60 day notice

Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
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.
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:

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Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule–comments@
sec.gov. Please include File Number SR–
Phlx–2018–34 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–Phlx–2018–34. 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 website (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 website 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.
Persons submitting comments are
cautioned that we do not redact or edit
personal identifying information from
comment submissions. You should

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submit only information that you wish
to make available publicly. All
submissions should refer to File
Number SR–Phlx–2018–34, and should
be submitted on or before June 5, 2018.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018–10254 Filed 5–14–18; 8:45 am]
BILLING CODE 8011–01–P

Sunshine Act Meetings
1:00 p.m. on Thursday,

May 17, 2018.
Closed Commission Hearing
Room 10800.

PLACE:

This meeting will be closed to
the public.

STATUS:

MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
Commissioner Piwowar, as duty
officer, voted to consider the items
listed for the closed meeting in closed
session.
The subject matters of the closed
meeting will be:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting items.
CONTACT PERSON FOR MORE INFORMATION:

For further information and to ascertain
what, if any, matters have been added,
deleted or postponed; please contact
Brent J. Fields from the Office of the
Secretary at (202) 551–5400.
13 17

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CFR 200.30–3(a)(12).

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Fmt 4703

Dated: May 10, 2018.
Brent J. Fields,
Secretary.
[FR Doc. 2018–10395 Filed 5–11–18; 11:15 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–318, OMB Control No.
3235–0361]

Proposed Collection; Comment
Request

SECURITIES AND EXCHANGE
COMMISSION

TIME AND DATE:

22557

Sfmt 4703

Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Form ADV–E

Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form ADV–E (17 CFR 279.8) is the
cover sheet for certificates of accounting
filed pursuant to rule 206(4)–2 under
the Investment Advisers Act of 1940 (17
CFR 275.206(4)–2). The rule further
requires that the public accountant file
with the Commission a Form ADV–E
and accompanying statement within
four business days of the resignation,
dismissal, removal or other termination
of its engagement.
The Commission has estimated that
compliance with the requirement to
complete Form ADV–E imposes a total
burden of approximately 0.05 hours (3
minutes) per respondent. Based on
current information from advisers
registered with the Commission, the
Commission staff estimates that 1,749
filings will be submitted with respect to
surprise examinations and 38 filings
will be submitted with respect to
termination of accountants. Based on
these estimates, the total estimated
annual burden would be 89.35 hours
((1,749 filings × .05 hours) + (38 filings
× .05 hours)).
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of

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Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices

information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication. An agency may not conduct
or sponsor a collection of information
unless it displays a currently valid OMB
control number. No person shall be
subject to any penalty for failing to
comply with a collection of information
subject to the PRA that does not display
a valid OMB control number.
Please direct your written comments
to Pamela Dyson, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Remi
Pavlik-Simon, 100 F Street NE,
Washington, DC 20549; or send an email
to: [email protected].

(‘‘Fee Schedule’’). The Exchange
proposes to implement the fee change
effective May 1, 2018. The proposed
change is available on the Exchange’s
website at www.nyse.com, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.

Dated: May 9, 2018.
Eduardo A. Aleman,
Assistant Secretary.

A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change

[FR Doc. 2018–10231 Filed 5–14–18; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–83203; File No. SR–
NYSEAMER–2018–20]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change To Modify the NYSE American
Options Fee Schedule
May 9, 2018.

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Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on April 30,
2018, NYSE American LLC (the
‘‘Exchange’’ or ‘‘NYSE American’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
NYSE American Options Fee Schedule
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.

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
self-regulatory organization 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 those 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.

1. Purpose
The purpose of this filing is to modify
the Fee Schedule, effective May 1, 2018.
Specifically, the Exchange proposes to
modify the Monthly Excessive
Bandwidth Utilization Fees (‘‘EBUF’’).
Currently, EBUF is assessed to an
ATP Holder for submitting orders in an
order-to-execution ratio greater than
10,000 over the course of a calendar
month (‘‘Orders Fee’’), or for submitting
in excess of 3 billion messages (either
orders or quotes) without executing at
least one contract for every 1,500–5,000
messages (‘‘Messages Fee’’).4 If an ATP
Holder is liable for either or both fees
in a given month, that firm is only
charged the greater of the two fees.
The Exchange has found that firms
may have assessable behavior for an
anomaly that takes place over the course
of a day or two, or that occurs late in
the month before the anomalous
behavior can be fully diagnosed and
mitigated. Because the firms recognize
this as affecting their own efficiency,
they address such issues quickly and
work with Exchange staff to improve
their messaging behavior. The Exchange
notes that in a recent period of high
volatility, firms were quick to address
potential EBUF charges. To encourage a
collegial effort in resolving such
anomalies, the Exchange proposes that
the EBUF only be charged for the
second and any subsequent instance in

1 15
2 15

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4 Currently, the Exchange has set the ratio at 1
contract for every 5,000 messages.

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a rolling 12-month period. In other
words, EBUF would not be assessed for
the first occurrence in a rolling 12month period.
The Exchange also proposes to modify
the calculation basis for the Messages
Fee. Currently, the Exchange charges an
ATP Holder a fee of $0.005 per 1,000
messages (including orders or quotes) in
excess of 3 billion messages in a
calendar month if the ATP Holder does
not execute at least one contract for
every 5,000 messages entered. In order
for the Exchange to have flexibility to
adjust the threshold level to reflect
market conditions and current business
activity, the Exchange proposes to
amend the current rule text in the Fee
Schedule to remove reference to the
current threshold level of 3 billion
messages and replace it with language
providing that the level ‘‘would be no
less than 2 billion messages and no
more than 10 billion messages.’’ The
Exchange is not proposing to change the
current level, which would remain at 3
billion messages. If the Exchange were
to change the level, the Exchange would
announce any such change by Trader
Update and the revised threshold would
be applicable for the next calendar
month.
The Exchange also proposes to modify
the manner in which the Messages Fee
is calculated to encourage quote quality.
Specifically, the Exchange proposes to
exclude from the Messages to Contracts
Traded Ratio calculation any quotes that
sets or matches the National Best BidOffer (‘‘NBBO’’) market at the time the
quotes are received. The Exchange
believes that such exclusion will
encourage Market Makers to submit
tighter quotes without the risk that such
quotes would result in increased fees.
The proposed revised calculation would
also keep Market Makers from
submitting wide quotes to avoid
excessive messaging.
Additionally, the Exchange proposes
to exclude from the Messages to
Contracts Traded Ratio calculation any
quote in a Specialist’s or e-Specialist’s
allocated issues. Specialists and eSpecialists have a heightened
Regulatory obligation to make markets
in their allocated issues.5 Unlike other
Market Makers, Specialists and eSpecialists cannot relinquish issues
from their allocation without the
approval of the Exchange.6
5 Specialists (and e-Specialists) must provide
continuous two-sided quotations throughout the
trading day in its appointed issues for 90% of the
time the Exchange is open for trading in each issue.
See NYSE American Rule 925.1NY.
6 While Directed Order Market Makers (‘‘DMM’’)
also have a 90% quoting obligation in their DMM
issues, DMM issues may be added or dropped at

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