Federal Register / Vol. 81, No. 27 / Wednesday, February 10, 2016 / Notices 7179 

28 17 CFR 200.30–3(a)(12). 

counting purposes. The Exchange 

believes that this additional clarity and 

detail will eliminate confusion among 

market participants, which is in the 

interests of all investors and the general 

public. 

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. As discussed 

above, the Exchange does not believe 

that the current rules of CBOE and other 

exchanges that accord priority to all 

public customers over broker-dealers are 

unfairly discriminatory. Nor does the 

Exchange believe that it is unfairly 

discriminatory to accord priority to only 

those customers who on average do not 

place more than one order per minute 

(390 per day) under the counting regime 

that the Exchange proposes. The 

Exchange believes that its proposal does 

not impose an undue burden on 

competition. The Exchange notes that 

one of the purposes of the Professional 

rules is to help ensure fairness in the 

marketplace and promote competition 

among all market participants. The 

Exchange believes that proposed 

Interpretation and Policy .01 to Rule 

1.1(ggg) would help establish more 

competition among market participants 

and promote the purposes for which the 

Exchange’s Professional rule was 

originally adopted. The Exchange does 

not believe that the Act requires it to 

provide the same incentives and 

discounts to all market participants 

equally, so as long as the exchange does 

not unfairly discriminate among 

participants with regard to access to 

exchange systems. The Exchange 

believes that here, that is clearly the 

case. 

Rather than burden competition, the 

Exchange believes that the proposed 

rule change promotes competition by 

ensuring that retail investors continue to 

receive the appropriate marketplace 

advantages in the CBOE marketplace as 

intended, while furthering competition 

among marketplace professionals by 

treating them in the same manner under 

the Rules as other similarly situated 

market participants by ensuring that 

market participants with similar access 

to information and technology (i.e. 

Professionals and broker-dealers), 

receive similar treatment under the 

Rules while retail investors receive the 

benefits of order priority and fee 

waivers that are intended to apply to 

public customers. 

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 written 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 (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File No. SR– 

CBOE–2016–005 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 

No. SR–CBOE–2016–005. 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 (http://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 will also 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 No. SR–CBOE– 

2016–005 and should be submitted on 

or before March 2,2016. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2016–02602 Filed 2–9–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release Nos. 33–10034; 34–77064; File No. 

265–27] 

SEC Advisory Committee on Small and 

Emerging Companies; Meeting 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Notice of meeting. 

SUMMARY: The Securities and Exchange 

Commission Advisory Committee on 

Small and Emerging Companies is 

providing notice that it will hold a 

public meeting on Thursday, February 

25, 2016, in Multi-Purpose Room LL– 

006 at the Commission’s headquarters, 

100 F Street NE., Washington, DC. The 

meeting will begin at 9:30 a.m. (EST) 

and will be open to the public. The 

meeting will be webcast on the 

Commission’s Web site at www.sec.gov. 

Persons needing special 

accommodations to take part because of 

a disability should notify the contact 

person listed below. The public is 

invited to submit written statements to 

the Committee. The agenda for the 

meeting includes matters relating to 

rules and regulations affecting small and 

emerging companies under the federal 

securities laws. 

DATES: The public meeting will be held 

on Thursday, February 25, 2016. 

Written statements should be received 

on or before February 23, 2016. 

ADDRESSES: The meeting will be held at 

the Commission’s headquarters, 100 F 


asabaliauskas on DSK9F6TC42PROD with NOTICES2
7180 Federal Register / Vol. 81, No. 27 / Wednesday, February 10, 2016 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(i). 

4 17 CFR 240.19b–4(f)(1). 

5The Financial Industry Regulatory Authority 

(‘‘FINRA’’) filed changes to the Series 9/10 question 

bank and selection specifications with the SEC on 

December 23, 2015. See Release No. 34–76812 

(December 31, 2015), 81 FR 834 (January 7, 2016) 

(File No. SR–FINRA–2015–058). 

6Section 15B(b)(2)(A)(iii) of the Act, 15 U.S.C. 

78o–4(b)(2)(A)(iii). 

Street NE., Washington, DC. Written 

statements may be submitted by any of 

the following methods: 

Electronic Statements 

• Use the Commission’s Internet 

submission form (http://www.sec.gov/ 

info/smallbus/acsec.shtml); or 

• Send an email message to rulecomments@sec.gov. Please include File 

Number 265–27 on the subject line; or 

Paper Statements 

• Send paper statements to Brent J. 

Fields, Federal Advisory Committee 

Management Officer, Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

No. 265–27. This file number should be 

included on the subject line if email is 

used. To help us process and review 

your statement more efficiently, please 

use only one method. The Commission 

will post all statements on the Advisory 

Committee’s Web site (http://

www.sec.gov/spotlight/acsecspotlight.shtml). 

Statements also 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. All statements received will 

be posted without change; we do not 

edit personal identifying information 

from submissions. You should submit 

only information that you wish to make 

available publicly. 

FOR FURTHER INFORMATION CONTACT: Julie 

Z. Davis, Senior Special Counsel, at 

(202) 551–3460, Office of Small 

Business Policy, Division of Corporation 

Finance, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–3628. 

SUPPLEMENTARY INFORMATION: In 

accordance with Section 10(a) of the 

Federal Advisory Committee Act, 5 

U.S.C.—App. 1, and the regulations 

thereunder, Keith Higgins, Designated 

Federal Officer of the Committee, has 

ordered publication of this notice. 

Dated: February 5, 2016. 

Brent J. Fields, 

Committee Management Officer. 

[FR Doc. 2016–02658 Filed 2–9–16; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–77051; File No. SR–MSRB– 

2016–02] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing and Immediate 

Effectiveness of a Proposed Rule 

Change Relating to the Content Outline 

for the Series 9/10 Examination 

Program 

February 4, 2016. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on January 22, 2016, the 

Municipal Securities Rulemaking Board 

(the ‘‘MSRB’’ or ‘‘Board’’) 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 

prepared by the MSRB. The MSRB has 

designated the proposed rule change as 

‘‘constituting a stated policy, practice, 

or interpretation with respect to the 

meaning, administration, or 

enforcement of an existing rule’’ under 

Section 19(b)(3)(A)(i) of the Act 3 and 

Rule 19b–4(f)(1) thereunder,4 which 

renders the proposal effective upon 

receipt of this filing by the Commission. 

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 MSRB filed with the Commission 

proposed revisions to the content 

outline for the Municipal Securities 

Sales Principal (Series 9/10) 

examination program (the ‘‘proposed 

rule change’’). The MSRB proposes to 

implement the revised Series 9/10 

examination program on March 7, 2016. 

The proposed revisions update the 

material to reflect changes to the laws, 

rules and regulations covered by the 

examination and to incorporate the 

functions and associated tasks currently 

performed by a Municipal Securities 

Sales Principal. In addition, the Board is 

proposing to make changes to the format 

of the content outline. The MSRB is not 

proposing in this filing any textual 

change to its rules.5

The text of the proposed rule change 

is available on the MSRB’s Web site at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2016- 

Filings.aspx, at the MSRB’s principal 

office, 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 

MSRB 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 these statements 

may be examined at the places specified 

in Item IV below. The MSRB has 

prepared summaries, set forth in 

Sections A, B, and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Background 

The MSRB has established a 

professional qualifications program that 

prescribes standards of training, 

experience, and competency for brokers, 

dealers and municipal securities dealers 

(collectively, ‘‘dealers’’) and their 

associated persons. Section 15B(b)(2)(A) 

of the Act requires associated persons of 

dealers to meet such standards of 

training, experience, competence, and 

such other qualifications as the MSRB 

finds necessary or appropriate in the 

public interest or for the protection of 

investors and municipal entities or 

obligated persons.6 The MSRB has 

developed examinations that are 

designed to establish that persons 

associated with dealers that effect 

transactions in municipal securities and 

municipal advisors who engage in 

municipal advisory activities have 

attained specified levels of competence 

and knowledge. The content outline for 

each examination serves as a guide to 

the subject matter tested on the 

examination and provides learning 

objectives associated with each subject 

matter to assist candidates in preparing 

for each examination. Each content 

outline also provides sample questions 

similar to the type of questions that may 

be found on the examination. The 


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