Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity ETF, 70722-70723 [2016-24699]

Download as PDF 70722 Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices state that the days are calendar days to avoid confusion. Today, ISE uses calendar days, so this is not a substantive change. The sixty days would first apply to invoices related to transactional billing in November 2016 and would apply thereafter.6 The Exchange proposes to apply the billing policy to all charges reflected in its Schedule of Fees. Lhorne on DSK30JT082PROD with NOTICES 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 7 in general, and furthers the objectives of Section 6(b)(5) of the Act 8 in particular, in that it is designed 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, by providing a uniform practice for disputing fees. The Exchange believes the requirement that all billing disputes must be submitted in writing, and with supporting documentation, within sixty calendar days from receipt of the invoice is reasonable in the public interest because the Exchange provides ample tools to properly and swiftly monitor and account for various charges incurred in a given month. Moreover, the proposed billing dispute language, which will lower the Exchange’s administrative burden, is substantially similar to billing dispute language adopted by other exchanges.9 Also, the Exchange’s administrative costs would be lowered as a result of this policy because staff resources would not be diverted to review untimely requests regarding billing. 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. The billing policy would apply uniformly to all ISE Members. The policy is similar to rules adopted by other options exchanges.10 Further, this proposal would provide a cost savings to the Exchange in that it would alleviate administrative processes related to the untimely review of billing disputes which divert staff resources away from the Exchange’s regulatory and business purposes. 6 This proposal would not apply to invoices related to October 2016 billing. 7 15 U.S.C. 78f(b). 8 15 U.S.C. 78f(b)(5). 9 See note 3 above. 10 Id. VerDate Sep<11>2014 14:07 Oct 12, 2016 Jkt 241001 C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing 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, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 11 and subparagraph (f)(6) of Rule 19b–4 thereunder.12 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule 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– ISE–2016–23 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–ISE–2016–23. 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 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–ISE– 2016–23 and should be submitted on or before November 3, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.13 Brent J. Fields, Secretary. [FR Doc. 2016–24698 Filed 10–12–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79062; File No. SR– NYSEArca–2016–64] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity ETF October 6, 2016. I. Introduction 11 15 U.S.C. 78s(b)(3)(A)(iii). 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. PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 On May 2, 2016, NYSE Arca, Inc. (‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act 13 17 E:\FR\FM\13OCN1.SGM CFR 200.30–3(a)(12). 13OCN1 Federal Register / Vol. 81, No. 198 / Thursday, October 13, 2016 / Notices of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to list and trade shares of the AdvisorShares KIM Korea Equity ETF under NYSE Arca Equities Rule 8.600. On May 13, 2016, the Exchange submitted Amendment No. 1 to the proposed rule change.3 The Commission published notice of the proposed rule change, as modified by Amendment No. 1, in the Federal Register on May 23, 2016.4 On May 23, 2016, the Exchange submitted Amendment No. 2 to the proposed rule change.5 On July 7, 2016, pursuant to Section 19(b)(2) of the Act,6 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.7 On August 18, 2016, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act 8 to determine whether to approve or disapprove the proposed rule change.9 The Commission received no comments on the proposed rule change. On September 28, 2016, the Exchange withdrew the proposed rule change. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Brent J. Fields, Secretary. [FR Doc. 2016–24699 Filed 10–12–16; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–79071; File No. SR–NYSE– 2016–64] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Supplementary Material .20 to Rule 103 October 7, 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 September 22, 2016, New York Stock Exchange LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III 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 Supplementary Material .20 to Rule 103 (‘‘NYSE Rule 103.20’’), to reduce the Minimum Net Liquid Assets requirement for Designated Market Maker (‘‘DMM’’) units. 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 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Amendment No. 1 replaced and superseded the original filing in its entirety. Amendment No. 1 is available at https://www.sec.gov/comments/srnysearca-2016-64/nysearca201664-1.pdf. 4 See Securities Exchange Act Release No. 34– 77847 (May 17, 2016), 81 FR 32364. 5 Amendment No. 2 replaced and superseded the original filing in its entirety. Amendment No. 2 is available at https://www.sec.gov/comments/srnysearca-2016-64/nysearca201664-2.pdf. 6 15 U.S.C. 78s(b)(2). 7 See Securities Exchange Act Release No. 78240, 81 FR 45332 (July 13, 2016). 8 15 U.S.C. 78s(b)(2)(B). 9 See Securities Exchange Act Release No. 78614, 81 FR 57981 (August 24, 2016). 10 17 CFR 200.30–3(a)(12). 70723 A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend NYSE Rule 103.20, which sets forth the net liquid assets requirements for a member organization that operates as a DMM unit on the Exchange,4 to reduce the Minimum Net Liquid Assets requirement for DMM units. Current Rule Rule 103.20 sets forth a Net Liquid Assets requirement for each DMM unit 5 in addition to the SEC Net Capital Rule 6 minimum net capital requirement applicable to market-making activities. The purpose of the Exchange’s requirement is to reasonably assure that each DMM unit maintains sufficient liquidity to carry out its obligation to maintain a fair and orderly market in its assigned securities in times of market stress. The formula for the current net liquid assets requirement was established in July 2011, which resulted in the aggregate net liquid assets of all DMM units equaling at least $125 million.7 Under current Rule 103.20(b), each DMM unit must maintain or have allocated to it Net Liquid Assets that are the greater of (1) $1 million, or (2) $125,000 for each one-tenth of one percent (0.1%) of Exchange transaction dollar volume 8 in its registered securities. A DMM unit must inform the Exchange immediately whenever the DMM unit is unable to comply with these requirements.9 Current Rule 103.20(a) defines ‘‘Net Liquid Assets’’ as the sum of (A) ‘‘Excess Net Capital’’ and (B) ‘‘Liquidity’’ dedicated to the DMM unit. Excess Net Capital has the same meaning as the term excess net capital as computed in accordance with the 1 15 Lhorne on DSK30JT082PROD with NOTICES 2 17 VerDate Sep<11>2014 14:07 Oct 12, 2016 Jkt 241001 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 PO 00000 Frm 00060 Fmt 4703 Sfmt 4703 4 Pursuant to Rule 2(j), a DMM unit is defined as a member organization or unit within a member organization that has been approved to act as a DMM unit under Rule 98. Pursuant to Rule 2(i), a DMM is defined as an individual member, officer, partner, employee or associated person of a DMM unit who is approved by the Exchange to act in the capacity of a DMM. All references to rules herein are to NYSE rules, unless otherwise noted. 5 All DMMs on the Exchange are required to comply with Rule 104. 6 See 17 CFR 240.15c3–1. 7 See Securities Exchange Act Release No. 64918 (July 19, 2011), 76 FR 44390 (July 25, 2011) (SR– NYSE–2011–35) (‘‘Release No. 64918’’). 8 The term ‘‘Exchange transaction dollar volume’’ means the most recent Statistical Data, calculated and provided by the NYSE on a monthly basis. See Rule 103.20(a)(4). 9 See Rule 103.20(c)(1)(A). E:\FR\FM\13OCN1.SGM 13OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 81, Number 198 (Thursday, October 13, 2016)]
[Notices]
[Pages 70722-70723]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-24699]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79062; File No. SR-NYSEArca-2016-64]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Withdrawal of a Proposed Rule Change, as Modified by Amendment Nos. 1 
and 2, To List and Trade Shares of the AdvisorShares KIM Korea Equity 
ETF

October 6, 2016.

I. Introduction

    On May 2, 2016, NYSE Arca, Inc. (``Exchange'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act

[[Page 70723]]

of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule 
change to list and trade shares of the AdvisorShares KIM Korea Equity 
ETF under NYSE Arca Equities Rule 8.600. On May 13, 2016, the Exchange 
submitted Amendment No. 1 to the proposed rule change.\3\ The 
Commission published notice of the proposed rule change, as modified by 
Amendment No. 1, in the Federal Register on May 23, 2016.\4\ On May 23, 
2016, the Exchange submitted Amendment No. 2 to the proposed rule 
change.\5\ On July 7, 2016, pursuant to Section 19(b)(2) of the Act,\6\ 
the Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\7\ On August 18, 2016, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \8\ to determine whether to 
approve or disapprove the proposed rule change.\9\ The Commission 
received no comments on the proposed rule change. On September 28, 
2016, the Exchange withdrew the proposed rule change.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 replaced and superseded the original filing 
in its entirety. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nysearca-2016-64/nysearca201664-1.pdf.
    \4\ See Securities Exchange Act Release No. 34-77847 (May 17, 
2016), 81 FR 32364.
    \5\ Amendment No. 2 replaced and superseded the original filing 
in its entirety. Amendment No. 2 is available at https://www.sec.gov/comments/sr-nysearca-2016-64/nysearca201664-2.pdf.
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 78240, 81 FR 45332 
(July 13, 2016).
    \8\ 15 U.S.C. 78s(b)(2)(B).
    \9\ See Securities Exchange Act Release No. 78614, 81 FR 57981 
(August 24, 2016).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-24699 Filed 10-12-16; 8:45 am]
BILLING CODE 8011-01-P

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