80 FR 10526 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the BX Options Rules To Extend the Pilot Program Under Chapter V, Section 3(d)(iv)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 38 (February 26, 2015)
Federal Register Volume 80, Issue 38 (February 26, 2015)
| Page Range | 10526-10528 | |
| FR Document | 2015-03957 |
[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)] [Notices] [Pages 10526-10528] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03957] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74334; File No. SR-BX-2015-012] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the BX Options Rules To Extend the Pilot Program Under Chapter V, Section 3(d)(iv) February 20, 2015. 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 February 19, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to amend the BX Options Rules to extend the pilot program under Chapter V, Section 3(d)(iv), which provides for how the Exchange treats obvious and catastrophic options errors in response to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan'' or the ``Plan'').\3\ The Exchange proposes to extend the pilot period until October 23, 2015. --------------------------------------------------------------------------- \3\ Securities Exchange Act Release Nos. 69140 (March 15, 2013), 78 FR 17255 (March 20, 2013); and 69343 (April 8, 2013), 78 FR 21982 (April 2, 2013) (SR-BX-2013-026). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com/, at the principal office of the Exchange, and at the Commission's Public Reference Room.] [sic] 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 aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose In April 2013,\4\ the Commission approved a proposal, on a one year pilot basis, to adopt Chapter V, Section 3(d)(iv) to provide for how the Exchange will treat obvious and catastrophic options errors in response to the Plan, which is applicable to all NMS stocks, as defined in Regulation NMS Rule 600(b)(47).\5\ The Plan is designed to prevent trades in individual NMS stocks from occurring outside of specified Price Bands.\6\ The requirements of the Plan are coupled with Trading Pauses to accommodate more fundamental price moves (as opposed to erroneous trades or momentary gaps in liquidity). --------------------------------------------------------------------------- \4\ Securities Exchange Act Release No. 69343 (April 8, 2013), 78 FR 21982 (April 12, 2013) (SR-BX-2013-026). \5\ The Plan was extended until February 20, 2015. The Plan was initially approved for a one-year pilot period, which began on April 8, 2013. Securities Exchange Act Release No. 71649 (March 5, 2014), 79 FR 13696 (March 11, 2014). \6\ Unless otherwise specified, capitalized terms used in this rule filing are based on the defined terms of the Plan. --------------------------------------------------------------------------- The Exchange extended the operation of Chapter V, Section 3(d)(iv), which provides that trades are not subject to an obvious error or catastrophic error review pursuant to Chapter V, Sections 6(b) or 6(f) during a Limit State or Straddle State in 2014.\7\ The Exchange now proposes to extend the pilot program for an additional pilot period ending October 23, 2015. The Exchange believes conducting an obvious error or catastrophic error review is impracticable given the lack of a reliable National Best Bid/Offer (``NBBO'') in the [[Page 10527]] options market during Limit States and Straddle States, and that the resulting actions (i.e., nullified trades or adjusted prices) may not be appropriate given market conditions. Under the pilot, limit orders that are filled during a Limit State or Straddle State have certainty of execution in a manner that promotes just and equitable principles of trade, and removes impediments to, and perfects the mechanism of a free and open market and a national market system. Moreover, given that options prices during brief Limit States or Straddle States may deviate substantially from those available shortly following the Limit State or Straddle State, the Exchange believes giving market participants time to re-evaluate a transaction would create an unreasonable adverse selection opportunity that would discourage participants from providing liquidity during Limit States or Straddle States. On balance, the Exchange believes that removing the potential inequity of nullifying or adjusting executions occurring during Limit States or Straddle States outweighs any potential benefits from applying those provisions during such unusual market conditions. --------------------------------------------------------------------------- \7\ Securities Exchange Act Release No. 71900 (April 8, 2014), 79 FR 20951 (April 14, 2014) (SR-BX-2014-017). --------------------------------------------------------------------------- The Exchange believes the benefits to market participants from the pilot program should continue on a pilot basis to coincide with the operation of the Limit Up-Limit Down Plan. The Exchange believes that continuing the pilot will protect against any unanticipated consequences and permit the industry to gain further experience operating the Plan. The Exchange will conduct an analysis concerning the elimination of obvious and catastrophic error provisions during Limit States and Straddle States and agrees to provide the Commission with relevant data to assess the impact of this proposed rule change. As part of its analysis, the Exchange will: (1) Evaluate the options market quality during Limit States and Straddle States; (2) assess the character of incoming order flow and transactions during Limit States and Straddle States; and (3) review any complaints from members and their customers concerning executions during Limit States and Straddle States. Additionally, the Exchange agrees to provide to the Commission data requested to evaluate the impact of the elimination of the obvious and catastrophic error provisions, including data relevant to assessing the various analyses noted above. By May 29, 2015, the Exchange shall provide to the Commission and the public assessments relating to the impact of the operation of the obvious error rules during Limit and Straddle States as follows: \8\ --------------------------------------------------------------------------- \8\ The Exchange submitted a pilot report on September 30, 2014. --------------------------------------------------------------------------- 1. Evaluate the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets. 2. Assess whether the lack of obvious error rules in effect during the Straddle and Limit States are problematic. Each month the Exchange shall provide to the Commission and the public a dataset containing the data for each Straddle and Limit State in optionable stocks that had at least one trade on the Exchange during a Straddle or Limit State. For each of those options affected, each data record should contain the following information:Stock symbol, option symbol, time at the start of the Straddle or Limit State, an indicator for whether it is a Straddle or Limit State, For activity on the Exchange: Executed volume, time-weighted quoted bid-ask spread, time-weighted average quoted depth at the bid, time-weighted average quoted depth at the offer, high execution price, low execution price, number of trades for which a request for review for error was received during Straddle and Limit States, an indicator variable for whether those options outlined above have a price change exceeding 30% during the underlying stock's Limit or Straddle State compared to the last available option price as reported by OPRA before the start of the Limit or Straddle State (1 if observe 30% and 0 otherwise). Another indicator variable for whether the option price within five minutes of the underlying stock leaving the Limit or Straddle State (or halt if applicable) is 30% away from the price before the start of the Limit or Straddle State.\9\ --------------------------------------------------------------------------- \9\ The Exchange agreed to provide similar data in the original proposal. See Securities Exchange Act Release No. 69343 (April 8, 2013), 78 FR 21982 (April 12, 2013) (SR-BX-2013-026) at notes 4 and 11. However, that data included two additional filters pertaining to the top 10 options and an in-the-money amount, which no longer apply. The Exchange provided historical data in the new form pursuant to this proposed rule change, going back to the beginning of the original pilot period. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes the proposed rule change is consistent with the provisions of Section 6 of the Act,\10\ in general, and with Section 6(b)(5) of the Act,\11\ in particular, which requires that the rules of an exchange be designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system, and protect investors and the public interest, because it should continue to provide certainty about how errors involving options orders and trades will be handled during periods of extraordinary volatility in the underlying security. The Exchange believes that it continues to be necessary and appropriate in the interest of promoting fair and orderly markets to exclude transactions executed during a Limit State or Straddle State from certain aspects of Chapter V, Section 6. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f. \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Although the Limit Up-Limit Down Plan is operational, the Exchange believes that maintaining the pilot will help the industry gain further experience operating the Plan as well as the pilot provisions. Based on the foregoing, the Exchange believes the benefits to market participants should continue on a pilot basis to coincide with the operation of the Limit Up-Limit Down Plan. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act, as amended. Specifically, the proposal does not impose an intra-market burden on competition, because it will apply to all members. Nor will the proposal impose a burden on competition among the options exchanges, because, in addition to the vigorous competition for order flow among the options exchanges, the proposal addresses a regulatory situation common to all options exchanges. To the extent that market participants disagree with the particular approach taken by the Exchange herein, market participants can easily and readily direct order flow to competing venues. The Exchange believes this proposal will not impose a burden on competition and will help provide certainty during periods of extraordinary volatility in an NMS stock. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were either solicited or received. [[Page 10528]] III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b- 4(f)(6)(iii) thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the obvious error pilot program to continue uninterrupted while the industry gains further experience operating under the Plan, and avoid any investor confusion that could result from a temporary interruption in the pilot program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\14\ --------------------------------------------------------------------------- \14\ 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). --------------------------------------------------------------------------- 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. 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 rule-comments@sec.gov. Please include File Number SR-BX-2015-012 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-BX-2015-012. 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 such 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-BX-2015-012, and should be submitted on or before March 19, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-03957 Filed 2-25-15; 8:45 am] BILLING CODE 8011-01-P
![10526 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices
Conclusion adequacy of the disclosure concerning, principal office of the Exchange, and at
It is hereby ordered, pursuant to Rule and the applicability of other federal or the Commission’s Public Reference
101(d) of Regulation M, that the Trust, state laws to, the proposed transactions. Room.] [sic]
based on the representations and facts For the Commission, by the Division of II. Self-Regulatory Organization’s
presented in the Letter, is exempt from Trading and Markets, pursuant to delegated Statement of the Purpose of, and
the requirements of Rule 101 with authority.6 Statutory Basis for, the Proposed Rule
respect to the Funds, thus permitting Jill M. Peterson, Change
persons who may be deemed to be Assistant Secretary.
In its filing with the Commission, the
participating in a distribution of Shares [FR Doc. 2015–03967 Filed 2–25–15; 8:45 am] Exchange included statements
of the Funds to bid for or purchase such BILLING CODE 8011–01–P concerning the purpose of and basis for
Shares during their participation in the proposed rule change and discussed
such distribution. any comments it received on the
It is further ordered, pursuant to Rule SECURITIES AND EXCHANGE proposed rule change. The text of these
102(e) of Regulation M, that the Trust, COMMISSION statements may be examined at the
based on the representations and the places specified in Item IV below. The
[Release No. 34–74334; File No. SR–BX–
facts presented in the Letter, is exempt Exchange has prepared summaries, set
2015–012]
from the requirements of Rule 102 with forth in sections A, B, and C below, of
respect to the Funds, thus permitting Self-Regulatory Organizations; the most significant aspects of such
the Funds to redeem Shares of the NASDAQ OMX BX, Inc.; Notice of Filing statements.
Funds during the continuous offering of and Immediate Effectiveness of
such Shares. Proposed Rule Change To Amend the A. Self-Regulatory Organization’s
It is further ordered, pursuant to Rule BX Options Rules To Extend the Pilot Statement of the Purpose of, and
10b–17(b)(2), that the Trust, based on Program Under Chapter V, Section Statutory Basis for, the Proposed Rule
the representations and the facts Change
3(d)(iv)
presented in the Letter, subject to the 1. Purpose
conditions that the Funds will provide February 20, 2015.
at least three business days’ notice in Pursuant to Section 19(b)(1) of the In April 2013,4 the Commission
advance of the related record date for Securities Exchange Act of 1934 approved a proposal, on a one year pilot
Special Distributions and any Exempted (‘‘Act’’),1 and Rule 19b–4 thereunder,2 basis, to adopt Chapter V, Section
Accompanying Distribution and that the notice is hereby given that on February 3(d)(iv) to provide for how the Exchange
Funds will otherwise comply with Rule 19, 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ will treat obvious and catastrophic
10b–17 with regard to any distributions or ‘‘Exchange’’) filed with the Securities options errors in response to the Plan,
except Special Distributions and and Exchange Commission (‘‘SEC’’ or which is applicable to all NMS stocks,
Exempted Accompanying Distributions ‘‘Commission’’) the proposed rule as defined in Regulation NMS Rule
as described above and in the Letter, is change as described in Items I and II 600(b)(47).5 The Plan is designed to
exempt from the requirements of Rule below, which Items have been prepared prevent trades in individual NMS stocks
from occurring outside of specified
10b–17 with respect to Special by the Exchange. The Commission is
Price Bands.6 The requirements of the
Distributions and any Exempted publishing this notice to solicit
Plan are coupled with Trading Pauses to
Accompanying Distribution. comments on the proposed rule change
This exemptive relief is subject to accommodate more fundamental price
from interested persons.
modification or revocation at any time moves (as opposed to erroneous trades
I. Self-Regulatory Organization’s or momentary gaps in liquidity).
the Commission determines that such
Statement of the Terms of the Substance The Exchange extended the operation
action is necessary or appropriate in
of the Proposed Rule Change of Chapter V, Section 3(d)(iv), which
furtherance of the purposes of the provides that trades are not subject to an
Exchange Act. This exemption is based The Exchange proposes to amend the
obvious error or catastrophic error
on the facts presented and the BX Options Rules to extend the pilot
review pursuant to Chapter V, Sections
representations made in the Letter. Any program under Chapter V, Section
6(b) or 6(f) during a Limit State or
different facts or representations may 3(d)(iv), which provides for how the
Straddle State in 2014.7 The Exchange
require a different response. In the event Exchange treats obvious and now proposes to extend the pilot
that any material change occurs in the catastrophic options errors in response program for an additional pilot period
facts or representations in the Letter, to the Plan to Address Extraordinary ending October 23, 2015. The Exchange
transactions in Shares of the Funds Market Volatility Pursuant to Rule 608 believes conducting an obvious error or
must be discontinued, pending of Regulation NMS under the Act (the catastrophic error review is
presentation of the facts for our ‘‘Limit Up-Limit Down Plan’’ or the impracticable given the lack of a reliable
consideration. In addition, persons ‘‘Plan’’).3 The Exchange proposes to National Best Bid/Offer (‘‘NBBO’’) in the
relying on this exemption are directed extend the pilot period until October 23,
to the anti-fraud and anti-manipulation 2015. 4 Securities Exchange Act Release No. 69343
provisions of the Exchange Act, The text of the proposed rule (April 8, 2013), 78 FR 21982 (April 12, 2013) (SR–
particularly Sections 9(a) and 10(b), and change is available on the Exchange’s BX–2013–026).
5 The Plan was extended until February 20, 2015.
Rule 10b–5 thereunder. Responsibility Web site at http://
The Plan was initially approved for a one-year pilot
for compliance with these and any other nasdaqomxbx.cchwallstreet.com/, at the
rmajette on DSK2VPTVN1PROD with NOTICES
period, which began on April 8, 2013. Securities
applicable provisions of the federal Exchange Act Release No. 71649 (March 5, 2014),
securities laws must rest with the 6 17 CFR 200.30–3(a)(6) and (9). 79 FR 13696 (March 11, 2014).
1 15 U.S.C. 78s(b)(1).
persons relying on this exemption. This 6 Unless otherwise specified, capitalized terms
2 17 CFR 240.19b–4. used in this rule filing are based on the defined
order should not be considered a view 3 Securities Exchange Act Release Nos. 69140 terms of the Plan.
with respect to any other question that (March 15, 2013), 78 FR 17255 (March 20, 2013); 7 Securities Exchange Act Release No. 71900
the proposed transactions may raise, and 69343 (April 8, 2013), 78 FR 21982 (April 2, (April 8, 2014), 79 FR 20951 (April 14, 2014) (SR–
including, but not limited to the 2013) (SR–BX–2013–026). BX–2014–017).
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![10528 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices
III. Date of Effectiveness of the Comments may be submitted by any of SECURITIES AND EXCHANGE
Proposed Rule Change and Timing for the following methods: COMMISSION
Commission Action
Electronic Comments [Release No. 34–74339; File No. SR–FINRA–
Because the proposed rule change 2014–047]
does not (i) significantly affect the • Use the Commission’s Internet
protection of investors or the public comment form (http://www.sec.gov/ Self-Regulatory Organizations;
interest; (ii) impose any significant rules/sro.shtml); or Financial Industry Regulatory
burden on competition; and (iii) become Authority, Inc.; Order Instituting
• Send an email to rule-comments@ Proceedings To Determine Whether To
operative for 30 days from the date on sec.gov. Please include File Number SR–
which it was filed, or such shorter time Approve or Disapprove a Proposed
BX–2015–012 on the subject line. Rule Change To Adopt FINRA Rule
as the Commission may designate if
consistent with the protection of Paper Comments 2241 (Research Analysts and Research
investors and the public interest, the Reports) in the Consolidated FINRA
proposed rule change has become • Send paper comments in triplicate Rulebook
effective pursuant to Section 19(b)(3)(A) to Secretary, Securities and Exchange
February 20, 2015.
of the Act 12 and Rule 19b–4(f)(6)(iii) Commission, 100 F Street NE.,
thereunder.13 Washington, DC 20549–1090. I. Introduction
The Exchange has asked the All submissions should refer to File On November 14, 2014, Financial
Commission to waive the 30-day Number SR–BX–2015–012. This file Industry Regulatory Authority, Inc.
operative delay so that the proposal may number should be included on the (‘‘FINRA’’) filed with the Securities and
become operative immediately upon subject line if email is used. To help the Exchange Commission (‘‘SEC’’ or
filing. The Commission believes that ‘‘Commission’’), pursuant to Section
Commission process and review your
waiving the 30-day operative delay is 19(b)(1) of the Securities Exchange Act
comments more efficiently, please use
consistent with the protection of of 1934 (‘‘Act’’) 1 and Rule 19b–4
only one method. The Commission will thereunder,2 a proposed rule to adopt
investors and the public interest, as it
post all comments on the Commission’s NASD Rule 2711 (Research Analysts
will allow the obvious error pilot
program to continue uninterrupted Internet Web site (http://www.sec.gov/ and Research Reports) as a FINRA rule,
while the industry gains further rules/sro.shtml). Copies of the with several modifications, amend
experience operating under the Plan, submission, all subsequent NASD Rule 1050 (Registration of
and avoid any investor confusion that amendments, all written statements Research Analysts) and Incorporated
could result from a temporary with respect to the proposed rule NYSE Rule 344 to create an exception
interruption in the pilot program. For change that are filed with the from the research analyst qualification
this reason, the Commission designates Commission, and all written requirement, and renumber NASD Rule
the proposed rule change to be operative communications relating to the 2711 as FINRA Rule 2241 in the
upon filing.14 proposed rule change between the consolidated FINRA rulebook. The
At any time within 60 days of the Commission and any person, other than proposal was published for comment in
filing of the proposed rule change, the those that may be withheld from the the Federal Register on November 24,
Commission summarily may public in accordance with the 2014.3 The Commission received four
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be comments on the proposal.4 This order
it appears to the Commission that such available for Web site viewing and institutes proceedings under Section
action is necessary or appropriate in the printing in the Commission’s Public 19(b)(2)(B) of the Act 5 to determine
public interest, for the protection of Reference Room, 100 F Street NE., whether to approve or disapprove the
investors, or otherwise in furtherance of Washington, DC 20549 on official proposed rule change.
the purposes of the Act. If the business days between the hours of II. Description of the Proposed Rule
Commission takes such action, the 10:00 a.m. and 3:00 p.m. Copies of such Change
Commission shall institute proceedings filing also will be available for
to determine whether the proposed rule As described more fully in the Notice,
inspection and copying at the principal FINRA proposed to adopt in the
should be approved or disapproved. office of the Exchange. All comments
IV. Solicitation of Comments received will be posted without change; 1 15 U.S.C. 78s(b)(1).
the Commission does not edit personal 2 17 CFR 240.19b–4.
Interested persons are invited to identifying information from 3 Exchange Act Release No. 73622 (Nov. 18,
submit written data, views, and 2014); 79 FR 69939 (Nov. 24, 2014) (‘‘Notice’’). On
submissions. You should submit only
arguments concerning the foregoing, January 6, 2015, FINRA consented to extending the
information that you wish to make
including whether the proposed rule time period for the Commission to either approve
available publicly. All submissions or disapprove the proposed rule change, or to
change is consistent with the Act.
should refer to File Number SR–BX– institute proceedings to determine whether to
2015–012, and should be submitted on approve or disapprove the proposed rule change, to
12 15 U.S.C. 78s(b)(3)(A). February 20, 2015.
13 17 CFR 240.19b–4(f)(6)(iii). As required under
or before March 19, 2015. 4 See Letter from Kevin Zambrowicz, Associate
Rule 19b–4(f)(6)(iii), the Exchange provided the For the Commission, by the Division of General Counsel & Managing Director and Sean
Commission with written notice of its intent to file Davy, Managing Director, SIFMA, dated Dec. 15,
Trading and Markets, pursuant to delegated
the proposed rule change, along with a brief 2014 (‘‘SIFMA’’), Letter from Hugh D. Berkson,
authority.15
rmajette on DSK2VPTVN1PROD with NOTICES
description and the text of the proposed rule President-Elect, Public Investors Arbitration Bar
change, at least five business days prior to the date Jill M. Peterson, Association, dated Dec. 15, 2014 (‘‘PIABA Equity’’),
of filing of the proposed rule change, or such Letter from Stephanie R. Nicholas, WilmerHale,
shorter time as designated by the Commission. Assistant Secretary. dated Dec. 16, 2014 (‘‘WilmerHale Equity’’), and
14 For purposes only of waiving the 30-day [FR Doc. 2015–03957 Filed 2–25–15; 8:45 am] Letter from William Beatty, President and
operative delay, the Commission has also Washington (State) Securities Administrator, North
BILLING CODE 8011–01–P
considered the proposed rule’s impact on American Securities Administrators Association,
efficiency, competition, and capital formation. See Inc., dated Dec. 19, 2014 (‘‘NASAA Equity’’).
15 U.S.C. 78c(f). 15 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2)(B).
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Document Created: 2015-12-18 13:05:23
Document Modified: 2015-12-18 13:05:23
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 10526 |
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