–6–16; 8:45 am] BILLING CODE 7710–FW–P PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 44337 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78215] Order Extending a Temporary Exemption From Compliance With Rules 13n–1 to 13n–12 Under the Securities Exchange Act of 1934 June 30, 2016. I. Introduction On March 18, 2016, under its authority in Section 36 of the Securities Exchange Act of 1934 (‘‘Exchange Act’’), the Securities and Exchange Commission (‘‘Commission’’) granted a temporary exemption from compliance with Rules 13n–1 to 13n–12 (‘‘SDR Rules’’) until June 30, 2016. The Commission also granted an extension of the exemptions from Exchange Act Sections 13(n)(5)(D)(i), 13(n)(5)(F), 13(n)(5)(G), 13(n)(5)(H), 13(n)(7)(A), 13(n)(7)(B), 13(n)(7)(C) and 29(b) provided in the DFA Effective Date Order 1 (‘‘SDR Relief’’), as described in the Commission’s March 18, 2016 order, such that the SDR Relief will expire on the earlier of (1) the date the Commission grants registration to an SDR and (2) June 30, 2016.2 The Commission granted the exemptions to help facilitate the potential submission of any SDR applications at the time. Since March 18, 2016, two entities have filed applications to register with the Commission as SDRs.3 To allow the Commission additional time to review these applications prior to the compliance date for the SDR Rules and the expiration of the SDR Relief, the Commission is extending the exemptions granted in the March 18, 2016 order. II. Discussion The SDR Rules Release 4 states that SDRs were required to be in compliance with the SDR Rules by March 18, 2016. The SDR Rules Release also notes that, absent an exemption, any SDR must be registered with the Commission and in compliance with the federal securities 1 See Temporary Exemptions and Other Temporary Relief, Together with Information on Compliance Dates for New Provisions of the Exchange Act Applicable to Security-Based Swaps, Exchange Act Release No. 64678 (June 15, 2011), 76 FR 36287 (June 22, 2011) (the ‘‘DFA Effective Date Order’’). 2 See Exchange Act Release No. 77400 (Mar. 18, 2016), 81 FR 15599 (Mar. 23, 2016) (‘‘SDR Section 36 Order’’). 3 See Exchange Act Release No. 77699 (Apr. 22, 2016), 81 FR 25475 (Apr. 28, 2016) (‘‘ICE Trade Vault Notice’’) and Exchange Act Release No. xxxx (xx, 2016), xx FR xxxx (xx, 2016) (‘‘DDR Notice’’). 4 See Exchange Act Release No. 74246 (Feb. 11, 2015), 80 FR 14438 (Mar. 19, 2015) (‘‘SDR Rules Release’’). E:\FR\FM\07JYN1.SGM 07JYN1 44338 Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices srobinson on DSK5SPTVN1PROD with NOTICES laws and the rules and regulations thereunder (including the applicable Dodd-Frank Act provisions and all of the SDR Rules) by March 18, 2016.5 Since March 18, 2016, two entities have filed applications to register with the Commission as SDRs. ICE Trade Vault, LLC (‘‘ICE Trade Vault’’) filed with the Commission a Form SDR seeking registration as an SDR on March 29, 2016 and amended that form on April 18, 2016. The Commission’s notice of ICE Trade Vault’s application for registration as an SDR was published in the Federal Register on April 28, 2016.6 DTCC Data Repository (U.S.) LLC (‘‘DDR’’) filed with the Commission a Form SDR seeking registration as an SDR on April 6, 2016 and amended that form on April 25, 2016. The Commission’s notice of DDR’s application for registration as an SDR was published in the Federal Register on [X, 2016].7 Rule 13n–1(c) provides that, within 90 days of the date of the publication of notice of the filing of an application for registration (or within such longer period as to which the applicant consents), the Commission will either grant the registration by order or institute proceedings to determine whether registration should be granted or denied. Subject to certain exceptions, Section 36 of the Exchange Act 8 authorizes the Commission, by rule, regulation, or order, to exempt, either conditionally or unconditionally, any person, security, or transaction, or any class or classes of persons, securities, or transactions, from any provision or provisions of the Exchange Act or any rule or regulation thereunder, to the extent that such exemption is necessary or appropriate in the public interest, and is consistent with the protection of investors. The Commission finds that it is necessary and appropriate in the public interest, and consistent with the protection of investors, to grant a temporary exemption from compliance with the SDR Rules and an extension of the SDR Relief. The applications filed by ICE Trade Vault and DDR are the first SDR applications submitted to the Commission and therefore present issues of first impression for the Commission’s consideration. Therefore, to allow the Commission additional 5 See id., 80 FR at 14456. The SDR Rules Release also notes that all exemptions that the Commission provided in a previous release, including the exemption to provisions in Exchange Act Section 13(n), will expire on the March 18, 2016 compliance date. See id. (discussing the ‘‘DFA Effective Date Order). 6 See ICE Trade Vault Notice. 7 See DDR Notice. 8 15 U.S.C. 78mm. VerDate Sep<11>2014 17:23 Jul 06, 2016 Jkt 238001 time prior to the compliance date for the SDR Rules and the expiration of the SDR Relief to review the applications and consider issues related to the first applications for registration of SDRs, the Commission hereby grants, pursuant to Section 36 of the Exchange Act, a temporary exemption from compliance with the SDR Rules and an extension of the SDR Relief until [X, 2016], which is 90 days from publication of notice of DDR’s application for registration as a SDR. By the Commission. Brent J. Fields, Secretary. [FR Doc. 2016–16073 Filed 7–6–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78207; File No. SR– NYSEArca–2016–70] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change Regarding Use of Rule 144A Securities By the Fidelity Corporate Bond ETF, Fidelity Investment Grade Bond ETF, Fidelity Limited Term Bond ETF, and Fidelity Total Bond ETF June 30, 2016. On May 11, 2016, NYSE Arca, Inc. filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to permit the Fidelity Corporate Bond ETF, Fidelity Investment Grade Bond ETF, Fidelity Limited Term Bond ETF, and Fidelity Total Bond ETF to consider securities issued pursuant to Rule 144A under the Securities Act of 1933 as debt securities eligible for principal investment. The proposed rule change was published for comment in the Federal Register on May 31, 2016.3 The Commission has received no comment letters on the proposal. Section 19(b)(2) of the Act 4 provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding, or as to which the self-regulatory organization consents, U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 77891 (May 24, 2016), 81 FR 34388. 4 15 U.S.C. 78s(b)(2). PO 00000 1 15 2 17 Frm 00081 Fmt 4703 Sfmt 4703 the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is July 15, 2016. The Commission is extending this 45day time period. The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,5 designates August 29, 2016, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–NYSEArca–2016–70). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Robert W. Errett, Deputy Secretary. [FR Doc. 2016–16034 Filed 7–6–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736 Extension: Rule 303; SEC File No. 270–450; OMB Control No. 3235–0505 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (‘‘PRA’’) (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget (‘‘OMB’’) a request for approval of extension of the previously approved collection of information provided for in Rule 303 (17 CFR 242.303) of Regulation ATS (17 CFR 242.300 et seq.) under the Securities and Exchange Act of 1934 (‘‘Act’’) (15 U.S.C. 78a et seq.). Regulation ATS sets forth a regulatory regime for ‘‘alternative trading systems’’ (‘‘ATSs’’), which are entities that carry out exchange functions but which are not required to register as national securities exchanges under the Act. In lieu of exchange registration, an ATS 5 Id. 6 17 E:\FR\FM\07JYN1.SGM CFR 200.30–3(a)(31). 07JYN1

Agencies

[Federal Register Volume 81, Number 130 (Thursday, July 7, 2016)]
[Notices]
[Pages 44337-44338]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16073]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78215]


Order Extending a Temporary Exemption From Compliance With Rules 
13n-1 to 13n-12 Under the Securities Exchange Act of 1934

June 30, 2016.

I. Introduction

    On March 18, 2016, under its authority in Section 36 of the 
Securities Exchange Act of 1934 (``Exchange Act''), the Securities and 
Exchange Commission (``Commission'') granted a temporary exemption from 
compliance with Rules 13n-1 to 13n-12 (``SDR Rules'') until June 30, 
2016. The Commission also granted an extension of the exemptions from 
Exchange Act Sections 13(n)(5)(D)(i), 13(n)(5)(F), 13(n)(5)(G), 
13(n)(5)(H), 13(n)(7)(A), 13(n)(7)(B), 13(n)(7)(C) and 29(b) provided 
in the DFA Effective Date Order \1\ (``SDR Relief''), as described in 
the Commission's March 18, 2016 order, such that the SDR Relief will 
expire on the earlier of (1) the date the Commission grants 
registration to an SDR and (2) June 30, 2016.\2\ The Commission granted 
the exemptions to help facilitate the potential submission of any SDR 
applications at the time.
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    \1\ See Temporary Exemptions and Other Temporary Relief, 
Together with Information on Compliance Dates for New Provisions of 
the Exchange Act Applicable to Security-Based Swaps, Exchange Act 
Release No. 64678 (June 15, 2011), 76 FR 36287 (June 22, 2011) (the 
``DFA Effective Date Order'').
    \2\ See Exchange Act Release No. 77400 (Mar. 18, 2016), 81 FR 
15599 (Mar. 23, 2016) (``SDR Section 36 Order'').
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    Since March 18, 2016, two entities have filed applications to 
register with the Commission as SDRs.\3\ To allow the Commission 
additional time to review these applications prior to the compliance 
date for the SDR Rules and the expiration of the SDR Relief, the 
Commission is extending the exemptions granted in the March 18, 2016 
order.
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    \3\ See Exchange Act Release No. 77699 (Apr. 22, 2016), 81 FR 
25475 (Apr. 28, 2016) (``ICE Trade Vault Notice'') and Exchange Act 
Release No. xxxx (xx, 2016), xx FR xxxx (xx, 2016) (``DDR Notice'').
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II. Discussion

    The SDR Rules Release \4\ states that SDRs were required to be in 
compliance with the SDR Rules by March 18, 2016. The SDR Rules Release 
also notes that, absent an exemption, any SDR must be registered with 
the Commission and in compliance with the federal securities

[[Page 44338]]

laws and the rules and regulations thereunder (including the applicable 
Dodd-Frank Act provisions and all of the SDR Rules) by March 18, 
2016.\5\
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    \4\ See Exchange Act Release No. 74246 (Feb. 11, 2015), 80 FR 
14438 (Mar. 19, 2015) (``SDR Rules Release'').
    \5\ See id., 80 FR at 14456. The SDR Rules Release also notes 
that all exemptions that the Commission provided in a previous 
release, including the exemption to provisions in Exchange Act 
Section 13(n), will expire on the March 18, 2016 compliance date. 
See id. (discussing the ``DFA Effective Date Order).
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    Since March 18, 2016, two entities have filed applications to 
register with the Commission as SDRs. ICE Trade Vault, LLC (``ICE Trade 
Vault'') filed with the Commission a Form SDR seeking registration as 
an SDR on March 29, 2016 and amended that form on April 18, 2016. The 
Commission's notice of ICE Trade Vault's application for registration 
as an SDR was published in the Federal Register on April 28, 2016.\6\ 
DTCC Data Repository (U.S.) LLC (``DDR'') filed with the Commission a 
Form SDR seeking registration as an SDR on April 6, 2016 and amended 
that form on April 25, 2016. The Commission's notice of DDR's 
application for registration as an SDR was published in the Federal 
Register on [X, 2016].\7\ Rule 13n-1(c) provides that, within 90 days 
of the date of the publication of notice of the filing of an 
application for registration (or within such longer period as to which 
the applicant consents), the Commission will either grant the 
registration by order or institute proceedings to determine whether 
registration should be granted or denied.
---------------------------------------------------------------------------

    \6\ See ICE Trade Vault Notice.
    \7\ See DDR Notice.
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    Subject to certain exceptions, Section 36 of the Exchange Act \8\ 
authorizes the Commission, by rule, regulation, or order, to exempt, 
either conditionally or unconditionally, any person, security, or 
transaction, or any class or classes of persons, securities, or 
transactions, from any provision or provisions of the Exchange Act or 
any rule or regulation thereunder, to the extent that such exemption is 
necessary or appropriate in the public interest, and is consistent with 
the protection of investors. The Commission finds that it is necessary 
and appropriate in the public interest, and consistent with the 
protection of investors, to grant a temporary exemption from compliance 
with the SDR Rules and an extension of the SDR Relief. The applications 
filed by ICE Trade Vault and DDR are the first SDR applications 
submitted to the Commission and therefore present issues of first 
impression for the Commission's consideration. Therefore, to allow the 
Commission additional time prior to the compliance date for the SDR 
Rules and the expiration of the SDR Relief to review the applications 
and consider issues related to the first applications for registration 
of SDRs, the Commission hereby grants, pursuant to Section 36 of the 
Exchange Act, a temporary exemption from compliance with the SDR Rules 
and an extension of the SDR Relief until [X, 2016], which is 90 days 
from publication of notice of DDR's application for registration as a 
SDR.
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    \8\ 15 U.S.C. 78mm.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2016-16073 Filed 7-6-16; 8:45 am]
 BILLING CODE 8011-01-P