80 FR 25344 - Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX BX, Inc. Relating to Fees, Dues and Other Charges
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 85 (May 4, 2015)
Federal Register Volume 80, Issue 85 (May 4, 2015)
| Page Range | 25344-25346 | |
| FR Document | 2015-10282 |
[Federal Register Volume 80, Number 85 (Monday, May 4, 2015)] [Notices] [Pages 25344-25346] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-10282] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74822; File No. SR-BX-2015-023] Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NASDAQ OMX BX, Inc. Relating to Fees, Dues and Other Charges April 28, 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 April 17, 2015, NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') filed with the Securities and Exchange Commission (``SEC'' or [[Page 25345]] ``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 Substance of the Proposed Rule Change The Exchange proposes to amend Chapter VI, Section 16, entitled ``Fees and Charges.'' The text of the proposed rule change is available on the Exchange's Web site at http://nasdaqomxbx.cchwallstreet.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. 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 purpose of the proposed rule change is to amend Chapter VI, Section 16, entitled ``Fees and Charges.'' Today, the Exchange's Rule at Chapter VI, Section 16 discusses participation Fees and notes that the Board in its discretion may fix participations fees payable by Options Participants on a quarterly basis.\3\ Also, Options Participants shall pay a fee for each transaction they execute on BX, as may be determined by the Board in its discretion. The Board may prescribe different or no fees for different types of transactions conducted on BX.\4\ The Board may fix and impose other fees, assessments or charges to be paid to [sic] Options Participants or by classes of Options Participants with respect to applications, registrations, approvals, use of BX and Trading System facilities or other services or privileges granted.\5\ Finally, an Options Participant that does not pay any fees, assessments, charges, fines or other amounts due to BX within thirty (30) days after they have become due and payable shall be reported to the Board or its delegate which may, after giving reasonable notice to the Options Participant of such arrearages, suspend the Options Participant until payment is made or terminate the Options Participant's participation on BX. An associated person of an Options Participant who fails to pay any fine or other amounts due to BX within thirty (30) days after such amount has become due and payable and after reasonable notice of such arrearages, may be suspended from association with an Options Participant until payment is made.\6\ --------------------------------------------------------------------------- \3\ See Chapter VI, Section 16(a). \4\ See Chapter VI, Section 16(b). \5\ See Chapter VI, Section 16(c). \6\ See Chapter VI, Section 16(d). --------------------------------------------------------------------------- The Exchange is proposing to amend the title of Chapter VI, Section 16 to ``Fees, Dues and Other Charges'' and adopt the rule text of current NASDAQ OMX PHLX LLC (``Phlx'') Rule 52 into current Chapter VI, Section 16. The Exchange desires to harmonize Chapter VI, Section 16 with Phlx Rule 52. The new rule text would continue to permit the Board of Directors to have the power to fix fees. The proposed new rule would permit the Board: (i) to establish, assess and levy such fees, dues and other charges (including, without limitation, any extraordinary assessments) upon members and any other persons using the facilities or services of the Exchange, and upon applicants for and persons being admitted, registered, qualified and/or initiated to any such status, in each case as the Board of Directors may from time to time establish by resolution or in the Rules of the Exchange (which shall be deemed to include any schedule of fees, dues, other charges and penalties as may be in effect from time to time), (ii) to establish rebates, credits and discounts with respect to any of the foregoing, (iii) to establish programs whereby the Exchange shares or permits any person to participate in any identified source of revenues (less any expenses or other charges as the Exchange shall determine) of the Exchange, (iv) to provide for the direct reimbursement to the Exchange of any cost, expense or category thereof, and (v) except insofar as otherwise specified or provided for in the By-Laws, to establish and assess penalties for failure to pay any fees, dues or charges owed to the Exchange, including, without limitation, termination of membership (which membership may be reissued) and forfeiture of all rights as a member. The Board of Directors may authorize any committee thereof or the Chair of the Board of Directors to exercise any powers of the Board of Directors with respect to the assessment of fees, dues, other charges and penalties authorized in accordance with this Section.\7\ The Exchange believes that the proposed rule text includes a more exhaustive list of powers that the Board, or its delegate, may exercise with respect to fees. --------------------------------------------------------------------------- \7\ See proposed new Chapter VI, Section 16(a). --------------------------------------------------------------------------- The Board of Directors may also, from time to time, fix and impose charges upon members, measured by their respective net commissions on transactions effected on the Exchange. Such charges shall be payable at such times and shall be collected in such manner as may be determined by the Board of Directors.\8\ The Exchange believes that this rule text is more expansive than the rule text in current rule Chapter VI, Section 16 and provides the board with additional flexibility in imposing fees. Participants shall abide by the provisions of the Exchange's By-Laws and the Rules, which shall include, without limitation, the obligation to pay all applicable fees, dues and other charges imposed thereon by the By-Laws or the Rules of the Exchange.\9\ Participants today are obligated to abide by the provisions of the Exchange's By-Laws and the Rules and pay all applicable fees, dues and other charges imposed thereon by the By-Laws or the Rules of the Exchange. This provision does not impose any new obligations on Participants. --------------------------------------------------------------------------- \8\ See proposed new Chapter VI, Section 16(b). \9\ See proposed new Chapter VI, Section 16(c). --------------------------------------------------------------------------- Finally, the Board of Directors or their designee may suspend or terminate, after due notice, any permit or rights of any Participant or employee thereof using facilities or services of the Exchange, or enjoying any of the privileges therein, who shall not pay dues, fees, other charges, other monies due and owed the Exchange, fines and/or other monetary sanctions in accordance with the Rules of the Exchange.\10\ Today, the Exchange has the power to suspend Participants as noted in current rule Chapter VI, Section 16. The Exchange believes that this new provision provides the Board with greater flexibility in both suspending and now terminating Participants for failure to pay fees. The Exchange's Rules today provide a process for the suspension, cancellation and bar of its members.\11\ --------------------------------------------------------------------------- \10\ See proposed new Chapter VI, Section 16(d). \11\ See BX Rule 9553, entitled ``Failure to Pay Exchange Dues, Fees and Other Charges,'' specifies the process for suspension, cancellation and bar applicable to BX members. --------------------------------------------------------------------------- [[Page 25346]] The Exchange is not proposing to adopt the provisions of Phlx Rule 52(e) as those provisions apply today to BX Participants.\12\ --------------------------------------------------------------------------- \12\ See BX Rule 8320, entitled ``Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay.'' --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \13\ in general, and furthers the objectives of Section 6(b)(5) of the Act \14\ in particular, in that it is designed to promote just and equitable principles of trade, 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. The Exchange believes that these proposed rule changes will harmonize the BX's Rules related to fees with that of Phlx. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b). \14\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange's process for billing and collecting fees on BX today is the same process which exists on Phlx. The Exchange therefore desires to adopt Rule 52 to better describe the Board's powers and the obligations of Participants with respect to fees. The Exchange believes that this new provision provides the Board with greater flexibility in both suspending and now terminating Participants for failure to pay fees. The Exchange's By-Laws at Article IX, Section 4 provide the Board with authority to fix and levy the amount of fees assessed to BX members and Rule 9553 contemplates the ramifications and process by which members are notified and sanctioned for a failure to pay such fees. The adoption of an Exchange Rule similar to Phlx Rule 52 will align the BX Rules with that of Phlx, with respect to fees, and reflect the current process which exists at both exchanges. The new text adds clarity to the BX Rules and better reflects the current process. The Exchange believes that the adoption of the new rule text will provide Participants with clear guidelines for the payment of fees and will remove impediments to and perfect the mechanism of a free and open market and a national market system. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule text does not impose an undue burden on competition, rather it seeks to clarify the power of the Exchange's Board and the manner in which the Exchange manages the assessment of fees. BX Participants will all be subject to the same obligations as specified in the proposed rule with respect to fees. 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 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) \15\ of the Act and Rule 19b- 4(f)(6) thereunder.\16\ --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4(f)(6). In addition, 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 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-BX-2015-023 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 Number SR-BX-2015-023. 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 will also be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BX-2015-023 and should be submitted on or before May 26, 2015. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Brent J. Fields, Secretary. [FR Doc. 2015-10282 Filed 5-1-15; 8:45 am] BILLING CODE 8011-01-P
![25344 Federal Register / Vol. 80, No. 85 / Monday, May 4, 2015 / Notices
Exchange believes that the proposed oversight of the Exchange’s regulatory subject line if email is used. To help the
rule change would contribute to the functions by the proposed ROC is also Commission process and review your
orderly operation of the Exchange and designed to protect investors as well as comments more efficiently, please use
would enable the Exchange to be so the public interest. only one method. The Commission will
organized as to have the capacity to post all comments on the Commission’s
B. Self-Regulatory Organization’s Internet Web site (http://www.sec.gov/
carry out the purposes of the Exchange
Act and comply and enforce compliance Statement on Burden on Competition rules/sro.shtml). Copies of the
with the provisions of the Exchange Act The Exchange does not believe that submission, all subsequent
by its members and persons associated the proposed rule change would impose amendments, all written statements
with its members. The Exchange any burden on competition that is not with respect to the proposed rule
therefore believes that approval of the necessary or appropriate in furtherance change that are filed with the
proposed is consistent with Section of the purposes of the Exchange Act. Commission, and all written
6(b)(1) of the Exchange Act. The proposed rule change is not communications relating to the
The Exchange also believes that this intended to address competitive issues proposed rule change between the
filing furthers the objectives of Section but rather is concerned solely with the Commission and any person, other than
6(b)(5) of the Exchange Act 22 because administration and functioning of the those that may be withheld from the
the proposed rule change would be Exchange’s Board. public in accordance with the
consistent with and facilitate a provisions of 5 U.S.C. 552, will be
governance and regulatory structure that C. Self-Regulatory Organization’s available for Web site viewing and
is designed to prevent fraudulent and Statement on Comments on the printing in the Commission’s Public
manipulative acts and practices, to Proposed Rule Change Received From Reference Room, 100 F Street NE.,
promote just and equitable principles of Members, Participants, or Others Washington, DC 20549, on official
trade, to foster cooperation and No written comments were solicited business days between the hours of
coordination with persons engaged in or received with respect to the proposed 10:00 a.m. and 3:00 p.m. Copies of the
regulating, clearing, settling, processing rule change. filing will also be available for
information with respect to, and inspection and copying at the NYSE’s
facilitating transactions in securities, to III. Date of Effectiveness of the
principal office and on its Internet Web
remove impediments to, and perfect the Proposed Rule Change and Timing for
site at www.nyse.com. All comments
mechanism of a free and open market Commission Action
received will be posted without change;
and a national market system and, in Within 45 days of the date of the Commission does not edit personal
general, to protect investors and the publication of this notice in the Federal identifying information from
public interest. Register or up to 90 days (i) as the submissions. You should submit only
As discussed above, the Exchange Commission may designate if it finds information that you wish to make
believes that the proposed creation of a such longer period to be appropriate available publicly. All submissions
ROC composed of independent directors and publishes its reasons for so finding should refer to File Number SR–
would align the Exchange’s corporate or (ii) as to which the self-regulatory NYSEMKT–2015–27and should be
governance practices with other SROs organization consents, the Commission submitted on or before May 26, 2015.
that have adopted a ROC to monitor the will: For the Commission, by the Division of
adequacy and effectiveness of the (A) by order approve or disapprove Trading and Markets, pursuant to delegated
regulatory program, assess regulatory the proposed rule change, or authority.24
performance, and assist the Board in (B) institute proceedings to determine Brent J. Fields,
reviewing the regulatory plan and the whether the proposed rule change Secretary.
overall effectiveness of the regulatory should be disapproved. [FR Doc. 2015–10312 Filed 5–1–15; 8:45 am]
function. Moreover, the Exchange
believes that the proposed ROC IV. Solicitation of Comments BILLING CODE 8011–01–P
structure would also sufficiently Interested persons are invited to
‘‘insulate’’ the regulatory functions from submit written data, views, and SECURITIES AND EXCHANGE
the Exchange’s ‘‘market and other arguments concerning the foregoing, COMMISSION
commercial interests’’ in order for the including whether the proposed rule
Exchange to carry out its regulatory change is consistent with the Act. [Release No. 34–74822; File No. SR–BX–
obligations.23 The Exchange believes Comments may be submitted by any of 2015–023]
that eliminating the requirement that the following methods:
the independent directors of the Self-Regulatory Organizations; Notice
Exchange also be directors of ICE would Electronic Comments of Filing and Immediate Effectiveness
of Proposed Rule Change by NASDAQ
allow the Exchange to include • Use the Commission’s Internet
OMX BX, Inc. Relating to Fees, Dues
individuals on its Board that have comment form (http://www.sec.gov/
and Other Charges
expertise it believes is necessary for its rules/sro.shtml); or
unique role as an SRO, because not all • Send an email to rule-comments@ April 28, 2015.
of the independent directors would sec.gov. Please include File Number SR– Pursuant to Section 19(b)(1) of the
have to be directors of ICE. The NYSEMKT–2015–27 on the subject line. Securities Exchange Act of 1934
Exchange believes that the proposed (‘‘Act’’),1 and Rule 19b–4 thereunder,2
Paper Comments
mstockstill on DSK4VPTVN1PROD with NOTICES
rule change is therefore consistent with notice is hereby given that on April 17,
and facilitates a governance and • Send paper comments in triplicate 2015, NASDAQ OMX BX, Inc. (‘‘BX’’ or
regulatory structure that furthers the to Brent J. Fields, Secretary, Securities ‘‘Exchange’’) filed with the Securities
objectives of Section 6(b)(5) of the and Exchange Commission, 100 F Street and Exchange Commission (‘‘SEC’’ or
Exchange Act. The independent NE., Washington, DC 20549–1090.
All submissions should refer to File 24 17 CFR 200.30–3(a)(12).
22 15 U.S.C. 78f(b)(5). Number SR–NYSEMKT–2015–27. This 1 15 U.S.C. 78s(b)(1).
23 Release No. 34–53128, 71 FR at 3556. file number should be included on the 2 17 CFR 240.19b–4.
VerDate Sep<11>2014 19:40 May 01, 2015 Jkt 235001 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 E:\FR\FM\04MYN1.SGM 04MYN1](https://thefederalregister.org/doc/80_FR_25429/page/1.svg)
![Federal Register / Vol. 80, No. 85 / Monday, May 4, 2015 / Notices 25345
‘‘Commission’’) the proposed rule or other services or privileges granted.5 and forfeiture of all rights as a member.
change as described in Items I and II, Finally, an Options Participant that does The Board of Directors may authorize
below, which Items have been prepared not pay any fees, assessments, charges, any committee thereof or the Chair of
by the Exchange. The Commission is fines or other amounts due to BX within the Board of Directors to exercise any
publishing this notice to solicit thirty (30) days after they have become powers of the Board of Directors with
comments on the proposed rule change due and payable shall be reported to the respect to the assessment of fees, dues,
from interested persons. Board or its delegate which may, after other charges and penalties authorized
giving reasonable notice to the Options in accordance with this Section.7 The
I. Self-Regulatory Organization’s Participant of such arrearages, suspend Exchange believes that the proposed
Statement of the Terms of Substance of the Options Participant until payment is rule text includes a more exhaustive list
the Proposed Rule Change made or terminate the Options of powers that the Board, or its delegate,
The Exchange proposes to amend Participant’s participation on BX. An may exercise with respect to fees.
Chapter VI, Section 16, entitled ‘‘Fees associated person of an Options The Board of Directors may also, from
and Charges.’’ Participant who fails to pay any fine or time to time, fix and impose charges
The text of the proposed rule change other amounts due to BX within thirty upon members, measured by their
is available on the Exchange’s Web site (30) days after such amount has become respective net commissions on
at http:// due and payable and after reasonable transactions effected on the Exchange.
nasdaqomxbx.cchwallstreet.com, at the notice of such arrearages, may be Such charges shall be payable at such
principal office of the Exchange, and at suspended from association with an times and shall be collected in such
the Commission’s Public Reference Options Participant until payment is manner as may be determined by the
Room. made.6 Board of Directors.8 The Exchange
The Exchange is proposing to amend believes that this rule text is more
II. Self-Regulatory Organization’s the title of Chapter VI, Section 16 to expansive than the rule text in current
Statement of the Purpose of, and ‘‘Fees, Dues and Other Charges’’ and rule Chapter VI, Section 16 and
Statutory Basis for, the Proposed Rule adopt the rule text of current NASDAQ provides the board with additional
Change OMX PHLX LLC (‘‘Phlx’’) Rule 52 into flexibility in imposing fees. Participants
In its filing with the Commission, the current Chapter VI, Section 16. The shall abide by the provisions of the
Exchange included statements Exchange desires to harmonize Chapter Exchange’s By-Laws and the Rules,
concerning the purpose of and basis for VI, Section 16 with Phlx Rule 52. which shall include, without limitation,
the proposed rule change and discussed The new rule text would continue to the obligation to pay all applicable fees,
any comments it received on the permit the Board of Directors to have dues and other charges imposed thereon
proposed rule change. The text of these the power to fix fees. The proposed new by the By-Laws or the Rules of the
statements may be examined at the rule would permit the Board: (i) to Exchange.9 Participants today are
places specified in Item IV below. The establish, assess and levy such fees, obligated to abide by the provisions of
Exchange has prepared summaries, set dues and other charges (including, the Exchange’s By-Laws and the Rules
forth in sections A, B, and C below, of without limitation, any extraordinary and pay all applicable fees, dues and
the most significant aspects of such assessments) upon members and any other charges imposed thereon by the
statements. other persons using the facilities or By-Laws or the Rules of the Exchange.
services of the Exchange, and upon This provision does not impose any new
A. Self-Regulatory Organization’s applicants for and persons being obligations on Participants.
Statement of the Purpose of, and admitted, registered, qualified and/or Finally, the Board of Directors or their
Statutory Basis for, the Proposed Rule initiated to any such status, in each case designee may suspend or terminate,
Change as the Board of Directors may from time after due notice, any permit or rights of
1. Purpose to time establish by resolution or in the any Participant or employee thereof
Rules of the Exchange (which shall be using facilities or services of the
The purpose of the proposed rule deemed to include any schedule of fees, Exchange, or enjoying any of the
change is to amend Chapter VI, Section dues, other charges and penalties as privileges therein, who shall not pay
16, entitled ‘‘Fees and Charges.’’ Today, may be in effect from time to time), (ii) dues, fees, other charges, other monies
the Exchange’s Rule at Chapter VI, to establish rebates, credits and due and owed the Exchange, fines and/
Section 16 discusses participation Fees discounts with respect to any of the or other monetary sanctions in
and notes that the Board in its foregoing, (iii) to establish programs accordance with the Rules of the
discretion may fix participations fees whereby the Exchange shares or permits Exchange.10 Today, the Exchange has
payable by Options Participants on a any person to participate in any the power to suspend Participants as
quarterly basis.3 Also, Options identified source of revenues (less any noted in current rule Chapter VI,
Participants shall pay a fee for each expenses or other charges as the Section 16. The Exchange believes that
transaction they execute on BX, as may Exchange shall determine) of the this new provision provides the Board
be determined by the Board in its Exchange, (iv) to provide for the direct with greater flexibility in both
discretion. The Board may prescribe reimbursement to the Exchange of any suspending and now terminating
different or no fees for different types of cost, expense or category thereof, and Participants for failure to pay fees. The
transactions conducted on BX.4 The (v) except insofar as otherwise specified Exchange’s Rules today provide a
Board may fix and impose other fees, or provided for in the By-Laws, to process for the suspension, cancellation
mstockstill on DSK4VPTVN1PROD with NOTICES
assessments or charges to be paid to establish and assess penalties for failure and bar of its members.11
[sic] Options Participants or by classes to pay any fees, dues or charges owed
of Options Participants with respect to to the Exchange, including, without 7 See proposed new Chapter VI, Section 16(a).
8 See proposed new Chapter VI, Section 16(b).
applications, registrations, approvals, limitation, termination of membership 9 See proposed new Chapter VI, Section 16(c).
use of BX and Trading System facilities (which membership may be reissued) 10 See proposed new Chapter VI, Section 16(d).
11 See BX Rule 9553, entitled ‘‘Failure to Pay
3 See Chapter VI, Section 16(a). 5 See Chapter VI, Section 16(c). Exchange Dues, Fees and Other Charges,’’ specifies
4 See Chapter VI, Section 16(b). 6 See Chapter VI, Section 16(d). Continued
VerDate Sep<11>2014 19:40 May 01, 2015 Jkt 235001 PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 E:\FR\FM\04MYN1.SGM 04MYN1](https://thefederalregister.org/doc/80_FR_25429/page/2.svg)
![25346 Federal Register / Vol. 80, No. 85 / Monday, May 4, 2015 / Notices
The Exchange is not proposing to undue burden on competition, rather it Paper Comments
adopt the provisions of Phlx Rule 52(e) seeks to clarify the power of the
as those provisions apply today to BX Exchange’s Board and the manner in • Send paper comments in triplicate
Participants.12 which the Exchange manages the to Brent J. Fields, Secretary, Securities
assessment of fees. BX Participants will and Exchange Commission, 100 F Street
2. Statutory Basis NE., Washington, DC 20549–1090.
all be subject to the same obligations as
The Exchange believes that its specified in the proposed rule with
proposal is consistent with Section 6(b) All submissions should refer to File
respect to fees. Number SR–BX–2015–023. This file
of the Act 13 in general, and furthers the
objectives of Section 6(b)(5) of the Act 14 C. Self-Regulatory Organization’s number should be included on the
in particular, in that it is designed to Statement on Comments on the subject line if email is used. To help the
promote just and equitable principles of Proposed Rule Change Received From Commission process and review your
trade, to remove impediments to and Members, Participants, or Others comments more efficiently, please use
perfect the mechanism of a free and No written comments were either only one method. The Commission will
open market and a national market solicited or received. post all comments on the Commission’s
system, and, in general to protect Internet Web site (http://www.sec.gov/
investors and the public interest. The III. Date of Effectiveness of the rules/sro.shtml). Copies of the
Exchange believes that these proposed Proposed Rule Change and Timing for submission, all subsequent
rule changes will harmonize the BX’s Commission Action amendments, all written statements
Rules related to fees with that of Phlx. Because the foregoing proposed rule with respect to the proposed rule
The Exchange’s process for billing change does not: (i) Significantly affect change that are filed with the
and collecting fees on BX today is the the protection of investors or the public Commission, and all written
same process which exists on Phlx. The interest; (ii) impose any significant communications relating to the
Exchange therefore desires to adopt burden on competition; and (iii) become proposed rule change between the
Rule 52 to better describe the Board’s operative for 30 days from the date on Commission and any person, other than
powers and the obligations of which it was filed, or such shorter time
Participants with respect to fees. The those that may be withheld from the
as the Commission may designate, it has public in accordance with the
Exchange believes that this new become effective pursuant to Section
provision provides the Board with provisions of 5 U.S.C. 552, will be
19(b)(3)(A) 15 of the Act and Rule 19b– available for Web site viewing and
greater flexibility in both suspending 4(f)(6) thereunder.16
and now terminating Participants for printing in the Commission’s Public
At any time within 60 days of the
failure to pay fees. The Exchange’s By- Reference Room, 100 F Street NE.,
filing of the proposed rule change, the
Laws at Article IX, Section 4 provide the Washington, DC 20549, on official
Commission summarily may
Board with authority to fix and levy the temporarily suspend such rule change if business days between the hours of
amount of fees assessed to BX members it appears to the Commission that such 10:00 a.m. and 3:00 p.m. Copies of the
and Rule 9553 contemplates the action is necessary or appropriate in the filing will also be available for
ramifications and process by which public interest, for the protection of inspection and copying at the principal
members are notified and sanctioned for investors, or otherwise in furtherance of office of the Exchange. All comments
a failure to pay such fees. the purposes of the Act. If the received will be posted without change;
The adoption of an Exchange Rule Commission takes such action, the the Commission does not edit personal
similar to Phlx Rule 52 will align the BX Commission shall institute proceedings identifying information from
Rules with that of Phlx, with respect to to determine whether the proposed rule submissions. You should submit only
fees, and reflect the current process should be approved or disapproved. information that you wish to make
which exists at both exchanges. The available publicly. All submissions
new text adds clarity to the BX Rules IV. Solicitation of Comments
should refer to File Number SR–BX–
and better reflects the current process. Interested persons are invited to 2015–023 and should be submitted on
The Exchange believes that the adoption submit written data, views, and or before May 26, 2015.
of the new rule text will provide arguments concerning the foregoing,
Participants with clear guidelines for For the Commission, by the Division of
including whether the proposed rule
the payment of fees and will remove Trading and Markets, pursuant to delegated
change is consistent with the Act.
impediments to and perfect the authority.17
Comments may be submitted by any of
mechanism of a free and open market the following methods: Brent J. Fields,
and a national market system. Secretary.
Electronic Comments
B. Self-Regulatory Organization’s [FR Doc. 2015–10282 Filed 5–1–15; 8:45 am]
Statement on Burden on Competition • Use the Commission’s Internet BILLING CODE 8011–01–P
comment form (http://www.sec.gov/
The Exchange does not believe that
rules/sro.shtml); or
the proposed rule change will impose
• Send an email to rule-comments@
any burden on competition that is not
sec.gov. Please include File Number SR–
necessary or appropriate in furtherance
BX–2015–023 on the subject line.
of the purposes of the Act. The
mstockstill on DSK4VPTVN1PROD with NOTICES
proposed rule text does not impose an 15 15 U.S.C. 78s(b)(3)(A).
16 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
the process for suspension, cancellation and bar 4(f)(6) requires a self-regulatory organization to give
applicable to BX members. the Commission written notice of its intent to file
12 See BX Rule 8320, entitled ‘‘Payment of Fines,
the proposed rule change at least five business days
Other Monetary Sanctions, or Costs; Summary prior to the date of filing of the proposed rule
Action for Failure to Pay.’’ change, or such shorter time as designated by the
13 15 U.S.C. 78f(b).
Commission. The Exchange has satisfied this
14 15 U.S.C. 78f(b)(5). requirement. 17 17 CFR 200.30–3(a)(12).
VerDate Sep<11>2014 19:40 May 01, 2015 Jkt 235001 PO 00000 Frm 00073 Fmt 4703 Sfmt 9990 E:\FR\FM\04MYN1.SGM 04MYN1](https://thefederalregister.org/doc/80_FR_25429/page/3.svg)
Document Created: 2018-02-21 10:22:45
Document Modified: 2018-02-21 10:22:45
| 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 25344 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR