Notice of Intention To Cancel Registration Pursuant to Section 203(H) of the Investment Advisers Act of 1940, 31559-31560 [2020-11253]

Download as PDF Federal Register / Vol. 85, No. 101 / Tuesday, May 26, 2020 / Notices proposed rule changes are not intended to address competitive issues, but rather, are concerned with facilitating less burdensome regulatory compliance and processes and enhancing the quality of the regulatory processes. The Exchange believes the proposed rule changes would reduce the burdens within the disciplinary process, as well as move matters through the process expeditiously by providing for more efficient finality of offers of settlement, to the benefit of all Members. Moreover, the proposed Principal Considerations will apply to all remedial sanctions throughout the disciplinary process in the same manner, thereby equally benefitting all Members by providing for fair and consistent disciplinary determinations. Additionally, the proposed rule changes are consistent with the rules of the Exchange’s affiliates, Cboe Options and C2, which have been previously filed with the Commission.19 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 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 20 and Rule 19b– 4(f)(6) thereunder.21 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 19 See Cboe Options Rules 13.8, 13.10(c), 13.11(a), and 13.11.01. 20 15 U.S.C. 78s(b)(3)(A). 21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and 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. The Exchange has satisfied this requirement. VerDate Sep<11>2014 19:08 May 22, 2020 Jkt 250001 Commission shall institute proceedings to determine whether the proposed rule change should be approved or disapproved. IV. Solicitation of Comments 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– CboeBYX–2020–015 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–CboeBYX–2020–015. 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 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–CboeBYX–2020–015 and should be submitted on or before June 16, 2020. Frm 00129 Fmt 4703 Sfmt 4703 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.22 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020–11133 Filed 5–22–20; 8:45 am] 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: PO 00000 31559 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. IA–5506] Notice of Intention To Cancel Registration Pursuant to Section 203(H) of the Investment Advisers Act of 1940 May 20, 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 McDaniel Investments, LLC [File No. 801–108541], 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, 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 June 15, 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 22 17 CFR 200.30–3(a)(12). 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. 1 Rule E:\FR\FM\26MYN1.SGM 26MYN1 31560 Federal Register / Vol. 85, No. 101 / Tuesday, May 26, 2020 / Notices 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 June 22, 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: Secretarys-Office@sec.gov. FOR FURTHER INFORMATION CONTACT: Christopher Staley, Senior Counsel at 202–551–8475; SEC, Division of Investment Management, Investment Adviser Regulation Office, 100 F Street NE, Washington, DC 20549–8549. For the Commission, by the Division of Investment Management, pursuant to delegated authority.2 J. Matthew DeLesDernier, Assistant Secretary. 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 The Exchange proposes to amend its rules to add new Rule 7.19–E (Pre-Trade Risk Controls). The proposed rule change is available on the Exchange’s website 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 [FR Doc. 2020–11253 Filed 5–22–20; 8:45 am] 1. Purpose BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–88904; File No. SR– NYSEArca–2020–43] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Rules To Add New Rule 7.19–E May 19, 2020. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 notice is hereby given that on May 8, 2020, NYSE Arca, Inc. (‘‘NYSE Arca’’ or ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been 2 17 CFR 200.30–5(e)(2). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. VerDate Sep<11>2014 19:08 May 22, 2020 In order to assist ETP Holders’ efforts to manage their risk, the Exchange proposes to amend its rules to add new Rule 7.19–E (Pre-Trade Risk Controls) to establish a set of pre-trade risk controls by which Entering Firms and their designated Clearing Firms (as defined below) may set credit limits and other pre-trade risk controls for an Entering Firm’s trading on the Exchange and authorize the Exchange to take action if those credit limits or other pre-trade risk controls are exceeded. For purposes of this proposed rule change, the Exchange proposes to define the term ‘‘Entering Firm’’ to mean an ETP Holder that either has a correspondent relationship with a Clearing Firm whereby it executes trades and the clearing function is the responsibility of the Clearing Firm or clears for its own account 3 and to define the term ‘‘Clearing Firm’’ to mean an ETP Holder that acts as principal for clearing and settling a trade, whether for 3 Jkt 250001 PO 00000 See proposed Rule 7.19–E(a)(1). Frm 00130 Fmt 4703 Sfmt 4703 its own account or for an Entering Firm.4 1. Overview In order to help firms manage their risk, the Exchange proposes to offer optional pre-trade risk controls that would authorize the Exchange to take automated actions if a designated credit limit or other pre-trade risk control for a firm is breached. Because Clearing Firms bear the risk on behalf of their correspondent Entering Firms, the Exchange proposes to make the proposed pre-trade risk controls available not only to Entering Firms, but also to their Clearing Firms, if so authorized by the Entering Firm. These pre-trade risk controls would provide Entering Firms and their Clearing Firms with enhanced abilities to manage their risk with respect to orders on the Exchange. As proposed, these optional controls would allow Entering Firms and their Clearing Firms (if designated by the Entering Firm) to each define different pre-set risk thresholds and to choose the automated action the Exchange would take if those thresholds are breached, which would range from notifying the Entering Firm and Clearing Firm that a limit has been breached, blocking new orders, or canceling orders until the Entering Firm has been reinstated to trade on the Exchange. Although use of the proposed Exchange-provided pre-trade risk controls are optional, all orders on the Exchange will pass through risk checks. As such, an Entering Firm that does not choose to set limits or permit its Clearing Firm to set limits on its behalf will not achieve any latency advantage with respect to its trading activity on the Exchange. In addition, the Exchange expects that any latency added by the pre-trade risk controls will be de minimis. The proposed pre-trade risk controls described are meant to supplement, and not replace, the ETP Holders’ own internal systems, monitoring and procedures related to risk management. The Exchange does not guarantee that these controls will be sufficiently comprehensive to meet all of an ETP Holder’s needs, the controls are not designed to be the sole means of risk management, and using these controls will not necessarily meet an ETP Holder’s obligations required by Exchange or federal rules (including, without limitation, the Rule 15c3–5 4 See proposed Rule 7.19–E(a)(2). As required by Rule 7.14–E, an ETP Holder is required to give up the name of the clearing firm through which each transaction on the Exchange will be cleared. E:\FR\FM\26MYN1.SGM 26MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 85, Number 101 (Tuesday, May 26, 2020)]
[Notices]
[Pages 31559-31560]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-11253]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-5506]


Notice of Intention To Cancel Registration Pursuant to Section 
203(H) of the Investment Advisers Act of 1940

May 20, 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 McDaniel Investments, LLC [File No. 801-108541], 
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, 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.
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    \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.
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    Notice is also given that any interested person may, by June 15, 
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

[[Page 31560]]

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 June 22, 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: Christopher Staley, Senior Counsel at 
202-551-8475; SEC, Division of Investment Management, Investment 
Adviser Regulation Office, 100 F Street NE, Washington, DC 20549-8549.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.\2\
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    \2\ 17 CFR 200.30-5(e)(2).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-11253 Filed 5-22-20; 8:45 am]
BILLING CODE 8011-01-P

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