80 FR 11250 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Eliminate Rule 13.4, “Assigning of Registered Securities in the Name of a Member or Member Organization”

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 40 (March 2, 2015)

Page Range		11250-11251
FR Document		2015-04182
Federal Register, Volume 80 Issue 40 (Monday, March 2, 2015)
[Federal Register Volume 80, Number 40 (Monday, March 2, 2015)]
[Notices]
[Pages 11250-11251]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-04182]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74359; File No. SR-BATS-2015-14]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Eliminate Rule 13.4, ``Assigning of Registered Securities in the Name 
of a Member or Member Organization''

February 24, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on February 12, 2015, BATS Exchange, Inc. (the ``Exchange'' or 
``BATS'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The Exchange 
has designated this proposal as a ``non-controversial'' proposed rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder,\4\ which renders it effective upon filing with the 
Commission. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal to eliminate Rule 13.4, ``Assigning 
of Registered Securities in the Name of a Member or Member 
Organization.''
    The text of the proposed rule change is available at the Exchange's 
Web site at www.batstrading.com, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts of such 
statements.

(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to eliminate Rule 13.4, ``Assigning of 
Registered Securities in the Name of a Member or Member Organization,'' 
which permits the Exchange to establish a signature guarantee program. 
In sum, a signature guarantee program allows an investor who seeks to 
transfer or sell securities held in physical certificate form to have 
their signature on the certificate ``guaranteed.'' Rule 13.4 permits 
Members to guarantee their signatures by authorizing one or more of 
their employees to assign registered securities in the Member's name 
and to guarantee assignments of registered securities on behalf of the 
Member where the security had been signed by one of the partners of the 
Member or by one of the authorized officers of the Member by executing 
and filing with the Exchange a separate Power of Attorney, also known 
as a traditional signature card program. Transfer agents often insist 
that a signature be guaranteed before they accept the transaction 
because it limits their liability and losses if a signature turns out 
to be forged.
    Rule 17Ad-15 under the Act permits transfer agents to reject 
signature guarantees from eligible guarantor institutions that are not 
part of a signature guarantee program.\5\ The rule encouraged a 
movement away from the traditional signature card programs administered 
by the exchanges towards signature guarantee programs that use a 
medallion imprint or stamp which evidences their participation in the 
program and is an acceptable signature guarantee (``Medallion Signature 
Guarantee Program'').\6\ The Commission has also noted that:
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    \5\ See 17 CFR 240.17Ad-15; Securities Exchange Act Release No. 
30146 (January 10, 1992), 57 FR 1082 (February 24, 1992) (adopting 
Rule 17Ad-15).
    \6\ See, e.g., Securities Exchange Act Release No. 33669 
(February 23, 1994), 59 FR 10189 (March 3, 1994) (SR-MSTC-93-13) 
(``[t]his newly adopted Rule 17Ad-15 rule rendered [Midwest 
Securities Trust Company's (``MSTC'')] Signature Distribution 
Program and Signature Guarantee Program obsolete. Therefore, to 
avoid costs that produce no benefits, MSTC eliminated its Signature 
Distribution and Signature Guarantee Programs and deleted MSTC Rule 
5, Sections 1 and 2 which govern these programs'').

    [a]n investor can obtain a signature guarantee from a financial 
institution--such as a commercial bank, savings bank, credit union, 
or broker dealer--that participates in one of the Medallion 
signature guarantee programs. . . . If a financial institution is 
not a member of a recognized Medallion Signature Guarantee Program, 
it would not be able to provide signature guarantees. Also, if [an 
investor is] not a customer of a participating financial 
institution, it is likely the financial institution will not 
guarantee [the investor's] signature. Therefore, the best source of 
a Medallion Guarantee would be a bank, savings and loan association, 
brokerage firm, or credit union with which [the investor does] 
business.\7\
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    \7\ See ``Signature Guarantees: Preventing the Unauthorized 
Transfer of Securities,'' http://www.sec.gov/answers/sigguar.htm.

    In response to Rule 17Ad-15, certain exchanges have decommissioned 
or amended their rules to no longer provide for traditional signature 
card program.\8\ While the Exchange adopted Rule 13.4 as part of its 
Form 1 exchange application,\9\ it has never offered, and does not now 
intend to offer, a signature guarantee service. The move towards 
Medallion Signature Guarantee Programs has also rendered traditional 
card programs as provided for under Exchange Rule 13.4 obsolete. 
Therefore,

[[Page 11251]]

the Exchange proposes to eliminate Rule 13.4.
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    \8\ See Securities Exchange Act Release No. 34188 (June 9, 
1994), 59 FR 30820 (June 15, 1994) (SR-MSTC-93-13) (order approving 
the elimination of MSTC's signature guarantee program stating that 
Rule 17Ad-15 rendered it obsolete); Securities Exchange Act Release 
No. 32590 (July 7, 1993), 58 FR 37978 (July 14, 1993) (order 
approving SR-PHLX-92-39 eliminating the PHLX's signature guarantee 
program in light of Rule 17Ad-15) (noting that ``[b]y eliminating 
its signature guarantee program, PHLX will streamline the signature 
guarantee process. In place of the cumbersome signature card system, 
PHLX will require participation in a Rule 17Ad-15 Signature 
Guarantee Program''). In 2006, the Philadelphia Stock Exchange, Inc. 
(currently Nasdaq OMX PHLX LLC) (``PHLX'') eliminated Rules 327--340 
regarding signature guarantees in their entirety from its rulebook, 
noting that they are ``being deleted as obsolete because they refer 
to the delivery and settlement of securities, which is not done by 
the Exchange, but by registered clearing agencies.'' Securities 
Exchange Act Release No. 54329 (August 17, 2006), 71 FR 504538 
(August 25, 2006) (SR-PHLX-2006-43); Securities Exchange Act Release 
No. 54538 (September 28, 2006), 71 FR 59184 (October 6, 2006 (order 
approving SR-PHLX-2006-43).
    \9\ See Securities Exchange Act Release Nos. 58375 (August 18, 
2008), 73 FR 49498 (August 21, 2008) (File No. 10-182) (In the 
Matter of the Application of the BATS Exchange, Inc. for 
Registration as a National Securities Exchange, Findings, Opinion, 
and Order of the Commission); 62716 (August 13, 2010), 75 FR 51295 
(August 19, 2010) (File No. 10-198) (In the Matter of the 
Application of the BATS Y-Exchange, Inc. for Registration as a 
National Securities Exchange, Findings, Opinion, and Order of the 
Commission).
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2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act \10\ and furthers the objectives of 
Section 6(b)(5) of the Act,\11\ in that it is 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, in general, protect investors and the public interest by 
eliminating unnecessary confusion with respect to the Exchange's rules. 
Rule 17Ad-15 encouraged a movement away from the traditional signature 
card programs administered by the exchanges towards certain Medallion 
Signature Guarantee Programs. In response, certain exchanges have 
decommissioned or amended their rules to no longer provide for a 
traditional signature card program.\12\ The Exchange has never offered, 
and does not now intend to offer, a signature guarantee service. Also, 
the move towards Medallion Signature Guarantee Programs has rendered 
traditional card programs as provided for under Exchange Rule 13.4 
obsolete. Therefore, the Exchange believes eliminating Rule 13.4 would 
clarify the Exchange's rules by eliminating rules that account for 
services the Exchange does not provide. The Exchange also believes the 
elimination of unnecessary and obsolete rules removes impediments to 
the perfection of the mechanisms for a free and open market system 
consistent with the requirements of Section 6(b)(5) of the Act.\13\
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    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
    \12\ See Securities Exchange Act Release No. 34188 (June 9, 
1994), 59 FR 30820 (June 15, 1994) (SR-MSTC-93-13) (order approving 
the elimination of MSTC's signature guarantee program stating that 
Rule 17Ad-15 rendered it obsolete); Securities Exchange Act Release 
No. 32590 (July 7, 1993), 58 FR 37978 (July 14, 1993) (SR-PHLX-92-
39) (order approving SR-PHLX-92-39 eliminating the PHLX's signature 
guarantee program in light of Rule 17Ad-15).
    \13\ 15 U.S.C. 78f(b)(5).
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(B) Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change does not impose any burden on competition. 
Rule 17Ad-15 encouraged a movement away from the traditional signature 
card programs administered by the exchanges towards certain Medallion 
Signature Guarantee Programs. In response, certain exchanges have 
decommissioned or amended their rules to no longer provide for a 
traditional signature card program.\14\ An investor may still obtain a 
signature guarantee from a financial institution that participates in 
one of the Medallion Signature Guarantee Programs. The Exchange has 
never offered, and does not intend to offer, a signature guarantee 
service. Also, the move towards Medallion Signature Guarantee Programs 
has rendered traditional card programs as provided for under Exchange 
Rule 13.4 obsolete. Therefore, the Exchange believes eliminating Rule 
13.4 would not impose any burden on competition.
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    \14\ See Securities Exchange Act Release No. 34188 (June 9, 
1994), 59 FR 30820 (June 15, 1994) (SR-MSTC-93-13) (order approving 
the elimination of MSTC's signature guarantee program stating that 
Rule 17Ad-15 rendered it obsolete); Securities Exchange Act Release 
No. 32590 (July 7, 1993), 58 FR 37978 (July 14, 1993) (SR-PHLX-92-
39) (order approving SR-PHLX-92-39 eliminating the PHLX's signature 
guarantee program in light of Rule 17Ad-15).
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(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

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

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \15\ and paragraph 
of Rule 19b-4(f)(6) thereunder.\16\
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    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
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    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.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File No. SR-BATS-2015-14 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File No. SR-BATS-2015-14. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File No. SR-BATS-2015-14 and should be 
submitted on or before March 23, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\17\
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    \17\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-04182 Filed 2-27-15; 8:45 am]
BILLING CODE 8011-01-P
11250 Federal Register / Vol. 80, No. 40 / Monday, March 2, 2015 / Notices

For the Commission, by the Division of concerning the purpose of and basis for [a]n investor can obtain a signature
Trading and Markets, pursuant to delegated the proposed rule change and discussed guarantee from a financial institution—such
authority.12 any comments it received on the as a commercial bank, savings bank, credit
Jill M. Peterson, proposed rule change. The text of these union, or broker dealer—that participates in
Assistant Secretary. statements may be examined at the one of the Medallion signature guarantee
[FR Doc. 2015–04188 Filed 2–27–15; 8:45 am] places specified in Item IV below. The programs. . . . If a financial institution is not
Exchange has prepared summaries, set a member of a recognized Medallion
BILLING CODE 8011–01–P
forth in Sections A, B, and C below, of Signature Guarantee Program, it would not be
able to provide signature guarantees. Also, if
the most significant parts of such
SECURITIES AND EXCHANGE [an investor is] not a customer of a
statements.
participating financial institution, it is likely
COMMISSION
(A) Self-Regulatory Organization’s the financial institution will not guarantee
[Release No. 34–74359; File No. SR–BATS– Statement of the Purpose of, and [the investor’s] signature. Therefore, the best
2015–14] Statutory Basis for, the Proposed Rule source of a Medallion Guarantee would be a
Change bank, savings and loan association, brokerage
Self-Regulatory Organizations; BATS firm, or credit union with which [the investor
Exchange, Inc.; Notice of Filing and 1. Purpose does] business.7
Immediate Effectiveness of a Proposed The Exchange proposes to eliminate
Rule Change to Eliminate Rule 13.4, Rule 13.4, ‘‘Assigning of Registered In response to Rule 17Ad-15, certain
‘‘Assigning of Registered Securities in Securities in the Name of a Member or exchanges have decommissioned or
the Name of a Member or Member Member Organization,’’ which permits amended their rules to no longer
Organization’’ the Exchange to establish a signature provide for traditional signature card
guarantee program. In sum, a signature program.8 While the Exchange adopted
February 24, 2015. Rule 13.4 as part of its Form 1 exchange
Pursuant to Section 19(b)(1) of the guarantee program allows an investor
who seeks to transfer or sell securities application,9 it has never offered, and
Securities Exchange Act of 1934 (the does not now intend to offer, a signature
‘‘Act’’),1 and Rule 19b–4 thereunder,2 held in physical certificate form to have
their signature on the certificate guarantee service. The move towards
notice is hereby given that on February Medallion Signature Guarantee
12, 2015, BATS Exchange, Inc. (the ‘‘guaranteed.’’ Rule 13.4 permits
Members to guarantee their signatures Programs has also rendered traditional
‘‘Exchange’’ or ‘‘BATS’’) filed with the card programs as provided for under
Securities and Exchange Commission by authorizing one or more of their
employees to assign registered securities Exchange Rule 13.4 obsolete. Therefore,
(‘‘Commission’’) the proposed rule
change as described in Items I and II in the Member’s name and to guarantee
assignments of registered securities on MSTC eliminated its Signature Distribution and
below, which Items have been prepared Signature Guarantee Programs and deleted MSTC
by the Exchange. The Exchange has behalf of the Member where the security Rule 5, Sections 1 and 2 which govern these
designated this proposal as a ‘‘non- had been signed by one of the partners programs’’).
controversial’’ proposed rule change of the Member or by one of the 7 See ‘‘Signature Guarantees: Preventing the

pursuant to Section 19(b)(3)(A) of the authorized officers of the Member by Unauthorized Transfer of Securities,’’ http://
executing and filing with the Exchange www.sec.gov/answers/sigguar.htm.
Act 3 and Rule 19b–4(f)(6) thereunder,4 8 See Securities Exchange Act Release No. 34188
which renders it effective upon filing a separate Power of Attorney, also (June 9, 1994), 59 FR 30820 (June 15, 1994) (SR–
with the Commission. The Commission known as a traditional signature card MSTC–93–13) (order approving the elimination of
is publishing this notice to solicit program. Transfer agents often insist MSTC’s signature guarantee program stating that
that a signature be guaranteed before Rule 17Ad-15 rendered it obsolete); Securities
comments on the proposed rule change Exchange Act Release No. 32590 (July 7, 1993), 58
from interested persons. they accept the transaction because it FR 37978 (July 14, 1993) (order approving SR–
limits their liability and losses if a PHLX–92–39 eliminating the PHLX’s signature
I. Self-Regulatory Organization’s signature turns out to be forged. guarantee program in light of Rule 17Ad-15) (noting
Statement of the Terms of Substance of Rule 17Ad–15 under the Act permits that ‘‘[b]y eliminating its signature guarantee
the Proposed Rule Change transfer agents to reject signature program, PHLX will streamline the signature
guarantee process. In place of the cumbersome
The Exchange filed a proposal to guarantees from eligible guarantor signature card system, PHLX will require
eliminate Rule 13.4, ‘‘Assigning of institutions that are not part of a participation in a Rule 17Ad-15 Signature
Registered Securities in the Name of a signature guarantee program.5 The rule Guarantee Program’’). In 2006, the Philadelphia
Member or Member Organization.’’ encouraged a movement away from the Stock Exchange, Inc. (currently Nasdaq OMX PHLX
LLC) (‘‘PHLX’’) eliminated Rules 327—340
The text of the proposed rule change traditional signature card programs regarding signature guarantees in their entirety from
is available at the Exchange’s Web site administered by the exchanges towards its rulebook, noting that they are ‘‘being deleted as
at www.batstrading.com, at the signature guarantee programs that use a obsolete because they refer to the delivery and
principal office of the Exchange, and at medallion imprint or stamp which settlement of securities, which is not done by the
Exchange, but by registered clearing agencies.’’
the Commission’s Public Reference evidences their participation in the Securities Exchange Act Release No. 54329 (August
Room. program and is an acceptable signature 17, 2006), 71 FR 504538 (August 25, 2006) (SR–
II. Self-Regulatory Organization’s guarantee (‘‘Medallion Signature PHLX–2006–43); Securities Exchange Act Release
Guarantee Program’’).6 The Commission No. 54538 (September 28, 2006), 71 FR 59184
Statement of the Purpose of, and (October 6, 2006 (order approving SR–PHLX–2006–
Statutory Basis for, the Proposed Rule has also noted that: 43).
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Change 5 See 17 CFR 240.17Ad–15; Securities Exchange
9 See Securities Exchange Act Release Nos. 58375

(August 18, 2008), 73 FR 49498 (August 21, 2008)
In its filing with the Commission, the Act Release No. 30146 (January 10, 1992), 57 FR (File No. 10–182) (In the Matter of the Application
Exchange included statements 1082 (February 24, 1992) (adopting Rule 17Ad–15). of the BATS Exchange, Inc. for Registration as a
6 See, e.g., Securities Exchange Act Release No. National Securities Exchange, Findings, Opinion,
12 17 33669 (February 23, 1994), 59 FR 10189 (March 3, and Order of the Commission); 62716 (August 13,
CFR 200.30–3(a)(12).
1 15
1994) (SR–MSTC–93–13) (‘‘[t]his newly adopted 2010), 75 FR 51295 (August 19, 2010) (File No. 10–
U.S.C. 78s(b)(1). Rule 17Ad-15 rule rendered [Midwest Securities 198) (In the Matter of the Application of the BATS
2 17 CFR 240.19b–4.
Trust Company’s (‘‘MSTC’’)] Signature Distribution Y-Exchange, Inc. for Registration as a National
3 15 U.S.C. 78s(b)(3)(A).
Program and Signature Guarantee Program obsolete. Securities Exchange, Findings, Opinion, and Order
4 17 CFR 240.19b–4(f)(6). Therefore, to avoid costs that produce no benefits, of the Commission).

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Federal Register / Vol. 80, No. 40 / Monday, March 2, 2015 / Notices 11251

the Exchange proposes to eliminate Rule signature card program.14 An investor Electronic Comments
13.4. may still obtain a signature guarantee
from a financial institution that • Use the Commission’s Internet
2. Statutory Basis comment form (http://www.sec.gov/
participates in one of the Medallion
The Exchange believes that the Signature Guarantee Programs. The rules/sro.shtml); or
proposed rule change is consistent with Exchange has never offered, and does • Send an email to rule-comments@
Section 6(b) of the Act 10 and furthers not intend to offer, a signature guarantee sec.gov. Please include File No. SR–
the objectives of Section 6(b)(5) of the service. Also, the move towards BATS–2015–14 on the subject line.
Act,11 in that it is designed to promote Medallion Signature Guarantee
just and equitable principles of trade, Programs has rendered traditional card Paper Comments
remove impediments to, and perfect the programs as provided for under
mechanism of, a free and open market • Send paper comments in triplicate
Exchange Rule 13.4 obsolete. Therefore,
and a national market system, and, in to Brent J. Fields, Secretary, Securities
the Exchange believes eliminating Rule
general, protect investors and the public 13.4 would not impose any burden on and Exchange Commission, 100 F Street
interest by eliminating unnecessary competition. NE., Washington, DC 20549–1090.
confusion with respect to the
(C) Self-Regulatory Organization’s All submissions should refer to File No.
Exchange’s rules. Rule 17Ad–15
Statement on Comments on the SR–BATS–2015–14. This file number
encouraged a movement away from the
traditional signature card programs Proposed Rule Change Received From should be included on the subject line
administered by the exchanges towards Members, Participants or Others if email is used. To help the
certain Medallion Signature Guarantee Commission process and review your
Programs. In response, certain The Exchange has neither solicited comments more efficiently, please use
exchanges have decommissioned or nor received written comments on the only one method. The Commission will
amended their rules to no longer proposed rule change. post all comments on the Commission’s
provide for a traditional signature card III. Date of Effectiveness of the Internet Web site (http://www.sec.gov/
program.12 The Exchange has never Proposed Rule Change and Timing for rules/sro.shtml). Copies of the
offered, and does not now intend to Commission Action submission, all subsequent
offer, a signature guarantee service. amendments, all written statements
Also, the move towards Medallion Because the foregoing proposed rule with respect to the proposed rule
Signature Guarantee Programs has change does not: (i) Significantly affect change that are filed with the
rendered traditional card programs as the protection of investors or the public Commission, and all written
provided for under Exchange Rule 13.4 interest; (ii) impose any significant communications relating to the
obsolete. Therefore, the Exchange burden on competition; and (iii) become proposed rule change between the
believes eliminating Rule 13.4 would operative for 30 days from the date on Commission and any person, other than
clarify the Exchange’s rules by which it was filed, or such shorter time those that may be withheld from the
eliminating rules that account for as the Commission may designate, it has public in accordance with the
services the Exchange does not provide. become effective pursuant to Section provisions of 5 U.S.C. 552, will be
The Exchange also believes the 19(b)(3)(A) of the Act 15 and paragraph
available for Web site viewing and
elimination of unnecessary and obsolete of Rule 19b–4(f)(6) thereunder.16
printing in the Commission’s Public
rules removes impediments to the At any time within 60 days of the Reference Room, 100 F Street NE.,
perfection of the mechanisms for a free filing of the proposed rule change, the
and open market system consistent with Washington, DC 20549, on official
Commission summarily may business days between the hours of
the requirements of Section 6(b)(5) of temporarily suspend such rule change if
the Act.13 10:00 a.m. and 3:00 p.m. Copies of the
it appears to the Commission that such filing also will be available for
(B) Self-Regulatory Organization’s action is necessary or appropriate in the inspection and copying at the principal
Statement on Burden on Competition public interest, for the protection of
office of the Exchange. All comments
investors, or otherwise in furtherance of
The proposed rule change does not received will be posted without change;
the purposes of the Act.
impose any burden on competition. the Commission does not edit personal
Rule 17Ad–15 encouraged a movement IV. Solicitation of Comments identifying information from
away from the traditional signature card submissions. You should submit only
programs administered by the Interested persons are invited to information that you wish to make
exchanges towards certain Medallion submit written data, views and
available publicly. All submissions
Signature Guarantee Programs. In arguments concerning the foregoing,
should refer to File No. SR–BATS–
response, certain exchanges have including whether the proposed rule
2015–14 and should be submitted on or
decommissioned or amended their rules change is consistent with the Act.
Comments may be submitted by any of before March 23, 2015.
to no longer provide for a traditional
the following methods: For the Commission, by the Division of
10 15 U.S.C. 78f(b). Trading and Markets, pursuant to delegated
11 15 U.S.C. 78f(b)(5). 14 See Securities Exchange Act Release No. 34188 authority.17
12 See Securities Exchange Act Release No. 34188 (June 9, 1994), 59 FR 30820 (June 15, 1994) (SR– Jill M. Peterson,
asabaliauskas on DSK5VPTVN1PROD with NOTICES

(June 9, 1994), 59 FR 30820 (June 15, 1994) (SR– MSTC–93–13) (order approving the elimination of
MSTC–93–13) (order approving the elimination of MSTC’s signature guarantee program stating that Assistant Secretary.
MSTC’s signature guarantee program stating that Rule 17Ad–15 rendered it obsolete); Securities [FR Doc. 2015–04182 Filed 2–27–15; 8:45 am]
Rule 17Ad–15 rendered it obsolete); Securities Exchange Act Release No. 32590 (July 7, 1993), 58
BILLING CODE 8011–01–P
Exchange Act Release No. 32590 (July 7, 1993), 58 FR 37978 (July 14, 1993) (SR–PHLX–92–39) (order
FR 37978 (July 14, 1993) (SR–PHLX–92–39) (order approving SR–PHLX–92–39 eliminating the PHLX’s
approving SR–PHLX–92–39 eliminating the PHLX’s signature guarantee program in light of Rule 17Ad–
signature guarantee program in light of Rule 17Ad– 15).
15). 15 15 U.S.C. 78s(b)(3)(A).
13 15 U.S.C. 78f(b)(5). 16 17 CFR 240.19b–4(f)(6). 17 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 16:55 Feb 27, 2015 Jkt 235001 PO 00000 Frm 00098 Fmt 4703 Sfmt 9990 E:\FR\FM\02MRN1.SGM 02MRN1
Document Created: 2015-12-18 12:07:15
Document Modified: 2015-12-18 12:07:15
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		80 FR 11250