[Federal Register Volume 82, Number 12 (Thursday, January 19, 2017)]
[Notices]
[Pages 6669-6673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-01152]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-79781; File No. SR-CHX-2016-20]
Self-Regulatory Organizations; Chicago Stock Exchange, Inc.;
Order Instituting Proceedings To Determine Whether To Approve or
Disapprove a Proposed Rule Change in Connection With the Proposed
Transaction Involving CHX Holdings, Inc. and North America Casin
Holdings, Inc.
January 12, 2017.
I. Introduction
On December 2, 2016, the Chicago Stock Exchange, Inc. (``CHX'' 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
proposed rule change in connection with the proposed transaction
(``Transaction'') involving CHX Holdings, Inc. (``CHX Holdings'') and
North America Casin Holdings, Inc. (``N.A. Casin Holdings''). The
proposed rule change was published for comment in the Federal Register
on December 12, 2016.\3\ The Commission received five comment letters
on the proposed rule change \4\ and two letters from the
[[Page 6670]]
Exchange in response to certain comments.\5\ This order institutes
proceedings under Section 19(b)(2)(B) of the Exchange Act \6\ to
determine whether to approve or disapprove 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. 79474 (December 12,
2016), 81 FR 89543 (``Notice'').
\4\ See letters from: Representative Robert Pittenger,
Representative Earl L. ``Buddy'' Carter, Representative Peter
DeFazio, Representative Collin Peterson, and Representative David
Joyce, dated December 22, 2016 (``Pittenger Letter''); James N.
Hill, dated December 23, 2016 (``Hill Letter''); John Ciccarelli,
dated January 2, 2017 (``Ciccarelli Letter''); Anonymous, dated
January 3, 2017 (``Anonymous Letter''); and David E. Kaplan,
Executive Director, Global Investigative Journalism Network, dated
January 4, 2017 (``GIJN Letter''). All of the comments are available
at https://www.sec.gov/comments/sr-chx-2016-20/chx201620.shtml.
\5\ See letters from John K. Kerin, President and Chief
Executive Officer, CHX, dated January 5, 2016 (``CHX Response Letter
1'') and Albert J. Kim, Vice President and Associate General
Counsel, CHX, dated January 6, 2016 (``CHX Response Letter 2'')
(responding specifically to the Ciccarelli Letter). Both of these
letters are available at https://www.sec.gov/comments/sr-chx-2016-20/chx201620.shtml.
\6\ 15 U.S.C. 78s(b)(2)(B).
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II. Summary of the Proposal
The Exchange is a wholly-owned subsidiary of CHX Holdings.
According to the Exchange, CHX Holdings is currently beneficially owned
by 193 firms or individuals, including Exchange Participants or
affiliates of Exchange Participants.\7\ Under the terms of the
Transaction, CHX Holdings would become a wholly-owned subsidiary of
N.A. Casin Holdings. According to the Exchange, current CHX Holdings
stockholders would receive the right to receive cash in exchange for
their shares under the terms of the Transaction.\8\ The Exchange states
that consummation of the Transaction is subject to the satisfaction of
certain conditions precedent, which include approval of the proposed
rule change by the Commission.\9\
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\7\ See Notice, supra note 3 at 89544. See also CHX Article 1,
Rule 1(s) defining ``Participant.''
\8\ See Notice, supra note 3 at 89544.
\9\ See id.
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Upon the closing of the Transaction, the Exchange represents that
all of the outstanding and issued shares of N.A. Casin Holdings would
be held by the following firms and individuals (the ``upstream
owners'') in the following percentages:
Non-U.S. Upstream Owners:
[cir] N.A. Casin Group, Inc. (``N.A. Casin Group''), a corporation
incorporated under the laws of the State of Delaware and wholly-owned
by Chongqing Casin Enterprise Group (``Chongqing Casin'')--20%
[cir] Chongqing Jintian Industrial Co., Ltd., a corporation
incorporated under the laws of the People's Republic of China--15%
[cir] Chongqing Longshang Decoration Co., Ltd., a corporation
incorporated under the laws of the People's Republic of China--14.5%
U.S. Upstream Owners:
[cir] Castle YAC Enterprises, LLC (``Castle YAC''), a limited liability
company organized under the laws of the State of New York, the sole
member of which is Jay Lu,\10\ a U.S. citizen and Vice President of
N.A. Casin Group--19%
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\10\ According to the Exchange, Jay Lu, the sole member of
Castle YAC, is associated with an affiliate of Chongqing Casin and
is also the son of Shengju Lu, the Chairman of Chongqing Casin. See
Notice, supra note 3 at 89545 n.18.
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[cir] Raptor Holdco LLC (``Raptor''), a limited liability company
organized under the laws of the State of Delaware--11.75%
[cir] Saliba Ventures Holdings, LLC (``Saliba''), a limited liability
company organized under the laws of the State of Illinois--11.75%
[cir] Xian Tong Enterprises, Inc., a corporation incorporated under the
laws of the State of New York--6.94%
[cir] Equity incentive shares to five members of the CHX Holdings
management team, all U.S. citizens--0.88%
[cir] Cheevers & Co., Inc., a corporation incorporated under the laws
of the State of Illinois--0.18%\11\
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\11\ See id. at 89544-55.
Following the closing of the Transaction, CHX would remain
registered as a national securities exchange under Section 6 of the Act
\12\ and a self-regulatory organization (``SRO'') as defined in Section
3(a)(26) of the Act.\13\ According to the Exchange, CHX rules would
remain in full force and effect as of the date of the proposed rule
filing, would continue to govern the activities of CHX up to and after
the closing of the Transaction, and CHX would continue to discharge its
SRO responsibilities pursuant to CHX's registration under Section 6 of
the Act.\14\ In addition, the Exchange states that following the
closing, CHX's affiliated routing broker, CHXBD, would remain a
Delaware limited liability corporation of which CHX Holdings would
remain the sole member.
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\12\ 15 U.S.C. 78f.
\13\ 15 U.S.C. 78c(a)(26).
\14\ See Notice, supra note 3 at 89545-46.
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In order to facilitate the Transaction, the Exchange is proposing
to amend its certificate of incorporation and bylaws,\15\ the
certificate of incorporation and bylaws of CHX Holdings,\16\ and its
rules.\17\ CHX has also filed the following documents in connection
with the Transaction: (i) The certificate of incorporation and bylaws
of N.A. Casin Holdings; \18\ (ii) text of a proposed resolution of the
CHX Holdings Board of Directors to waive certain ownership and voting
limitations to permit the Transaction; \19\ (iii) the proposed N.A.
Casin Holdings Stockholders Agreement,\20\ which includes transfer-of-
share provisions for the upstream owners that provide a right of first
offer, a right to acquire interest upon change of control, and a right
to purchase new securities; (iv) proposed put agreements between
Saliba, N.A. Casin Group, and N.A. Casin Holdings,\21\ and Raptor, N.A.
Casin Group, and N.A. Casin Holdings,\22\ respectively, which would
grant Saliba and Raptor the right to compel N.A. Casin Holdings to
purchase or arrange for an unspecified third-party to purchase a
specified amount of Saliba's or Raptors's equity interest in N.A. Casin
Holdings, respectively.
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\15\ See Exhibits 5C and 5D.
\16\ See Exhibits 5A and 5B.
\17\ See Exhibit 5E.
\18\ See Exhibits 5F and 5G.
\19\ See Exhibit 5H. See infra note 23.
\20\ See Exhibit 5I.
\21\ See Exhibit 5J.
\22\ See Exhibit 5K.
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The Exchange proposes several substantive and technical amendments
to its corporate governance documents, rules, and the governing
documents of CHX Holdings. The amendments include revised provisions
addressing, among other items, board and committee composition and
procedures, procedures regarding stockholder meetings, consent to U.S.
and Commission jurisdiction, and Commission access to corporate books
and records.
The proposed amendments also would revise provisions in the
certificate of incorporation of CHX Holdings relating to ownership and
voting limitations. Additionally, the proposed certificate of
incorporation of N.A. Casin Holdings would contain identical ownership
concentration and voting limitations and other provisions substantially
similar to those contained in the CHX Holdings documents, which would
apply directly to the upstream owners.\23\ These provisions specify
that no person, either alone or with its Related Persons,\24\ shall be
permitted at
[[Page 6671]]
any time to own beneficially shares of stock of CHX Holdings or N.A.
Casin Holdings representing in the aggregate more than 40% of the then
outstanding votes entitled to be cast on any matter unless specific
procedures are followed prior to acquiring shares in excess of the
ownership limitation.\25\ Furthermore, as proposed, no Exchange
Participant, either alone or with its Related Persons, shall be
permitted at any time to own beneficially shares of stock of CHX
Holdings or N.A. Casin Holdings representing in the aggregate more than
20% of the then outstanding votes entitled to be cast on any
matter.\26\ In addition, no person that is subject to any statutory
disqualification as defined in Section 3(a)(39) of the Exchange Act
shall be permitted at any time to own beneficially, either alone or
with its Related Persons, shares of stock of CHX Holdings or N.A. Casin
Holdings representing in the aggregate more than 20% of the then
outstanding votes entitled to be cast on any matter.\27\ CHX also
proposes cure provisions that would require CHX Holdings or N.A. Casin
Holdings, as applicable, to call shares held in excess of these
ownership limitations and to not register any shares transferred in
violation of these ownership limitations.\28\
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\23\ The current CHX Holdings Certificate contains ownership
concentration and voting concentration limitations that are similar
to those being proposed by the Exchange. In order to effect the
Transaction, the CHX Holdings Board of Directors has waived the
applicability of those limitations so that CHX Holdings can become a
wholly owned subsidiary of N.A. Casin Holdings. See Exhibit 5H.
\24\ As set forth in the proposed certificates of incorporation
of N.A. Casin Holdings and CHX Holdings, the term ``Related
Persons'' shall mean: ``(1) with respect to any Person, any
executive officer (as such term is defined in Rule 3b-7 under the
Securities Exchange Act of 1934 (``Exchange Act'')) director,
general partner, manager or managing member, as applicable, and all
``affiliates'' and ``associates'' of such Person (as those terms are
defined in Rule 12b-2 under the Exchange Act), and other Person(s)
whose beneficial ownership of shares of stock of the Corporation
with the power to vote on any matter would be aggregated with such
first Person's beneficial ownership of such stock or deemed to be
beneficially owned by such first Person pursuant to Rules 13d-3 and
13d-5 under the Exchange Act; and (2) in the case of any Person
constituting a member (as that term is defined in Section 3(a)(3)(A)
of the Exchange Act) of CHX (defined in the Rules of the Chicago
Stock Exchange, Inc. (``CHX Rules''), as such rules may be amended
from time to time, as a ``Participant'') for so long as CHX remains
a registered national securities exchange, such Person and any
broker or dealer with which such Person is associated; and (3) any
other Person(s) with which such Person has any agreement, an
arrangement or understanding (whether or not in writing) to act
together for the purpose of acquiring, voting, holding or disposing
of shares of the stock of the Corporation; and (4) in the case of a
Person that is a natural person, any relative or spouse of such
Person, or any relative of such spouse, who has the same home as
such Person or who is a director or officer of the Corporation or
any of its parents or subsidiaries.''
\25\ See Notice, supra note 3, at 89552.
\26\ See id. at 89552-53.
\27\ See id. at 89553.
\28\ See id.
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Additionally, both the certificates of incorporation of CHX
Holdings and N.A. Casin Holdings would preclude any stockholder, either
alone or with its Related Persons, from voting more than 20% of the
then outstanding shares entitled to be cast on any matter unless
specific procedures are followed prior to voting in excess of the
limitation.\29\ Similarly, no person, either alone or with its Related
Persons, would be permitted to enter into an agreement, plan, or other
arrangement that would result in an aggregate of more than 20% of the
then outstanding votes entitled to be cast on a matter to not be voted
unless specific procedures are followed prior to entering into such an
agreement, plan, or arrangement in violation.\30\ The certificates of
incorporation would require that CHX Holdings or N.A. Casin Holdings,
as applicable, disregard any votes cast in excess of the voting
limitations.\31\
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\29\ See id.
\30\ See id.
\31\ See id.
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III. Summary of the Comments
The Commission received four comments regarding the proposed rule
change.\32\ The Commission also received one comment letter stating
that, contrary to what the Ciccarelli Letter stated, the Ciccarelli
Letter was not submitted by or on behalf of the Global Investigative
Journalism Network.\33\ The Exchange submitted a letter responding to
the comments generally and a letter responding to the Ciccarelli
Letter.\34\
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\32\ See supra note 4.
\33\ See GIJN Letter, supra note 4; see also CHX Response Letter
2, supra note 5.
\34\ See supra note 5.
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In general, three of the commenters express concern over the
proposed upstream ownership of CHX.\35\ One commenter questions whether
the Chinese government may influence Chongqing Casin, stating that
Chongqing Casin is involved in a number of Chinese market sectors that
require close ties to the state, particularly in state-sensitive
environmental protection areas, that its financial assets were
originally state-controlled, and that its chairman sits on an industry
council overseen directly by the mayor of the Chongqing
Municipality.\36\ The commenter states that, in particular, Chinese
ownership or involvement presents risks as Chinese government-sponsored
cyber-attacks have been conducted to devalue foreign businesses and
steal intellectual property and proprietary data.\37\ This commenter
asserts that the United States government has been unable to adequately
address transparency concerns with regard to the operations of Chinese
businesses.\38\ In its first response to comments, CHX affirms that no
prospective investor controls, or is controlled by, or is under common
control with, a governmental entity or any political subdivision
thereof, including the Chinese government.\39\
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\35\ See generally Pittinger Letter, supra note 4; Ciccarelli
Letter, supra note 4; Anonymous Letter, supra note 4.
\36\ See Pittinger Letter, supra note 4, at 1.
\37\ See id.
\38\ See id. at 2.
\39\ See CHX Response Letter 1, supra note 5, at 2.
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Another commenter argues that due to jurisdiction limitations and
transparency concerns, the Commission cannot exercise proper regulatory
oversight under the current proposal.\40\ In response, CHX states that
it believes that its rules are consistent with the requirements of the
Exchange Act, and that the CHX rules and Exchange Act contain various
provisions that would facilitate the ability of U.S. regulators,
including the Commission, to monitor, compel and enforce compliance by
each of the upstream owners, particularly in that upstream owners would
be required to adhere to the ownership and voting limitations; submit
to U.S. regulatory jurisdiction and maintain agents in the U.S. for the
service of process; maintain open books and records related to their
ownership of CHX and keep such books and records in the U.S.; and
refrain from interfering with, and give due consideration to, the SRO
function of CHX.\41\ CHX also asserts that, pursuant to the Exchange
Act, the Exchange is subject to direct and rigorous oversight by the
Commission, which includes, among other things, frequent examinations
of various aspects of CHX operations by Commission staff, including
security and trading protocols, as well as Commission approval of
certain regulatory, operational, and strategic initiatives prior to
implementation by CHX.\42\
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\40\ See Ciccarelli Letter, supra note 4, at 1-2.
\41\ See CHX Response Letter 1, supra note 5, at 4; CHX Response
Letter 2, supra note 5, at 3.
\42\ See CHX Response Letter 2, supra note 5, at 3-4.
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This commenter also questions the identity of the proposed upstream
owners and the validity of CHX's representation that there are no
Related Persons among the proposed upstream owners other than Castle
YAC and N.A. Casin Group.\43\ The commenter asserts that contrary to
CHX's representations in the Notice, several of the proposed upstream
owners may be affiliated.\44\ In addition, the commenter argues that
Chongqing Casin has virtual control over Raptor and Saliba due to the
put agreements.\45\ The commenter therefore concludes that after the
proposed transaction, approximately 99% of the voting stock in CHX
would be controlled by Chinese entities or affiliated shell
nominees.\46\ In response, CHX asserts that 50.5% of CHX will be
indirectly owned by U.S. citizens, and
[[Page 6672]]
that it has not misrepresented any facts regarding the Transaction.\47\
CHX reaffirms the representations that it made in the Notice that the
only Related Persons among the prospective owners are Castle YAC and
N.A. Casin Group, there are no other Related Persons among the
prospective owners, and that none of the prospective owners directly,
or indirectly through one or more intermediaries, controls, or is
controlled by, or is under common control with, a governmental entity
or subdivision thereof.\48\ CHX notes that each of these
representations is supported by an opinion of counsel provided to the
Commission by outside counsel for CHX.\49\ CHX asserts that, as
described in the Notice, Xian Tong Enterprises, Inc. and Castle YAC are
controlled by U.S. citizens, Quiling Luo and Jay Lu, respectively.\50\
CHX also states that under the terms of the Saliba and Raptor put
agreements, N.A. Casin Holdings could not compel Saliba or Raptor to
exercise their put options, and that in the event that either the
Saliba or Raptor put agreement is exercised, the CHX rules would
require the resulting ownership structure to comport with the ownership
and voting limitations.\51\ In addition, CHX states that it ``provided
[the Committee for Foreign Investment in the United States (``CFIUS'')]
with detailed information regarding the [p]rospective [o]wners, which
recently concluded its investigation into the [p]roposed Transaction
and found no unresolved national security concerns.'' \52\
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\43\ See generally Ciccarelli Letter, supra note 4.
\44\ See id. at 2-3.
\45\ See id. at 3.
\46\ See id. at 2.
\47\ See CHX Response Letter 2, supra note 5, at 2.
\48\ See id. at 5.
\49\ See id.
\50\ See id. at 5-6.
\51\ See id. at 6.
\52\ See id. at 5.
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This commenter also asserts that there are few or no controls in
place at the upstream corporate ownership level that would prevent the
upstream owners from transferring their voting power in CHX to what the
commenter opines could be more opaque owners, including those that
involve the Chinese government.\53\ In response, CHX represents that no
prospective owner and its Related Persons would maintain an equity
interest in N.A. Casin Holdings in excess of the 40% ownership
limitation, and that no prospective owner and its Related Persons would
be permitted to exercise voting power in excess of the 20% voting
limitation.\54\ CHX also responds that the proposed governance
documents for N.A. Casin Holdings and CHX Holdings provide robust
enforcement mechanisms for the ownership and voting limitations, and
that the CHX board's composition would be required to meet certain
independence requirements.\55\ As described above, CHX notes that the
CHX rules and Exchange Act contain various provisions that would
facilitate the ability of U.S. regulators, including the Commission, to
monitor, compel and enforce compliance by each of the upstream
owners.\56\ CHX states that in the event that a prospective owner does
not comply with the ownership or voting limitations, the proposed
governance documents enable the relevant holding companies to cure non-
compliance.\57\
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\53\ See Ciccarelli Letter, supra note 4, at 2.
\54\ See CHX Response Letter 1, supra note 5, at 3; CHX Response
Letter 2, supra note 5, at 2.
\55\ See CHX Response Letter 1, supra note 5, at 3; CHX Response
Letter 2, supra note 5, at 3.
\56\ See supra note 41 and accompanying text.
\57\ See CHX Response Letter 2, supra note 5, at 3.
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Two commenters assert that the proposed acquisition may present
financial security risks to investors and the U.S. marketplace.\58\ One
of these commenters raises concerns that a bad actor with access to a
national stock exchange's data could use information available through
brokerage records and the Consolidated Audit Trail to engage in spear
phishing, blackmail attempts, and other similar attacks.\59\ In its
response, CHX states that CFIUS investigated the Transaction and
``CFIUS determined that there were no unresolved national security
concerns with respect to the [p]roposed Transaction. . . .'' \60\
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\58\ See Pittinger Letter, supra note 4, at 1; Anonymous Letter,
supra note 4.
\59\ See Anonymous Letter, supra note 4.
\60\ See CHX Response Letter 1, supra note 5, at 5.
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Finally, three commenters express concern regarding the length of
the comment period and the timing of the filing over the holiday
season.\61\ Two of the commenters request that the Commission extend
the comment period.\62\ In response, CHX states that it has been in
regular contact with the Commission's staff since the merger agreement
was executed, and that the timing of the filing was not intended to
circumvent thorough Commission review of the proposed rule change.\63\
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\61\ See Pittinger Letter, supra note 4, at 1; Hill Letter,
supra note 4; Ciccarelli Letter, supra note 4, at 4.
\62\ See Pittinger Letter, supra note 4, at 1; Hill Letter,
supra note 4.
\63\ See CHX Response Letter 1, supra note 5, at 4-5.
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IV. Proceedings To Determine Whether To Approve or Disapprove SR-CHX-
2016-20 and Grounds for Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Exchange Act \64\ to determine whether the proposed
rule change should be approved or disapproved. Institution of such
proceedings is appropriate at this time in view of the legal and policy
issues raised by the proposed rule change. Institution of proceedings
does not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as stated below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change.
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\64\ 15 U.S.C. 78s(b)(2)(B).
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Pursuant to Section 19(b)(2)(B) of the Exchange Act,\65\ the
Commission is providing notice of the grounds for disapproval under
consideration. The Commission is instituting proceedings to allow for
additional analysis of the proposed rule change's consistency with
Section 6(b)(1) of the Exchange Act, which requires that a national
securities exchange is so organized and has the capacity to be able to
carry out the purposes of the Exchange Act and to comply, and to
enforce compliance by its members and persons associated with its
members, with the provisions of the Exchange Act, the rules and
regulations thereunder, and the rules of the exchange. In addition, the
Commission is instituting proceedings to allow for additional analysis
of the proposed rule change's consistency with Section 6(b)(5) of the
Exchange Act, which requires, among other things, that the rules of a
national securities exchange are designed to protect investors and the
public interest.
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\65\ Id.
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IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Sections 6(b)(1), 6(b)(5), or any other provision of
the Exchange Act, or the rules and regulations thereunder. Although
there do not appear to be any issues relevant to approval or
disapproval that would be facilitated by an oral presentation of
[[Page 6673]]
views, data, and arguments, the Commission will consider, pursuant to
Rule 19b-4, any request for an opportunity to make an oral
presentation.\66\
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\66\ Section 19(b)(2) of the Exchange Act, as amended by the
Securities Act Amendments of 1975, Public Law 94-29 (June 4, 1975),
grants the Commission flexibility to determine what type of
proceeding--either oral or notice and opportunity for written
comments--is appropriate for consideration of a particular proposal
by a self-regulatory organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No.
75, 94th Cong., 1st Sess. 30 (1975).
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Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by February 21, 2017. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
March 6, 2017. The Commission asks that commenters address the
sufficiency of the Exchange's statements in support of the proposal, in
addition to any other comments they may wish to submit about the
proposed rule change.
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 protected]. Please include
File Number SR-CHX-2016-20 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 Numbers SR-CHX-2016-20. 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 these filings 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-CHX-2016-20 and should be
submitted on or before February 21, 2017. Rebuttal comments should be
submitted by March 6, 2017.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\67\
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\67\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-01152 Filed 1-18-17; 8:45 am]
BILLING CODE 8011-01-P