80 FR 10536 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Program Regarding Exchange Rule 1047(f)(v)
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 38 (February 26, 2015)
Federal Register Volume 80, Issue 38 (February 26, 2015)
| Page Range | 10536-10538 | |
| FR Document | 2015-03960 |
[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)] [Notices] [Pages 10536-10538] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03960] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74337; File No. SR-Phlx-2015-19] Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Program Regarding Exchange Rule 1047(f)(v) 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 PHLX LLC (``Phlx'' 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 extend the pilot program regarding Exchange Rule 1047(f)(v), 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. 69141 (March 15, 2013), 78 FR 17262 (March 20, 2013); and 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29). --------------------------------------------------------------------------- The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxphlx.cchwallstreet.com/ 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 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 Exchange Rule 1047(f)(v) [[Page 10537]] 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. 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29). \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 Rule 1047(f)(v), which provides that trades are not subject to an obvious error or catastrophic error review pursuant to Rule 1092(a)(i) or (ii) 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 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, 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. 71901 (April 8, 2014), 79 FR 20955 (April 14, 2014) (SR-Phlx-2014-21). --------------------------------------------------------------------------- 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. 69344 (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR-Phlx-2013-29) at notes 4 and 12. 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 Rule 1092. --------------------------------------------------------------------------- \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. [[Page 10538]] 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. 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-Phlx-2015-19 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-2015-19. 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-Phlx-2015-19, 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. 2015-03960 Filed 2-25-15; 8:45 am] BILLING CODE 8011-01-P
![10536 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices
equitable principles of trade, remove and Exchange Commission, 100 F Street (‘‘Act’’) 1, and Rule 19b–4 thereunder,2
impediments to and perfect the NE., Washington, DC 20549–1090. notice is hereby given that, on February
mechanism of a free and open market All submissions should refer to File 19, 2015, NASDAQ OMX PHLX LLC
and a national market system, and, in Number SR–FINRA–2014–047. This file (‘‘Phlx’’ or ‘‘Exchange’’) filed with the
general, to protect investors and the number should be included on the Securities and Exchange Commission
public interest, and Section 15D of the subject line if email is used. To help the (‘‘SEC’’ or ‘‘Commission’’) the proposed
Act,104 which requires rules reasonably Commission process and review your rule change as described in Items I and
designed to address conflicts of interest comments more efficiently, please use II below, which Items have been
that can arise when research analysts only one method. The Commission will prepared by the Exchange. The
recommend equity securities in research post all comments on the Commission’s Commission is publishing this notice to
reports and public appearances. Internet Web site (http://www.sec.gov/ solicit comments on the proposed rule
rules/sro.shtml). Copies of the change from interested persons.
IV. Procedure: Request for Written
Comments submission, all subsequent I. Self-Regulatory Organization’s
amendments, all written statements Statement of the Terms of the Substance
The Commission requests that with respect to the proposed rule of the Proposed Rule Change
interested persons provide written change that are filed with the
submissions of their views, data, and The Exchange proposes to extend the
Commission, and all written
arguments with respect to the concerns pilot program regarding Exchange Rule
communications relating to the
identified above, as well as any others 1047(f)(v), which provides for how the
proposed rule change between the Exchange treats obvious and
they may have with the proposed rule Commission and any person, other than
change. In particular, the Commission catastrophic options errors in response
those that may be withheld from the to the Plan to Address Extraordinary
invites the written views of interested public in accordance with the
persons concerning whether the Market Volatility Pursuant to Rule 608
provisions of 5 U.S.C. 552, will be of Regulation NMS under the Act (the
proposed rule change is inconsistent available for Web site viewing and
with Sections 15A(b)(9) and 15D, or any ‘‘Limit Up-Limit Down Plan’’ or the
printing in the Commission’s Public ‘‘Plan’’).3 The Exchange proposes to
other provision of the Act, or the rules Reference Room, 100 F Street NE.,
and regulation thereunder. Although extend the pilot period until October 23,
Washington, DC 20549, on official 2015.
there do not appear to be any issues business days between the hours of 10 The text of the proposed rule change
relevant to approval or disapproval a.m. and 3 p.m. Copies of such filing is available on the Exchange’s Web site
which would be facilitated by an oral also will be available for inspection and at http://nasdaqomxphlx.cchwallstreet.
presentation of views, data, and copying at the principal office of com/, at the principal office of the
arguments, the Commission will FINRA. All comments received will be Exchange, and at the Commission’s
consider, pursuant to Rule 19b-4, any posted without change; the Commission Public Reference Room.
request for an opportunity to make an does not edit personal identifying
oral presentation.105 information from submissions. You II. Self-Regulatory Organization’s
Interested persons are invited to should submit only information that Statement of the Purpose of, and
submit written data, views, and you wish to make available publicly. All Statutory Basis for, the Proposed Rule
arguments regarding whether the submissions should refer to File Change
proposed rule changes should be Number SR–FINRA–2014–047 and In its filing with the Commission, the
approved or disapproved by March 19, should be submitted on or before March Exchange included statements
2015. Any person who wishes to file a 19, 2015. concerning the purpose of and basis for
rebuttal to any other person’s the proposed rule change and discussed
For the Commission, by the Division of
submission must file that rebuttal by Trading and Markets, pursuant to delegated any comments it received on the
April 2, 2015. authority.106 proposed rule change. The text of these
Comments may be submitted by any Jill M. Peterson, statements may be examined at the
of the following methods: places specified in Item IV below. The
Assistant Secretary.
Electronic Comments [FR Doc. 2015–03962 Filed 2–25–15; 8:45 am] Exchange has prepared summaries, set
forth in sections A, B, and C below, of
• Use the Commission’s Internet BILLING CODE 8011–01–P
the most significant aspects of such
comment form (http://www.sec.gov/ statements.
rules/sro.shtml); or
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
• Send an email to rule-comments@
COMMISSION Statement of the Purpose of, and
sec.gov. Please include File Number SR–
FINRA–2014–047 on the subject line. Statutory Basis for, the Proposed Rule
[Release No. 34–74337; File No. SR–Phlx– Change
Paper Comments 2015–19]
1. Purpose
• Send paper comments in triplicate Self-Regulatory Organizations; In April 2013,4 the Commission
to Brent J. Fields, Secretary, Securities NASDAQ OMX PHLX LLC; Notice of approved a proposal, on a one year pilot
Filing and Immediate Effectiveness of basis, to adopt Exchange Rule 1047(f)(v)
104 15 U.S.C. 78o–6.
105 Section
Proposed Rule Change to Extend the
19(b)(2) of the Act, as amended by the
Pilot Program Regarding Exchange 1 15 U.S.C. 78s(b)(1).
rmajette on DSK2VPTVN1PROD with NOTICES
Securities Act Amendments of 1975, Pub. L. 94–29
(June 4, 1975), grants the Commission flexibility to Rule 1047(f)(v) 2 17 CFR 240.19b–4.
3 Securities Exchange Act Release Nos. 69141
determine what type of proceeding—either oral or
notice and opportunity for written comments—is February 20, 2015. (March 15, 2013), 78 FR 17262 (March 20, 2013);
appropriate for consideration of a particular Pursuant to Section 19(b)(1) of the and 69344 (April 8, 2013), 78 FR 22001 (April 12,
proposal by a self-regulatory organization. See 2013) (SR–Phlx–2013–29).
Securities Exchange Act of 1934
Securities Act Amendments of 1975, Senate Comm. 4 Securities Exchange Act Release No. 69344
on Banking, Housing & Urban Affairs, S. Rep. No. (April 8, 2013), 78 FR 22001 (April 12, 2013) (SR–
75, 94th Cong., 1st Sess. 30 (1975). 106 17 CFR 200.30–3(a)(57). Phlx–2013–29).
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![10538 Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices
B. Self-Regulatory Organization’s investors and the public interest, as it Commission and any person, other than
Statement on Burden on Competition will allow the obvious error pilot those that may be withheld from the
The Exchange does not believe that program to continue uninterrupted public in accordance with the
the proposed rule change will result in while the industry gains further provisions of 5 U.S.C. 552, will be
any burden on competition that is not experience operating under the Plan, available for Web site viewing and
necessary or appropriate in furtherance and avoid any investor confusion that printing in the Commission’s Public
of the purposes of the Act, as amended. could result from a temporary Reference Room, 100 F Street NE.,
Specifically, the proposal does not interruption in the pilot program. For Washington, DC 20549 on official
impose an intra-market burden on this reason, the Commission designates business days between the hours of
competition, because it will apply to all the proposed rule change to be operative 10:00 a.m. and 3:00 p.m. Copies of such
members. Nor will the proposal impose upon filing.14 filing also will be available for
a burden on competition among the At any time within 60 days of the inspection and copying at the principal
options exchanges, because, in addition filing of the proposed rule change, the office of the Exchange. All comments
to the vigorous competition for order Commission summarily may received will be posted without change;
flow among the options exchanges, the temporarily suspend such rule change if the Commission does not edit personal
it appears to the Commission that such identifying information from
proposal addresses a regulatory
action is necessary or appropriate in the submissions. You should submit only
situation common to all options
public interest, for the protection of information that you wish to make
exchanges. To the extent that market
investors, or otherwise in furtherance of available publicly. All submissions
participants disagree with the particular
the purposes of the Act. If the should refer to File Number SR–Phlx–
approach taken by the Exchange herein,
Commission takes such action, the 2015–19, and should be submitted on or
market participants can easily and
Commission shall institute proceedings before March 19, 2015.
readily direct order flow to competing
to determine whether the proposed rule
venues. The Exchange believes this For the Commission, by the Division of
should be approved or disapproved.
proposal will not impose a burden on Trading and Markets, pursuant to delegated
competition and will help provide IV. Solicitation of Comments authority.15
certainty during periods of Interested persons are invited to Jill M. Peterson,
extraordinary volatility in an NMS submit written data, views, and Assistant Secretary.
stock. arguments concerning the foregoing, [FR Doc. 2015–03960 Filed 2–25–15; 8:45 am]
C. Self-Regulatory Organization’s including whether the proposed rule BILLING CODE 8011–01–P
Statement on Comments on the change is consistent with the Act.
Proposed Rule Change Received From Comments may be submitted by any of
Members, Participants, or Others the following methods: SECURITIES AND EXCHANGE
COMMISSION
No written comments were either Electronic Comments
[Release No. 34–74340; File No. SR–FINRA–
solicited or received. • Use the Commission’s Internet 2014–048]
III. Date of Effectiveness of the comment form (http://www.sec.gov/
Proposed Rule Change and Timing for rules/sro.shtml); or Self-Regulatory Organizations;
Commission Action • Send an email to rule-comments@ Financial Industry Regulatory
sec.gov. Please include File Number SR– Authority, Inc.; Order Instituting
Because the proposed rule change Phlx–2015–19 on the subject line.
does not (i) significantly affect the Proceedings To Determine Whether To
protection of investors or the public Paper Comments Approve or Disapprove a Proposed
Rule Change To Adopt FINRA Rule
interest; (ii) impose any significant • Send paper comments in triplicate
burden on competition; and (iii) become 2242; Debt Research Analysts and
to Secretary, Securities and Exchange
operative for 30 days from the date on Debt Research Reports
Commission, 100 F Street NE.,
which it was filed, or such shorter time Washington, DC 20549–1090. February 20, 2015.
as the Commission may designate if All submissions should refer to File
consistent with the protection of I. Introduction
Number SR–Phlx–2015–19. This file
investors and the public interest, the number should be included on the On November 14, 2014, Financial
proposed rule change has become subject line if email is used. To help the Industry Regulatory Authority, Inc.
effective pursuant to Section 19(b)(3)(A) Commission process and review your (‘‘FINRA’’) filed with the Securities and
of the Act 12 and Rule 19b–4(f)(6)(iii) comments more efficiently, please use Exchange Commission (‘‘SEC’’ or
thereunder.13 only one method. The Commission will ‘‘Commission’’), pursuant to Section
The Exchange has asked the post all comments on the Commission’s 19(b)(1) of the Securities Exchange Act
Commission to waive the 30-day Internet Web site (http://www.sec.gov/ of 1934 (‘‘Act’’) 1 and Rule 19b–4
operative delay so that the proposal may rules/sro.shtml). Copies of the thereunder,2 a proposed rule to adopt
become operative immediately upon submission, all subsequent new FINRA Rule 2242 (Debt Research
filing. The Commission believes that amendments, all written statements Analysts and Debt Research Reports) to
waiving the 30-day operative delay is with respect to the proposed rule address conflicts of interest relating to
consistent with the protection of change that are filed with the the publication and distribution of debt
Commission, and all written research reports. The proposal was
rmajette on DSK2VPTVN1PROD with NOTICES
12 15 U.S.C. 78s(b)(3)(A).
communications relating to the published for comment in the Federal
13 17 CFR 240.19b–4(f)(6)(iii). As required under
proposed rule change between the Register on November 24, 2014.3 The
Rule 19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file 15 17
the proposed rule change, along with a brief 14 For purposes only of waiving the 30-day CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
description and the text of the proposed rule operative delay, the Commission has also
2 17 CFR 240.19b–4.
change, at least five business days prior to the date considered the proposed rule’s impact on
of filing of the proposed rule change, or such efficiency, competition, and capital formation. See 3 Exchange Act Release No. 73623 (Nov. 18,
shorter time as designated by the Commission. 15 U.S.C. 78c(f). 2014); 79 FR 69905 (Nov. 24, 2014) (‘‘Notice’’). On
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Document Created: 2015-12-18 13:05:19
Document Modified: 2015-12-18 13:05:19
| 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 10536 |
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