Document ID: SEC-2016-2318-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NYSE MKT, LLC; NYSE Arca, Inc.
Posted Date: 2016-12-28T05:00Z

[Federal Register Volume 81, Number 249 (Wednesday, December 28, 2016)]
[Notices]
[Pages 95679-95680]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-31306]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79645; File Nos. SR-NYSEMKT-2016-52 and SR-NYSEArca 
2016-103]

Self-Regulatory Organizations; NYSE MKT LLC; NYSE Arca, Inc.; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove Proposed Rule 
Changes To Extend the Time Within Which a Member, Member Organization, 
an ATP Holder, an OTP Holder, or an OTP Firm Must File a Uniform 
Termination Notice for Securities Industry Registration (``Form U5'') 
and Any Amendments Thereto

December 21, 2016.
    On June 16, 2016, NYSE MKT LLC (``NYSE MKT'') filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (``Act'') 
\2\ and Rule 19b-4 thereunder,\3\ a proposed rule change to extend the 
time within which a member or member organization, or an Amex Trading 
Permit Holder (``ATP Holder'') must file a Form U5, or any amendments 
thereto. The proposed rule change was published for comment in

[[Page 95680]]

the Federal Register on July 7, 2016.\4\ On July 14, 2016, NYSE Arca, 
Inc. (``NYSE Arca'') (NYSE MKT and NYSE Arca, each an ``Exchange'') 
filed with the Commission, pursuant to Section 19(b)(1) \5\ of the Act 
and Rule 19b-4 thereunder,\6\ a proposed rule change to extend the time 
within which an Options Trading Permit Holder (``OTP Holder'') or 
Options Trading Permit Firm (``OTP Firm'') must file a Form U5, or any 
amendments thereto. The proposed rule change was published for comment 
in the Federal Register on July 27, 2016.\7\ The Commission received 
one comment letter regarding the proposals.\8\ The New York Stock 
Exchange LLC (``NYSE''), on behalf of the Exchanges, responded to the 
comment on August 12, 2016.\9\ On August 17, 2016 \10\ and September 1, 
2016,\11\ the Commission designated a longer period for Commission 
action on the respective proposed rule changes. On October 3, 2016, the 
Commission received another comment regarding the proposals.\12\ On 
October 5, 2016, the Commission instituted proceedings under Section 
19(b)(2)(B) of the Act \13\ to determine whether to approve or 
disapprove the proposed rule changes.\14\ The Commission received four 
additional comment letters regarding the proposals.\15\ NYSE, on behalf 
of the Exchanges, responded to the OIA Letter on October 25, 2016.\16\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 78198 (June 30, 
2016), 81 FR 44363.
    \5\ 15 U.S.C. 78s(b)(1).
    \6\ 17 CFR 240.19b-4.
    \7\ See Securities Exchange Act Release No. 78381 (July 21, 
2016), 81 FR 49286.
    \8\ See letter from Judith Shaw, President, North American 
Securities Administrators Association, Inc. (``NASAA''), dated 
August 3, 2016, to Brent J. Fields, Secretary, Securities and 
Exchange Commission (``NASAA Letter''). While the NASAA Letter 
addresses issues associated with the NYSE MKT proposal, the 
Commission believes that the concerns raised by NASAA are equally 
applicable to the two proposals addressed in this Notice.
    \9\ See letter from Elizabeth K. King, General Counsel and 
Corporate Secretary, NYSE, dated August 12, 2016, to Brent J. 
Fields, Secretary, Commission.
    \10\ See Securities Exchange Act Release No. 78598, 81 FR 57642 
(August 23, 2016).
    \11\ See Securities Exchange Act Release No. 78755, 81 FR 62912 
(September 8, 2016).
    \12\ See letter from Rick A. Fleming, Investor Advocate, and 
Tracey L. McNeil, Ombudsman, Office of the Investor Advocate, 
Commission, dated October 3, 2016, to Brent J. Fields, Secretary, 
Commission (``OIA Letter'').
    \13\ 15 U.S.C. 78s(b)(2)(B).
    \14\ See Securities Exchange Act Release No. 79055, 81 FR 70460 
(October 12, 2016).
    \15\ See letters from Kevin Zambrowicz, Associate General 
Counsel, Securities Industry and Financial Markets Association, 
dated October 19, 2016; Michele Van Tassel, President, Association 
of Registration Management, November 4, 2016; Edwin L. Reed, Deputy 
Director, Alabama Securities Commission, dated November 14, 2016; 
and Mike Rothman, President, NASAA, dated November 16, 2016 (``NASAA 
Letter 2''), to Brent J. Fields, Secretary, Commission. While the 
NASAA Letter 2 addresses issues associated with the NYSEMKT 
proposal, the Commission believes that the concerns raised by NASAA 
are equally applicable to the two proposals addressed in this 
Notice.
    \16\ See letter from Elizabeth K. King, General Counsel and 
Corporate Secretary, NYSE, dated October 26, 2016, to Brent J. 
Fields, Secretary, Commission.
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    Section 19(b)(2) of the Act \17\ provides that, after initiating 
disapproval proceedings, the Commission shall issue an order approving 
or disapproving the proposed rule change not later than 180 days after 
the date of publication of notice of filing of the proposed rule 
change. The Commission may extend the period for issuing an order 
approving or disapproving the proposed rule change, however, by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination. For 
proposed rule change SR-NYSEMKT-2016-52, January 3, 2017 and March 4, 
2017 are 180 days and 240 days, respectively, from July 7, 2016, the 
date that the proposed rule change was published for notice and comment 
in the Federal Register. For proposed rule change SR-NYSEArca 2016-103, 
January 23, 2017, and March 24, 2017, are 180 days and 240 days, 
respectively from July 27, 2016, the date that the proposed rule change 
was published for comment in the Federal Register.
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    \17\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the proposed 
rule changes so that it has sufficient time to consider the proposed 
rule changes and the comments received.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act \18\ designates, for SR-NYSEMKT-2016-52 and SR-NYSEArca-2106-103, 
March 4, 2017 and March 24, 2017, respectively, as the dates by which 
the Commission shall either approve or disapprove the proposed rule 
changes.
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    \18\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2016-31306 Filed 12-27-16; 8:45 am]
 BILLING CODE 8011-01-P