Notice of Intention To Cancel Registration Pursuant to Section 203(H) of the Investment Advisers Act of 1940, 27258-27259 [2020-09708]
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Federal Register / Vol. 85, No. 89 / Thursday, May 7, 2020 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
members of the ISG, and the Exchange
or FINRA, on behalf of the Exchange, or
both, may obtain trading information in
ETPs from such markets and other
entities. The Exchange believes that
these robust surveillance procedures
will further act to mitigate any
manipulation concerns that arise from
extending the compliance period for the
Beneficial Holders Rules from 12
months to 36 months.
The Exchange also believes that the
other continued listing standards in the
Exchange’s rules or representations that
constitute continued listing standards in
Exchange rule filings (either the
disclosure obligations applicable under
Rule 6c–11 of the Investment Company
Act of 1940 for series of ETF Shares or
the diversity, liquidity, and size of an
ETP’s holdings or reference assets
applicable to Index Fund Shares and
Managed Fund Shares) are generally
sufficient to mitigate manipulation
concerns associated with the applicable
ETP. During the first 12 months of
trading on the Exchange when the
Beneficial Holders Rules do not apply,
these disclosure and quantitative
obligations, in conjunction with the
Exchange’s surveillance program (as
discussed above), are generally deemed
sufficient to prevent any manipulation
concerns in Exchange-listed ETPs. As
such, the Exchange believes that
extending the period from 12 months to
36 months will not significantly
increase any risk of manipulation that
wasn’t already generally deemed
acceptable for the first 12 months that
an ETP was listed. Again, the Exchange
is not proposing to eliminate the
Beneficial Holders Rules, but merely to
extend the period for an ETP to meet the
50 Beneficial Holder requirement.
The proposed rule change is also
designed to protect investors and the
public interest because the Exchange is
only proposing to amend the continued
listing requirement related to Beneficial
Holders and all ETPs listed on the
Exchange would continue to be subject
to the full panoply of Exchange rules
and procedures that currently govern
the trading of equity securities on the
Exchange.
For the above reasons, the Exchange
believes that the proposed rule change
is consistent with the requirements of
Section 6(b)(5) of the Act.
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 purpose of the Act. Instead, the
Exchange believes that the proposed
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16:45 May 06, 2020
Jkt 250001
rule change would help to encourage
smaller issuers to make the necessary
capital expenditures to launch
additional ETPs, as well as help both
large and small issuers by allowing
them to continue to list and promote
products that they believe can succeed
and that they are willing to continue
paying for, which will enhance
competition among market participants,
to the benefit of investors and the
marketplace.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. By order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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–
CboeBZX–2020–036 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–CboeBZX–2020–036. 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
PO 00000
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internet website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should
submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–CboeBZX–2020–036, and
should be submitted on or before May
28, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–09712 Filed 5–6–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. IA–5493]
Notice of Intention To Cancel
Registration Pursuant to Section
203(H) of the Investment Advisers Act
of 1940
May 1, 2020.
Notice is given that the Securities and
Exchange Commission (the
‘‘Commission’’) intends to issue an
order, pursuant to Section 203(h) of the
Investment Advisers Act of 1940 (the
‘‘Act’’), cancelling the registration of
Cheswold Lane Asset Management, LLC
[File No. 801–6664], hereinafter referred
to as the ‘‘registrant.’’
Section 203(h) provides, in pertinent
part, that if the Commission finds that
any person registered under Section
203, or who has pending an application
for registration filed under that section,
16 17
E:\FR\FM\07MYN1.SGM
CFR 200.30–3(a)(12).
07MYN1
Federal Register / Vol. 85, No. 89 / Thursday, May 7, 2020 / Notices
is no longer in existence, is not engaged
in business as an investment adviser, or
is prohibited from registering as an
investment adviser under section 203A,
the Commission shall by order, cancel
the registration of such person.
The registrant has not filed a Form
ADV amendment with the Commission
as required by rule 204–1 under the Act
and appears to be no longer in business
as an investment adviser or is otherwise
not engaged in business as an
investment adviser.1 Accordingly, the
Commission believes that reasonable
grounds exist for a finding that this
registrant is no longer eligible to be
registered with the Commission as an
investment adviser and that the
registration should be cancelled
pursuant to section 203(h) of the Act.
Notice is also given that any
interested person may, by May 25, 2020,
at 5:30 p.m., submit to the Commission
in writing a request for a hearing on the
cancellation, accompanied by a
statement as to the nature of his or her
interest, the reason for such request, and
the issues, if any, of fact or law
proposed to be controverted, and he or
she may request that he or she be
notified if the Commission should order
a hearing thereon. Any such
communication should be emailed to
the Commission’s Secretary at
Secretarys-Office@sec.gov.
At any time after May 25, 2020, the
Commission may issue an order
cancelling the registration, upon the
basis of the information stated above,
unless an order for a hearing on the
cancellation shall be issued upon
request or upon the Commission’s own
motion. Persons who requested a
hearing, or who requested to be advised
as to whether a hearing is ordered, will
receive any notices and orders issued in
this matter, including the date of the
hearing (if ordered) and any
postponements thereof. Any adviser
whose registration is cancelled under
delegated authority may appeal that
decision directly to the Commission in
accordance with rules 430 and 431 of
the Commission’s rules of practice (17
CFR 201.430 and 431).
khammond on DSKJM1Z7X2PROD with NOTICES
Olawale´ Oriola, Senior Counsel at 202–
551–6541; SEC, Division of Investment
Management, Investment Adviser
1 Rule 204–1 under the Act requires any adviser
that is required to complete Form ADV to amend
the form at least annually and to submit the
amendments electronically through the Investment
Adviser Registration Depository.
Jkt 250001
[FR Doc. 2020–09708 Filed 5–6–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88793; File Nos. SR–NYSE–
2020–13, SR–NYSENAT–2020–09, SR–
NYSEArca–2020–17, SR–NYSEAMER–2020–
12; SR–NYSECHX–2020–06]
Self-Regulatory Organizations; New
York Stock Exchange LLC; NYSE
National, Inc.; NYSE Arca, Inc.; NYSE
American LLC; NYSE Chicago, Inc.;
Order Granting Approval of Proposed
Rule Changes Relating to Repricing of
Depth-of-Book Orders in Response to
a Locked or Crossed Market
May 1, 2020.
I. Introduction
On February 28, 2020, New York
Stock Exchange LLC (‘‘NYSE’’), NYSE
National, Inc. (‘‘NYSE National’’), NYSE
Arca, Inc. (‘‘NYSE Arca’’), NYSE
American LLC (‘‘NYSE American’’), and
NYSE Chicago Inc. (‘‘NYSE CHX’’, and
collectively, the ‘‘Exchanges’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 proposed rule
changes regarding their rules on the repricing of orders in certain market
situations and related rules relevant to
each Exchange. The proposed rule
changes were published for comment in
the Federal Register on March 18,
2020.3 The Commission has received no
comments on the proposed rule
changes. The Commission is approving
the proposed rule changes.
CFR 200.30–5(e)(2).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release Nos. 88362
(March 12, 2020), 85 FR 15538 (SR–NYSE–2020–13)
(‘‘NYSE Notice’’); 88368 (March 12, 2020), 85 FR
15510 (SR–NYSENAT–2020–09); 88369 (March 12,
2020), 85 FR 15515 (SR–NYSEArca–2020–17)
(‘‘NYSE Arca Notice’’); 88363 (March 12, 2020), 85
FR 15544 (SR–NYSEAMER–2020–12) (‘‘NYSE
American Notice’’); 88367 (March 12, 2020), 85 FR
15551 (SR–NYSECHX–2020–06) (collectively, the
‘‘Notices’’). For ease of reference, page citations in
this order are from the NYSE Notice, as published
in the Federal Register.
1 15
FOR FURTHER INFORMATION CONTACT:
16:45 May 06, 2020
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.2
J. Matthew DeLesDernier,
Assistant Secretary.
2 17
The Commission:
Secretarys-Office@sec.gov.
ADDRESSES:
VerDate Sep<11>2014
Regulation Office, 100 F Street NE,
Washington, DC 20549–8549.
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27259
II. Description of the Proposed Rule
Change
Each Exchange’s current rules provide
that, if an away market (‘‘Away
Market’’) updates its Protected Best Bid
and Offer (‘‘PBBO’’) and crosses not
only the BBO of the Exchange, but also
displayed orders in the Exchange’s Book
not represented in the Best Bid or Offer
(‘‘BBO’’), (i.e., depth-of-book orders),
and then the Exchange’s BBO cancels or
trades, the Exchange will not
disseminate its next-best priced depthof-book order as its new BBO to the
securities information processor (‘‘SIP’’).
Instead, the Exchange will reprice such
order before it is disseminated to the
SIP.4
For example, consider a scenario
where NYSE’s Best Bid (‘‘BB’’) is
$10.05, and on the NYSE Book there is
an order to buy 100 shares ranked as a
Priority 2—Display Order at $10.04
(‘‘Order A’’). Currently, Order A is
displayed in the NYSE’s proprietary
depth-of-book market data at that $10.04
price, but is not disseminated to the SIP.
If an Away Market subsequently
publishes a Protected Best Offer
(‘‘PBO’’) of $10.03, NYSE’s BB of $10.05
will not reprice (i.e., it will ‘‘stand its
ground’’). However, if that $10.05 BB
trades, cancels, or routes, NYSE will not
disseminate Order A to the SIP as the
new BB at $10.04. Instead, Order A will
be assigned a display price of $10.02
and a NYSE working price of $10.03,
which is equal to the Away Market PBO,
and will be disseminated to the SIP as
the NYSE BB at $10.02. Order A
subsequently will be repriced to $10.04
once the Away Market PBO no longer
locks or crosses the NYSE BB. Each time
Order A is repriced, including back to
its original price, it is assigned a new
working time. In addition, NYSE
currently applies this repricing
functionality to other order types
(specifically, D Orders and Primary
Pegged Orders), and following an
auction.5
The Exchanges propose to eliminate
their existing rules requiring the
repricing functionality described above,
and to add new rule text that provides
that, if an Away Market locks or crosses
the BBO, the Exchange would not
change the display price of any Limit
4 See
NYSE Notice, 85 FR at 15538–39.
id. The rules of the other Exchanges do not
provide for D Orders, but, except for NYSE
American, they do provide for Primary Pegged
Orders and apply the same repricing functionality
to those orders. Similarly, the other Exchanges that
provide for auctions on their markets (NYSE
American and NYSE Arca) apply the same repricing
functionality following an auction; NYSE CHX and
NYSE National do not have auctions on their
markets.
5 See
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07MYN1
]]>Agencies
[Federal Register Volume 85, Number 89 (Thursday, May 7, 2020)]
[Notices]
[Pages 27258-27259]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09708]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. IA-5493]
Notice of Intention To Cancel Registration Pursuant to Section
203(H) of the Investment Advisers Act of 1940
May 1, 2020.
Notice is given that the Securities and Exchange Commission (the
``Commission'') intends to issue an order, pursuant to Section 203(h)
of the Investment Advisers Act of 1940 (the ``Act''), cancelling the
registration of Cheswold Lane Asset Management, LLC [File No. 801-
6664], hereinafter referred to as the ``registrant.''
Section 203(h) provides, in pertinent part, that if the Commission
finds that any person registered under Section 203, or who has pending
an application for registration filed under that section,
[[Page 27259]]
is no longer in existence, is not engaged in business as an investment
adviser, or is prohibited from registering as an investment adviser
under section 203A, the Commission shall by order, cancel the
registration of such person.
The registrant has not filed a Form ADV amendment with the
Commission as required by rule 204-1 under the Act and appears to be no
longer in business as an investment adviser or is otherwise not engaged
in business as an investment adviser.\1\ Accordingly, the Commission
believes that reasonable grounds exist for a finding that this
registrant is no longer eligible to be registered with the Commission
as an investment adviser and that the registration should be cancelled
pursuant to section 203(h) of the Act.
---------------------------------------------------------------------------
\1\ Rule 204-1 under the Act requires any adviser that is
required to complete Form ADV to amend the form at least annually
and to submit the amendments electronically through the Investment
Adviser Registration Depository.
---------------------------------------------------------------------------
Notice is also given that any interested person may, by May 25,
2020, at 5:30 p.m., submit to the Commission in writing a request for a
hearing on the cancellation, accompanied by a statement as to the
nature of his or her interest, the reason for such request, and the
issues, if any, of fact or law proposed to be controverted, and he or
she may request that he or she be notified if the Commission should
order a hearing thereon. Any such communication should be emailed to
the Commission's Secretary at [email protected].
At any time after May 25, 2020, the Commission may issue an order
cancelling the registration, upon the basis of the information stated
above, unless an order for a hearing on the cancellation shall be
issued upon request or upon the Commission's own motion. Persons who
requested a hearing, or who requested to be advised as to whether a
hearing is ordered, will receive any notices and orders issued in this
matter, including the date of the hearing (if ordered) and any
postponements thereof. Any adviser whose registration is cancelled
under delegated authority may appeal that decision directly to the
Commission in accordance with rules 430 and 431 of the Commission's
rules of practice (17 CFR 201.430 and 431).
ADDRESSES: The Commission: [email protected].
FOR FURTHER INFORMATION CONTACT: Olawal[eacute] Oriola, Senior Counsel
at 202-551-6541; SEC, Division of Investment Management, Investment
Adviser Regulation Office, 100 F Street NE, Washington, DC 20549-8549.
---------------------------------------------------------------------------
\2\ 17 CFR 200.30-5(e)(2).
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.\2\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-09708 Filed 5-6-20; 8:45 am]
BILLING CODE 8011-01-P
