Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct Typographical Errors in Certain Referenced Time Frames, 51528-51530 [2016-18474]
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51528
Federal Register / Vol. 81, No. 150 / Thursday, August 4, 2016 / Notices
sradovich on DSK3GMQ082PROD with NOTICES
Financial Industry Regulatory
Authority, Inc., International Securities
Exchange, LLC, ISE Gemini, LLC, Miami
International Securities Exchange LLC,
NASDAQ OMX BX, Inc., NASDAQ
OMX PHLX LLC, The NASDAQ Stock
Market LLC, National Stock Exchange,
Inc., New York Stock Exchange LLC,
NYSE MKT LLC, and NYSE Arca, Inc.
(collectively, ‘‘SROs’’ or ‘‘Participants’’),
filed with the Securities and Exchange
Commission (the ‘‘Commission’’ or
‘‘SEC’’) a National Market System Plan
Governing the Consolidated Audit Trail
(the ‘‘CAT NMS Plan’’ or ‘‘Plan’’).1 The
proposed Plan was published for
comment in the Federal Register on
May 17, 2016.2 The Commission has
received 22 comments on the proposed
Plan.3
1 See Letter from Participants to Brent J. Fields,
Secretary, Commission, dated February 27, 2015.
2 See Securities Exchange Act Release No. 77724
(April 27, 2016), 81 FR 30614.
3 See Letters to Brent J. Fields, Secretary,
Commission, from Kathleen Weiss Hanley, BoltonPerella Chair in Finance, Lehigh University, et al.,
dated July 12, 2016; Courtney Doyle McGuinn, FIX
Operations Director, FIX Trading Community, dated
July 14, 2016; Kelvin To, Founder and President,
Data Boiler Technologies, LLC, dated July 15, 2016;
Richard Foster, Senior Vice President and Senior
Counsel for Regulatory and Legal Affairs, Financial
Services Roundtable, dated July 15, 2016; David T.
Bellaire, Executive Vice President & General
Counsel, Financial Services Institute, dated, July 18,
2016; Stuart J. Kaswell, Executive Vice President &
Managing Director, General Counsel, Managed
Funds Association, July 18, 2016; David W. Blass,
General Counsel, Investment Company Institute,
dated July 18, 2016; Larry E. Thompson, Vice
Chairman and General Counsel, Depository Trust &
Clearing Corporation, dated July 18, 2016; Manisha
Kimmel, Chief Regulatory Officer, Wealth
Management, Thomson Reuters, dated July 18,
2016; Theodore R. Lazo, Managing Director and
Associate General Counsel, and Ellen Greene,
Managing Director, Financial Services Operations,
Securities Industry and Financial Markets
Association, dated July 18, 2016; Anonymous,
received July 18, 2016; Mary Lou Von Kaenel,
Managing Director, Financial Information Forum,
dated July 18, 2016; Marc R. Bryant, Senior Vice
President, Deputy General Counsel, Fidelity
Investments, dated July 18, 2016; Mark Husler,
CEO, UniVista, and Jonathan Jachym, Head of North
America Regulatory Strategy & Government
Relations, London Stock Exchange Group, dated
July 18, 2016; Gary Stone, Chief Strategy Officer for
Trading Solutions and Global Regulatory and Policy
Group, Bloomberg, L.P., dated July 18, 2016; Bonnie
K. Wachtel, Wachtel Co Inc., dated July 18, 2016;
Dennis M. Kelleher, President & CEO, Stephen W.
Hall, Legal Director & Securities Specialist, Lev
Bagramian, Senior Securities Policy Advisor, Better
Markets, dated July 18, 2016; John A. McCarthy,
General Counsel, KCG Holdings, Inc., dated July 20,
2016; Industry Members of the Development
Advisory Group (including Financial Information
Forum, Securities Industry and Financial Markets
Association and Securities Traders Association),
dated July 20, 2016; Joanne Moffic-Silver, EVP,
General Counsel & Corporate Secretary, Chicago
Board Options Exchange, Incorporated, dated July
21, 2016; Elizabeth K. King, NYSE Group, Inc.,
dated July 21, 2016; John Russell, Chairman of the
Board, and James Toes, President & CEO, Securities
Traders Association, dated July 25, 2016.
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Rule 608 4 under Section 11A of the
Act 5 provides that within 120 days of
the date of publication of notice of filing
of an NMS plan or an amendment to an
effective NMS plan the Commission
shall approve such plan or amendment,
with such changes or subject to such
conditions as the Commission may
deem necessary or appropriate, if it
finds that such plan or amendment is
necessary and appropriate in the public
interest, for the protection of investors
and the maintenance of fair and orderly
markets, to remove impediments to, and
perfect the mechanisms of, a national
market system, or otherwise in
furtherance of the purposes of the Act.
The 120th day after publication of the
proposed Plan is September 14, 2016.
Rule 608, however, provides that the
Commission may extend the period
within which it must approve an NMS
Plan or amendment to an effective NMS
Plan up to 180 days, if it finds such
longer period to be appropriate and
publishes its reasons for so finding or as
to which the sponsors consent.
The Commission hereby extends the
time period for Commission action on
the proposed Plan and designates
November 10, 2016, which is the last
business day before the 180th day after
publication of the proposed Plan,6 as
the time period for Commission action.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed Plan to afford the Commission
with additional time to consider the
comments received on the proposed
Plan, which are broad in scope.
Accordingly, pursuant to Section 11A
of the Act 7 and Rule 608 thereunder,8
the Commission designates November
10, 2016 as the date for Commission
action on the proposed Plan.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–18477 Filed 8–3–16; 8:45 am]
BILLING CODE 8011–01–P
CFR 242.608.
U.S.C. 78k–1.
6 The Commission notes that Sunday, November
13, 2016 is the 180th day after publication of the
proposed Plan.
7 15 U.S.C. 78k–1.
8 17 CFR 242.608.
9 17 CFR 200.30–3(a)(42).
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78447; File No. SR–IEX–
2016–03]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Correct
Typographical Errors in Certain
Referenced Time Frames
July 29, 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 July 27,
2016, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) 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
Pursuant to the provisions of Section
19(b)(1) under the Securities Exchange
Act of 1934 (‘‘Act’’),4 and Rule 19b–4
thereunder,5 Investors Exchange LLC
(‘‘IEX’’ or ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to make a nonsubstantive change to
correct typographical errors in the
referenced time frames for the PostMarket Hours and the Post-Market
Session trading in Rule 1.160(aa), the
referenced time frames for System
Hours in Rule 1.160(oo), and the
referenced time frames for the Regular
Market Session, Pre-Market Session and
Post-Market Session in Rule 16.105(a)(7)
and (b)(7). The Exchange has designated
this rule change as ‘‘non-controversial’’
under Section 19(b)(3)(A) of the Act 6
and provided the Commission with the
notice required by Rule 19b–4(f)(6)(iii)
thereunder.7
The text of the proposed rule change
is available at the Exchange’s Web site
at www.iextrading.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
4 17
5 15
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1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 15 U.S.C. 78s(b)(1).
5 17 CFR 240.19b–4.
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(6)(iii).
2 15
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Federal Register / Vol. 81, No. 150 / Thursday, August 4, 2016 / Notices
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 these statement [sic] may be
examined at the places specified in Item
IV below. The self-regulatory
organization has prepared summaries,
set forth in Sections A, B, and C below,
of the most significant aspects of such
statements.
sradovich on DSK3GMQ082PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of this proposed rule
filing is to correct typographical errors
in the referenced time frames for the
Post-Market Hours and the Post-Market
Session trading in Rule 1.160(aa), the
referenced time frames for System
Hours in Rule 1.160(oo), as well as the
referenced time frames for the Regular
Market Session, Pre-Market Session and
Post-Market Session in Rule 16.105(a)(7)
and (b)(7).
Specifically, Rule 1.160(aa)
incorrectly states that the term ‘‘PostMarket Hours’’ or ‘‘Post Market Session’’
shall mean the time between 4:30 p.m.
and 5:30 p.m. Eastern Time. The rule
should instead state that the term ‘‘PostMarket Hours’’ or ‘‘Post Market Session’’
shall mean the time between 4:00 p.m.
and 5:00 p.m. Eastern Time. Similarly,
Rule 1.160(oo) incorrectly states that the
term ‘‘System Hours’’ ends at 5:30 p.m.
Eastern Time, rather than 5:00 p.m.
Eastern Time.
In addition, Rule 16.105(a)(7) and
(b)(7) incorrectly state that Regular
Market Session trading occurs until 4:15
p.m. rather than 4:00 p.m. Those rule
provisions also incorrectly state that the
Pre-Market Session begins at 4:00 a.m.
rather than 8:00 a.m. and that the PostMarket Session ends at 8:00 p.m. rather
than 5:00 p.m.
The proposed rule change would
correct the time frame references, and
thus clarify exchange rules and alleviate
any confusion among market
participants.
2. Statutory Basis
IEX believes that the proposed rule
change is consistent with Section 6(b) 8
of the Act in general, and furthers the
8 15
U.S.C. 78f(b).
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objectives of Section 6(b)(5) of the Act 9
in particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, 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. The Exchange believes it
is appropriate to make the specified
corrections so that the correct times are
referenced in its rules and alleviate any
confusion among market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
IEX does not believe that the
proposed rule change will result in any
burden on competition because IEX is
merely correcting its rules to correct
inadvertent errors.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule
filing as non-controversial under
Section 19(b)(3)(A) 10 of the Act and
Rule 19b–4(f)(6) 11 thereunder. 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
for 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, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act and Rule 19b–4(f)(6) thereunder.12
The Exchange notes that its proposal
makes a non-substantive change and has
asked the Commission to waive the 30day operative delay, making this
proposal operative upon filing. The
Commission believes that waiver of the
operative delay is consistent with the
protection of investors and the public
interest because the Exchange is merely
correcting referenced time frames,
9 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A).
11 17 CFR 240.19b–4(f)(6).
12 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.
10 15
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51529
which may alleviate any potential
confusion among market participants.
Therefore, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.13
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 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) 14 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–
IEX–2016–03 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–IEX–2016–03. 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
13 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
14 15 U.S.C. 78s(b)(2)(B).
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Federal Register / Vol. 81, No. 150 / Thursday, August 4, 2016 / Notices
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–IEX–
2016–03 and should be submitted on or
before August 25, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–18474 Filed 8–3–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78446; File No. SR–CHX–
2016–12]
Self-Regulatory Organizations;
Chicago Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change To Provide
Web-Based Delivery of the Continuing
Education Program
July 29, 2016.
sradovich on DSK3GMQ082PROD with NOTICES
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1, and Rule 19b–42 thereunder,
notice is hereby given that on July 20,
2016, the Chicago Stock Exchange, Inc.
(‘‘CHX’’ or the ‘‘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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
CHX proposes to amend the Rules of
the Exchange (‘‘CHX Rules’’) to provide
for web-based delivery of the continuing
15 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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Jkt 238001
education (‘‘CE’’) program (‘‘CE Online
System’’).3
CHX has designated this proposed
rule change as non-controversial
pursuant to section 19(b)(3)(A) 4 of the
Act and Rule 19b–4(f)(6) 5 thereunder
and has provided the Commission with
the notice required by Rule 19b–
4(f)(6)(iii).6
The text of this proposed rule change
is available on the Exchange’s Web site
at (www.chx.com) and in 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
CHX included statements concerning
the purpose of and basis for the
proposed rule changes 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
CHX 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 CE requirement under current
Article 6, Rule 11 consists of a
Regulatory Element 7 and a Firm
Element.8 The Regulatory Element
applies to all registered persons and
consists of periodic computer-based
training on regulatory, compliance,
ethical, and supervisory subjects and
sales practice standards, which must be
completed with prescribed timeframes.9
Current Article 6, Rule 11(a)(3) provides
that the Exchange offers the following
Regulatory Elements for Exchange
registered persons: The S201 Supervisor
Program for registered principals and
supervisors; The S501 Series 56
Proprietary Trader Continuing
Education Program for Series 56
3 The proposed rule change is based on a recent
FINRA filing adopting web-based delivery of the CE
Regulatory Element program. See Securities
Exchange Act Release No. 75581 (July 31, 2015), 80
FR 47018 (August 6, 2015) (Order Approving a
Proposed Rule Change to Provide a Web-based
Delivery Method for Completing the Regulatory
Element of the Continuing Education Requirements)
(SR–FINRA–2015–015).
4 15 U.S.C. 78s(b)(3)(A).
5 17 CFR 240.19b–4(f)(6).
6 17 CFR 240.19b–4(f)(6)(iii).
7 See CHX Article 6, Rule 11(a).
8 See CHX Article 6, Rule 11(b).
9 See to CHX Article 6, Rule 11(a)
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Frm 00101
Fmt 4703
Sfmt 4703
registered persons; 10 and the S101
General Program for Series 7 and all
other registered persons.
Given that test center delivery is no
longer available for individuals other
than those individuals that require
accommodations due to a disability,11
the Exchange proposes to adopt Article
6, Rule 11(a)(4), which states that the
continuing education Regulatory
Element will be administered through
Web-based delivery or such other
technological manner and format as
specified by the Exchange.12 Should the
Exchange determine to administer the
Regulatory Element through a delivery
mechanism other than as described
under this proposed rule change, the
Exchange would notify the Commission
and would need to file a further rule
change with the Commission.
Before commencing a Web-based
session, each candidate will be required
to agree to the Rules of Conduct for
Web-based delivery. Among other
things, the Rules of Conduct will require
each candidate to attest that he or she
is in fact the person who is taking the
Web-based session. The Rules of
Conduct will also require that each
candidate agree that the Regulatory
Element content is intellectual property
and that the content cannot be copied or
redistributed by any means. If the
Exchange discovers that a candidate has
violated the Rules of Conduct, the
candidate will forfeit the results of the
Web-based session and may be subject
to disciplinary action by the Exchange.
Violation of the Rules of Conduct will
10 The Exchange intends on filing a proposed rule
change to, among other things, replace the
Proprietary Trader registration category and the
corresponding Series 56 exam and the S501
Proprietary Trader Continuing Education Program
for Series 56 registered persons with the Securities
Trader registration category and the corresponding
Series 57 exam and require such Series 57
registered persons to take the S101 General Program
to fulfill the Regulatory Element requirement, as the
Series 56 was replaced with the Series 57 exam by
FINRA, effective January 4, 2016. See Securities
Exchange Act Release No. 75783 (August 28, 2015),
80 FR 53369 (September 3, 2015) (Order Approving
a Proposed Rule Change To Establish the Securities
Trader and Securities Trader Principal Registration
Categories) (SR–FINRA–2015–017).
11 As of July 1, 2016, FINRA required all
participants to complete their Regulatory Element
session using the CE Online System; provided that
certain participants who, pursuant to the Americans
with Disabilities Act, that [sic] need
accommodations in completing their session due to
a disability may apply for an accommodation and
complete their session at a test center. See
Securities Exchange Act Release No. 78281 (July 11,
2016), 81 FR 46133 (July 15, 2016) (SR–FINRA–
2016–025); see also Americans with Disabilities Act
of 1990, Public Law 101–336, 104 Stat. 328 (1990).
12 The Exchange intends on filing a proposed rule
change to amend its fee schedule to reduce the cost
of the Regulatory Element from $100 to $55 to be
consistent with Section 4(f) of the Schedule A to the
FINRA By-Laws.
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]]>Agencies
[Federal Register Volume 81, Number 150 (Thursday, August 4, 2016)]
[Notices]
[Pages 51528-51530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-18474]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78447; File No. SR-IEX-2016-03]
Self-Regulatory Organizations; Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Correct
Typographical Errors in Certain Referenced Time Frames
July 29, 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 July 27, 2016, the Investors Exchange LLC (``IEX'' or
the ``Exchange'') 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
Pursuant to the provisions of Section 19(b)(1) under the Securities
Exchange Act of 1934 (``Act''),\4\ and Rule 19b-4 thereunder,\5\
Investors Exchange LLC (``IEX'' or ``Exchange'') is filing with the
Securities and Exchange Commission (``Commission'') a proposed rule
change to make a nonsubstantive change to correct typographical errors
in the referenced time frames for the Post-Market Hours and the Post-
Market Session trading in Rule 1.160(aa), the referenced time frames
for System Hours in Rule 1.160(oo), and the referenced time frames for
the Regular Market Session, Pre-Market Session and Post-Market Session
in Rule 16.105(a)(7) and (b)(7). The Exchange has designated this rule
change as ``non-controversial'' under Section 19(b)(3)(A) of the Act
\6\ and provided the Commission with the notice required by Rule 19b-
4(f)(6)(iii) thereunder.\7\
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(1).
\5\ 17 CFR 240.19b-4.
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at www.iextrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
[[Page 51529]]
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 these statement [sic] may be examined
at the places specified in Item IV below. The self-regulatory
organization 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 purpose of this proposed rule filing is to correct
typographical errors in the referenced time frames for the Post-Market
Hours and the Post-Market Session trading in Rule 1.160(aa), the
referenced time frames for System Hours in Rule 1.160(oo), as well as
the referenced time frames for the Regular Market Session, Pre-Market
Session and Post-Market Session in Rule 16.105(a)(7) and (b)(7).
Specifically, Rule 1.160(aa) incorrectly states that the term
``Post-Market Hours'' or ``Post Market Session'' shall mean the time
between 4:30 p.m. and 5:30 p.m. Eastern Time. The rule should instead
state that the term ``Post-Market Hours'' or ``Post Market Session''
shall mean the time between 4:00 p.m. and 5:00 p.m. Eastern Time.
Similarly, Rule 1.160(oo) incorrectly states that the term ``System
Hours'' ends at 5:30 p.m. Eastern Time, rather than 5:00 p.m. Eastern
Time.
In addition, Rule 16.105(a)(7) and (b)(7) incorrectly state that
Regular Market Session trading occurs until 4:15 p.m. rather than 4:00
p.m. Those rule provisions also incorrectly state that the Pre-Market
Session begins at 4:00 a.m. rather than 8:00 a.m. and that the Post-
Market Session ends at 8:00 p.m. rather than 5:00 p.m.
The proposed rule change would correct the time frame references,
and thus clarify exchange rules and alleviate any confusion among
market participants.
2. Statutory Basis
IEX believes that the proposed rule change is consistent with
Section 6(b) \8\ of the Act in general, and furthers the objectives of
Section 6(b)(5) of the Act \9\ in particular, in that it is designed to
prevent fraudulent and manipulative acts and practices, 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. The
Exchange believes it is appropriate to make the specified corrections
so that the correct times are referenced in its rules and alleviate any
confusion among market participants.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
IEX does not believe that the proposed rule change will result in
any burden on competition because IEX is merely correcting its rules to
correct inadvertent errors.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated this rule filing as non-controversial
under Section 19(b)(3)(A) \10\ of the Act and Rule 19b-4(f)(6) \11\
thereunder. 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 for 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, it has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\12\ The Exchange notes that its proposal makes a
non-substantive change and has asked the Commission to waive the 30-day
operative delay, making this proposal operative upon filing. The
Commission believes that waiver of the operative delay is consistent
with the protection of investors and the public interest because the
Exchange is merely correcting referenced time frames, which may
alleviate any potential confusion among market participants. Therefore,
the Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\13\
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 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.
\13\ For purposes only of waiving the 30-day operative delay,
the Commission has also 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 the 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) \14\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\14\ 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-IEX-2016-03 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-IEX-2016-03. 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
[[Page 51530]]
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-IEX-2016-03 and should be submitted on or before August
25, 2016.
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\15\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-18474 Filed 8-3-16; 8:45 am]
BILLING CODE 8011-01-P
