80 FR 27371 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees for NYSE Arca BBO and NYSE Arca Trades To Add a Late Fee in Connection With Failure To Submit the Non-Display Use Declaration
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 92 (May 13, 2015)
Federal Register Volume 80, Issue 92 (May 13, 2015)
| Page Range | 27371-27373 | |
| FR Document | 2015-11491 |
[Federal Register Volume 80, Number 92 (Wednesday, May 13, 2015)] [Notices] [Pages 27371-27373] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-11491] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74901; File No. SR-NYSEARCA-2015-36] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Fees for NYSE Arca BBO and NYSE Arca Trades To Add a Late Fee in Connection With Failure To Submit the Non-Display Use Declaration May 7, 2015. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on April 30, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. 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\ 15 U.S.C. 78a. \3\ 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 the fees for NYSE Arca BBO and NYSE Arca Trades to add a late fee in connection with failure to submit the non-display use declaration, operative on May 1, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.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 self-regulatory organization 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 [[Page 27372]] of those 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 amend the fees for NYSE Arca BBO and NYSE Arca Trades, as set forth on the NYSE Arca Equities Proprietary Market Data Fee Schedule (``Fee Schedule''), to add a late fee in connection with failure to submit an updated non-display use declaration. The proposed change to the Fee Schedule would be operative on May 1, 2015. The Exchange established the current fees for non-display services for NYSE Arca BBO and NYSE Arca Trades in April 2013 and amended those fees in September 2014.\4\ The 2013 Non-Display Filing established a requirement that data recipients that receive real-time NYSE Arca market data subject to Non-Display Use fees submit a declaration with respect to their use of non-display data.\5\ In connection with the fee changes in the 2014 Non-Display Filing, the Exchange required data recipients that receive real-time NYSE Arca market data subject to Non- Display Use fees to complete and submit an updated Non-Display Use Declaration by September 1, 2014.\6\ The 2014 Non-Display Filing also established that data recipients are required to submit an updated annual Non-Display Use Declaration by January 31st of each year beginning in 2016. In addition, if a data recipient's use of real-time NYSE Arca market data changes at any time after the data recipient submits a Non-Display Use Declaration, the data recipient must inform the Exchange of the change by completing and submitting at the time of the change an updated declaration reflecting the change of use. --------------------------------------------------------------------------- \4\ See Securities Exchange Act Release Nos. 69315 (Apr. 5, 2013), 78 FR 21668 (Apr. 11, 2013) (SR-NYSEArca-2013-37) (``2013 Non-Display Filing'') and 73011 (Sept. 5, 2014), 79 FR 54315 (Sept. 11, 2014) (SR-NYSEArca-2014-93) (``2014 Non-Display Filing''). \5\ The non-display fee structure established in the 2013 Non- Display Filing replaced a monthly reporting obligation with respect to non-display devices with the requirement to submit the non- display use declaration. The Exchange also notes that if a data recipient only subscribes to products for which there are no non- display usage fees, e.g., NYSE Arca Realtime Reference Prices, then no declaration is required. \6\ The current form of the Non-Display Use Declaration reflected the changes to the non-display fees set forth in the 2014 Non-Display Filing and replaced the NYSE Euronext Non-Display Use Declaration established in connection with the 2013 Non-Display Filing. --------------------------------------------------------------------------- The Exchange notes that if a data recipient does not timely submit a Non-Display Use Declaration, the Exchange does not have up-to-date information about the data recipient's data use and therefore may not be charging the correct fees to the data recipient. In order to correctly assess fees for the non-display use of NYSE Arca BBO and NYSE Arca Trades, the Exchange needs to have current and accurate information about the use of NYSE Arca BBO and NYSE Arca Trades. The failure of data recipients to submit the Non-Display Use Declaration on time leads to potentially incorrect billing and administrative burdens, including tracking and obtaining late Non-Display Use Declarations and correcting customer records in connection with late Non-Display Use Declarations. The purpose of the proposed late fee is to incent data recipients to submit the Non-Display Use Declaration promptly to avoid the administrative burdens associated with the late submission of Non- Display Use Declarations. The Exchange proposes to establish a Non-Display Declaration Late Fee of $1,000 per month. The proposed fee would be charged to any data recipient that pays an Access Fee for NYSE Arca BBO and NYSE Arca Trades that has failed to timely complete and submit a Non-Display Use Declaration. With respect to the Non-Display Use Declaration that was due by September 1, 2014, the Non-Display Declaration Late Fee would apply to NYSE Arca BBO and NYSE Arca Trades data recipients that have not submitted the Non-Display Use Declaration by June 30, 2015, and would apply beginning July 1, 2015 and for each month thereafter until the data recipient has completed and submitted the Non-Display Use Declaration. With respect to the annual Non-Display Use Declaration due by January 31st of each year beginning in 2016, the Non-Display Declaration Late Fee would apply to data recipients that fail to complete and submit the annual Non-Display Use Declaration by the January 31st due date, and would apply beginning February 1st and for each month thereafter until the data recipient has completed and submitted the annual Non-Display Use Declaration.\7\ A Non-Display Use Declaration that is clearly incomplete would not be considered to have been completed and submitted to the Exchange on time. --------------------------------------------------------------------------- \7\ The Exchange has established the Non-Display Declaration Late Fee with respect to NYSE Arca Integrated Feed and in that filing adopted the text in endnote 2, which specifies the effective dates for the Non-Display Declaration Late Fee as described above, so the text in endnote 2 to the Fee Schedule is not new. See SR- NYSEArca-2015-34. --------------------------------------------------------------------------- In addition to adding the Non-Display Declaration Late Fee for NYSE Arca BBO and NYSE Arca Trades to the Fee Schedule, the Exchange proposes to add an endnote to the Fee Schedule that would specify the effective dates for the Non-Display Declaration Late Fee as described above, and to change the numbering for the existing endnotes as needed. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\8\ in general, and Sections 6(b)(4) and 6(b)(5) of the Act,\9\ in particular, in that it provides an equitable allocation of reasonable fees among users and recipients of the data and is not designed to permit unfair discrimination among customers, issuers, and brokers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4), (5). --------------------------------------------------------------------------- The Exchange believes that it is reasonable to impose a late fee in connection with the submission of the Non-Display Use Declaration. In order to correctly assess fees for the non-display use of NYSE Arca BBO and NYSE Arca Trades, the Exchange needs to have current and accurate information about the use of NYSE Arca BBO and NYSE Arca Trades. The failure of data recipients to submit the Non-Display Use Declaration on time leads to potentially incorrect billing and administrative burdens, including tracking and obtaining late Non-Display Use Declarations and correcting and following up on payments owed in connection with late Non-Display Use Declarations. The purpose of the late fee is to incent data recipients to submit the Non-Display Use Declaration promptly to avoid the administrative burdens associated with the late submission of Non-Display Use Declarations. The Non-Display Declaration Late Fee is equitable and not unfairly discriminatory because it will apply to all data recipients that choose to subscribe to the NYSE Arca BBO and NYSE Arca Trades feed. The Non-Display Declaration Late Fee is also consistent with similar pricing adopted in 2013 by the Consolidated Tape Association (``CTA'').\10\ The CTA imposes a monthly fee of $2,500 for [[Page 27373]] each of Network A and Network B for firms that fail to comply with their reporting obligations in a timely manner. --------------------------------------------------------------------------- \10\ See Securities Exchange Act Release No. 70010 (July 19, 2013), 78 FR 44984 (July 25, 2013) (SR-CTA/CQ-2013-04). --------------------------------------------------------------------------- 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. An exchange's ability to price its proprietary market data feed products is constrained by actual competition for the sale of proprietary market data products, the joint product nature of exchange platforms, and the existence of alternatives to the Exchange's proprietary data. In addition to being able to choose which proprietary data products (if any) to use and how to use them, a user can avoid the late fees that are the subject of this filing entirely by simply complying with the requisite deadlines. In setting the proposed fees, the Exchange considered the competitiveness of the market for proprietary data and all of the implications of that competition. The Exchange believes that it has considered all relevant factors and has not considered irrelevant factors in order to establish fair, reasonable, and not unreasonably discriminatory fees and an equitable allocation of fees among all users. The existence of fierce competition to sell proprietary data products and for order flow, as well as numerous alternatives to the Exchange's products, including proprietary data from other sources, ensures that the Exchange cannot set unreasonable fees, or fees that are unreasonably discriminatory, when vendors and subscribers can elect these alternatives or choose not to purchase a specific proprietary data product if the attendant fees are not justified by the returns that any particular vendor or data recipient would achieve through the purchase (the returns on use being a particularly important aspect of non-display uses of proprietary data). C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \11\ of the Act and subparagraph (f)(2) of Rule 19b-4 \12\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 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 [email protected]. Please include File Number SR-NYSEARCA-2015-36 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-NYSEARCA-2015-36. 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 NYSE's principal office and on its Internet Web site at www.nyse.com. 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-NYSEARCA-2015-36, and should be submitted on or before June 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-11491 Filed 5-12-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 92 / Wednesday, May 13, 2015 / Notices 27371
C. Self-Regulatory Organization’s to determine whether the proposed rule For the Commission, by the Division of
Statement on Comments on the should be approved or disapproved. Trading and Markets, pursuant to delegated
Proposed Rule Change Received From authority.34
Members, Participants, or Others IV. Solicitation of Comments Robert W. Errett,
Deputy Secretary.
The Exchange neither solicited nor Interested persons are invited to
submit written data, views, and [FR Doc. 2015–11484 Filed 5–12–15; 8:45 am]
received comments on the proposed
rule change. arguments concerning the foregoing, BILLING CODE 8011–01–P
including whether the proposed rule
III. Date of Effectiveness of the change is consistent with the Act.
Proposed Rule Change and Timing for Comments may be submitted by any of SECURITIES AND EXCHANGE
Commission Action the following methods: COMMISSION
Because the proposed rule change [Release No. 34–74901; File No. SR–
Electronic Comments NYSEARCA–2015–36]
does not (i) significantly affect the
protection of investors or the public • Use the Commission’s Internet
interest; (ii) impose any significant Self-Regulatory Organizations; NYSE
comment form (http://www.sec.gov/ Arca, Inc.; Notice of Filing and
burden on competition; and (iii) become rules/sro.shtml); or
operative for 30 days from the date on Immediate Effectiveness of Proposed
which it was filed, or such shorter time • Send an email to rule-comments@ Rule Change Amending the Fees for
as the Commission may designate if sec.gov. Please include File Number SR– NYSE Arca BBO and NYSE Arca
consistent with the protection of CBOE–2015–039 on the subject line. Trades To Add a Late Fee in
investors and the public interest, the Connection With Failure To Submit the
Paper Comments
proposed rule change has become Non-Display Use Declaration
effective pursuant to Section 19(b)(3)(A) • Send paper comments in triplicate May 7, 2015.
of the Act 31 and Rule 19b–4(f)(6) to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) 1 of the
thereunder.32 and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the
The Exchange has asked the NE., Washington, DC 20549–1090. ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
Commission to waive the 30-day All submissions should refer to File notice is hereby given that, on April 30,
operative delay so that the proposal may Number SR–CBOE–2015–039. This file 2015, NYSE Arca, Inc. (the ‘‘Exchange’’
become operative immediately upon number should be included on the or ‘‘NYSE Arca’’) filed with the
filing. The Commission believes that Securities and Exchange Commission
subject line if email is used. To help the
waiving the 30-day operative delay is (the ‘‘Commission’’) the proposed rule
Commission process and review your
consistent with the protection of change as described in Items I, II, and
comments more efficiently, please use
investors and the public interest, as it III below, which Items have been
only one method. The Commission will
will enable the Exchange to meet its prepared by the self-regulatory
post all comments on the Commission’s
proposed implementation date of May 8, organization. The Commission is
Internet Web site (http://www.sec.gov/
2015, which will help facilitate the publishing this notice to solicit
rules/sro.shtml). Copies of the
implementation of harmonized rules comments on the proposed rule change
submission, all subsequent
related to the adjustment and from interested persons.
amendments, all written statements
nullification of erroneous options
with respect to the proposed rule I. Self-Regulatory Organization’s
transactions across the options
exchanges. For this reason, the change that are filed with the Statement of the Terms of Substance of
Commission designates the proposed Commission, and all written the Proposed Rule Change
rule change to be operative upon communications relating to the
proposed rule change between the The Exchange proposes to amend the
filing.33 fees for NYSE Arca BBO and NYSE Arca
Commission and any person, other than
At any time within 60 days of the Trades to add a late fee in connection
filing of the proposed rule change, the those that may be withheld from the
with failure to submit the non-display
Commission summarily may public in accordance with the
use declaration, operative on May 1,
temporarily suspend such rule change if provisions of 5 U.S.C. 552, will be
2015. The text of the proposed rule
it appears to the Commission that such available for Web site viewing and
change is available on the Exchange’s
action is necessary or appropriate in the printing in the Commission’s Public
Web site at www.nyse.com, at the
public interest, for the protection of Reference Room, 100 F Street NE.,
principal office of the Exchange, and at
investors, or otherwise in furtherance of Washington, DC 20549, on official
the Commission’s Public Reference
the purposes of the Act. If the business days between the hours of
Room.
Commission takes such action, the 10:00 a.m. and 3:00 p.m. Copies of the
Commission shall institute proceedings filing also will be available for II. Self-Regulatory Organization’s
inspection and copying at the principal Statement of the Purpose of, and
31 15
office of the Exchange. All comments Statutory Basis for, the Proposed Rule
U.S.C. 78s(b)(3)(A).
32 17 CFR 240.19b–4(f)(6). As required under Rule
received will be posted without change; Change
19b–4(f)(6)(iii), the Exchange provided the the Commission does not edit personal In its filing with the Commission, the
Commission with written notice of its intent to file identifying information from
asabaliauskas on DSK5VPTVN1PROD with NOTICES
the proposed rule change, along with a brief
self-regulatory organization included
submissions. You should submit only statements concerning the purpose of,
description and the text of the proposed rule
change, at least five business days prior to the date
information that you wish to make and basis for, the proposed rule change
of filing of the proposed rule change, or such available publicly. All submissions and discussed any comments it received
shorter time as designated by the Commission. should refer to File Number SR–CBOE– on the proposed rule change. The text
33 For purposes only of waiving the 30-day
2015–039 and should be submitted on
operative delay, the Commission has also or before June 3, 2015. 1 15 U.S.C.78s(b)(1).
considered the proposed rule’s impact on
2 15 U.S.C. 78a.
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). 34 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
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![Federal Register / Vol. 80, No. 92 / Wednesday, May 13, 2015 / Notices 27373
each of Network A and Network B for 19(b)(3)(A) 11 of the Act and available for Web site viewing and
firms that fail to comply with their subparagraph (f)(2) of Rule 19b–4 12 printing in the Commission’s Public
reporting obligations in a timely thereunder, because it establishes a due, Reference Room, 100 F Street NE.,
manner. fee, or other charge imposed by the Washington, DC 20549, on official
Exchange. business days between the hours of
B. Self-Regulatory Organization’s At any time within 60 days of the 10:00 a.m. and 3:00 p.m. Copies of the
Statement on Burden on Competition filing of such proposed rule change, the filing will also be available for
The Exchange does not believe that Commission summarily may inspection and copying at the NYSE’s
the proposed rule change will impose temporarily suspend such rule change if principal office and on its Internet Web
any burden on competition that is not it appears to the Commission that such site at www.nyse.com. All comments
necessary or appropriate in furtherance action is necessary or appropriate in the received will be posted without change;
of the purposes of the Act. An public interest, for the protection of the Commission does not edit personal
exchange’s ability to price its investors, or otherwise in furtherance of identifying information from
proprietary market data feed products is the purposes of the Act. If the submissions. You should submit only
constrained by actual competition for Commission takes such action, the information that you wish to make
the sale of proprietary market data Commission shall institute proceedings available publicly. All submissions
products, the joint product nature of under Section 19(b)(2)(B) 13 of the Act to should refer to File Number SR–
exchange platforms, and the existence of determine whether the proposed rule NYSEARCA–2015–36, and should be
alternatives to the Exchange’s change should be approved or submitted on or before June 3, 2015.
proprietary data. In addition to being disapproved. For the Commission, by the Division of
able to choose which proprietary data Trading and Markets, pursuant to delegated
products (if any) to use and how to use IV. Solicitation of Comments
authority.14
them, a user can avoid the late fees that Interested persons are invited to Robert W. Errett,
are the subject of this filing entirely by submit written data, views, and Deputy Secretary.
simply complying with the requisite arguments concerning the foregoing, [FR Doc. 2015–11491 Filed 5–12–15; 8:45 am]
deadlines. including whether the proposed rule
BILLING CODE 8011–01–P
In setting the proposed fees, the change is consistent with the Act.
Exchange considered the Comments may be submitted by any of
competitiveness of the market for the following methods: SECURITIES AND EXCHANGE
proprietary data and all of the COMMISSION
implications of that competition. The Electronic Comments
Exchange believes that it has considered • Use the Commission’s Internet [Release No. 34–74896; File No. SR–ISE–
all relevant factors and has not comment form (http://www.sec.gov/ 2015–18]
considered irrelevant factors in order to rules/sro.shtml); or
• Send an email to rule-comments@ Self-Regulatory Organizations;
establish fair, reasonable, and not
sec.gov. Please include File Number SR– International Securities Exchange,
unreasonably discriminatory fees and an
NYSEARCA–2015–36 on the subject LLC; Notice of Filing and Immediate
equitable allocation of fees among all
line. Effectiveness of Proposed Rule
users. The existence of fierce
Change Related to the Nullification and
competition to sell proprietary data Paper Comments Adjustment of Options Transactions
products and for order flow, as well as
numerous alternatives to the Exchange’s • Send paper comments in triplicate Including Obvious Errors
products, including proprietary data to Secretary, Securities and Exchange May 7, 2015.
from other sources, ensures that the Commission, 100 F Street NE., Pursuant to section 19(b)(1) of the
Exchange cannot set unreasonable fees, Washington, DC 20549–1090. Securities Exchange Act of 1934 (the
or fees that are unreasonably All submissions should refer to File ‘‘Act’’),1 and Rule 19b–4 thereunder,2
discriminatory, when vendors and Number SR–NYSEARCA–2015–36. This notice is hereby given that, on May 6,
subscribers can elect these alternatives file number should be included on the 2015 the International Securities
or choose not to purchase a specific subject line if email is used. Exchange, LLC (the ‘‘Exchange’’ or the
proprietary data product if the attendant To help the Commission process and ‘‘ISE’’) filed with the Securities and
fees are not justified by the returns that review your comments more efficiently, Exchange Commission the proposed
any particular vendor or data recipient please use only one method. The rule change, as described in Items I and
would achieve through the purchase Commission will post all comments on II below, which items have been
(the returns on use being a particularly the Commission’s Internet Web site prepared by the self-regulatory
important aspect of non-display uses of (http://www.sec.gov/rules/sro.shtml). organization. The Commission is
proprietary data). Copies of the submission, all subsequent publishing this notice to solicit
amendments, all written statements comments on the proposed rule change
C. Self-Regulatory Organization’s with respect to the proposed rule
Statement on Comments on the from interested persons.
change that are filed with the
Proposed Rule Change Received From Commission, and all written I. Self-Regulatory Organization’s
Members, Participants, or Others communications relating to the Statement of the Terms of Substance of
the Proposed Rule Change
asabaliauskas on DSK5VPTVN1PROD with NOTICES
No written comments were solicited proposed rule change between the
or received with respect to the proposed Commission and any person, other than The ISE proposes to amend current
rule change. those that may be withheld from the Rule 720 (‘‘Current Rule’’), and rename
III. Date of Effectiveness of the public in accordance with the it ‘‘Nullification and Adjustment of
Proposed Rule Change and Timing for provisions of 5 U.S.C. 552, will be Options Transactions including Obvious
Commission Action 11 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 200.30–3(a)(12).
The foregoing rule change is effective 12 17 CFR 240.19b–4(f)(2). 1 15 U.S.C. 78s(b)(1).
upon filing pursuant to Section 13 15 U.S.C. 78s(b)(2)(B). 2 17 CFR 240.19b–4.
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Document Created: 2015-12-16 07:46:56
Document Modified: 2015-12-16 07:46:56
| 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 27371 |
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