80 FR 18272 - Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS In Connection With the Exchange's Retail Liquidity Program Until September 30, 2015

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 64 (April 3, 2015)

[Federal Register Volume 80, Number 64 (Friday, April 3, 2015)]
[Notices]
[Pages 18272-18273]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-07696]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74609; File No. SR-NYSEARCA-2013-107]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting an 
Extension to Limited Exemption From Rule 612(c) of Regulation NMS In 
Connection With the Exchange's Retail Liquidity Program Until September 
30, 2015

March 30, 2015.
    On December 23, 2013, the Securities and Exchange Commission 
(``Commission'') issued an order pursuant to its authority under Rule

[[Page 18273]]

612(c) of Regulation NMS (``Sub-Penny Rule'') \1\ that granted NYSE 
Arca, Inc. (the ``Exchange'' or ``NYSEArca'') a limited exemption from 
the Sub-Penny Rule in connection with the operation of the Exchange's 
Retail Liquidity Program (the ``Program'').\2\ The limited exemption 
was granted concurrently with the Commission's approval of the 
Exchange's proposal to adopt the Program for a one-year pilot term.\3\ 
The exemption was granted coterminous with the effectiveness of the 
pilot Program; both the pilot Program and exemption are scheduled to 
expire on April 14, 2015.
---------------------------------------------------------------------------

    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 71176 (December 23, 
2013), 78 FR 79524 (December 30, 2013) (SR-NYSEARCA-2013-107) (``RLP 
Approval Order'').
    \3\ See id.
---------------------------------------------------------------------------

    The Exchange now seeks to extend the exemption until September 30, 
2015.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Program 
through the same date.\5\ In its request to extend the exemption, the 
Exchange notes that the participation in the Program has increased more 
recently. Accordingly, the Exchange has asked for additional time to 
allow itself and the Commission to analyze more robust data concerning 
the Program, which the Exchange committed to provide to the 
Commission.\6\ For this reason and the reasons stated in the Order 
originally granting the limited exemption, the Commission finds that 
extending the exemption, pursuant to its authority under Rule 612(c) of 
Regulation NMS, is appropriate in the public interest and consistent 
with the protection of investors.
---------------------------------------------------------------------------

    \4\ See Letter from Martha Redding, Senior Counsel and Assistant 
Secretary, NYSE, to Brent J. Fields, Secretary, Securities and 
Exchange Commission, dated March 19, 2015.
    \5\ See Securities Exchange Act Release No. 74572 (March 24, 
2015), 80 FR 16705 (March 30, 2015) (SR-NYSEARCA-2015-22).
    \6\ See RLP Approval Order, supra note 2, 78 FR at 79529.
---------------------------------------------------------------------------

    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted a limited exemption from Rule 
612 of Regulation NMS that allows it to accept and rank orders priced 
equal to or greater than $1.00 per share in increments of $0.001, in 
connection with the operation of its Retail Liquidity Program, until 
September 30, 2015.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time, the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Securities Exchange Act of 1934. Responsibility 
for compliance with any applicable provisions of the Federal securities 
laws must rest with the persons relying on the exemption that is the 
subject of this Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(83).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-07696 Filed 4-2-15; 8:45 am]
 BILLING CODE 8011-01-P