80 FR 19713 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Exchange's Arbitration Forum
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 70 (April 13, 2015)
Federal Register Volume 80, Issue 70 (April 13, 2015)
| Page Range | 19713-19715 | |
| FR Document | 2015-08336 |
[Federal Register Volume 80, Number 70 (Monday, April 13, 2015)] [Notices] [Pages 19713-19715] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-08336] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74665; File No. SR-CBOE-2015-037] Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Exchange's Arbitration Forum April 7, 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 April 1, 2015, Chicago Board Options Exchange, Incorporated (``Exchange'' or ``CBOE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been substantially prepared by the Exchange. The Exchange filed the proposal as a ``non- controversial'' proposed rule change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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. \3\ 15 U.S.C. 78s(b)(3)(A)(iii). \4\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to adopt new Rule 18.1A relating to arbitration. The text of the proposed rule change is available at the Exchange's Office of the Secretary, on the Exchange's Web site at http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx, 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 The Exchange proposes to adopt new Rule 18.1A. Specifically, the Exchange proposes to adopt new Rule 18.1A which would govern all arbitration claims submitted to the Exchange after the proposed rule change becomes operative (``Effective Date''). By way of background, the Exchange currently offers an arbitration facility for any of its Trading Permit Holders (``TPHs''), associated persons, or their customers to arbitrate disputes, claims, or controversies arising out of Exchange business. The Exchange's arbitration program is governed by Chapter XVIII of the CBOE Rules. The Exchange recently entered into a Regulatory Services Agreement (``RSA'') [[Page 19714]] with the Financial Industry Regulatory Authority, Inc. (``FINRA''), pursuant to which FINRA, among other things, will provide certain services pertaining to dispute resolution. As such, CBOE would cease to administer an arbitration program for all claims after the Effective Date. More specifically, all arbitration claims filed on and after the Effective Date would be administered by FINRA pursuant to the RSA and the Exchange would continue to administer its arbitration program for all claims filed prior to the Effective Date. Additionally, the Exchange notes that the rules governing the administration of any particular arbitration would depend on the date the case was filed. This would help ensure that any person that filed an arbitration claim under a particular set of arbitration rules would continue to have the case administered pursuant to those rules through the case's conclusion. Particularly, CBOE Rules 18.1-18.37, with the exception of proposed CBOE Rule 18.1A, would continue to apply to CBOE arbitration cases pending prior to the Effective Date.\5\ Thereafter, claims involving TPHs, associated persons of TPHs, and/or customers would be arbitrated under the FINRA Code of Arbitration Procedure for Customer Disputes, the FINRA Code of Arbitration Procedure for Industry Disputes (together, ``FINRA Codes of Arbitration''), and proposed new Rule 18.1A. --------------------------------------------------------------------------- \5\ The Exchange notes that there are three cases currently pending. --------------------------------------------------------------------------- Proposed CBOE Rule 18.1A provides detailed guidance concerning claims involving TPHs, associated persons, and/or customers that are asserted on or after the Effective Date. First, disputes, claims, or controversies between or among CBOE TPHs and non-CBOE TPHs to resolve TPH-to-TPH, TPH-to-associated person, TPH-to-non-CBOE TPH, associated person-to-associated person, and associated person-to-non-CBOE TPH disputes arising out of or in connection with Exchange business would be arbitrated pursuant to the FINRA Codes of Arbitration. Proposed subparagraph (b) of CBOE Rule 18.1A provides that a dispute, claim, or controversy alleging employment discrimination (including a sexual harassment claim) in violation of a statute, however, may only be arbitrated if the parties have agreed to arbitrate it after the dispute arose.\6\ Any type of dispute, claim, or controversy that is not permitted to be arbitrated under the FINRA Codes of Arbitration, such as class action claims, would also not be eligible for arbitration. Proposed CBOE Rule 18.1A would also apply to former CBOE TPHs and former associated persons of CBOE TPHs. --------------------------------------------------------------------------- \6\ The Exchange notes that FINRA rules currently provide that any claim alleging employment discrimination, including any sexual harassment claims, in violation of a statute, is eligible for arbitration pursuant to either a pre-dispute or a post-dispute agreement to arbitrate. In contrast, proposed Rule 18.1A(b) would permit claims to be arbitrated only when the parties have agreed to arbitrate the claim after it has arisen. --------------------------------------------------------------------------- Additionally, proposed CBOE Rule 18.1A(d) would explicitly retain the Exchange's enforcement authority related to arbitration. In appropriate cases, arbitrators refer to the Exchange potential violations of the Exchange's Rules or the federal securities laws that come to their attention during and in connection with a proceeding. Proposed CBOE Rule 18.1A would specify that the Exchange would retain the ability to take action based on such referrals that may come from arbitrators in cases being arbitrated at FINRA. Proposed CBOE Rule 18.1A(e) would also retain the substance of current CBOE Rule 18.37, regarding the obligation to honor arbitration awards. It would provide that any TPH, or associated person of any TPH, that fails to honor an award of arbitrators rendered under proposed CBOE Rule 18.1A would be subject to disciplinary proceedings in accordance with Chapter 17 of the CBOE Rules. Proposed CBOE Rule 18.1A(f) would also specify that the submission of any matter to arbitration as provided for under the Rule would in no way limit or preclude any right, action, or determination by the Exchange that it would otherwise be authorized to adopt, administer, or enforce. Proposed CBOE Rule 18.1A(c) would also provide that the requirements of FINRA Rule 2268 (Requirements When Using Predispute Arbitration Agreements for Customer Accounts) would apply to predispute arbitration agreements between TPHs and their customers. Finally, the Exchange proposed adding Interpretation and Policy .04 to existing CBOE Rule 18.1, to clarify that the current CBOE arbitration rules (Rules 18.1 through 18.37), would apply only to arbitrations commenced prior to the Effective Date and would be otherwise of no force or effect. Proposed new Interpretation and Policy .04 would also clarify that all arbitrations filed prior to the Effective Date would, until concluded, continue to be administered by the Exchange. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.\7\ Specifically, the Exchange believes that the proposed rule change is consistent with the Section 6(b)(5) requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest.\8\ Additionally, the Exchange believes that the proposed rule change is consistent with the Section 6(b)(5) requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers.\9\ --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). \9\ Id. --------------------------------------------------------------------------- In particular, the Exchange believes that the proposed rule change would facilitate the transition of the Exchange's arbitration forum to FINRA's pursuant to the RSA the Exchange recently entered into with FINRA. Additionally, the Exchange believes that the proposed rule change would streamline the arbitration process and provide for a unified and efficient arbitration forum with one set of arbitration rules and administrative procedures for all cases filed after the Effective Date. The Exchange also believes that the proposal would provide a clear framework to handle arbitrations in a manner that is designed to prevent fraudulent and manipulative acts and practices, and to promote the protection of investors and the public interest. Further, the Exchange believes that the proposed rule change would provide greater harmonization between Exchange Rules and the rules of similar substance and purpose of FINRA, resulting in less burdensome and more efficient regulatory compliance for members of both the Exchange and FINRA (``Dual Members''), removing impediments to and perfecting the mechanism of a free and open market and a national market system. Finally, the Exchange believes that the proposed rule change would promote the protection of investors and the public interest by continuing to provide market participants with a simple and inexpensive procedure for resolution of their controversies. [[Page 19715]] Specifically, the Exchange notes that while CBOE would cease to administer an arbitration program, TPHs, associated persons, and their customers would still have an effective forum in which to arbitrate their disputes, claims, or controversies (i.e., TPHs, associated persons, and their customers would still have the availability of an arbitration program; it would just be FINRA's program in lieu of CBOE's). The Exchange believes that FINRA maintains a robust dispute resolution system that provides a clear framework to handle arbitrations in a manner that is designed to prevent fraudulent and manipulative acts and practices and promotes the protection of investors and the public interest. B. Self-Regulatory Organization's Statement on Burden on Competition CBOE does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. CBOE believes that the proposed rule change is not designed to address any competitive issues. Rather, CBOE believes that the proposed rule change is designed to facilitate the transition of the Exchange's arbitration forum to FINRA's pursuant to the RSA and streamline the arbitration process and provide for a unified and efficient arbitration forum with one set of arbitration rules and administrative procedures for all cases filed after the Effective Date. Additionally, CBOE believes that the proposed rule change would provide greater harmonization between the Exchange Rules and FINRA Rules of similar purpose, resulting in less burdensome and more efficient regulatory compliance for Dual Members. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change. 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b-4(f)(6) \11\ thereunder. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6). Rule 19b-4(f)(6) requires a self- regulatory organization to give the Commission written notice of its intent to file 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 satisfied this requirement. --------------------------------------------------------------------------- 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 under Section 19(b)(2)(B) of the Act \12\ to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 CommentsUse 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-CBOE-2015-037 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-CBOE-2015-037. 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 at 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 20549-1090 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 Number SR-CBOE-2015-037 and should be submitted on or before May 4, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-08336 Filed 4-10-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 70 / Monday, April 13, 2015 / Notices 19713
(1) Will request and evaluate, and the distribution record date,6 expressed as a Commission (‘‘Commission’’) the
Fund’s Adviser will furnish, such percentage of NAV as of such date, is no proposed rule change as described in
information as may be reasonably more than 1 percentage point greater Items I, II, and III below, which Items
necessary to make an informed than the Fund’s average annual total have been substantially prepared by the
determination of whether the return for the 5-year period ending on Exchange. The Exchange filed the
Distribution Policy should be continued such date; 7 and proposal as a ‘‘non-controversial’’
or continued after amendment; (ii) the transmittal letter proposed rule change pursuant to
(2) will determine whether accompanying any registration Section 19(b)(3)(A)(iii) of the Act 3 and
continuation, or continuation after statement filed with the Commission in Rule 19b–4(f)(6) thereunder.4 The
amendment, of the Distribution Policy is connection with such offering discloses Commission is publishing this notice to
consistent with the Fund’s investment that the Fund has received an order solicit comments on the proposed rule
objective(s) and policies and is in the under section 19(b) to permit it to make change from interested persons.
best interests of the Fund and its periodic distributions of long-term
capital gains with respect to its shares I. Self-Regulatory Organization’s
stockholders, after considering the Statement of the Terms of Substance of
information in condition 5(b)(i)(1) of common stock as frequently as twelve
times each year, and as frequently as the Proposed Rule Change
above; including, without limitation:
(A) Whether the Distribution Policy is distributions are specified by or The Exchange proposes to adopt new
accomplishing its purpose(s); determined in accordance with the Rule 18.1A relating to arbitration. The
(B) the reasonably foreseeable terms of any outstanding shares of text of the proposed rule change is
material effects of the Distribution preferred stock as such Fund may issue. available at the Exchange’s Office of the
Policy on the Fund’s long-term total Secretary, on the Exchange’s Web site at
7. Amendments to Rule 19b–1 http://www.cboe.com/AboutCBOE/
return in relation to the market price
The requested order will expire on the CBOELegalRegulatoryHome.aspx, and at
and NAV of the Fund’s common stock;
effective date of any amendment to rule the Commission’s Public Reference
and
19b–1 that provides relief permitting Room.
(C) the Fund’s current distribution
certain closed-end investment
rate, as described in condition 5(b) II. Self-Regulatory Organization’s
companies to make periodic
above, compared with the Fund’s Statement of the Purpose of, and
distributions of long-term capital gains
average annual taxable income or total with respect to their outstanding Statutory Basis for, the Proposed Rule
return over the 2-year period, as common stock as frequently as twelve Change
described in condition 5(b), or such times each year. In its filing with the Commission, the
longer period as the Board deems Exchange included statements
appropriate; and For the Commission, by the Division of
Investment Management, under delegated concerning the purpose of and basis for
(3) based upon that determination, the proposed rule change and discussed
authority.
will approve or disapprove the any comments it received on the
Brent J. Fields,
continuation, or continuation after proposed rule change. The text of these
amendment, of the Distribution Policy; Secretary.
statements may be examined at the
and [FR Doc. 2015–08338 Filed 4–10–15; 8:45 am]
places specified in Item IV below. The
(ii) The Board will record the BILLING CODE 8011–01–P
Exchange has prepared summaries, set
information considered by it, including forth in sections A, B, and C below, of
its consideration of the factors listed in the most significant aspects of such
condition 5(b)(i)(2) above, and the basis SECURITIES AND EXCHANGE
COMMISSION statements.
for its approval or disapproval of the
continuation, or continuation after [Release No. 34–74665; File No. SR–CBOE– A. Self-Regulatory Organization’s
amendment, of the Distribution Policy 2015–037] Statement of the Purpose of, and
in its meeting minutes, which must be Statutory Basis for, the Proposed Rule
made and preserved for a period of not Self-Regulatory Organizations; Change
less than six years from the date of such Chicago Board Options Exchange, 1. Purpose
meeting, the first two years in an easily Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed The Exchange proposes to adopt new
accessible place. Rule 18.1A. Specifically, the Exchange
Rule Change Relating to the
6. Public Offerings Exchange’s Arbitration Forum proposes to adopt new Rule 18.1A
which would govern all arbitration
The Fund will not make a public April 7, 2015. claims submitted to the Exchange after
offering of the Fund’s common stock
Pursuant to Section 19(b)(1) of the the proposed rule change becomes
other than:
Securities Exchange Act of 1934 (the operative (‘‘Effective Date’’). By way of
(a) A rights offering below NAV to
‘‘Act’’),1 and Rule 19b–4 thereunder,2 background, the Exchange currently
holders of the Fund’s common stock;
notice is hereby given that on April 1, offers an arbitration facility for any of its
(b) an offering in connection with a Trading Permit Holders (‘‘TPHs’’),
dividend reinvestment plan, merger, 2015, Chicago Board Options Exchange,
Incorporated (‘‘Exchange’’ or ‘‘CBOE’’) associated persons, or their customers to
consolidation, acquisition, spin-off or arbitrate disputes, claims, or
reorganization of the Fund; or filed with the Securities and Exchange
controversies arising out of Exchange
(c) an offering other than an offering
mstockstill on DSK4VPTVN1PROD with NOTICES
6 If the Fund has been in operation fewer than six business. The Exchange’s arbitration
described in conditions 6(a) and 6(b) months, the measured period will begin program is governed by Chapter XVIII of
above, provided that, with respect to immediately following the Fund’s first public the CBOE Rules.
such other offering: offering.
The Exchange recently entered into a
7 If the Fund has been in operation fewer than five
(i) The Fund’s annualized distribution Regulatory Services Agreement (‘‘RSA’’)
years, the measured period will begin immediately
rate for the six months ending on the following the Fund’s first public offering.
last day of the month ended 1 15 U.S.C. 78s(b)(1). 3 15 U.S.C. 78s(b)(3)(A)(iii).
immediately prior to the most recent 2 17 CFR 240.19b–4. 4 17 CFR 240.19b–4(f)(6).
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Specifically, the Exchange notes that 19(b)(3)(A) of the Act 10 and Rule 19b– public in accordance with the
while CBOE would cease to administer 4(f)(6) 11 thereunder. provisions of 5 U.S.C. 552, will be
an arbitration program, TPHs, associated At any time within 60 days of the available for Web site viewing and
persons, and their customers would still filing of the proposed rule change, the printing in the Commission’s Public
have an effective forum in which to Commission summarily may Reference Room, 100 F Street NE.,
arbitrate their disputes, claims, or temporarily suspend such rule change if Washington, DC 20549–1090 on official
controversies (i.e., TPHs, associated it appears to the Commission that such business days between the hours of
persons, and their customers would still action is necessary or appropriate in the 10:00 a.m. and 3:00 p.m. Copies of the
have the availability of an arbitration public interest, for the protection of filing also will be available for
program; it would just be FINRA’s investors, or otherwise in furtherance of inspection and copying at the principal
program in lieu of CBOE’s). The the purposes of the Act. If the office of the Exchange. All comments
Exchange believes that FINRA Commission takes such action, the received will be posted without change;
maintains a robust dispute resolution Commission shall institute proceedings the Commission does not edit personal
system that provides a clear framework under Section 19(b)(2)(B) of the Act 12 to identifying information from
to handle arbitrations in a manner that determine whether the proposed rule submissions. You should submit only
is designed to prevent fraudulent and change should be approved or information that you wish to make
manipulative acts and practices and disapproved. available publicly. All submissions
promotes the protection of investors and should refer to File Number SR–CBOE–
IV. Solicitation of Comments 2015–037 and should be submitted on
the public interest.
Interested persons are invited to or before May 4, 2015.
B. Self-Regulatory Organization’s submit written data, views, and For the Commission, by the Division of
Statement on Burden on Competition arguments concerning the foregoing, Trading and Markets, pursuant to delegated
CBOE does not believe that the including whether the proposed rule authority.13
proposed rule change would impose any change is consistent with the Act. Brent J. Fields,
burden on competition that is not Comments may be submitted by any of Secretary.
necessary or appropriate in furtherance the following methods: [FR Doc. 2015–08336 Filed 4–10–15; 8:45 am]
of the purposes of the Act. CBOE Electronic Comments BILLING CODE 8011–01–P
believes that the proposed rule change
is not designed to address any • Use the Commission’s Internet
competitive issues. Rather, CBOE comment form (http://www.sec.gov/ SECURITIES AND EXCHANGE
believes that the proposed rule change rules/sro.shtml ); or COMMISSION
is designed to facilitate the transition of • Send an email to rule-comments@
sec.gov. Please include File Number SR– [Release No. 34–74664; File No. SR–EDGX–
the Exchange’s arbitration forum to 2015–15]
FINRA’s pursuant to the RSA and CBOE–2015–037 on the subject line.
streamline the arbitration process and Paper Comments Self-Regulatory Organizations; EDGX
provide for a unified and efficient Exchange, Inc.; Notice of Filing and
arbitration forum with one set of • Send paper comments in triplicate Immediate Effectiveness of a Proposed
arbitration rules and administrative to Secretary, Securities and Exchange Rule Change To Amend Rules 11.8,
procedures for all cases filed after the Commission, 100 F Street NE., 11.9, 11.10, 11.11, and 11.16 Regarding
Effective Date. Additionally, CBOE Washington, DC 20549–1090. the Limit Up-Limit Down Plan
believes that the proposed rule change All submissions should refer to File
would provide greater harmonization Number SR–CBOE–2015–037. This file April 7, 2015.
between the Exchange Rules and FINRA number should be included on the Pursuant to Section 19(b)(1) of the
Rules of similar purpose, resulting in subject line if email is used. To help the Securities Exchange Act of 1934 (the
less burdensome and more efficient Commission process and review your ‘‘Act’’),1 and Rule 19b–4 thereunder,2
regulatory compliance for Dual comments more efficiently, please use notice is hereby given that on March 26,
Members. only one method. The Commission will 2015, EDGX Exchange, Inc. (the
post all comments on the Commission’s ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
C. Self-Regulatory Organization’s Internet Web site at http://www.sec.gov/ Securities and Exchange Commission
Statement on Comments on the rules/sro.shtml. Copies of the (‘‘Commission’’) the proposed rule
Proposed Rule Change Received From submission, all subsequent change as described in Items I and II
Members, Participants, or Others amendments, all written statements below, which Items have been prepared
The Exchange neither solicited nor with respect to the proposed rule by the Exchange. The Commission is
received comments on the proposed change that are filed with the publishing this notice to solicit
rule change. Commission, and all written comments on the proposed rule change
communications relating to the from interested persons.
III. Date of Effectiveness of the proposed rule change between the
Proposed Rule Change and Timing for I. Self-Regulatory Organization’s
Commission and any person, other than Statement of the Terms of the Substance
Commission Action those that may be withheld from the of the Proposed Rule Change
Because the proposed rule change
10 15 U.S.C. 78s(b)(3)(A). The Exchange filed a proposal to
does not: (i) Significantly affect the
mstockstill on DSK4VPTVN1PROD with NOTICES
11 17 CFR 240.19b–4(f)(6). Rule 19b–4(f)(6) amend Rules 11.8, 11.9, 11.10, 11.11,
protection of investors or the public
requires a self-regulatory organization to give the and 11.16, in order to conform Exchange
interest; (ii) impose any significant Commission written notice of its intent to file the Rules to the rules of BATS Exchange,
burden on competition; and (iii) become proposed rule change at least five business days
Inc. (‘‘BZX’’) and BATS Y-Exchange,
operative for 30 days from the date on prior to the date of filing of the proposed rule
which it was filed, or such shorter time change, or such shorter time as designated by the
13 17 CFR 200.30–3(a)(12).
Commission. The Exchange has satisfied this
as the Commission may designate, it has requirement. 1 15 U.S.C. 78s(b)(1).
become effective pursuant to Section 12 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-18 11:21:42
Document Modified: 2015-12-18 11:21:42
| 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 19713 |
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