Investment Company Act of 1940; Release No. 32302/October 4, 2016, 70226 [2016-24427]
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70226
Federal Register / Vol. 81, No. 196 / Tuesday, October 11, 2016 / Notices
2016–46, and should be submitted on or
before November 1, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–24422 Filed 10–7–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–79034; File No. SR–
NYSEArca–2016–134]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending Rule 7.16P
October 4, 2016.
SECURITIES AND EXCHANGE
COMMISSION
Investment Company Act of 1940;
Release No. 32302/October 4, 2016
In the Matter of: Advisors Series Trust, 615
East Michigan Street, Milwaukee, WI
53202; Orinda Asset Management, LLC, 4
Orinda Way, Suite 100B, Orinda, CA
94563; (File No. 812–13889)
Order Under Section 38(a) of the
Investment Company Act of 1940
Rescinding a Prior Order
On September 8, 2016, the
Commission issued a notice (Investment
Company Act Release No. 32254) of its
intention to rescind, at the request of
Advisors Series Trust and Orinda Asset
Management, LLC, pursuant to section
38(a) of the Investment Company Act of
1940 (the ‘‘Act’’), a prior order issued to
Advisors Series Trust and Orinda Asset
Management, LLC under section 6(c) of
the Act that granted an exemption from
section 15(a) of the Act and rule 18f–2
under the Act, as well as from certain
disclosure requirements (Investment
Company Act Release No. 30065 (May
21, 2012)) (the ‘‘Prior Order’’).
The notice gave interested persons an
opportunity to request a hearing and
stated that an order rescinding the Prior
Order would be issued unless a hearing
was ordered. No request for a hearing
has been filed.
Accordingly,
It is ordered, pursuant to section 38(a)
of the Act, that the Prior Order be, and
hereby is, rescinded.
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
September 26, 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
Rule 7.16P. 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.
asabaliauskas on DSK3SPTVN1PROD with NOTICES
By the Commission.
Robert W. Errett,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2016–24427 Filed 10–7–16; 8:45 am]
1. Purpose
BILLING CODE 8011–01–P
The Exchange proposes to amend
Rule 7.16P (Short Sales). Specifically,
the Exchange proposes to amend Rule
7.16P(f)(5)(G) regarding the treatment of
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
16 17
CFR 200.30–3(a)(12).
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an Intermarket Sweep Order (‘‘ISO’’) 4
designated Immediate-or-Cancel (‘‘IOC’’)
during a Short Sale Period.5 Rule
7.16P(f)(5)(F) currently provides that
during a Short Sale Period, IOC orders
will be traded to the extent possible at
a Permitted Price 6 and higher and then
cancelled, and the working price will
not be adjusted.7 An IOC ISO with a
limit price at or below the NBB, on the
other hand, is treated unlike an IOC
order during a Short Sale Period and
similar to a Day ISO. Rule 7.16P(f)(5)(G)
currently provides that a Day ISO will
be rejected if the limit price is at or
below the NBB. The Exchange proposes
to amend Rule 7.16P(f)(5)(G) to specify
that an IOC ISO and a Day ISO are both
handled in a similar manner by the
Exchange. The Exchange proposes to
make this change by deleting the word
‘Day’ from Rule 7.16P(f)(5)(G).8 Given
that during a Short Sale Period, an IOC
ISO and a Day ISO are both treated in
a similar manner, the Exchange believes
the proposed change will provide
specificity to the Exchange’s rules that
during a Short Sale Period, all ISOs will
be rejected if the limit price is at or
below the NBB.
2. Statutory Basis
The proposed rule change is
consistent with Section 6(b) of the Act,9
in general, and furthers the objectives of
Section 6(b)(5),10 in particular, because
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, 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.
Specifically, the Exchange believes
that the proposed rule change would
promote just and equitable principles of
4 An ISO is a Limit Order that does not route and
meets the requirements of Rule 600(b)(30) of
Regulation NMS. See Rule 7.31P(e)(3).
5 Short Sale Period is the period of time that the
Short Sale Price Test remains in effect if the Short
Sale Price Test is triggered by the listing market
with respect to a covered security. See Rule
7.16P(f)(4).
6 Permitted Price is the working price and/or
display price adjusted one minimum price
increment above the current NBB for short sale
orders during a Short Sale Period that have a
working price and/or display price equal to or
lower than the NBB. See Rule 7.16P(f)(5)(A).
7 See Rule 7.16P(f)(5)(F).
8 The Exchange proposes a non-substantive
amendment to delete the term ‘‘Order’’ in Rule
7.16P(f)(5)(G) as such term is redundant of the term
ISO, which includes the term ‘‘Order.’’
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 81, Number 196 (Tuesday, October 11, 2016)]
[Notices]
[Page 70226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-24427]
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SECURITIES AND EXCHANGE COMMISSION
Investment Company Act of 1940; Release No. 32302/October 4, 2016
In the Matter of: Advisors Series Trust, 615 East Michigan Street,
Milwaukee, WI 53202; Orinda Asset Management, LLC, 4 Orinda Way,
Suite 100B, Orinda, CA 94563; (File No. 812-13889)
Order Under Section 38(a) of the Investment Company Act of 1940
Rescinding a Prior Order
On September 8, 2016, the Commission issued a notice (Investment
Company Act Release No. 32254) of its intention to rescind, at the
request of Advisors Series Trust and Orinda Asset Management, LLC,
pursuant to section 38(a) of the Investment Company Act of 1940 (the
``Act''), a prior order issued to Advisors Series Trust and Orinda
Asset Management, LLC under section 6(c) of the Act that granted an
exemption from section 15(a) of the Act and rule 18f-2 under the Act,
as well as from certain disclosure requirements (Investment Company Act
Release No. 30065 (May 21, 2012)) (the ``Prior Order'').
The notice gave interested persons an opportunity to request a
hearing and stated that an order rescinding the Prior Order would be
issued unless a hearing was ordered. No request for a hearing has been
filed.
Accordingly,
It is ordered, pursuant to section 38(a) of the Act, that the Prior
Order be, and hereby is, rescinded.
By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-24427 Filed 10-7-16; 8:45 am]
BILLING CODE 8011-01-P
