Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Commentary .06 to Rule 6.8 To Extend the Pilot Program That Eliminated the Position Limits for Options on SPDR S&P 500 ETF, 32908-32910 [2017-14982]
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Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices
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 15b6–1 and Form BDW; SEC File No.
270–17, OMB Control No. 3235–0018
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 15b6–1 (17 CFR 240.15b6–1),
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.).
Registered broker-dealers use Form
BDW (17 CFR 249.501a) to withdraw
from registration with the Commission,
the self-regulatory organizations, and
the states. On average, the Commission
estimates that it would take a brokerdealer approximately one hour to
complete and file a Form BDW to
withdraw from Commission registration
as required by Rule 15b6–1. The
Commission estimates that
approximately 380 broker-dealers
withdraw from Commission registration
annually 1 and, therefore, file a Form
BDW via the internet with the Central
Registration Depository, a computer
system operated by the Financial
Industry Regulatory Authority, Inc. that
maintains information regarding
registered broker-dealers and their
registered personnel. The 380 brokerdealers that withdraw from registration
by filing Form BDW would incur an
aggregate annual reporting burden of
approximately 380 hours.2
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
sradovich on DSK3GMQ082PROD with NOTICES
1 This
estimate is based on Form BDW data
collected over the past three years for fully
registered broker-dealers. This estimate is based on
the numbers of forms filed; therefore, the number
may include multiple forms per broker-dealer if the
broker-dealer’s initial filing was incomplete. In
fiscal year (from 10/1 through 9/30) 2014, 454
broker-dealers withdrew from registration. In fiscal
year 2015, 327 broker-dealers withdrew from
registration. In fiscal year 2016, 360 broker-dealers
withdrew from registration. (454 + 327 + 360)/3 =
380.
2 (380 × 1 hour) = 380 hours.
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17:47 Jul 17, 2017
Jkt 241001
The public may view background
documentation for this information
collection at the following Web site:
www.reginfo.gov. Comments should be
directed to: (i) Desk Officer for the
Securities and Exchange Commission,
Office of Information and Regulatory
Affairs, Office of Management and
Budget, Room 10102, New Executive
Office Building, Washington, DC 20503,
or by sending an email to: Shagufta_
Ahmed@omb.eop.gov; and (ii) Pamela
Dyson, Director/Chief Information
Officer, Securities and Exchange
Commission, c/o Remi Pavlik-Simon,
100 F Street NE., Washington, DC
20549, or by sending an email to: PRA_
Mailbox@sec.gov. Comments must be
submitted to OMB within 30 days of
this notice.
Dated: July 11, 2017.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–14969 Filed 7–17–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–81129; File No. SR–
NYSEArca–2017–76]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Commentary
.06 to Rule 6.8 To Extend the Pilot
Program That Eliminated the Position
Limits for Options on SPDR S&P 500
ETF
July 12, 2017.
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 10,
2017, 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 the Substance
of the Proposed Rule Change
The Exchange proposes to amend
Commentary .06 to Rule 6.8 to extend
the pilot program that eliminated the
position limits for options on SPDR S&P
500 ETF (‘‘SPY’’) (‘‘SPY Pilot Program’’).
PO 00000
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
Frm 00124
Fmt 4703
Sfmt 4703
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Commentary .06 to Rule 6.8 to extend
the time period of the SPY Pilot
Program,4 which is currently scheduled
to expire on July 12, 2017, through July
12, 2018.
This filing does not propose any
substantive changes to the SPY Pilot
Program. In proposing to extend the
SPY Pilot Program, the Exchange
reaffirms its consideration of several
factors that supported the original
proposal of the SPY Pilot Program,
including (1) the availability of
economically equivalent products and
their respective position limits, (2) the
liquidity of the option and the
underlying security, (3) the market
capitalization of the underlying security
and the related index, (4) the reporting
of large positions and requirements
surrounding margin, and (5) the
potential for market on close volatility.
In the July 2016 Extension, the
Exchange stated that if it were to
propose an extension, permanent
approval or termination of the program,
the Exchange would submit, along with
any filing proposing such amendments
to the program, a report providing an
analysis of the SPY Pilot Program
covering the period since the previous
4 See Securities Exchange Act Release No. 68001
(October 5, 2012), 77 FR 62303 (October 12, 2012).
The SPY Pilot Program was subsequently extended.
See Securities Exchange Act Release Nos. 70968
(December 3, 2013), 78 FR 73899 (December 9,
2013); 74029 (January 9, 2015), 80 FR 2161 (January
15, 2015); 75415 (July 9, 2015), 80 FR 41541 (July
15, 2015); and 78242 (July 7, 2016), 81 FR 45330
(July 13, 2016) (the ‘‘July 2016 Extension’’).
E:\FR\FM\18JYN1.SGM
18JYN1
Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices
extension (the ‘‘Pilot Report’’).
Accordingly, the Exchange is submitting
a Pilot Report detailing the Exchange’s
experience with the SPY Pilot Program
for the period covering twelve (12)
months from June 2016 to May 2017.
The Pilot Report is attached as Exhibit
3 to this filing [sic]. The Exchange notes
that it is unaware of any problems
created by the SPY Pilot Program and
does not foresee any as a result of the
proposed extension. In extending the
SPY Pilot Program, the Exchange states
that if it were to propose another
extension, permanent approval or
termination of the program, the
Exchange will submit another Pilot
Report covering the period since the
previous extension, which will be
submitted at least 30 days before the
end of the proposed extension. If the
SPY Pilot Program is not extended or
adopted on a permanent basis by July
12, 2018, the position limits for SPY
would revert to limits in effect at the
commencement of the pilot program.
The proposed extension will allow the
Exchange and the Commission
additional time to further evaluate the
SPY Pilot Program and its effect on the
market.
sradovich on DSK3GMQ082PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 5 in general, and furthers the
objectives of Section 6(b)(5) of the Act 6
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
that extending the SPY Pilot Program
promotes just and equitable principles
of trade by permitting market
participants, including market makers,
institutional investors and retail
investors, to establish greater positions
when pursuing their investment goals
and needs.
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 not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not designed to
address any aspect of competition,
whether between the Exchange and its
competitors, or among market
5 15
6 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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17:47 Jul 17, 2017
Jkt 241001
participants. Instead, the proposed rule
change is designed to allow the SPY
Pilot Program to continue
uninterrupted. Additionally, the
Exchange expects all other SROs that
currently have rules regarding the SPY
Pilot Program to also extend the pilot
program for an additional year.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
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
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) of the Act and Rule 19b–
4(f)(6) thereunder.7
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 8 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 9
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Exchange believes that
waiver of the operative delay is
consistent with the protection of
investors and the public interest
because it will allow the SPY Pilot
Program to continue without
interruption. The Commission believes
that waiving the 30-day operative delay
is consistent with the protection of
investors and the public interest.
Therefore, the Commission hereby
waives the operative delay and
designates the proposed rule change
operative upon filing.10
7 17 CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
description and the text of 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.
8 17 CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6)(iii).
10 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
PO 00000
Frm 00125
Fmt 4703
Sfmt 4703
32909
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
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–
NYSEArca–2017–76 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–NYSEArca–2017–76. 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 such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\18JYN1.SGM
18JYN1
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Federal Register / Vol. 82, No. 136 / Tuesday, July 18, 2017 / Notices
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–
NYSEArca–2017–76, and should be
submitted on or before August 8, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–14982 Filed 7–17–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
sradovich on DSK3GMQ082PROD with NOTICES
Extension:
Rule 0–2; Form ADV–NR; SEC File No.
270–214, OMB Control No. 3235–0240
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is ‘‘Rule 0–2 and Form
ADV–NR under the Investment Advisers
Act of 1940.’’ Rule 0–2 and Form ADV–
NR facilitate service of process to nonresident investment advisers and
exempt reporting advisers and their
non-resident general partners or nonresident managing agents. The Form
requires these persons to designate the
Commission as agent for service of
process. The purpose of this collection
of information to obtain appropriate
consent to permit the Commission and
other parties to bring actions against
non-resident partners and agents for
violations of the federal securities laws
and to enable the commencement of
legal and/or regulatory actions against
investment advisers that are doing
business in the United States, but are
not residents.
The respondents to this information
collection would be each non-resident
11 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
17:47 Jul 17, 2017
Jkt 241001
general partner or non-resident
managing agent of an SEC-registered
adviser and each non-resident general
partner or non-resident managing agent
of an exempt reporting adviser. The
Commission has estimated that
compliance with the requirement to
complete Form ADV–NR imposes a total
burden of approximately 1.0 hours for
an adviser. Based on our experience
with these filings, we estimate that we
will receive 36 Form ADV–NR filings
annually. Based on the 1.0 hours per
respondent estimate, the Commission
staff estimates a total annual burden of
36 hours for this collection of
information.
Rule 0–2 and Form ADV–NR do not
require recordkeeping or records
retention. The collection of information
requirements under the rule and form is
mandatory. The information collected
pursuant to the rule and Form ADV–NR
is a filing with the Commission. This
filing is not kept confidential and must
be preserved until at least three years
after termination of the enterprise. An
agency may not conduct or sponsor, and
a person is not required to respond to,
a collection of information unless it
displays a currently valid control
number.
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication. An agency may not conduct
or sponsor a collection of information
unless it displays a currently valid OMB
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
a valid OMB control number.
Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE.,
Washington, DC 20549; or send an email
to: PRA_Mailbox@sec.gov.
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
Dated: July 11, 2017.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017–14966 Filed 7–17–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meeting
Notice is hereby given, pursuant to
the provisions of the Government in the
Sunshine Act, Public Law 94–409, that
the Securities and Exchange
Commission will hold a closed meeting
on Thursday, July 20, 2017 at 2 p.m.
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10)
and 17 CFR 200.402(a)(3), (a)(5), (a)(7),
(a)(9)(ii) and (a)(10), permit
consideration of the scheduled matters
at the closed meeting.
Commissioner Stein, as duty officer,
voted to consider the items listed for the
closed meeting in closed session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
For further information and to
ascertain what, if any, matters have been
added, deleted or postponed; please
contact Brent J. Fields from the Office of
the Secretary at (202) 551–5400.
Dated: July 13, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017–15104 Filed 7–14–17; 11:15 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,
E:\FR\FM\18JYN1.SGM
18JYN1
]]>Agencies
[Federal Register Volume 82, Number 136 (Tuesday, July 18, 2017)]
[Notices]
[Pages 32908-32910]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-14982]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-81129; File No. SR-NYSEArca-2017-76]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Commentary
.06 to Rule 6.8 To Extend the Pilot Program That Eliminated the
Position Limits for Options on SPDR S&P 500 ETF
July 12, 2017.
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 10, 2017, 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.
---------------------------------------------------------------------------
\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 the
Substance of the Proposed Rule Change
The Exchange proposes to amend Commentary .06 to Rule 6.8 to extend
the pilot program that eliminated the position limits for options on
SPDR S&P 500 ETF (``SPY'') (``SPY Pilot Program''). 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.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Commentary .06 to Rule 6.8 to extend
the time period of the SPY Pilot Program,\4\ which is currently
scheduled to expire on July 12, 2017, through July 12, 2018.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 68001 (October 5,
2012), 77 FR 62303 (October 12, 2012). The SPY Pilot Program was
subsequently extended. See Securities Exchange Act Release Nos.
70968 (December 3, 2013), 78 FR 73899 (December 9, 2013); 74029
(January 9, 2015), 80 FR 2161 (January 15, 2015); 75415 (July 9,
2015), 80 FR 41541 (July 15, 2015); and 78242 (July 7, 2016), 81 FR
45330 (July 13, 2016) (the ``July 2016 Extension'').
---------------------------------------------------------------------------
This filing does not propose any substantive changes to the SPY
Pilot Program. In proposing to extend the SPY Pilot Program, the
Exchange reaffirms its consideration of several factors that supported
the original proposal of the SPY Pilot Program, including (1) the
availability of economically equivalent products and their respective
position limits, (2) the liquidity of the option and the underlying
security, (3) the market capitalization of the underlying security and
the related index, (4) the reporting of large positions and
requirements surrounding margin, and (5) the potential for market on
close volatility.
In the July 2016 Extension, the Exchange stated that if it were to
propose an extension, permanent approval or termination of the program,
the Exchange would submit, along with any filing proposing such
amendments to the program, a report providing an analysis of the SPY
Pilot Program covering the period since the previous
[[Page 32909]]
extension (the ``Pilot Report''). Accordingly, the Exchange is
submitting a Pilot Report detailing the Exchange's experience with the
SPY Pilot Program for the period covering twelve (12) months from June
2016 to May 2017. The Pilot Report is attached as Exhibit 3 to this
filing [sic]. The Exchange notes that it is unaware of any problems
created by the SPY Pilot Program and does not foresee any as a result
of the proposed extension. In extending the SPY Pilot Program, the
Exchange states that if it were to propose another extension, permanent
approval or termination of the program, the Exchange will submit
another Pilot Report covering the period since the previous extension,
which will be submitted at least 30 days before the end of the proposed
extension. If the SPY Pilot Program is not extended or adopted on a
permanent basis by July 12, 2018, the position limits for SPY would
revert to limits in effect at the commencement of the pilot program.
The proposed extension will allow the Exchange and the Commission
additional time to further evaluate the SPY Pilot Program and its
effect on the market.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \5\ in general, and furthers the objectives of Section
6(b)(5) of the Act \6\ 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 that extending the SPY Pilot Program promotes just and
equitable principles of trade by permitting market participants,
including market makers, institutional investors and retail investors,
to establish greater positions when pursuing their investment goals and
needs.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 not necessary or appropriate in
furtherance of the purposes of the Act. The proposed rule change is not
designed to address any aspect of competition, whether between the
Exchange and its competitors, or among market participants. Instead,
the proposed rule change is designed to allow the SPY Pilot Program to
continue uninterrupted. Additionally, the Exchange expects all other
SROs that currently have rules regarding the SPY Pilot Program to also
extend the pilot program for an additional year.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
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
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) of the Act and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------
\7\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief description and the text of 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.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \8\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \9\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The Exchange
believes that waiver of the operative delay is consistent with the
protection of investors and the public interest because it will allow
the SPY Pilot Program to continue without interruption. The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\10\
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\8\ 17 CFR 240.19b-4(f)(6).
\9\ 17 CFR 240.19b-4(f)(6)(iii).
\10\ For purposes only of waiving the 30-day operative delay,
the Commission has 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 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-NYSEArca-2017-76 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-NYSEArca-2017-76. 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 such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments
[[Page 32910]]
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-NYSEArca-2017-76, and should
be submitted on or before August 8, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2017-14982 Filed 7-17-17; 8:45 am]
BILLING CODE 8011-01-P
