Sunshine Act Meeting, 45193-45194 [2016-16542]

Download as PDF Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices [sic] would remain at relatively low levels and would continue to reflect the benefit that market participants receive through the ability to have their orders interact with other liquidity at the opening [sic]. The Exchange also believes that the proposed changes would encourage the submission of additional liquidity to a public exchange, thereby promoting price discovery and transparency and enhancing order execution opportunities for member organizations. The Exchange believes that this could promote competition between the Exchange and other execution venues, including those that currently offer similar order types and comparable transaction pricing, by encouraging additional orders to be sent to the Exchange for execution. Finally, the Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive or rebate opportunities available at other venues to be more favorable. In such an environment, the Exchange must continually adjust its fees and rebates to remain competitive with other exchanges and with alternative trading systems that have been exempted from compliance with the statutory standards applicable to exchanges. Because competitors are free to modify their own fees and credits in response, and because market participants may readily adjust their order routing practices, the Exchange believes that the degree to which fee changes in this market may impose any burden on competition is extremely limited. As a result of all of these considerations, the Exchange does not believe that the proposed changes will impair the ability of member organizations or competing order execution venues to maintain their competitive standing in the financial markets. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others mstockstill on DSK3G9T082PROD with NOTICES 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 foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 11 of the Act and subparagraph (f)(2) of Rule 19b–4 12 thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. 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) 13 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– NYSE–2016–47 on the subject line. Paper Comments • Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2016–47. 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., 12 17 11 15 U.S.C. 78s(b)(3)(A). VerDate Sep<11>2014 18:30 Jul 11, 2016 13 15 Jkt 238001 PO 00000 CFR 240.19b–4(f)(2). U.S.C. 78s(b)(2)(B). Frm 00073 Fmt 4703 Sfmt 4703 45193 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–NYSE– 2016–47 and should be submitted on or before August 2, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Brent J. Fields, Secretary. [FR Doc. 2016–16377 Filed 7–11–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting Notice is hereby given that, pursuant to the provisions of the Government in Sunshine Act, Public Law 99–409, the Securities and Exchange Commission will hold an Open Meeting on Wednesday, July 13, 2016, at 10 a.m. in the Auditorium, Room L–002. The discussion agenda for the Open Meeting will be: • The Commission will consider whether to adopt certain amendments and issue guidance relating to Regulation SBSR under the Securities Exchange Act of 1934. • The Commission will consider whether to propose amendments to rules under the Securities Exchange Act of 1934 regarding disclosure of order handling information. • The Commission will consider whether to propose amendments to address redundant, duplicative, overlapping, outdated, or superseded disclosure requirements. The summary agenda for the Open Meeting will be: • The Commission will vote on amendments to its Rules of Practice regarding administrative proceedings. Commissioner Piwowar, as duty officer, voted to consider the items listed for the Open Meeting in open session, and determined that Commission business required consideration earlier than one week from today. No earlier notice of this Meeting was practicable. 14 17 E:\FR\FM\12JYN1.SGM CFR 200.30–3(a)(12). 12JYN1 45194 Federal Register / Vol. 81, No. 133 / Tuesday, July 12, 2016 / Notices At times, changes in Commission priorities require alterations in the schedules of meeting items. For further information and to ascertain what, if any, matters have been added, deleted, or postponed, please contact: Brent J. Fields in the Office of the Secretary at (202) 551–5400. Dated: July 7, 2016. Brent J. Fields, Secretary. [FR Doc. 2016–16542 Filed 7–8–16; 11:15 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–78232; File No. SR–PHLX– 2016–70] Self-Regulatory Organizations; NASDAQ PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 3100 July 6, 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 June 22, 2016, NASDAQ PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. mstockstill on DSK3G9T082PROD with NOTICES I. Self-Regulatory Organization’s Statement of the Terms of the Substance of the Proposed Rule Change The Exchange is proposing to amend Rule 3100 and the Exchange process for commencing trading of a security that is the subject of a trading halt. The text of the proposed rule change is available at https:// nasdaq.cchwallstreet.com/, at the Exchange’s principal office, 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 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 18:30 Jul 11, 2016 Jkt 238001 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 proposing to make a minor modification to the Exchange process for commencing trading of a security that is the subject of a trading halt. Specifically, the Exchange is proposing to modify the way in which orders are accepted prior to the commencement of trading for securities subject to a trading halt. This change will simplify the order submission operations for market participants during trading halts.3 Currently, Exchange Rule 3100(c)(3)(B) provides that during any trading halt or pause, market participants may enter orders during the trading halt or pause and designate such orders to be held until the termination of the trading halt or pause. Under this rule, such orders will be held in a suspended state until the termination of the halt or pause, at which time they will be entered into the system. The Exchange proposes that Rule 3100(c)(3)(B) be revised to simply state that orders entered during any trading halt or pause will not be accepted. The implementation of the existing functionality for accepting orders prior to the Exchange releasing the security for trading has not been widely used and the Exchange believes the proposed rule change will both improve and simplify the Exchange process for market participants. The Exchange will issue an Equity Trader Alert notifying Exchange member firms of the change prior to implementation on July 11, 2016. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of section 6 of the Act,4 in general, and with section 6(b)(5) of the Act,5 in particular, in that the proposal is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable 3 The proposed rule change is consistent with the recently approved filing of The NASDAQ Stock Market LLC (‘‘Nasdaq’’) as to the process for commencing trading of a security that is the subject of a trading halt. See Securities Exchange Act Release No. 77445 (March 25, 2016), 81 FR 18658 (March 31, 2016) (SR–NASDAQ–2016–008). 4 15 U.S.C. 78f. 5 15 U.S.C. 78f(b)(5). PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, 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. The Exchange believes that the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system through an improved and simplified Exchange process for commencing trading of a security that is the subject of a trading halt. Specifically, this will be accomplished by revising Exchange Rule 3100(c)(3)(B) to simply state that orders entered during any trading halt or pause will not be accepted. The current functionality for accepting orders prior to the Exchange releasing the security for trading is used infrequently and consequently the proposed rule change will have little impact on customers. To the extent that there is any impact, it will be that rejecting orders rather than holding them in a suspended state will clarify the state of participant orders, thereby reducing potential confusion. The implementation of the existing functionality for accepting orders prior to the Exchange releasing the security for trading has not been widely used and the Exchange believes the proposed rule change will both improve and simplify the Exchange process for market participants. The proposed rule change also will remove impediments to and perfect the mechanism of a free and open market through competition. Specifically, the proposed rule change will enhance competition by increasing the Exchange’s attractiveness as a venue for trading securities because, as stated above, it will both improve and simplify the Exchange process for market participants. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. The Exchange believes that the proposed rule change will result in an improved and simplified process for market participants, which in turn will reduce potential confusion during important market events. The Exchange believes that this change will enhance competition by increasing its E:\FR\FM\12JYN1.SGM 12JYN1

Agencies

[Federal Register Volume 81, Number 133 (Tuesday, July 12, 2016)]
[Notices]
[Pages 45193-45194]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16542]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given that, pursuant to the provisions of the 
Government in Sunshine Act, Public Law 99-409, the Securities and 
Exchange Commission will hold an Open Meeting on Wednesday, July 13, 
2016, at 10 a.m. in the Auditorium, Room L-002.
    The discussion agenda for the Open Meeting will be:
     The Commission will consider whether to adopt certain 
amendments and issue guidance relating to Regulation SBSR under the 
Securities Exchange Act of 1934.
     The Commission will consider whether to propose amendments 
to rules under the Securities Exchange Act of 1934 regarding disclosure 
of order handling information.
     The Commission will consider whether to propose amendments 
to address redundant, duplicative, overlapping, outdated, or superseded 
disclosure requirements.
    The summary agenda for the Open Meeting will be:
     The Commission will vote on amendments to its Rules of 
Practice regarding administrative proceedings.
    Commissioner Piwowar, as duty officer, voted to consider the items 
listed for the Open Meeting in open session, and determined that 
Commission business required consideration earlier than one week from 
today. No earlier notice of this Meeting was practicable.

[[Page 45194]]

    At times, changes in Commission priorities require alterations in 
the schedules of meeting items. For further information and to 
ascertain what, if any, matters have been added, deleted, or postponed, 
please contact: Brent J. Fields in the Office of the Secretary at (202) 
551-5400.

    Dated: July 7, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-16542 Filed 7-8-16; 11:15 am]
 BILLING CODE 8011-01-P
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