[Federal Register: October 4, 2010 (Volume 75, Number 191)]
[Rules and Regulations]
[Page 61050-61051]
[DOCID:fr04oc10-3]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 243

[Release Nos. 33-9146; 34-63003; IC-29448; File No. S7-23-10]

Removal From Regulation FD of the Exemption for Credit Rating
Agencies

AGENCY: Securities and Exchange Commission.

ACTION: Final rule.

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SUMMARY: This amendment implements Section 939B of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, which requires that
the Securities and Exchange Commission amend Regulation FD to remove
the specific exemption from the rule for disclosures made to nationally
recognized statistical rating organizations and credit rating agencies
for the purpose of determining or monitoring credit ratings.

DATES: Effective Date: October 4, 2010.

FOR FURTHER INFORMATION CONTACT: Steven G. Hearne, Special Counsel in
the Office of Rulemaking, Division of Corporation Finance, at (202)
551-3430, 100 F Street, NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission is deleting Rule
100(b)(2)(iii) \1\ under Regulation FD.\2\
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    \1\ 17 CFR 243.100(b)(2)(iii).
    \2\ 17 CFR 243.100 et seq.
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I. Overview of the Amendment

    Regulation FD provides that when an issuer, or person acting on its
behalf, discloses material nonpublic information to certain enumerated
persons (in general, securities market professionals and holders of the
issuer's securities who may trade on the basis of the information), it
must make public disclosure of that information.\3\ Section 939B of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the
``Act'') requires the Commission to ``revise Regulation FD (17 CFR
243.100) to remove from such regulation the exemption for entities
whose primary business is the issuance of credit ratings (17 CFR
243.100(b)(2)(iii))'' within 90 days after the date of enactment.\4\
The effective date of the legislation is July 21, 2010 and our revised
rule will be effective for disclosure made on or after October 4, 2010.
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    \3\ 17 CFR 243.100(a). See Selective Disclosure and Insider
Trading, Release No. 34-43154 (Aug. 15, 2000) [65 FR 51716] at 51716
(the ``Regulation FD Adopting Release'').
    \4\ Pub. L. 111-203 (July 21, 2010).
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II. Discussion of the Amendment

    As required by the Act, we are amending Regulation FD to remove the
specific exemption provided to nationally recognized statistical rating
organizations and credit rating agencies for disclosure made to them
for the purpose of determining or monitoring a credit rating. To
effectuate this change, we are removing Rule 100(b)(2)(iii) of
Regulation FD. Due to the removal of Rule 100(b)(2)(iii), we are re-
designating Rule 100(b)(2)(iv) as Rule 100(b)(2)(iii).
    Regulation FD is designed to address the problem of selective
disclosure made to those who would reasonably be expected to trade
securities on the basis of the information or provide others with
advice about securities trading.\5\ Under Regulation FD, the timing of
the required public disclosure of material nonpublic information that
is provided by an issuer, or persons acting on its behalf, to certain
enumerated persons depends on whether the selective disclosure was
intentional. For an intentional selective disclosure, the issuer must
make public disclosure simultaneously. In other circumstances, the
issuer must make public disclosure promptly. Under the regulation, the
required public disclosure may be made by filing or furnishing a Form
8-K,\6\ or by another method or combination of methods that is
reasonably designed to provide broad, non-exclusionary distribution of
the information to the public.\7\
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    \5\ Regulation FD Adopting Release, supra note 3, at 51719.
    \6\ 17 CFR 249.308.
    \7\ 17 CFR 243.101(e).
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    Under Rule 100(b)(2)(iii) of Regulation FD, the issuer or person
acting on the issuer's behalf need not make the public disclosure if
the disclosure of material nonpublic information is made to a credit
rating agency that makes its credit ratings publicly available, or is
made pursuant to Rule 17g-5(a)(3) \8\ to a nationally recognized
statistical rating organization. As required by Section 939B of the
Act, we are removing the exemption specifically available to these
entities under Regulation FD.\9\
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    \8\ 17 CFR 240.17g-5(a)(3).
    \9\ Regulation FD also provides exemptions for communications
made to a person who owes the issuer a duty of trust or confidence--
i.e., a ``temporary insider''--such as an attorney, investment
banker, or accountant (17 CFR 243.100(b)(2)(i)), to any person who
expressly agrees to maintain the information in confidence (17 CFR
243.100(b)(2)(ii)), and in connection with most offerings of
securities registered under the Securities Act (17 CFR
243.100(b)(2)(iv)). These exemptions are unaffected by the Act.
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III. Procedural and Other Matters

    The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a proposed rulemaking in the Federal
Register.\10\ This requirement does not apply, however, if the agency
``for good cause finds * * * that notice and public procedure thereon
are impracticable, unnecessary, or contrary to the public interest.''
\11\ The revision to Regulation FD that the Commission is adopting is
required by Section 939B of the Act by the legislatively required date.
Unless the rule and form amendments become effective by that date,
issuers may be confused regarding their disclosure and reporting
obligations. The Commission is required by statute to remove the
specific exemption for disclosure provided to nationally recognized
statistical rating organizations and credit rating agencies. Because
this revision is required by Congress, it does not involve the exercise
of Commission discretion or policy judgments. For these reasons, the
Commission finds that good cause exists to dispense with a public
notice and comment period for these amendments because notice and
comment would be unnecessary, impracticable and contrary to the public
interest.\12\
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    \10\ See 5 U.S.C. 553(b).
    \11\ 5 U.S.C. 553(b).
    \12\ The Regulatory Flexibility Act requires agencies to prepare
analyses for rulemaking only when the APA requires general notice of
proposed rulemaking. 5 U.S.C. 603(a). The Regulatory Flexibility Act
does not apply to the rules we adopt today because, as noted above,
the Commission is not required to solicit public comment when using
the expedited rulemaking procedures under Section 553(b) of the APA.

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    The Commission is taking this action to implement the Act. Thus,
any costs and benefits to the economy resulting from the amendments are
mandated by the Act. Section 23(a)(2) \13\ of the Securities Exchange
Act of 1934 (``Exchange Act'') \14\ requires us, when adopting rules
under the Exchange Act, to consider the anti-competitive effect of any
rules we adopt. Further, Section 3(f) of the Exchange Act \15\ and
Section 2(c) of the Investment Company Act of 1940 \16\ require us,
when engaging in rulemaking where we are required to consider or
determine whether an action is necessary or appropriate in the public
interest, to consider, in addition to the protection of investors,
whether the action will promote efficiency, competition and capital
formation. While the amendments may affect efficiency, competition and
capital formation, the action we are taking today is required by the
Act and imposes no burden on efficiency, competition and capital
formation that is not consistent with implementation of the Act.
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    \13\ 15 U.S.C. 78w(a)(2).
    \14\ 15 U.S.C. 78a et seq.
    \15\ 15 U.S.C. 78c(f).
    \16\ 15 U.S.C. 80a-2(c).
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IV. Paperwork Reduction Act

    Certain provisions of Regulation FD contain ``collection of
information'' requirements within the meaning of the Paperwork
Reduction Act of 1995.\17\ An agency may not conduct or sponsor, and a
person is not required to respond to, a collection of information
unless it displays a currently valid OMB control number. Compliance
with the disclosure requirements is mandatory. There is no mandatory
retention period for the information disclosed, and responses to the
disclosure requirements will not be kept confidential.
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    \17\ 44 U.S.C. 3501 et seq.
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    The titles for the collections are (1) Form 8-K, and (2) Reg FD-
Other Disclosure Materials. OMB approved the regulation's information
collection requirements. Form 8-K (OMB Control No. 3235-0060) was
adopted pursuant to Sections 13,\18\ 15,\19\ and 23 \20\ of the
Exchange Act, and Regulation FD-Other Disclosure Materials (OMB Control
No. 3235-0536) was adopted pursuant to Sections 13, 15, 23, and 36 \21\
of the Exchange Act.
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    \18\ 15 U.S.C. 78m.
    \19\ 15 U.S.C. 78o.
    \20\ 15 U.S.C. 78w.
    \21\ 15 U.S.C. 78mm.
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    As discussed in the Regulation FD proposing \22\ and adopting
releases,\23\ in many cases, information disclosed under Regulation FD
would be information that an issuer ultimately was going to disclose to
the public. Under Regulation FD, that issuer likely will not make any
more public disclosure than it otherwise would, but it may make the
disclosure sooner and it is required to file or disseminate that
information in a manner reasonably designed to provide broad, non-
exclusionary distribution of the information to the public. Following
the amendments adopted today, reporting persons will remain obligated
to disclose the same information that they were previously required to
report on these forms. We therefore believe that the overall
information collection burden will remain approximately the same
because the same transactions will remain reportable.
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    \22\ See Selective Disclosure and Insider Trading, Release No.
34-42259 (Dec. 20, 1999) [64 FR 72590].
    \23\ See Regulation FD Adopting Release, supra note 3.
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V. Statutory Authority and Text of the Amendment

    The amendments described in this release are being adopted under
the authority set forth in Sections 10, 19(a), and 28 of the Securities
Act of 1933, Sections 3, 9, 10, 13, 15, 23, and 36 of the Securities
Exchange Act of 1934, Section 30 of the Investment Company Act of 1940,
and Section 939B of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010.

List of Subjects in 17 CFR Part 243

    Reporting and recordkeeping requirements, Securities.

Text of Amendments

0
For the reasons set out in the preamble, the Commission amends Title
17, Chapter II of the Code of Federal Regulations as follows:

PART 243--REGULATION FD

0
1. The authority citation for part 243 continues to read as follows:

    Authority: 15 U.S.C. 78c, 78i, 78j, 78m, 78o, 78w, 78mm, and
80a-29, unless otherwise noted.

Sec.  243.100  [Amended]

0
2. Section 243.100 is amended by removing paragraph (b)(2)(iii) and
redesignating paragraph (b)(2)(iv) as (b)(2)(iii).

    By the Commission.

     Dated: September 29, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-24802 Filed 10-1-10; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register: January 23, 2008 (Volume 73, Number 15)]
[Notices]
[Page 4027-4028]
[DOCID:fr23ja08-95]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57154; File No. SR-Amex-2008-03]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to ``Amex Only'' Orders and Quotes

January 15, 2008.
    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 January 9, 2008, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared substantially by the Amex. The
Amex has submitted the proposed rule change under Section 19(b)(3)(A)
of the Act \3\ and Rule 19b-4(f)(6) thereunder,\4\ which renders the
proposal effective upon filing with the Commission. The Commission is
publishing this notice to solicit comments on the proposed rule change
from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Amex proposes to amend Rule 131--AEMI, ``Types of Orders,'' to
provide for ``Amex Only'' orders and quotes that will trade only at the
Amex or be cancelled.
    The text of the proposed rule change is available at http://www.amex.com
, the principal office of the Amex, and 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 Amex 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 Amex 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
    The Amex proposes to add new paragraph (z) to Rule 131--AEMI to
adopt a new order and a new quote type: the ``Amex Only'' order
(``AOO'') and the ``Amex Only'' quote (``AOQ''). AOOs and AOQs will
enable quoting and other market participants to post liquidity on the
AEMI Book that will trade only at the Amex, and therefore will not
incur the costs of routing to away markets. If any portion of an AOO or
AOQ would otherwise be required, under Regulation NMS,\5\ to route to
another market to avoid a trade-through or a locked or crossed market,
AEMI would automatically cancel that portion of the AOO or AOQ.
Additionally, if auto-ex is disabled during the regular trading
session, all AOOs or AOQs on the AEMI Book would be cancelled (and all
incoming AOOs and AOQs rejected), because neither AOOs nor AOQs would
be permitted to participate in intra-day pair-offs.
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    \5\ 17 CFR 242.600 et seq.
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    AOOs and AOQs may be entered only during the pre-opening or regular
trading session. AOOs may be limit or market orders. Quoting
participants entering AOQs are limited to one per price point per side
of the market in the particular security being quoted, and only those
streaming quotes to the Amex via proprietary systems will have AOQ
functionality, when implemented.\6\
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    \6\ See Rule 131--AEMI, Commentary .04.
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    The Amex states that it is introducing AOOs and AOQs in response to
market participants' strong demands for more flexible order and quote
types that will provide more control over transaction charges--one of
the primary present drivers of order flow decisions. By using AOOs and
AOQs, market participants on Amex will be able to be certain of either
trading immediately against the contra side of the market on Amex,
posting all or part of their order/quote on the AEMI Book, or
cancelling the order/quote. The Amex notes that another market already
has a similar order type in place,\7\ so competitive reasons also are
driving the Amex's decision to offer comparable functionality to
liquidity providers.
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    \7\ See NYSE Rule 13 (``Do Not Ship'' or ``DNS'' Orders). See
also Securities Exchange Act Release No. 55768 (May 15, 2007), 72 FR
28532 (May 21, 2007) (File No. SR-NYSE-2007-24) (notice of filing
and immediate effectiveness of proposal to establish the DNS order
type).
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2. Statutory Basis
    The proposed rule change is designed to be consistent with
Regulation NMS, as well as Section 6(b) of the Act,\8\ in general, and
furthers the objectives of Section 6(b)(5) of the Act,\9\ in
particular, in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, 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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    \8\ 15 U.S.C. 78f(b).
    \9\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Amex believes that the proposed rule change does not impose any
burden on competition that is not necessary or appropriate in
furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    The Amex has designated the proposed rule change as one that: (1)
Does not significantly affect the protection of investors or the public
interest; (2) does not impose any significant burden on competition;
and (3) does not become operative for 30 days from the date of filing,
or such shorter time as the Commission may designate if consistent with
the protection of investors and the public interest. In addition, as
required under Rule 19b-4(f)(6)(iii),\10\ the Amex provided the
Commission with written notice of its intention to file the proposed
rule change, along with a brief description of the text of the proposed
rule change, at least five business days prior to filing the proposal
with the Commission. Therefore, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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    \10\ 17 CFR 240.19b-4(f)(6)(iii).
    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    The Amex has requested that the Commission waive the 30-day
operative delay for competitive reasons. The Commission hereby grants
the Amex's request.\13\ AOOs and AOQs are substantially similar to
order types that have been established on other exchanges.\14\ The
Amex's proposal does not appear to raise any novel regulatory issues.
Therefore, the Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest.
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    \13\ For purposes of waiving the 30-day operative delay, the
Commission has considered the proposal's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \14\ See note 7, supra. See also Philadelphia Stock Exchange
Rule 185(b)(1)(D) (providing for Limit Orders and Reserve Orders
with Do Not Route instructions).
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    At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate 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.

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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-Amex-2008-03 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street, NE., Washington, DC 20549-1090.
    All submissions should refer to File Number SR-Amex-2008-03. This
file number should be included on the subject line if e-mail 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 inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at the principal office of the Amex. 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 publicly available. All
submissions should refer to File Number SR-Amex-2008-03 and should be
submitted on or before February 13, 2008.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E8-1054 Filed 1-22-08; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register: April 4, 2007 (Volume 72, Number 64)]
[Notices]
[Page 16388-16389]
[DOCID:fr04ap07-94]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55547; File No. SR-Amex-2006-110]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of Proposed Rule Change Relating to Options Based on
Commodity Pool ETFs

March 28, 2007.

I. Introduction

    On November 24, 2006, the American Stock Exchange LLC (``Amex'' or
``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
proposal to amend certain rules to permit the listing and trading of
options on securities issued by trust issued receipts (``Commodity
TIRs''), partnership units, and other entities (referred herein to as
``Commodity Pool ETFs'') that hold or invest in commodity futures
products. The proposed rule change was published for comment in the
Federal Register on February 6, 2007.\3\ The Commission received no
comments regarding the proposal. This order approves the proposed rule
change.
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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. 55187 (January 29,
2007), 72 FR 5467.
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II. Description of the Proposal

    The purpose of the proposed rule change is to enable the listing
and trading on the Exchange of options on interests in Commodity Pool
ETFs that trade directly or indirectly commodity futures products. As a
result, Commodity Pool ETFs are subject to the Commodity Exchange Act
(``CEA'') due to their status as a commodity pool,\4\ and therefore,
regulated by the Commodity Futures Trading Commission (``CFTC'').\5\
Commodity Pool ETFs may hold or trade in one or more types of
investments that may include any combination of securities, commodity
futures contracts, options on commodity futures contracts, swaps, and
forward contracts.
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    \4\ A ``commodity pool'' is defined in CFTC Regulation
4.10(d)(1) as any investment trust, syndicate, or similar form of
enterprise operated for the purpose of trading commodity interests.
CFTC regulations further provide that a ``commodity interest'' means
a commodity futures contract and any contract, agreement or
transaction subject to Commission regulation under section 4c or 19
of the Act. See CFTC Regulation 4.10(a).
    \5\ The manager or operator of a ``commodity pool'' is required
to register, unless applicable exclusions apply, as a commodity pool
operator (``CPO'') and commodity trading advisor (``CTA'') with the
CFTC and become a member of the National Futures Association
(``NFA'').
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    Currently, Commentary .06 to Amex Rule 915 provides securities
deemed appropriate for options trading shall include shares or other
securities (``Exchange-Traded Fund Shares'') that are principally
traded on a national securities exchange or through the facilities of a
national securities association and reported as an NMS security, and
that: (i) Represent an interest in a registered investment company
organized as an open-end management investment company, a unit
investment trust or a similar entity which holds securities
constituting or otherwise based on or representing an investment in an
index or portfolio of securities; or (ii) represent interest in a trust
or other similar entity that holds a specified non-U.S. currency
deposited with the trust or similar entity when aggregated in some
specified minimum number may be surrendered to the trust by the
beneficial owner to receive the specified non-U.S. currency and pays
the beneficial owner interest and other distributions on the deposited
non-U.S. currency, if any, declared and paid by the trust.
    The proposal would amend Commentary .06 to Rule 915 to expand the
type of options to include the listing and trading of options based on
shares of Commodity Pool ETFs (the ``Shares'') that may hold or invest
directly or indirectly in commodity futures products, including but not
limited to, commodity futures contracts, options on commodity futures
contracts, swaps, and forward contracts. For Commodity Pool ETFs, a
comprehensive surveillance sharing agreement will be required between
the Exchange and the marketplace or marketplaces with last sale
reporting that represent(s) the highest volume in such commodity
futures contracts and/or options on commodity futures contracts on the
specified commodities or non-U.S. currency, which are utilized by the
national securities exchange where the underlying Commodity Pool ETFs
are listed and traded.\6\ The Exchange has represented that it has an
adequate surveillance program in place for options based on Commodity
Pool ETFs.
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    \6\ See proposed Commentary .06(a)(v) to Amex Rule 915.
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    Under the applicable continued listing criteria in Commentary .07
to Amex Rule 916, the options on the Shares shall not be deemed to meet
the Exchange's requirements for continued approval, and the Exchange
shall not open for trading any additional series of option contracts of
the class covering the Shares whenever the Shares are subject to
delisting as follows: (1) Following the initial twelve-month period
beginning upon the commencement of trading of the Shares, there are
fewer than 50 record and/or beneficial holders of the Shares for 30 or
more consecutive trading days; (2) the value of the index, non-U.S.
currency, portfolio of commodities including commodity futures
contracts, options on commodity futures contracts, swaps, forward
contracts and/or options on physical commodities, or portfolio of
securities on which the Shares are based is no longer calculated or
available; or (3) such other event occurs or condition exists that in
the opinion of the Exchange makes further dealing on the Exchange
inadvisable. Additionally, the options on the Shares shall not be
deemed to meet the requirements for continued approval, and the
Exchange shall not open for trading any additional series of option
contracts of the class covering such Shares, if the Shares are halted
from trading on their primary market, or if the Shares are delisted, or
the value of the index or portfolio on which the Shares are based is no
longer calculated or available.
    The proposal would amend Amex Rule 3 to require members to
establish, maintain, and enforce written policies and procedures to
prevent the misuse of material nonpublic information it might have or
receive in a related security, option or derivative or in the
applicable related commodity, commodity futures or options on commodity
futures, or any other related commodity derivatives. The proposal would
also amend Amex Rule 957 to ensure that the specialist and Registered
Traders handling the Shares provide the Exchange with all necessary
information relating to their trading in the applicable, physical
commodities, physical commodity options, commodity futures contracts,
options on commodity futures contracts, any other derivatives based on
such commodity. Lastly, the revision to Rule 957 would prohibit a
specialist or Registered Trader engaging in physical commodities,
physical commodity options, commodity futures contracts, options on
commodity futures contracts, any other derivatives based on such
commodity from trading in an account

which has not been reported to the Exchange.

III. Discussion

    After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange \7\ and, in particular, the requirements of Section 6 of the
Act.\8\ Specifically, the Commission finds that the proposed rule
change is consistent with Section 6(b)(5) of the Act,\9\ which
requires, among other things, that the rules of a national securities
exchange be designed 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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    \7\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f.
    \9\ 15 U.S.C. 78f(b)(5).
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Surveillance

    The Commission notes that the Exchange has represented that it has
an adequate surveillance program in place for options based on
Commodity Pool ETFs. The Exchange may obtain trading information via
the Intermarket Surveillance Group (``ISG'') from other exchanges who
are members or affiliates of the ISG and have entered into numerous
comprehensive surveillance sharing agreements with various commodity
futures exchanges worldwide. Prior to listing and trading options on
Commodity Pool ETFs, the Exchange represented that it will either have
the ability to obtain specific trading information via ISG or through a
comprehensive surveillance sharing agreement with the exchange or
exchanges where the particular commodity futures and/or options on
commodity futures are traded. In addition, the Exchange represented
that the addition of Commodity Pool ETF options will not have any
effect on the rules pertaining to position and exercise limits \10\ or
margin.\11 \
---------------------------------------------------------------------------

    \10\ See Amex Rules 904 and 905.
    \11\ See Amex Rule 462.
---------------------------------------------------------------------------

Listing and Trading of Options on Commodity Pool ETFs

    The Commission notes that, pursuant to the proposed rule change, a
Commodity Pool ETF will be subject to the provisions of Amex Rules 915
and 916, as applicable. These provisions include requirements regarding
initial and continued listing standards, the creation/redemption
process for ETFs, and trading halts. All Commodity Pool ETFs must be
traded through a national securities exchange or through the facilities
of a national securities association, and must be ``NMS stock'' as
defined under Rule 600 of Regulation NMS.\12\
---------------------------------------------------------------------------

    \12\ 17 CFR 242.600(b)(47).
---------------------------------------------------------------------------

    The Commission believes that this proposal is necessary to enable
the Exchange to list and trade options on an expanding range of
Commodity Pool ETFs currently approved for trading and that it is
reasonable to expect other types of Commodity Pool ETFs to be
introduced for trading in the future. This proposal would help ensure
that the Exchange will be able to list options on Commodity Pool ETFs
that have been recently launched as well as any other similar Commodity
Pool ETFs that may be listed and traded in the future \13\ thereby
offering investors greater option choices.
---------------------------------------------------------------------------

    \13\ 17 CFR 240.19b-4(e).
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\14\ that the proposed rule change (SR-Amex-2006-110), is hereby
approved.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-6200 Filed 4-3-07; 8:45 am]

BILLING CODE 8010-01-P


of intersection of
                                          Avenida el Conquistador
                                          and Carretera Cabezas.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.
[supcaret] Mean Sea Level, rounded to the nearest 0.1 meter.

                                                    ADDRESSES

Commonwealth of Puerto Rico
Maps are available for inspection at the Puerto Rico Planning Board, Minilas Government Center, North Building,
 16th Floor, East Jose de Diego Avenue, Stop 22, San Juan, PR 00940.

Municipality of Ponce
Maps are available for inspection at Ponce City Hall, 23 Calle Villa, Ponce, PR 00731.
----------------------------------------------------------------------------------------------------------------

                                                                      * Elevation in
                                                                      feet (NGVD)  +
                                                                    Elevation in feet
           Flooding source(s)              Location of referenced   (NAVD)       Communities affected
                                                 elevation            Depth in feet
                                                                       above ground
                                                                         Modified
----------------------------------------------------------------------------------------------------------------
                                Yakima County, Washington, and Incorporated Areas
                                             Docket No.: FEMA-B-1010
----------------------------------------------------------------------------------------------------------------
Naches River...........................  Approximately 300 feet                +1,185  Unincorporated Areas of
                                          downstream of I-82.                           Yakima County, City of
                                                                                Yakima, Town of Naches,
                                                                                Town of Selah.
                                         Approximately 0.74 mile               +1,632
                                          upstream of Hwy 12.
Naches River Split Flow A..............  Approximately at Pence                +1,170  Unincorporated Areas of
                                          Road.                                         Yakima County.
                                         Approximately 0.57 miles              +1,241
                                          upstream of Cypress Road.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.

                                                    ADDRESSES

City of Yakima
Maps are available for inspection at 129 North 2nd Street, Yakima, WA 98901.

Town of Naches
Maps are available for inspection at 29 East 2nd Street, Naches, WA 98937.

Town of Selah
Maps are available for inspection at 115 West Naches Avenue, Selah, WA 98942.

                                      Unincorporated Areas of Yakima County
Maps are available for inspection at 128 North 2nd Street, Yakima, WA 98901.
----------------------------------------------------------------------------------------------------------------
                                 Roane County, Tennessee, and Incorporated Areas
                                             Docket No.: FEMA-B-1014
----------------------------------------------------------------------------------------------------------------
Caney Creek............................  143 feet downstream of                  +746  Unincorporated Areas of
                                          confluence with Postoak                       Roane County.
                                          Creek.
                                         2,087 feet upstream of                  +746
                                          confluence with
                                          Tennessee River.
Clinch River...........................  2,372 feet upstream of                  +747  City of Oak Ridge, City
                                          confluence with                               of Harriman,
                                          Tennessee River.                              Unincorporated Areas of
                                                                                Roane County.
                                         964 feet downstream of                  +747
                                          confluence with Young
                                          Creek.
Clinch River...........................  144 feet downstream of                  +748  Unincorporated Areas of
                                          confluence with Caney                         Roane County.
                                          Creek East.
                                         6.3 miles upstream up SH                +796
                                          95.

Emory River............................  1,463 feet upstream of                  +747  City of Kingston,
                                          confluence with Clinch                        Unincorporated Areas of
                                          River.                                        Roane County.
                                         600 feet upstream of                    +748
                                          confluence with Swan
                                          Pond Creek.
Smith Creek............................  3,150 feet upstream of                  +747  Unincorporated Areas of
                                          confluence with                               Roane County, City of
                                          Tennessee River.                              Kingston.
                                         411 feet downstream of                  +747
                                          Paint Rock Ferry Road.
Tennessee River........................  5,880 feet downstream of                +746  Unincorporated Areas of
                                          confluence with Caney                         Roane County, City of
                                          Creek.                                        Kingston.
                                         1,140 Feet upstream of                  +750
                                          confluence with Hines
                                          Creek.
Whites Creek...........................  2.6 miles downstream of                 +746  Unincorporated Areas of
                                          confluence with Black                         Roane County.
                                          Creek.
                                         1,900 feet upstream of                  +791
                                          confluence with Black
                                          Creek.
----------------------------------------------------------------------------------------------------------------
* National Geodetic Vertical Datum.
+ North American Vertical Datum.
 Depth in feet above ground.

                                                    ADDRESSES

City of Harriman
Maps are available for inspection at 300 North Roane Street, Harriman, TN 37748.

City of Kingston
Maps are available for inspection at 125 West Cumberland Street, Kingston, TN 37763.

City of Oak Ridge
Maps are available for inspection at 200 South Tulane Avenue, Oak Ridge, TN 37830.

                                      Unincorporated Areas of Roane County
Maps are available for inspection at 200 East Race Street, Kingston, TN 37763.
----------------------------------------------------------------------------------------------------------------

    (Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')
[FR Doc. E9-27113 Filed 11-9-09; 8:45 am]

BILLING CODE 9110-12-P


[Federal Register Volume 81, Number 169 (Wednesday, August 31, 2016)]
[Notices]
[Pages 60070-60072]
[FR Doc No: 2016-20963]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78696; File No. SR-BatsEDGX-2016-50]

Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice
of Filing and Immediate Effectiveness of Proposed Rule Change To Amend
Rule 19.6, Series of Options Contracts Open for Trading, To Allow
Wednesday Expirations for SPY Options

August 26, 2016.
    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 August 25, 2016, Bats EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders it effective upon filing with the
Commission. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange filed a proposal to amend Rule 19.6, entitled ``Series
of Options Contracts Open for Trading,'' related to the Short Term
Option Series (``STOS'') Program to allow Wednesday expirations for SPY
options. The Exchange also proposes to make corresponding changes to
Rule 16.1, entitled ``Definitions.''
    The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.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 Exchange 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 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

1. Purpose
    The purpose of the proposed rule change is to harmonize the
Exchange's rules with the rules governing Short Term Options Series
programs of other options exchanges. Specifically, the Exchange
proposes to amend Rule 19.6, entitled ``Series of Options Contracts
Open for Trading,'' related to the STOS Program to allow Wednesday
expirations for SPY options. The Exchange also proposes to make certain
corresponding changes to 16.1, entitled ``Definitions.'' The proposed
rule change is based on the recent approval of a filing submitted by
the BOX Options Exchange LLC (``BOX'').\5\
---------------------------------------------------------------------------

    \5\ See Securities and Exchange Act Release No. 78668 (August
24, 2016) (SR-BOX-2016-28).
---------------------------------------------------------------------------

    Currently, under the STOS Program, the Exchange may open for
trading on any Thursday or Friday that is a business day series of
options on that class that expire on each of the next five Fridays,
provided that such Friday is not a Friday in which monthly options
series or Quarterly Options Series expire (``Short Term Option
Series''). The Exchange is now proposing to amend its rule to permit
the listing of options expiring on Wednesdays. Specifically, the
Exchange is proposing that it may open for trading on any Tuesday or
Wednesday that is a business day, series of options on the SPDR S&P 500
ETF Trust (``SPY'') to expire on any Wednesday of the month that is a
business day and is not a Wednesday in which Quarterly Options Series
expire (``Wednesday SPY Expirations'').\6\ The proposed Wednesday SPY
Expiration series will be similar to the current Short Term Option
Series, with certain exceptions, as explained in greater detail below.
The Exchange notes that having Wednesday expirations is not a novel
proposal. Specifically, the Chicago Board Options Exchange,
Incorporated (``CBOE'') recently received approval to list Wednesday
expirations for broad-based indexes.\7\
---------------------------------------------------------------------------

    \6\ See proposed paragraph (g) of Interpretation and Policy .05
to Rule 19.6.
    \7\ See Securities Exchange Act Release No. 76909 (January 14,
2016), 81 FR 3512 (January 21, 2016) (SR-CBOE-2015-106).
---------------------------------------------------------------------------

    In regards to Wednesday SPY Expirations, the Exchange is proposing
to remove the current restriction preventing it from listing Short Term
Option Series that expire in the same week in which monthly option
series in the same class expire. Specifically, the Exchange will be
allowed to list Wednesday SPY Expirations in the same week in which
monthly option series in SPY expire. The current restriction to
prohibit the expiration of monthly and Short Term Option Series from
expiring on the same trading day is reasonable to avoid investor
confusion. This confusion will not apply with Wednesday SPY Expirations
and standard monthly options because they will not expire on the same
trading day, as standard monthly options do not expire on Wednesdays.
Additionally, it would lead to investor confusion if Wednesday SPY
Expirations were not listed for one week every month because there was
a monthly SPY expiration on the Friday of that week.
    Under the proposed Wednesday SPY Expirations, the Exchange may list
up to five consecutive Wednesday SPY Expirations at one time. The
Exchange may have no more than a total of five Wednesday SPY
Expirations listed. This is the same listing procedure as Short Term
Option Series that expire on Fridays. The Exchange is also proposing to
clarify that the five series limit in the current Short Term Option
Series Program Rule will not include any Wednesday SPY Expirations.\8\
This means, under the proposal, the Exchange would be allowed to list
five Short Term Option Series expirations for SPY expiring on Friday
under the current rule and five Wednesday SPY Expirations. The interval
between strike prices for the proposed Wednesday SPY Expirations will
be the same as those for the current Short Term Option Series.

Specifically, the Wednesday SPY Expirations will have $0.50 strike
intervals.
---------------------------------------------------------------------------

    \8\ See proposed changes to Interpretation and Policy .05 to
Rule 19.6.
---------------------------------------------------------------------------

    Currently, for each Short Term Option Expiration Date,\9\ the
Exchange is limited to opening thirty (30) series for each expiration
date for the specific class. The thirty (30) series restriction does
not include series that are open by other securities exchanges under
their respective short term option rules; the Exchange may list these
additional series that are listed by other exchanges.\10\ The thirty
(30) series restriction shall apply to Wednesday SPY Expiration series
as well. In addition, the Exchange will be able to list series that are
listed by other exchanges, assuming they file similar rules with the
Commission to list SPY options expiring on Wednesdays. As is the case
with current Short Term Option Series, the Wednesday SPY Expiration
series will be P.M.-settled. The Exchange does not believe that any
market disruptions will be encountered with the introduction of P.M.-
settled Wednesday SPY Expirations. The Exchange currently trades P.M.-
settled Short Term Option Series that expire almost every Friday, which
provide market participants a tool to hedge special events and to
reduce the premium cost of buying protection. The Exchange seeks to
introduce Wednesday SPY Expirations to, among other things, expand
hedging tools available to market participants and to continue the
reduction of the premium cost of buying protection. The Exchange
believes that Wednesday expirations, similar to Friday expirations,
would allow market participants to purchase an option based on their
timing as needed and allow them to tailor their investment and hedging
needs more effectively.
---------------------------------------------------------------------------

    \9\ The Exchange may open for trading on any Thursday or Friday
that is a business day series of options on that class that expire
on each of the next five Fridays that are business days and are not
Fridays in which monthly options series or Quarterly Options Series
expire (``Short Term Option Expiration Dates''). See Interpretation
and Policy .05 to Rule 19.6.
    \10\ See current paragraph (a) of Interpretation and Policy .05
to Rule 19.6.
---------------------------------------------------------------------------

    The Exchange is also proposing to amend the definition of Short
Term Option Series contained in Exchange Rule 16.1(a)(57) to make clear
that STOS includes Wednesday expirations and to conform to BOX Rule
100(a)(64). Specifically, the Exchange is amending the definition to
expand Short Term Option Series to those listed on any Tuesday or
Wednesday and that expire on the Wednesday of the next business week.
If a Tuesday or Wednesday is not a business day, the series may be
opened (or shall expire) on the first business day immediately prior to
that Tuesday or Wednesday.
    The Exchange believes that the introduction of Wednesday SPY
Expirations will provide investors with a flexible and valuable tool to
manage risk exposure, minimize capital outlays, and be more responsive
to the timing of events affecting the industry. The proposed rule
change is a competitive proposal designed to enable the Exchange to
compete equally and fairly with other options exchanges in satisfying
high market demand for weekly options and continuing strong customer
demand to use STOS to execute hedging and trading strategies.
2. Statutory Basis
    The rule changes proposed herein are consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\11\ Specifically, the
proposed change is consistent with Section 6(b)(5) of the Act,\12\
because it is designed to promote just and equitable principles of
trade, to remove impediments to, and perfect the mechanism of, a free
and open market and, in general, to protect investors and the public
interest. Additionally, the Exchange believes that the proposed rule
change is consistent with the Section 6(b)(5) \13\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
    \13\ Id.
---------------------------------------------------------------------------

    In particular, the Exchange believes the Short Term Option Series
Program has been successful to date and that Wednesday SPY Expirations
simply expand the ability of investors to hedge risk against market
movements stemming from economic releases or market events that occur
throughout the month in the same way that the Short Term Option Series
Program has expanded the landscape of hedging. Similarly, the Exchange
believes Wednesday SPY Expirations should create greater trading and
hedging opportunities and flexibility, and provide customers with the
ability to more closely tailor their investment objectives. The
Exchange believes that allowing Wednesday SPY Expirations and monthly
SPY expirations in the same week will benefit investors and minimize
investor confusion by providing Wednesday SPY Expirations in a
continuous and uniform manner. Finally, the Exchange represents that it
has an adequate surveillance program in place to detect manipulative
trading in Wednesday SPY Expirations in the same way it monitors
trading in the current Short Term Option Series. The Exchange also
represents that it has the necessary systems capacity to support the
new options series.

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 not necessary or appropriate in
furtherance of the purposes of the Act. To the contrary, with respect
to intermarket competition, the Exchange believes the proposal is pro-
competitive and will allow the Exchange to compete more effectively
with BOX, which has already adopted changes to its STOS programs that
are substantially identical to the changes proposed by this filing.\14\
In addition to BOX, the Exchange expects that other options exchanges
will file similar proposals to adopt the changes in order to provide
Wednesday SPY Expirations.
---------------------------------------------------------------------------

    \14\ See supra note 5.
---------------------------------------------------------------------------

    The Exchange does not believe the proposal will impose any burden
on intramarket competition, as all market participants will be treated
in the same manner as existing Short Term Option Series. The Exchange
believes that the proposal will result in additional investment options
and opportunities to achieve the investment objectives of market
participants seeking efficient trading and hedging vehicles, to the
benefit of investors, market participants, and the marketplace in
general.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.

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, the proposed rule
change has become

effective pursuant to Section 19(b)(3)(A) of the Act \15\ and Rule 19b-
4(f)(6) thereunder.\16\
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intention to file 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.
---------------------------------------------------------------------------

    A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative for 30 days from the date of filing. However, Rule
19b-4(f)(6)(iii) \17\ permits the Commission to designate a shorter
time if such action is consistent with the protection of investors and
the public interest. The Exchange has asked the Commission to waive the
30-day operative delay so that the proposal may become operative
immediately upon filing. The Commission notes that it recently approved
BOX's substantially similar proposal to list and trade Wednesday SPY
Expirations.\18\ The Exchange has stated that waiver of the operative
delay will allow the Exchange to list and trade Wednesday SPY
Expirations as soon as possible, and therefore, promote competition
among the option exchanges. For these reasons, the Commission believes
that the proposed rule change presents no novel issues and that waiver
of the 30-day operative delay is consistent with the protection of
investors and the public interest, and will allow the Exchange to
remain competitive with other exchanges. Therefore, the Commission
hereby waives the 30-day operative delay and designates the proposal
effective upon filing.\19\ 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 Commission shall
institute proceedings to determine whether the proposed rule should be
approved or disapproved.
---------------------------------------------------------------------------

    \17\ 17 CFR 240.19b-4(f)(6)(iii).
    \18\ See supra note 5.
    \19\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------

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<EMAIL_ADDRESS>Please include
File Number SR-BatsEDGX-2016-50 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-BatsEDGX-2016-50. 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 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; 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 Number SR-BatsEDGX-2016-50 and should
be submitted on or before September 21, 2016.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
---------------------------------------------------------------------------

    \20\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2016-20963 Filed 8-30-16; 8:45 am]
 BILLING CODE 8011-01-P