UNITED STATES ENVIRONMENTAL PROTECTION AGENCY WASHINGTON, D. C. 20460 OFFICE OF PREVENTION, PESTICIDES AND TOXIC SUBSTANCES November 4, 2004 Pick Up Mr. Richard L. Conn Charles & Conn, LLC 6713 Catskill Rd, Lorton, VA 22079 1113 RE: Ametryn Preliminary Risk Assessments Dear Mr. Conn I am pleased to announce the initiation of the Environmental Protection Agency's ( EPA) reregistration eligibility review and tolerance reassessment for the herbicide ametryn for which you hold a technical product registration. The enclosed human health and ecological risk assessments summarize the existing database and describes the risks associated with the use of ametryn. Within the next 30 days, please identify and comment on any technical errors in these documents. In addition, we would like you to review the risk assessment documents for confidential business information ( CBI), and inform the Agency of any newly completed, pending, or planned studies involving ametryn.

This advance opportunity to review EPA's pesticide risk assessments for errors is an integral part of a wider effort to involve the public in implementation of the Food Quality Protection Act of 1996. Accordingly, EPA is following the public participation process for the reregistration of ametryn, as described in the Federal Register Notice published on May 14, 2004 ( 69 FR 26819).

Please submit your technical error correction comments within 30 days of receipt of this letter. Upon receipt, we will evaluate your comments and prepare a written response, and will revise the risk assessments, as necessary. Errors include mathematical, computational, typographic, or other similar errors. At this stage, we will respond only to errors that do not pertain to matters of policy, interpretation, or applicability of data. In January 2005, EPA will release to the public the risk assessments, your comments, and the Agency's review and discussion of your comments. These documents will be placed in a Public Docket and posted on EPA's Internet site. The EPA will announce the availability of these documents via a Notice of Availability in the Federal Register, and through an electronic listserver message. 2 of 2 After reviewing the EPA's risk assessments, please inform us in writing of any claims of CBI contained in these assessments. If we do not receive notification in writing of any such claims within 30 days, we will assume that the documents are free of CBI. Also, please inform us of any pertinent, on going or planned studies, or other sources of information on ametryn and your timetable for completing and submitting such data and information to the Agency. This will enable EPA to plan better for refining its risk assessments and completing reregistration and tolerance reassessment.

Please send your response, including any claims of CBI and other information, in both printed and electronic form to Mark Howard, the Chemical Review Manager for ametryn. If you have any questions, please contact him at ( 703) 308 8172.

Sincerely,

Michael Goodis, Chief Reregistration Branch 3 Special Review and Reregistration Division 7 Enclosures ( 6):

EFED Reregistration Eligibility Document and Risk Assessment for the use of Ametryn on corn, pineapple and sugarcane. November 3, 2004 Ametryn: HED Chapter of the Reregistration Eligibility Decision Document ( RED). November 3, 2004 Ametryn RED  Reregistration Eligibility Decision. Product Chemistry Considerations. November 3, 2004 Ametryn. Chronic and Cancer Dietary Exposure Assessments for the Reregistration Eligibility Decision. October 6, 2004 AMETRYN: Report of the Cancer Assessment Review Committee. September 17, 2004.

Ametryn. Occupational and Residential Exposure Chapter of the Reregistration Eligibility Decision Document ( RED). October 19, 2004 Ametryn. Residue Chemistry Considerations for Reregistration Eligibility Decision. November 3, 2004 Includes the review of MRIDs: 44783702, 44477706, 4473701, 44477705, 44477704, 44107901, 44477701, 44477702, 43931001


5874 Federal Register / Vol. 68, No. 24 / Wednesday, February 5, 2003 / Notices methodology for conducting risk assessments of asbestos. The proposed risk assessment methodology distinguishes between fiber sizes and fiber types in estimating potential health risks related to asbestos exposure. EPA is convening this peer consultation workshop to seek input from a panel of experts on the scientific merit of the proposed methodology. The experts will include scientists with extensive expertise in relevant fields, such as biostatistics, fiber identification, inhalation toxicology, and carcinogenic mechanisms. The panelists will be asked to respond to several charge questions that address key issues in the proposed methodology, including interpretations of epidemiology and toxicology literature, the proposed exposure index, and general topics. The product of the peer consultation workshop will be a report that summarizes the panelists' and observers' comments, conclusions, and recommendations on the proposed methodology.

David Lopez, Director, Region 3/ 8 Support Center, OERR. [ FR Doc. 03   2767 Filed 2   4   03; 8: 45 am]

BILLING CODE 6560   50   P ENVIRONMENTAL PROTECTION AGENCY [ OPP   2003   0012; FRL   7288   1]

Organophosphate Pesticide; Availability of Dicrotophos Interim Risk Management Decision Document AGENCY: Environmental Protection Agency ( EPA). ACTION: Notice.

SUMMARY: This notice announces the availability of the interim risk management decision document for the organophosphate pesticide dicrotophos. This decision document has been developed as part of the public participation process that EPA and U. S. Department of Agriculture ( USDA) are now using for involving the public in the reassessment of pesticide tolerances under the Food Quality Protection Act ( FQPA), and the reregistration of individual organophosphate pesticides under the Federal Insecticide, Fungicide, and Rodenticide Act ( FIFRA).

FOR FURTHER INFORMATION CONTACT: Laura Parsons, Special Review and Reregistration Division ( 7508C), Office of Pesticide Programs, Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460   0001; telephone number: ( 703) 305   5776; e mail address: parsons. laura@ epa. gov.

SUPPLEMENTARY INFORMATION:

I. General Information A. Does this Action Apply to Me? This action is directed to the public in general, nevertheless, a wide range of stakeholders will be interested in obtaining the interim risk management decision document for dicrotophos, including environmental, human health, and agricultural advocates; the chemical industry; pesticide users; and members of the public interested in the use of pesticides on food. Since other entities also may be interested, the Agency has not attempted to describe all the specific entities that may be affected by this action. If you have any questions regarding the applicability of this action to a particular entity, consult the person listed under FOR FURTHER INFORMATION CONTACT.

B. How Can I Get Copies of this Document and Other Related Information? 1. Docket. EPA has established an official public docket for this action under docket identification ( ID) number OPP   2003   0012. The official public docket consists of the document specifically referenced in this action, any public comments received, and other information related to this action. Although a part of the official docket, the public docket does not include Confidential Business Information ( CBI) or other information whose disclosure is restricted by statute. The official public docket is the collection of materials that is available for public viewing at the Public Information and Records Integrity Branch ( PIRIB), Rm. 119, Crystal Mall # 2, 1921 Jefferson Davis Hwy., Arlington, VA. This docket facility is open from 8: 30 a. m. to 4 p. m., Monday through Friday, excluding legal holidays. The docket telephone number is ( 703) 305   5805. 2. Electronic access. You may access this Federal Register document electronically through the EPA Internet under the `` Federal Register'' listings at http:// www. epa. gov/ fedrgstr/. An electronic version of the public docket is available through EPA's electronic public docket and comment system, EPA Dockets. You may use EPA Dockets at http:// www. epa. gov/ edocket/ to submit or view public comments, access the index listing of the contents of the official public docket, and to access those documents in the public docket that are available electronically. Although not all docket materials may be available electronically, you may still access any of the publicly available docket materials through the docket facility identified in Unit I. B. 1. Once in the system, select `` search,'' then key in the appropriate docket ID number. For questions on the IRED in this document, contact the Chemical Review Manager listed under FOR FURTHER INFORMATION CONTACT.

II. What Action is the Agency Taking? EPA has assessed the risks of dicrotophos and reached an Interim Reregistration Eligibility Decision ( IRED) for this organophosphate pesticide. Provided that risk mitigation measures are adopted, dicrotophos fits into its own risk cup   its individual, aggregate risks are within acceptable levels. A restricted use chemical used mainly to control insects on cotton, dicrotophos residues in food and drinking water do not pose risk concerns. There are no residential uses and therefore dicrotophos fits into its own risk cup. To reduce worker and ecological risks, dicrotophos may no longer be applied by aerial equipment, closed mixing/ loading systems and closed cabs are required, and total seasonal maximum application is limited to 0.83 lb active ingredient and only 0.5 lb of this can be applied prior to August 1 of any year. Additionally, to ensure that dicrotophos use does not increase dramatically in the future, a production cap is required to limit production to an average of the annual amount produced in 1999, 2000 and 2001. These mitigation measures are expected to reduce, but not eliminate worker and ecological risks. These risks are offset by the benefit of dicrotophos to control certain insects in cotton. The interim risk management decision document for dicrotophos was made through the organophosphate pesticide pilot public participation process, which increases transparency and maximizes stakeholder involvement in EPA's development of risk assessments and risk management decisions. The pilot public participation process was developed as part of the EPA USDA Tolerance Reassessment Advisory Committee ( TRAC), which was established in April 1998, as a subcommittee under the auspices of EPA's National Advisory Council for Environmental Policy and Technology. A goal of the pilot public participation process is to find a more effective way for the public to participate at critical junctures in the Agency's development of organophosphate pesticide risk assessments and risk management decisions. EPA and USDA began implementing this pilot process in August 1998, to increase transparency VerDate Dec< 13> 2002 19: 38 Feb 04, 2003 Jkt 200001 PO 00000 Frm 00010 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 05FEN1. SGM 05FEN1 5875 Federal Register / Vol. 68, No. 24 / Wednesday, February 5, 2003 / Notices and opportunities for stakeholder consultation. EPA worked extensively with affected parties to reach the decisions presented in the interim risk management decision document, which conclude the pilot public participation process for dicrotophos. As part of the pilot public participation process, numerous opportunities for public comment were offered as the interim risk management decision document was being developed. The dicrotophos interim risk management decision document therefore is issued without a formal public comment period concluding review of the individual organophosphate pesticide. The docket remains open, however, and any comments submitted in the future will be placed in the public docket. The risk assessments for dicrotophos were released to the public through notices published in the Federal Register on November 10, 1999 ( 64 FR 61332) ( FRL   6393   9), and June 14, 2000 ( 65 FR 37371) ( FRL   6593   4). EPA's next step under FQPA is to complete a cumulative risk assessment and risk management decision for the organophosphate pesticides, which share a common mechanism of toxicity. The interim risk management decision document on dicrotophos cannot be considered final until this cumulative assessment is complete. When the cumulative risk assessment for the organophosphate pesticides has been completed, EPA will issue its final tolerance reassessment decision for dicrotophos and further risk mitigation measures may be needed.

List of Subjects Environmental protection, Chemicals, Pesticides and pests.

Dated: January 22, 2003. Lois A Rossi, Director, Special Review and Reregistration Division, Office of Pesticide Programs.

[ FR Doc. 03   2775 Filed 2   4   03; 8: 45 am]

BILLING CODE 6560   50   S ENVIRONMENTAL PROTECTION AGENCY [ OPP   2003   0030; FRL   7290   6]

Notice of Receipt of Requests for Amendments to Delete Uses in Certain Pesticide Registrations AGENCY: Environmental Protection Agency ( EPA). ACTION: Notice.

SUMMARY: In accordance with section 6( f)( 1) of the Federal Insecticide, Fungicide and Rodenticide Act ( FIFRA), as amended, EPA is issuing a notice of receipt of request for amendments by registrants to delete uses in certain pesticide registrations. Section 6( f)( 1) of FIFRA provides that a registrant of a pesticide product may at any time request that any of its pesticide registrations be amended to delete one or more uses. FIFRA further provides that, before acting on the request, EPA must publish a notice of receipt of any request on the Federal Register.

DATES: The deletions are effective on August 4, 2003, unless the Agency receives a withdrawal request on or before August 4, 2003. The Agency will consider withdrawal requests postmarked August 4, 2003. Users of these products who desire continued use on crops or sites being deleted should contact the applicable registrant on or before August 4, 2003.

ADDRESSES: Withdrawal requests may be submitted by mail, electronically, or in person. Please follow the detailed instructions for each method as provided in Unit I. of the SUPPLEMENTARY INFORMATION. To ensure proper receipt by EPA, it is imperative that you identify docket ID number OPP   2003   0030 in the subject line on the first page of your response.

FOR FURTHER INFORMATION CONTACT: By mail: James A. Hollins, Office of Pesticide Programs ( 7502C), Environmental Protection Agency, 1200 Pennsylvania Ave., NW., Washington, DC 20460   0001; telephone number: ( 703) 305   5761; e mail address: hollins. james@ epa. gov.

SUPPLEMENTARY INFORMATION:

I. General Information A. Does this Action Apply to Me?

This action is directed to the public in general. Although this action may be of particular interest to persons who produce or use pesticides, the Agency has not attempted to describe all the specific entities that may be affected by this action. If you have any questions regarding the information in this notice, consult the person listed under FOR FURTHER INFORMATION CONTACT. B. How Can I Get Copies of This Document and Other Related Information?

1. Docket. EPA has established an official public docket for this action under docket identification ( ID) number OPP   2003   0030. The official public docket consists of the documents specifically referenced in this action, any public comments received, and other information related to this action. Although a part of the official docket, the public docket does not include Confidential Business Information ( CBI) or other information whose disclosure is restricted by statute. The official public docket is the collection of materials that is available for public viewing at the Public Information and Records Integrity Branch ( PIRIB), Rm. 119, Crystal Mall # 2, 1921 Jefferson Davis Hwy., Arlington, VA. This docket facility is open from 8: 30 a. m. to 4 p. m., Monday through Friday, excluding legal holidays. The docket telephone number is ( 703) 305   5805. 2. Electronic access. You may access this Federal Register document electronically through the EPA Internet under the `` Federal Register'' listings at http:// www. epa. gov/ fedrgstr/. An electronic version of the public docket is available through EPA's electronic public docket and comment system, EPA Dockets. You may use EPA Dockets at http:// www. epa. gov/ edocket/ to submit or view public comments, access the index listing of the contents of the official public docket, and to access those documents in the public docket that are available electronically. Although not all docket materials may be available electronically, you may still access any of the publicly available docket materials through the docket facility identified in Unit I. B. 1. Once in the system, select `` search,'' then key in the appropriate docket ID number.

II. What Action is the Agency Taking?

This notice announces receipt by the Agency of applications from registrants to delete uses in certain pesticide registrations. These registrations are listed in the following Table 1 by registration number, product name/ active ingredient, and specific uses deleted:

VerDate Dec< 13> 2002 19: 38 Feb 04, 2003 Jkt 200001 PO 00000 Frm 00011 Fmt 4703 Sfmt 4703 E:\ FR\ FM\ 05FEN1. SGM 05FEN1


[Federal Register Volume 82, Number 20 (Wednesday, February 1, 2017)]
[Notices]
[Pages 8968-8970]
[FR Doc No: 2017-02088]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79884; File No. SR-BatsBZX-2016-61]

Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1, To Amend Exchange Rule 11.23, Auctions, To Enhance the Reopening
Auction Process Following a Trading Halt Declared Pursuant to the Plan
To Address Extraordinary Market Volatility Pursuant to Rule 608 of
Regulation NMS

January 26, 2017.

I. Introduction

    On October 13, 2016, Bats BZX Exchange, Inc. (``Exchange'' or
``BZX'') 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 related to the Exchange's re-opening process
following a trading halt declared pursuant to the National Market
System Plan to Address Extraordinary Market Volatility (``Plan''). The
proposed rule change was published for comment in the Federal Register
on November 1, 2016.\3\ On December 14, 2016, the Commission extended
the time period within which to approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether to disapprove the proposed rule change to January 30,
2017.\4\ On January 24, 2017, the Exchange filed Amendment No. 1 to the
proposed rule change.\5\ The Commission received no

comments on the proposed rule change. This order approves the proposed
rule change, as modified by Amendment No. 1.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79162 (October 26,
2016), 81 FR 75875 (``Notice'').
    \4\ See Securities Exchange Act Release No. 79552, 81 FR 92928
(December 20, 2016).
    \5\ In Amendment No. 1, the Exchange stated that it anticipates
implementing the proposed rule change in the second half of 2017,
and most likely within the third quarter, assuming the Securities
Information Processors have implemented their changes and the other
primary listing exchanges are able to implement their proposed rule
changes simultaneously with the Exchange. The Exchange also updated
the text of BZX Rule 11.23(d)(2)(E) to reflect the changes made by
SR-BatsBZX-2016-81. See Securities Exchange Act Release No. 79467
(December 5, 2016), 81 FR 89176 (December 9, 2016). The Exchange
stated that the changes from SR-BatsBZX-2016-81 do not impact the
same language as the current proposal and do not conflict with the
current proposal. Because Amendment No. 1 does not materially alter
the substance of the proposed rule change or raise unique or novel
regulatory issues, Amendment No. 1 is not subject to notice and
comment. Amendment No. 1 is available at: https://www.sec.gov/comments/sr-batsbzx-2016-61/batsbzx201661.htm.
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II. Description of the Proposed Rule Change, as Modified by Amendment
No. 1

    In conjunction with the Twelfth Amendment to the Plan,\6\ the
Exchange proposes to revise its re-opening process following a trading
halt declared pursuant to the Plan (``Trading Pause'') and to make
related changes.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 79845 (January 19,
2017) (File No. 4-631).
---------------------------------------------------------------------------

Auction Reference Price and Auction Collar for Halt Auctions Following
a Trading Pause

    The Exchange proposes to establish a ``Halt Auction Reference
Price'' and a ``Halt Auction Collar'' for Halt Auctions following a
Trading Pause. Specifically, the Halt Auction Reference Price would be
equal to the price of the Upper or Lower Price Band that triggered the
Trading Pause.\7\ With respect to Halt Auction Collars, if the Halt
Auction Reference Price is the Lower (Upper) Price Band, the initial
lower (upper) Halt Auction Collar would be 5 percent less (greater)
than the Halt Auction Reference Price, rounded to the nearest minimum
price variation, and the upper (lower) Halt Auction Collar would be the
Upper (Lower) Price Band.\8\ For securities with a Halt Auction
Reference Price of $3.00 or less, the initial lower (upper) Halt
Auction Collar would be $0.15 less (greater) than the Halt Auction
Reference Price, rounded to the nearest minimum price variation, and
the upper (lower) Halt Auction Collar would be the Upper (Lower) Price
Band.\9\
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    \7\ See proposed BZX Rule 11.23(d)(2)(C)(i). The proposed
definition of Halt Auction Reference Price for a Trading Pause is
designed to be consistent across listing exchanges.
    \8\ See id.
    \9\ See id. These proposed Halt Auction Collars are designed to
be consistent across listing exchanges. The Exchange also proposes
to make conforming changes in renumbered BZX Rule 11.23(d)(2)(E).
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Extension of Re-Opening Time and Expansion of Halt Auction Collars for
Halt Auctions

    Under the proposal, the Exchange would provide a 5-minute Quote-
Only Period \10\ prior to a Halt Auction following a Trading Pause.\11\
This Quote-Only Period would be extended for an additional 5 minutes
(``Initial Extension Period'') if a Halt Auction could not be conducted
due to a Market Order imbalance under BZX Rule 11.23(d)(2)(B)(i) \12\
or if the Indicative Price,\13\ before being adjusted for Halt Auction
Collars, is outside the Halt Auction Collars set forth in proposed BZX
Rule 11.23(d)(2)(C)(i) and (ii) (either, an ``Impermissible
Price'').\14\ After the Initial Extension Period, the Quote-Only Period
would be extended for additional 5-minute periods if a Halt Auction
could not be conducted due to an Impermissible Price (``Additional
Extension Period'') until a Halt Auction occurs.\15\
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    \10\ See proposed BZX Rule 11.23(d)(2)(C). BZX Rule 11.23(a)(17)
defines ``Quote-Only Period'' to mean a designated period of time
prior to a Halt Auction, a Volatility Closing Auction, or an IPO
Auction during which Users may submit orders to the Exchange for
participation in the auction.
    \11\ See proposed BZX Rule 11.23(d)(2)(C).
    \12\ BZX Rule 11.23(d)(2)(B)(i) refers to circumstances where
there are unmatched market orders on the Auction Book associated
with the auction.
    \13\ BZX Rule 11.23(a)(10) defines ``Indicative Price'' to mean,
in part, the price at which the most shares from the Auction Book
and the Continuous Book would match.
    \14\ See proposed BZX Rule 11.23(d)(2)(C). The Quote-Only Period
would not be extended and the Halt Auction may occur where there is
a Limit Order imbalance, but no Market Order imbalance exists and
the Indicative Price is inside the thresholds set forth in proposed
BZX Rule 11.23(d)(2)(C). See Notice, supra note 3, at 75877.
    \15\ The Exchange would attempt to conduct a Halt Auction during
the course of each Additional Extension Period. See proposed BZX
Rule 11.23(d)(2)(C).
---------------------------------------------------------------------------

    Under the proposal, at the beginning of the Initial Extension
Period, the upper (lower) Halt Auction Collar would be increased
(decreased) by 5 percent in the direction of the Impermissible Price,
rounded to the nearest minimum price variation.\16\ For securities with
a Halt Auction Reference Price of $3.00 or less, the Halt Auction
Collar would be increased (decreased) in $0.15 increments in the
direction of Impermissible Price.\17\ At the beginning of each
Additional Extension Period, the Halt Auction Collar would be widened
in the same manner and by the same amount as the Initial Extension
Period.\18\
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    \16\ See proposed BZX Rule 11.23(d)(2)(C)(ii).
    \17\ See id.
    \18\ See id. The proposed extensions and widening of the Halt
Auction Collars are designed to be consistent across listing
exchanges.
---------------------------------------------------------------------------

    As proposed, a Halt Auction for a security would be cancelled at
3:50 p.m. eastern time, at which time the auction for the security
would be conducted pursuant to the Volatility Closing Auction process
under BZX Rule 11.23(e).\19\
---------------------------------------------------------------------------

    \19\ See proposed BZX Rule 11.23(d)(2)(C). The concept of
holding a closing auction instead of a re-opening auction if a
Trading Pause exists in the last ten minutes of trading is designed
to be consistent across listing exchanges and to reflect the Twelfth
Amendment to the Plan.
---------------------------------------------------------------------------

Other Changes Relating to the Halt Auction

    The Exchange proposes to amend BZX Rule 11.23(d)(2)(A) regarding
the publication of BZX Auction Information. BZX Rule 11.23(d)(2)(A)
currently states that, coinciding with the beginning of the Quote-Only
Period for a security and updated every five seconds thereafter, the
Reference Price, Indicative Price, Auction Only Price, and the lesser
of Reference Buy Shares and Reference Sell Shares associated with the
Halt Auction will be disseminated via electronic means.\20\ The
Exchange now proposes to amend BZX Rule 11.23(d)(2)(A) to include the
Halt Auction Reference Price and Halt Auction Collars as part of the
information to be disseminated.\21\
---------------------------------------------------------------------------

    \20\ See BZX Rules 11.23(a)(2) (defining ``Auction Only
Price''); 11.23(a)(18) (defining ``Reference Buy Shares'');
11.23(a)(19) (defining ``Reference Price''); and 11.23(a)(21)
(defining ``Reference Sell Shares'').
    \21\ See proposed BZX Rule 11.23(d)(2)(A). The Exchange also
proposes to make clear that it would notify market participants of
the circumstances and length of an extension of the Quote-Only
Period as set forth in BZX Rules 11.23(d)(2)(B) and (C). See
proposed BZX Rule 11.23(d)(2)(D).
---------------------------------------------------------------------------

    The Exchange proposes to amend BZX Rule 11.17(a) to provide that
executions as a result of a Halt Auction under BZX Rule 11.23(d) are
not eligible for a request to review as clearly erroneous under BZX
Rule 11.17(b).\22\
---------------------------------------------------------------------------

    \22\ The proposal to exclude re-opening auction trades from the
clearly erroneous execution rule is designed to be consistent across
listing exchanges.
---------------------------------------------------------------------------

Other Changes Relating to Trading Pauses

    The Exchange proposes that if a Trading Pause is triggered by the
Exchange or if the Exchange is unable to re-open trading at the end of
the Trading Pause due to a systems or technology issue, the Exchange
would immediately notify the single plan processor responsible for
consolidation of information for the security pursuant to Rule 603 of
Regulation NMS under the Act.\23\
---------------------------------------------------------------------------

    \23\ See proposed BZX Rule 11.23(d)(2)(F). This change is
designed to be consistent across listing exchanges and to reflect
the Twelfth Amendment to the Plan.
---------------------------------------------------------------------------

    The Exchange states that it will announce the implementation date
of the proposed rule change via a trading notice to be issued after
this proposed rule change is approved by the Commission.\24\ The
Exchange anticipates that this implementation will occur within the
second half of 2017, and most likely within the third quarter, assuming
the Securities Information Processors have implemented their changes
and the

other primary listing exchanges are able to implement their proposed
rule changes simultaneously with the Exchange.\25\
---------------------------------------------------------------------------

    \24\ See Notice, supra note 3, at 75877.
    \25\ See Amendment No. 1, supra note 5. For a more detailed
description of the proposed rule change, see Notice, supra note 3.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 1, is consistent with the
requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange.\26\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act,\27\ which requires, among other things,
that the rules of a national securities exchange be 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, 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. As noted above, the Commission
received no comment letters regarding the proposed rule change.
---------------------------------------------------------------------------

    \26\ 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).
    \27\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission notes that the proposed rule change is designed,
together with the Twelfth Amendment to the Plan,\28\ to address the
issues experienced on August 24, 2015 by reducing the number of repeat
Trading Pauses in a single NMS Stock.\29\ The Commission notes that the
proposed rule change is also designed to further the goal of
establishing a standardized approach for how Primary Listing Exchanges
would conduct certain aspects of an automated re-opening following a
Trading Pause, which should provide certainty for market participants
regarding how a security would re-open following a Trading Pause,
regardless of the listing exchange.\30\
---------------------------------------------------------------------------

    \28\ See, supra note 6.
    \29\ See Notice, supra note 3, at 75878.
    \30\ See id.
---------------------------------------------------------------------------

    With respect to the proposed Halt Auction Reference Price and Halt
Auction Collars, the Commission finds reasonable the Exchange's belief
that the price of the limit state that preceded the Trading Pause
(i.e., either the Lower or Upper Price Band price) would better reflect
the most recent price of the security, and therefore should be used as
the Halt Auction Reference Price.\31\ Moreover, the Commission believes
that the proposed method for calculating the initial Halt Auction
Collars (i.e., the Halt Auction Collar on the opposite side of the
trading pressure would be the Price Band in place before the Trading
Pause was triggered) would address the concept of mean reversion, as
well as avoid a security from trading outside of a price that it would
have been permitted to trade before the Trading Pause.\32\
---------------------------------------------------------------------------

    \31\ See id.
    \32\ See id.
---------------------------------------------------------------------------

    The Commission believes that extending the Trading Pause and
widening the Halt Auction Collar on the side of the Impermissible Price
would be a measured approach to provide additional time to attract
offsetting interest, to help to address an imbalance that may not be
resolved within the prior Halt Auction Collars, and to reduce the
potential for triggering another Trading Pause.\33\ Also, as the
Exchange noted, widening the Halt Auction Collar only in the direction
of the imbalance would address issues relating to the concept of mean
reversion.\34\ Moreover, the Commission notes that the proposal to
cancel the Halt Auction at 3:50 p.m. and instead conduct the Volatility
Closing Auction under BZX Rule 11.23(e) would be consistent with the
Twelfth Amendment to the Plan.
---------------------------------------------------------------------------

    \33\ See id.
    \34\ See id.
---------------------------------------------------------------------------

    The Commission believes that precluding members from requesting
review of a Halt Auction as a clearly erroneous execution is
appropriate. The Commission notes that the proposed re-opening
procedures would allow for widened collars, which may result in a re-
opening price away from prior trading prices, but the re-opening price
would be a result of a measured and transparent process that reduces
the potential that such trade would be considered erroneous.\35\
---------------------------------------------------------------------------

    \35\ See id.
---------------------------------------------------------------------------

    The Commission believes that the proposed enhancements to the
information that would be disseminated for a Halt Auction would further
promote transparency around a Halt Auction.
    Finally, the Commission notes that proposed BZX Rule 11.23(d)(2)(F)
is consistent with the Twelfth Amendment to the Plan.
    Based on the Exchange's representations mentioned above and in the
Notice, and for the foregoing reasons, the Commission finds that the
proposed rule change, as modified by Amendment No. 1, is consistent
with Section 6(b)(5) of the Act \36\ and the rules and regulations
thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\37\ that the proposed rule change (SR-BatsBZX-2016-61), as
modified by Amendment No. 1, be, and hereby is, approved.
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    \37\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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    \38\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-02088 Filed 1-31-17; 8:45 am]
 BILLING CODE 8011-01-P