Document ID: SEC-2016-1115-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2016-06-30T04:00Z

[Federal Register Volume 81, Number 126 (Thursday, June 30, 2016)]
[Notices]
[Pages 42762-42766]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-15457]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78153; File No. SR-NYSE-2016-22]

Self-Regulatory Organizations; New York Stock Exchange LLC; Order 
Granting Approval of a Proposed Rule Change, as Modified by Amendment 
Nos. 5 and 6, To Adopt Initial and Continued Listing Standards for the 
Listing of Equity Investment Tracking Stocks and Adopt Listing Fees 
Specific to Equity Investment Tracking Stocks

June 24, 2016.

I. Introduction

    On April 7, 2016, the New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') 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\ a 
proposed rule change to adopt initial and continued listing standards 
for the listing of Equity Investment Tracking Stocks and to adopt fees 
for Equity Investment Tracking Stocks. The proposed rule change was 
published for comment in the Federal Register on April 27, 2016.\3\ On 
April 20, 2016, the Exchange filed Amendment No. 1 to the proposed rule 
change, which superseded the original filing in its entirety.\4\ On May 
17, 2016, the Exchange filed Amendment No. 5 to the proposal, which 
superseded the filing, as amended by Amendment No. 1. Amendment No. 5 
was published for comment in the Federal Register on

[[Page 42763]]

May 23, 2016.\5\ On June 6, 2016, pursuant to Section 19(b)(2) of the 
Act,\6\ the Commission designated a longer period within which to 
either approve the proposed rule change, disapprove the proposed rule 
change, or institute proceedings to determine whether to disapprove the 
proposed rule change.\7\ On June 23, 2016, the Exchange filed Amendment 
No. 6 to the proposed rule change.\8\ The Commission received no 
comments on the proposed rule change, in response to either the 
original publication of the proposal in the Federal Register \9\ or to 
the subsequent publication of the proposal as modified by Amendment No. 
5.\10\ This order grants approval of the proposed rule change, as 
modified by Amendment Nos. 5 and 6.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77674 (April 21, 
2016), 81 FR 24919 (April 27, 2016) (``Notice'').
    \4\ On May 13, 2016, the Exchange submitted and withdrew 
Amendment No. 2 to the proposed rule change. On May 13, 2016, the 
Exchange filed Amendment No. 3 to the proposed rule change, and on 
May 16, 2016 the Exchange withdrew Amendment No. 3 to the proposed 
rule change. On May 16, 2016 the Exchange submitted Amendment No. 4 
to the proposal, and on May 17, 2016, the Exchange withdrew 
Amendment No. 4 to the proposed rule change.
    \5\ See Securities Exchange Act Release No. 77850 (May 17, 
2016), 81 FR 32360 (May 23, 2016) (``Notice of Amendment No. 5'').
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 77996 (June 6, 
2016), 81 FR 37659 (June 10, 2016). The Commission designated July 
26, 2016 as the date by which it should approve, disapprove, or 
institute proceedings to determine whether to disapprove the 
proposed rule change.
    \8\ In Amendment No. 6, the Exchange clarified the proposed rule 
change by deleting a representation that its existing surveillance 
procedures are generally adequate to properly monitor the trading of 
Equity Investment Tracking Stocks. The Commission notes that, as 
discussed further below, the Exchange will adopt enhanced 
surveillance procedures to enable it to monitor Equity Investment 
Tracking Stocks alongside the securities whose value they track. 
Additionally, the Exchange addressed a provision in proposed Section 
102.07 that provides that the Exchange will not list an Equity 
Investment Tracking Stock if, at the time of the proposed listing, 
the issuer of the equity tracked by the Equity Investment Tracking 
Stock has been deemed below compliance with the Exchange's listing 
standards. The Exchange clarified that, for purposes of this 
provision, a company will be deemed to be below compliance if it has 
been identified as being below compliance for purposes of Sections 
802.02 or 802.03 of the Listed Company Manual and subject to the 
procedures set forth in those rules. Amendment No. 6 is available at 
the Exchange's Web site and at http://www.sec.gov/rules/sro/nyse.shtml. Because Amendment No. 6 is a technical amendment that 
does not alter the substance of the proposed rule change, it is not 
subject to notice and comment.
    \9\ See Notice, supra note 3.
    \10\ See Notice of Amendment No. 5, supra note 5.
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II. Description of the Proposed Rule Change

A. Listing Standards

    The Exchange proposed to adopt initial and continued listing 
standards for the listing of Equity Investment Tracking Stocks. 
Proposed new Section 102.07 of the NYSE Listed Company Manual 
(``Manual'') defines an Equity Investment Tracking Stock as a class of 
common equity securities that tracks on an unleveraged basis the 
performance of an investment by the issuer in the common equity 
securities of a single other company listed on the Exchange. An Equity 
Investment Tracking Stock may track multiple classes of common equity 
securities of a single issuer, so long as all of those classes have 
identical economic rights and at least one of those classes is listed 
on the Exchange.\11\
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    \11\ See proposed Section 102.07 of the Manual.
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    In order to qualify for initial listing under proposed Section 
102.07, an Equity Investment Tracking Stock will be required to meet 
the distribution and public float requirements currently applicable to 
companies listing in connection with an initial public offering set 
forth in Sections 102.01A and 102.01B of the Manual, respectively, and 
the Global Market Capitalization Test set forth in Section 102.01C. 
Thus, at the time of initial listing an Equity Investment Tracking 
Stock will be required to: (i) Have at least 400 holders of 100 shares 
or more and 1,100,000 publicly held shares available for trading, as 
required under Section 102.01A; and (ii) have an aggregate market value 
of publicly-held shares of $40,000,000 and a price per share of $4 at 
the time of initial listing, as required under Section 102.01B.\12\ In 
addition, at the time of initial listing the issuer of an Equity 
Investment Tracking Stock will be required to have $200 million in 
global market capitalization, as required under the Global Market 
Capitalization Test in Section 102.01C.\13\
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    \12\ See Sections 102.01A and 102.01B of the Manual.
    \13\ See Section 102.01C of the Manual. In addition, an issuer 
of an Equity Investment Tracking Stock must fully comply with the 
Exchange's corporate governance requirements set forth in Section 
303A of the Manual, subject to applicable exemptions such as those 
applicable to controlled companies. See Notice of Amendment No. 5, 
supra note 5, at 32361.
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    Pursuant to proposed Section 102.07, the Exchange will not list an 
Equity Investment Tracking Stock if, at the time of the proposed 
listing, the issuer of the equity tracked by the Equity Investment 
Tracking Stock has been deemed below compliance with the Exchange's 
listing standards. In addition, the issuer of the Equity Investment 
Tracking Stock must own (directly or indirectly) at least 50% of both 
the economic interest and voting power of all of the outstanding 
classes of common equity securities of the issuer whose equity is 
tracked by the Equity Investment Tracking Stock.\14\
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    \14\ See proposed Section 102.07 of the Manual.
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    Proposed Section 102.07 provides that prior to the commencement of 
trading of any Equity Investment Tracking Stock, the Exchange will 
distribute an Information Memorandum to its Members and Member 
Organizations that includes (i) any special characteristics and risks 
of trading the Equity Investment Tracking Stock, and (ii) the Exchange 
Rules that will apply to the Equity Investment Tracking Stock including 
Exchange Rules that require Member Organizations: (a) To use reasonable 
diligence in regard to the opening and maintenance of every account, to 
know (and retain) the essential facts concerning every customer and 
concerning the authority of each person acting on behalf of such 
customer; and (b) in recommending transactions in the Equity Investment 
Tracking Stock to have a reasonable basis to believe that (1) the 
recommendation is suitable for a customer given reasonable inquiry 
concerning the customer's investment objectives, financial situation, 
needs, and any other information known by such Member Organization, and 
(2) the customer can evaluate the special characteristics, and is able 
to bear the financial risks, of an investment in the Equity Investment 
Tracking Stock.\15\
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    \15\ See infra note 38.
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    The Exchange proposed to subject Equity Investment Tracking Stocks 
to the same continued listing standards under Sections 802.01A and 
802.01B of the Manual as are applicable to other common stock listed on 
the Exchange. Thus, an Equity Investment Tracking Stock will be 
considered to be below compliance with Section 802.01A if: (i) The 
number of total stockholders is less than 400; or (ii) the number of 
total stockholders is less than 1,200 and the average monthly trading 
volume is less than 100,000 shares (for the most recent 12 months); or 
(iii) the number of publicly-held shares is less than 600,000.\16\ The 
issuer of an Equity Investment Tracking Stock will be deemed to be 
below compliance with Section 802.01B if its average global market 
capitalization over a consecutive 30 trading-day period is less than 
$50,000,000 and stockholders' equity is less than $50,000,000, and will 
be subject to immediate suspension and delisting procedures if its 
average global market capitalization over a consecutive 30 trading-day 
period is less than $15,000,000.\17\
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    \16\ See Section 802.01A of the Manual.
    \17\ See Section 802.01B of the Manual.
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    In addition, the Exchange has proposed to review the continued 
listing status of an Equity Investment Tracking Stock if: (i) The 
listed equity security or securities whose value is tracked by the 
Equity Investment Tracking Stock ceases or cease to be listed on the 
Exchange; (ii) the issuer of the Equity Investment Tracking Stock owns

[[Page 42764]]

(directly or indirectly) less than 50% of either the economic interest 
or the voting power of all of the outstanding classes of common equity 
of the issuer whose equity is tracked by the Equity Investment Tracking 
Stock; or (iii) the Equity Investment Tracking Stock ceases to track 
the performance of the listed equity security or securities that was 
tracked at the time of initial listing.\18\ In the event that any of 
the foregoing conditions exists, the Exchange will determine whether 
the Equity Investment Tracking Stock meets any other applicable initial 
listing standard in place at that time.\19\ If the Equity Investment 
Tracking Stock does not qualify for initial listing at that time under 
another applicable listing standard, the issuer will not be eligible to 
follow the procedures set forth in Sections 802.02 and 802.03 of the 
Manual \20\ and the Exchange will immediately suspend the Equity 
Investment Tracking Stock and commence delisting proceedings.\21\ 
Furthermore, proposed Section 802.01B of the Manual provides that 
whenever trading in the equity security whose value is tracked by an 
Equity Investment Tracking Stock is suspended or delisting proceedings 
are commenced with respect to such security, such Equity Investment 
Tracking Stock will be suspended and/or delisting proceedings will be 
commenced with respect to such Equity Investment Tracking Stock at the 
same time.
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    \18\ See proposed Section 802.01B of the Manual. For avoidance 
of doubt, the Commission notes that the third prong does not refer 
to the situation in which the Equity Investment Tracking Stock price 
diverges from the price of the equity security that it tracks, but 
rather refers to the situation in which the Equity Investment 
Tracking Stock no longer seeks to track the performance of the 
listed equity security or securities that was tracked at initial 
listing and instead seeks to track one or more other assets.
    \19\ Id.
    \20\ Sections 802.02 and 803.03 of the Manual provide companies 
that have been identified as being below the Exchange's continued 
listing criteria with the opportunity to provide the Exchange with a 
plan of action the company has taken, or is taking, that will bring 
it into conformity with continued listing standards within 18 
months.
    \21\ See proposed Section 802.01B of the Manual.
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    The Exchange proposed to amend Section 202.06(B) of the Manual to 
provide that, in the event that the issuer of a common equity security 
tracked by an Equity Investment Tracking Stock intends to issue a 
material news release during the trading day and the Exchange 
determines to halt trading of such security under Section 202.06 
pending dissemination of the news, or the Exchange implements any other 
required regulatory trading halt in a common equity security tracked by 
an Equity Investment Tracking Stock, the Exchange will also halt 
trading in the Equity Investment Tracking Stock that tracks the 
performance of such security. In such a case, the Exchange will halt 
trading of the Equity Investment Tracking Stock simultaneously with the 
halt in the common equity security being tracked and will also 
recommence trading in the two securities at the same time.\22\
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    \22\ See Notice of Amendment No. 5, supra note 5, at 32361-62.
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    The Exchange has represented that it will monitor activity in 
Equity Investment Tracking Stocks to identify and deter any potential 
improper trading activity in such securities and will adopt enhanced 
surveillance procedures to enable it to monitor Equity Investment 
Tracking Stocks alongside the common equity securities whose value is 
tracked by such stocks.\23\ Additionally, the Exchange stated that it 
will rely on its existing trading surveillances, administered by the 
Exchange, or the Financial Industry Regulatory Authority (``FINRA'') on 
behalf of the Exchange, which are designed to detect violations of 
Exchange rules and applicable federal securities laws.\24\
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    \23\ Id. at 32362.
    \24\ See Amendment No. 6, supra note 8. The Exchange stated that 
FINRA conducts cross-market surveillances on behalf of the Exchange 
pursuant to a regulatory services agreement; however, the Exchange 
is responsible for FINRA's performance under this regulatory 
services agreement. Id.
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    The Exchange has represented that it will conduct a review of 
compliance with continued listing standards of Equity Investment 
Tracking Stocks and their issuers and the trading characteristics of 
Equity Investment Tracking Stocks over the initial two year period that 
the proposed listing standard is in operation.\25\ The Exchange has 
undertaken to provide the Commission with two reports based on this 
review, the first to be provided one year after the initial listing 
date of the first listed Equity Investment Tracking Stock and the 
second to be provided on the second anniversary of such initial listing 
date.\26\ The Exchange has represented that, at a minimum, the reports 
will address the relationship between the trading prices of listed 
Equity Investment Tracking Stocks and those of the equity securities 
whose values they track, the liquidity of the market for the two 
securities, and any manipulation concerns arising in connection with 
the trading of Equity Investment Tracking Stocks and the securities 
whose values are being tracked.\27\ The Exchange has represented that 
the reports will discuss any recommendations the Exchange may have for 
enhancements to the proposed listing standard based on its review.\28\
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    \25\ See Notice of Amendment No. 5, supra note 5, at 32362.
    \26\ Id.
    \27\ Id.
    \28\ Id.
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B. Proposed Fees

    The Exchange proposed to amend Sections 902.02 and 902.03 of the 
Manual to adopt fees relating to Equity Investment Tracking Stocks. 
Specifically, the Exchange proposed to establish a fixed initial 
listing fee of $100,000 (inclusive of the one-time special charge of 
$50,000) \29\ the first time an issuer lists an Equity Investment 
Tracking Stock that is the issuer's only class of common equity 
securities listed on the Exchange.\30\ The Exchange proposed to charge 
the same annual fee for Equity Investment Tracking Stocks as it charges 
for an issuer's primary class of common shares, which is currently 
$0.001025 per share, subject to the minimum annual fee of $52,500.\31\ 
The Exchange proposed to cap the total fees that may be billed in a 
calendar year (``Total Maximum Fee'') to an issuer of an Equity 
Investment Tracking Stock at $200,000, so long as the Equity Investment 
Tracking Stock is the only class of common equity securities listed by 
the issuer on the Exchange.\32\
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    \29\ The first time that an issuer lists a class of common 
shares, the issuer is subject to a one-time special charge of 
$50,000. See Section 902.03.
    \30\ See proposed Section 902.03. In contrast, initial listing 
fees the first time an issuer lists a class of common shares are 
charged at a rate of $0.0032 per share, subject to a minimum fee of 
$125,000 and a maximum fee of $250,000 (inclusive of the one-time 
special charge of $50,000). See Section 902.03.
    \31\ See proposed Section 902.03.
    \32\ See proposed Section 902.02. In contrast, the Total Maximum 
Fee for other listed companies is $500,000. See Section 902.02.
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    The Exchange further proposed to amend Section 907.00 of the 
Manual, which sets forth certain complimentary products and services 
that are offered to certain currently and newly listed issuers. 
Specifically, proposed Section 907.00 provides that the issuer of an 
Equity Investment Tracking Stock that is that issuer's only class of 
common equity securities listed on the Exchange will not receive the 
products and services provided for under Section 907.00, with the 
exception that such issuers will receive the complimentary products and 
services and access to discounted third-party products and services 
through the NYSE Market Access Center available to all listed issuers, 
as described on the Exchange's Web site. The Exchange stated that 
issuers of Equity Investment Tracking

[[Page 42765]]

Stocks will be eligible for tier-based complimentary products and 
services set forth in Section 907.00 commencing when they have an 
additional class of common equity securities listed on the 
Exchange.\33\ Proposed Section 907.00 further provides that in 
determining eligibility for the various service tiers under Section 
907.00, the Exchange will aggregate all of the outstanding shares of 
listed classes of common equity securities of a company, including all 
outstanding shares of any listed Equity Investment Tracking Stock that 
is not the issuer's only listed class of common equity securities.\34\
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    \33\ See Notice of Amendment No. 5, supra note 5, at 32363.
    \34\ The Exchange's proposal also makes minor changes to the 
rule text to: (i) Remove obsolete language from Sections 802.01B and 
902.03, and (ii) update a Web site link included in Section 907.00.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change, as amended, is consistent with the requirements of the Act and 
the rules and regulations thereunder applicable to a national 
securities exchange.\35\ In particular, the Commission finds that the 
proposed rule change, as modified by Amendment Nos. 5 and 6, is 
consistent with Section 6(b)(5) of the Act,\36\ in that it is designed 
to prevent fraudulent and manipulative acts and practices, to promote 
just and equitable principles of trade, to foster cooperation and 
coordination with persons engaged in facilitating transactions in 
securities, and 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.
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    \35\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \36\ 15 U.S.C. 78f(b)(5).
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    The development, implementation, and enforcement of standards 
governing the initial and continued listing of securities on an 
exchange are activities of critical importance to financial markets and 
the investing public. Listing standards, among other things, serve as a 
means for an exchange to screen issuers and to provide listed status 
only to bona fide companies that have or, in the case of an initial 
public offering, will have sufficient public float, investor base, and 
trading interest to provide the depth and liquidity necessary to 
promote fair and orderly markets. Once a security has been approved for 
initial listing, maintenance criteria allow an exchange to monitor the 
status and trading characteristics of that issue to ensure that fair 
and orderly markets can be maintained.
    The Commission believes that the proposed quantitative and 
qualitative initial and continued listing standards for Equity 
Investment Tracking Stocks are consistent with the Act. These 
standards, which require issuers of Equity Investment Tracking Stocks 
to meet the quantitative and qualitative listing standards applicable 
to other common stock listed on the Exchange, should ensure that only 
substantial companies that are capable of meeting their financial 
obligations and have adopted robust corporate governance procedures can 
issue Equity Investment Tracking Stocks.\37\
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    \37\ See supra notes 12-13.
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    The listing and trading of Equity Investment Tracking Stocks on the 
Exchange present unique issues by virtue of the fact that they are 
designed to track the performance of another publicly traded company. 
As a result, investors may expect that the trading price of an Equity 
Investment Tracking Stock will be related to the trading price of the 
tracked company and, as such, affected by news and information 
disclosed by such company. To address these issues, the Exchange has 
proposed to adopt additional requirements for the initial and continued 
listing of Equity Investment Tracking Stocks that are not applicable to 
other common stock listed on the Exchange.
    These proposed listing standards require, among other things, that 
for the initial and continued listing of an Equity Investment Tracking 
Stock, the issuer of the equity security tracked by the Equity 
Investment Tracking Stock (the ``tracked stock'') must be listed on the 
Exchange and in good standing. Similarly, the proposed rules provide 
that whenever trading in the tracked stock is subject to a regulatory 
halt, or the tracked stock is suspended or delisting proceedings are 
commenced, trading in the Equity Investment Tracking Stock will also be 
halted, or the Equity Investment Tracking Stock will be suspended or 
delisting proceedings will be commenced, respectively.
    The Commission believes that these additional requirements should 
protect investors and the public interest by assuring that pricing and 
other information with respect to the tracked stock is publicly 
available whenever the Equity Investment Tracking Stock is being 
traded. In addition, these requirements should help assure that the 
tracked stock is subject to comparable quantitative and qualitative 
requirements as the Equity Investment Tracking Stock, and that the 
Exchange has a listing relationship with, and direct access to 
information from, the issuer of the tracked stock.
    In addition, the proposal requires that for initial and continued 
listing on the Exchange an issuer of an Equity Investment Tracking 
Stock must own, directly or indirectly, at least 50% of the economic 
interest and voting power of all of the outstanding classes of common 
equity securities of the issuer of the tracked stock. By effectively 
allowing only a single Equity Investment Tracking Stock to be issued 
for any tracked stock, and by requiring the issuer to be the 
controlling shareholder of the tracked stock, the Commission believes 
the proposal is reasonably designed to address concerns that the 
proliferation of tracking stocks could lead to undue market complexity 
or investor confusion.
    Further, the Exchange has proposed to distribute an Information 
Memorandum prior to the commencement of trading apprising member firms 
of the special characteristics and risks of the Equity Investment 
Tracking Stock, as well as the Exchange's know-your-customer, 
suitability, and other rules applicable thereto.\38\ The Commission 
believes distribution of this Information Memorandum should help 
address concerns, among others, that the complexity of an Equity 
Investment Tracking Stock and its relationship with the tracked stock 
could lead to investor confusion and create certain risks.
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    \38\ See, e.g., NYSE Rules 2090 and 2111 (requiring member 
organizations to, among other things, use due diligence to learn the 
essential facts relative to every customer prior to trading or 
recommending a transaction in an Equity Investment Tracking Stock 
and have a reasonable basis to believe that a customer can evaluate 
the special characteristics, and is able to bear the financial 
risks, of an investment in an Equity Investment Tracking Stock).
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    The Exchange also has represented that it will monitor activity in 
Equity Investment Tracking Stocks to identify and deter any potential 
improper trading activity in such securities and will adopt enhanced 
surveillance procedures to enable it to monitor Equity Investment 
Tracking Stocks together with the related tracked stocks. In addition, 
the Exchange has agreed to conduct a review both of compliance with 
continued listing standards and the trading characteristics of Equity 
Investment Tracking Stocks, provide certain reports to the Commission, 
and make any appropriate recommendations for enhancements to its 
listing standards for Equity Investment Tracking Stocks based on this 
review. The Commission believes these measures should reduce the risks 
of manipulative or other

[[Page 42766]]

improper activity in connection with Equity Investment Tracking Stocks, 
help assure compliance with the proposed listing standards, and 
identify areas where such standards might need to be strengthened going 
forward.
    With respect to the proposed fees, the Commission believes it is 
consistent with the Act for the Exchange to exclude issuers whose only 
common equity security listed on the Exchange is an Equity Investment 
Tracking Stock from receiving the complimentary products and services 
provided for under Section 907.00 of the Manual. The Exchange stated 
that most of the services provided under Section 907.00 would be of 
limited value and appeal to issuers of Equity Investment Tracking 
Stocks.
    Finally, the Commission believes that the proposed listing and 
annual fees for Equity Investment Tracking Stocks are an equitable 
allocation of reasonable fees. The Exchange stated that it is 
appropriate to charge lower fees to issuers whose only common equity 
security listed on the Exchange is an Equity Investment Tracking Stock 
because there are regulatory efficiencies for the Exchange when the 
issuer of an Equity Investment Tracking Stock and the issuer of the 
tracked stock are both listed on the Exchange. The Exchange represented 
that it does not believe that the proposed fees would negatively affect 
its ability to continue to adequately fund its regulatory program or 
the services the Exchange provides to issuers. According to the 
Exchange, these lower fees also reflect the fact that issuers whose 
only listed security is an Equity Investment Tracking Stock will not 
receive the complimentary products and services that other listed 
issuers of equity securities are eligible for under Section 907.00 of 
the Manual.

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\39\ that the proposed rule change (SR-NYSE-2016-22), as modified 
by Amendment Nos. 5 and 6, be, and it hereby is, approved.
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    \39\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\40\
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    \40\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2016-15457 Filed 6-29-16; 8:45 am]
BILLING CODE 8011-01-P