80_FR_38922 80 FR 38793 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Penny Pilot Program

80 FR 38793 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Penny Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 129 (July 7, 2015)

Page Range38793-38795
FR Document2015-16546

Federal Register, Volume 80 Issue 129 (Tuesday, July 7, 2015)
[Federal Register Volume 80, Number 129 (Tuesday, July 7, 2015)]
[Notices]
[Pages 38793-38795]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-16546]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75338; File No. SR-BATS-2015-50]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To Extend 
the Penny Pilot Program

June 30, 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 June 29, 2015, BATS Exchange, Inc. (the ``Exchange'' or 
``BATS'') filed with the Securities and Exchange Commission (the 
``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by the Exchange. 
The Exchange has designated this proposal as a ``non-controversial'' 
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and 
Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon 
filing with the Commission. The Commission is publishing this notice to

[[Page 38794]]

solicit comments on the proposed rule change from interested persons.


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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6)(iii).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange filed a proposal for the BATS Options Market (``BATS 
Options'') to extend through June 30, 2016, the Penny Pilot Program 
(``Penny Pilot'') in options classes in certain issues (``Pilot 
Program'') previously approved by the Commission.\5\
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    \5\ The rules of BATS Options, including rules applicable to 
BATS Options' participation in the Penny Pilot, were approved on 
January 26, 2010. See Securities Exchange Act Release No. 61419 
(January 26, 2010), 75 FR 5157 (February 1, 2010) (SR-BATS-2009-
031). BATS Options commenced operations on February 26, 2010. The 
Penny Pilot was most recently extended for BATS Options through June 
30, 2015. See Securities Exchange Act Release No. 73888 (December 
19, 2014), 79 FR 78114 (December 29, 2014) (SR-BATS-2014-070).
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    The text of the proposed rule change is available at the Exchange's 
Web site at http://www.batstrading.com/, at the principal office of the 
Exchange, and at the Commission's Public Reference Room.

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

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

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

1. Purpose
    The purpose of this filing is to extend the Penny Pilot, which was 
previously approved by the Commission, through June 30, 2016, and to 
provide revised dates for adding replacement issues to the Pilot 
Program. The Exchange proposes that any Pilot Program issues that have 
been delisted may be replaced on the second trading day following July 
1, 2015 and January 1, 2016. The replacement issues in each instance 
will be selected based on trading activity for the most recent six 
month period excluding the month immediately preceding the replacement 
(i.e., beginning December 1, 2014, and ending May 31, 2015, and 
beginning June 1, 2015, and ending November 30, 2015).
    The Exchange represents that the Exchange has the necessary system 
capacity to continue to support operation of the Penny Pilot. The 
Exchange believes the benefits to public customers and other market 
participants who will be able to express their true prices to buy and 
sell options have been demonstrated to outweigh the increase in quote 
traffic.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with the 
requirements of the Act and the rules and regulations thereunder that 
are applicable to a national securities exchange, and, in particular, 
with the requirements of Section 6(b) of the Act.\6\ In particular, the 
proposal is consistent with Section 6(b)(5) of the Act,\7\ because it 
would promote just and equitable principles of trade, remove 
impediments to, and perfect the mechanism of, a free and open market 
and a national market system. The Exchange believes that the Pilot 
Program promotes just and equitable principles of trade by enabling 
public customers and other market participants to express their true 
prices to buy and sell options. Accordingly, the Exchange believes that 
the proposal is consistent with the Act because it will allow the 
Exchange to extend the Pilot Program prior to its expiration on June 
30, 2015. The Exchange notes that this proposal does not propose any 
new policies or provisions that are unique or unproven, but instead 
relates to the continuation of an existing program that operates on a 
pilot basis.
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    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
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 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. In this regard, the Exchange 
notes that the rule change is being proposed in order to continue the 
Pilot Program, which is a competitive response to analogous programs 
offered by other options exchanges. The Exchange believes this proposed 
rule change is necessary to permit fair competition among the options 
exchanges.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has not solicited, and does not intend to solicit, 
comments on this proposed rule change. The Exchange has not received 
any written comments from members or other interested parties.

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

    The Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder.\9\ 
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 prior to 
30 days from the date on which it was filed, or such shorter time as 
the Commission may designate if consistent with the protection of 
investors and the public interest, the proposed rule change has become 
effective pursuant to Section 19(b)(3)(A) of the Act\10\ and Rule 19b-
4(f)(6)(iii) thereunder.
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    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 15 U.S.C. 78s(b)(3)(A).
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    A proposed rule change filed under Rule 19b-4(f)(6) normally does 
not become operative prior to 30 days after the date of the filing.\11\ 
However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The Exchange has asked 
the Commission to waive the 30-day operative delay so that the proposal 
may become operative immediately upon filing. The Commission believes 
that waiving the 30-day operative delay is consistent with the 
protection of investors and the public interest because doing so will 
allow the Pilot Program to continue without interruption in a manner 
that is consistent with the Commission's prior approval of the 
extension and expansion of the Pilot Program and will allow the 
Exchange and the Commission additional time to analyze the impact of

[[Page 38795]]

the Pilot Program.\13\ Accordingly, the Commission designates the 
proposed rule change as operative upon filing with the Commission.\14\
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    \11\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) 
requires the Exchange to give the Commission written notice of the 
Exchange's intent to file the proposed rule change along with a 
brief description and the text of 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 pre-filing requirement.
    \12\ 17 CFR 240.19b-4(f)(6)(iii).
    \13\ See Securities Exchange Act Release No. 61061 (November 24, 
2009), 74 FR 62857 (December 1, 2009) (SR-NYSEArca-2009-44). See 
also supra note 5.
    \14\ For purposes only of waiving the operative delay for this 
proposal, the Commission has considered the proposed rule's impact 
on efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings under 
Section 19(b)(2)(B)\15\ of the Act to determine whether the proposed 
rule change should be approved or disapproved.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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 IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please 
include File Number SR-BATS-2015-50 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-BATS-2015-50. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-BATS-2015-50 and should be 
submitted on or before July 28, 2015.
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    \16\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-16546 Filed 7-6-15; 8:45 am]
BILLING CODE 8011-01-P



                                                                                  Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices                                              38793

                                              processes related to the collection of                   no novel issues, and the Commission                   communications relating to the
                                              amounts owed by members for reporting                    believes the terms of this                            proposed rule change between the
                                              to the FINRA/Nasdaq TRF, as it does                      implementation schedule are                           Commission and any person, other than
                                              today with NOM participants and as                       reasonable. Furthermore, the                          those that may be withheld from the
                                              proposed for Nasdaq equity                               Commission finds no reason to delay                   public in accordance with the
                                              participants. Finally, consistent with                   implementation for 30 days, given the                 provisions of 5 U.S.C. 552, will be
                                              SR–NASDAQ–2015–046, the proposed                         reduction of administrative burdens and               available for Web site viewing and
                                              debit process would prevent FINRA/                       costs inherent in the proposed rule                   printing in the Commission’s Public
                                              Nasdaq TRF participant accounts from                     change. Therefore, the Commission                     Reference Room, 100 F Street NE.,
                                              becoming overdue.                                        hereby waives the 30-day operative                    Washington, DC 20549 on official
                                                                                                       delay and designates the proposed rule                business days between the hours of
                                              C. Self-Regulatory Organization’s                        change to be operative upon filing with               10:00 a.m. and 3:00 p.m. Copies of such
                                              Statement on Comments on the                             the Commission.19                                     filing also will be available for
                                              Proposed Rule Change Received From                          At any time within 60 days of the                  inspection and copying at the principal
                                              Members, Participants, or Others                         filing of the proposed rule change, the               offices of FINRA. All comments
                                                Written comments were neither                          Commission summarily may                              received will be posted without change;
                                              solicited nor received.                                  temporarily suspend such rule change if               the Commission does not edit personal
                                                                                                       it appears to the Commission that such                identifying information from
                                              III. Date of Effectiveness of the
                                                                                                       action is: (i) Necessary or appropriate in            submissions. You should submit only
                                              Proposed Rule Change and Timing for
                                                                                                       the public interest; (ii) for the protection          information that you wish to make
                                              Commission Action                                        of investors; or (iii) otherwise in                   available publicly. All submissions
                                                 Because the foregoing proposed rule                   furtherance of the purposes of the Act.               should refer to File Number SR–FINRA–
                                              change does not: (i) Significantly affect                If the Commission takes such action, the              2015–021, and should be submitted on
                                              the protection of investors or the public                Commission shall institute proceedings                or before July 28, 2015.
                                              interest; (ii) impose any significant                    to determine whether the proposed rule                  For the Commission, by the Division of
                                              burden on competition; and (iii) become                  should be approved or disapproved.                    Trading and Markets, pursuant to delegated
                                              operative for 30 days from the date on                                                                         authority.20
                                              which it was filed, or such shorter time                 IV. Solicitation of Comments
                                                                                                                                                             Robert W. Errett,
                                              as the Commission may designate, it has                    Interested persons are invited to
                                                                                                                                                             Deputy Secretary.
                                              become effective pursuant to Section                     submit written data, views, and
                                                                                                                                                             [FR Doc. 2015–16555 Filed 7–6–15; 8:45 am]
                                              19(b)(3)(A) of the Act 16 and Rule 19b–                  arguments concerning the foregoing,
                                                                                                       including whether the proposed rule                   BILLING CODE 8011–01–P
                                              4(f)(6) thereunder.17
                                                 A proposed rule change filed under                    change is consistent with the Act.
                                              Rule 19b–4(f)(6) normally does not                       Comments may be submitted by any of
                                                                                                                                                             SECURITIES AND EXCHANGE
                                              become operative prior to 30 days after                  the following methods:
                                                                                                                                                             COMMISSION
                                              the date of the filing. However, pursuant                Electronic Comments
                                              to Rule 19b–4(f)(6)(iii),18 the                                                                                [Release No. 34–75338; File No. SR–BATS–
                                              Commission may designate a shorter                         • Use the Commission’s Internet                     2015–50]
                                              time if such action is consistent with the               comment form (http://www.sec.gov/
                                                                                                       rules/sro.shtml); or                                  Self-Regulatory Organizations; BATS
                                              protection of investors and the public
                                              interest.                                                  • Send an email to rule-comments@                   Exchange, Inc.; Notice of Filing and
                                                 FINRA has asked the Commission to                     sec.gov. Please include File Number SR–               Immediate Effectiveness of a Proposed
                                              waive the 30-day operative delay. The                    FINRA–2015–021 on the subject line.                   Rule Change To Extend the Penny
                                              Commission believes that waiving the                                                                           Pilot Program
                                                                                                       Paper Comments
                                              30-day operative delay is consistent
                                                                                                         • Send paper comments in triplicate                 June 30, 2015.
                                              with the protection of investors and the                                                                          Pursuant to Section 19(b)(1) of the
                                                                                                       to Secretary, Securities and Exchange
                                              public interest. FINRA will implement                                                                          Securities Exchange Act of 1934 (the
                                                                                                       Commission, 100 F Street NE.,
                                              the proposed rule change on July 1,                                                                            ‘‘Act’’) 1 and Rule 19b-4 thereunder,2
                                                                                                       Washington, DC 20549–1090.
                                              2015, and on August 24, 2015, NASDAQ                                                                           notice is hereby given that on June 29,
                                              OMX, as the Business Member on behalf                    All submissions should refer to File
                                                                                                       Number SR–FINRA–2015–021. This file                   2015, BATS Exchange, Inc. (the
                                              of the FINRA/Nasdaq TRF, will debit                                                                            ‘‘Exchange’’ or ‘‘BATS’’) filed with the
                                              July 2015 billing pursuant to the process                number should be included on the
                                                                                                       subject line if email is used. To help the            Securities and Exchange Commission
                                              described in the proposed rule change.                                                                         (the ‘‘SEC’’ or ‘‘Commission’’) the
                                              FINRA will notify its members of the                     Commission process and review your
                                                                                                       comments more efficiently, please use                 proposed rule change as described in
                                              proposed rule change to provide its                                                                            Items I and II below, which Items have
                                              members time to provide the FINRA/                       only one method. The Commission will
                                                                                                       post all comments on the Commission’s                 been prepared by the Exchange. The
                                              Nasdaq TRF with the information                                                                                Exchange has designated this proposal
                                              necessary for the direct debit and                       Internet Web site (http://www.sec.gov/
                                                                                                       rules/sro.shtml). Copies of the                       as a ‘‘non-controversial’’ proposed rule
                                              prepare for the change to the collection                                                                       change pursuant to Section 19(b)(3)(A)
                                              process. NASDAQ OMX has represented                      submission, all subsequent
                                                                                                       amendments, all written statements                    of the Act 3 and Rule 19b–4(f)(6)(iii)
                                              that a member’s primary NSCC account                                                                           thereunder,4 which renders it effective
                                              number will be used unless the member                    with respect to the proposed rule
                                                                                                                                                             upon filing with the Commission. The
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                                              contacts the FINRA/Nasdaq TRF prior to                   change that are filed with the
                                                                                                       Commission, and all written                           Commission is publishing this notice to
                                              July 24, 2015 with an alternate NSCC
                                              account number. The proposal presents                       19 For purposes only of waiving the operative
                                                                                                                                                               20 17 CFR 200.30–3(a)(12).
                                                                                                                                                               1 15 U.S.C. 78s(b)(1).
                                                                                                       delay for this proposal, the Commission has
                                                16 15 U.S.C. 78s(b)(3)(A).                                                                                     2 17 CFR 240.19b–4.
                                                                                                       considered the proposed rule’s impact on
                                                17 17 CFR 240.19b–4(f)(6).                                                                                     3 15 U.S.C. 78s(b)(3)(A).
                                                                                                       efficiency, competition, and capital formation. See
                                                18 17 CFR 240.19b–4(f)(6)(iii).                        15 U.S.C. 78c(f).                                       4 17 CFR 240.19b–4(f)(6)(iii).




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                                              38794                            Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices

                                              solicit comments on the proposed rule                    beginning December 1, 2014, and                            C. Self-Regulatory Organization’s
                                              change from interested persons.                          ending May 31, 2015, and beginning                         Statement on Comments on the
                                                                                                       June 1, 2015, and ending November 30,                      Proposed Rule Change Received From
                                                                                                       2015).                                                     Members, Participants or Others
                                              I. Self-Regulatory Organization’s
                                                                                                         The Exchange represents that the                           The Exchange has not solicited, and
                                              Statement of the Terms of Substance of
                                              the Proposed Rule Change                                 Exchange has the necessary system                          does not intend to solicit, comments on
                                                                                                       capacity to continue to support                            this proposed rule change. The
                                                 The Exchange filed a proposal for the                 operation of the Penny Pilot. The                          Exchange has not received any written
                                              BATS Options Market (‘‘BATS                              Exchange believes the benefits to public                   comments from members or other
                                              Options’’) to extend through June 30,                    customers and other market participants                    interested parties.
                                              2016, the Penny Pilot Program (‘‘Penny                   who will be able to express their true
                                              Pilot’’) in options classes in certain                                                                              III. Date of Effectiveness of the
                                                                                                       prices to buy and sell options have been
                                              issues (‘‘Pilot Program’’) previously                                                                               Proposed Rule Change and Timing for
                                                                                                       demonstrated to outweigh the increase
                                              approved by the Commission.5                                                                                        Commission Action
                                                 The text of the proposed rule change                  in quote traffic.
                                              is available at the Exchange’s Web site                  2. Statutory Basis                                            The Exchange has filed the proposed
                                              at http://www.batstrading.com/, at the                                                                              rule change pursuant to Section
                                              principal office of the Exchange, and at                    The Exchange believes that its                          19(b)(3)(A)(iii) of the Act 8 and Rule
                                              the Commission’s Public Reference                        proposal is consistent with the                            19b–4(f)(6) thereunder.9 Because the
                                              Room.                                                    requirements of the Act and the rules                      proposed rule change does not: (i)
                                                                                                       and regulations thereunder that are                        Significantly affect the protection of
                                              II. Self-Regulatory Organization’s                                                                                  investors or the public interest; (ii)
                                                                                                       applicable to a national securities
                                              Statement of the Purpose of, and                                                                                    impose any significant burden on
                                                                                                       exchange, and, in particular, with the
                                              Statutory Basis for, the Proposed Rule                                                                              competition; and (iii) become operative
                                                                                                       requirements of Section 6(b) of the Act.6
                                              Change                                                                                                              prior to 30 days from the date on which
                                                                                                       In particular, the proposal is consistent
                                                 In its filing with the Commission, the                with Section 6(b)(5) of the Act,7 because                  it was filed, or such shorter time as the
                                              Exchange included statements                             it would promote just and equitable                        Commission may designate if consistent
                                              concerning the purpose of and basis for                  principles of trade, remove                                with the protection of investors and the
                                              the proposed rule change and discussed                   impediments to, and perfect the                            public interest, the proposed rule
                                              any comments it received on the                          mechanism of, a free and open market                       change has become effective pursuant to
                                              proposed rule change. The text of these                                                                             Section 19(b)(3)(A) of the Act10 and
                                                                                                       and a national market system. The
                                              statements may be examined at the                                                                                   Rule 19b–4(f)(6)(iii) thereunder.
                                                                                                       Exchange believes that the Pilot
                                              places specified in Item IV below. The                   Program promotes just and equitable                           A proposed rule change filed under
                                              Exchange has prepared summaries, set                     principles of trade by enabling public                     Rule 19b–4(f)(6) normally does not
                                              forth in Sections A, B, and C below, of                  customers and other market participants                    become operative prior to 30 days after
                                              the most significant parts of such                                                                                  the date of the filing.11 However,
                                                                                                       to express their true prices to buy and
                                              statements.                                                                                                         pursuant to Rule 19b–4(f)(6)(iii),12 the
                                                                                                       sell options. Accordingly, the Exchange
                                              A. Self-Regulatory Organization’s                        believes that the proposal is consistent                   Commission may designate a shorter
                                              Statement of the Purpose of, and the                     with the Act because it will allow the                     time if such action is consistent with the
                                              Statutory Basis for, the Proposed Rule                   Exchange to extend the Pilot Program                       protection of investors and the public
                                              Change                                                   prior to its expiration on June 30, 2015.                  interest. The Exchange has asked the
                                                                                                       The Exchange notes that this proposal                      Commission to waive the 30-day
                                              1. Purpose                                                                                                          operative delay so that the proposal may
                                                                                                       does not propose any new policies or
                                                 The purpose of this filing is to extend                                                                          become operative immediately upon
                                                                                                       provisions that are unique or unproven,
                                              the Penny Pilot, which was previously                                                                               filing. The Commission believes that
                                                                                                       but instead relates to the continuation of
                                              approved by the Commission, through                                                                                 waiving the 30-day operative delay is
                                                                                                       an existing program that operates on a
                                              June 30, 2016, and to provide revised                                                                               consistent with the protection of
                                                                                                       pilot basis.
                                              dates for adding replacement issues to                                                                              investors and the public interest
                                              the Pilot Program. The Exchange                          B. Self-Regulatory Organization’s                          because doing so will allow the Pilot
                                              proposes that any Pilot Program issues                   Statement on Burden on Competition                         Program to continue without
                                              that have been delisted may be replaced                                                                             interruption in a manner that is
                                              on the second trading day following July                   The Exchange does not believe that                       consistent with the Commission’s prior
                                              1, 2015 and January 1, 2016. The                         the proposed rule change will impose                       approval of the extension and expansion
                                              replacement issues in each instance will                 any burden on competition that is not                      of the Pilot Program and will allow the
                                              be selected based on trading activity for                necessary or appropriate in furtherance                    Exchange and the Commission
                                              the most recent six month period                         of the purposes of the Act. In this                        additional time to analyze the impact of
                                              excluding the month immediately                          regard, the Exchange notes that the rule
                                              preceding the replacement (i.e.,                         change is being proposed in order to                         8 15  U.S.C. 78s(b)(3)(A)(iii).
                                                                                                       continue the Pilot Program, which is a                       9 17  CFR 240.19b–4(f)(6).
                                                 5 The rules of BATS Options, including rules          competitive response to analogous                            10 15 U.S.C. 78s(b)(3)(A).
                                                                                                                                                                    11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
                                              applicable to BATS Options’ participation in the         programs offered by other options
                                              Penny Pilot, were approved on January 26, 2010.                                                                     4(f)(6)(iii) requires the Exchange to give the
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                                                                                                       exchanges. The Exchange believes this                      Commission written notice of the Exchange’s intent
                                              See Securities Exchange Act Release No. 61419
                                              (January 26, 2010), 75 FR 5157 (February 1, 2010)        proposed rule change is necessary to                       to file the proposed rule change along with a brief
                                              (SR–BATS–2009–031). BATS Options commenced               permit fair competition among the                          description and the text of the proposed rule
                                              operations on February 26, 2010. The Penny Pilot         options exchanges.                                         change, at least five business days prior to the date
                                              was most recently extended for BATS Options                                                                         of filing of the proposed rule change, or such
                                              through June 30, 2015. See Securities Exchange Act                                                                  shorter time as designated by the Commission. The
                                                                                                            6 15   U.S.C. 78f(b).                                 Exchange has satisfied this pre-filing requirement.
                                              Release No. 73888 (December 19, 2014), 79 FR
                                              78114 (December 29, 2014) (SR–BATS–2014–070).                 7 15   U.S.C. 78f(b)(5).                                12 17 CFR 240.19b–4(f)(6)(iii).




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                                                                               Federal Register / Vol. 80, No. 129 / Tuesday, July 7, 2015 / Notices                                                     38795

                                              the Pilot Program.13 Accordingly, the                    Commission and any person, other than                     FOR FURTHER INFORMATION CONTACT:
                                              Commission designates the proposed                       those that may be withheld from the                       Curtis Rich, Agency Clearance Officer,
                                              rule change as operative upon filing                     public in accordance with the                             (202) 205–7030 curtis.rich@sba.gov
                                              with the Commission.14                                   provisions of 5 U.S.C. 552, will be                          Copies: A copy of the Form OMB 83–
                                                 At any time within 60 days of the                     available for Web site viewing and                        1, supporting statement, and other
                                              filing of the proposed rule change, the                  printing in the Commission’s Public                       documents submitted to OMB for
                                              Commission summarily may                                 Reference Room, 100 F Street NE.,                         review may be obtained from the
                                              temporarily suspend such rule change if                  Washington, DC 20549, on official                         Agency Clearance Officer.
                                              it appears to the Commission that such                   business days between the hours of                        SUPPLEMENTARY INFORMATION: SBA Form
                                              action is necessary or appropriate in the                10:00 a.m. and 3:00 p.m. Copies of the                    2428 is used by Small Business
                                              public interest, for the protection of                   filing also will be available for                         Investment Companies (SBICs)
                                              investors, or otherwise in furtherance of                inspection and copying at the principal                   requesting a determination of eligibility
                                              the purposes of the Act. If the                          office of the Exchange. All comments                      for SBA leverage in form of a deferred
                                              Commission takes such action, the                        received will be posted without change;                   interest ‘‘Energy Saving Debenture’’ to
                                              Commission shall institute proceedings                   the Commission does not edit personal                     be used only in making an ‘‘Energy
                                              under Section 19(b)(2)(B)15 of the Act to                identifying information from                              Saving Qualified Investment’’.
                                              determine whether the proposed rule                      submissions. You should submit only                       Eligibility is based on whether a Small
                                              change should be approved or                             information that you wish to make                         Business to be financed with leverage
                                              disapproved.                                             available publicly. All submissions                       proceeds is ‘‘primarily engaged’’ in
                                                                                                       should refer to File Number SR–BATS–                      Energy Savings Activities as defined in
                                              IV. Solicitation of Comments
                                                                                                       2015–50 and shouldbe submitted on or                      the SBIC program regulations. An SBIC
                                                Interested persons are invited to                      before July 28, 2015.                                     must provide supporting evidence of
                                              submit written data, views, and                            For the Commission, by the Division of                  Small Business eligibility, and the Small
                                              arguments concerning the foregoing,                      Trading and Markets, pursuant to delegated                Business must certify the information is
                                              including whether the proposed rule                      authority.16                                              true and correct.
                                              change is consistent with the Act.                       Robert W. Errett,                                            Solicitation of Public Comments:
                                              Comments may be submitted by any of                      Deputy Secretary.                                            Comments may be submitted on (a)
                                              the following methods:                                                                                             whether the collection of information is
                                                                                                       [FR Doc. 2015–16546 Filed 7–6–15; 8:45 am]
                                              Electronic Comments                                      BILLING CODE 8011–01–P
                                                                                                                                                                 necessary for the agency to properly
                                                                                                                                                                 perform its functions; (b) whether the
                                                • Use the Commission’s Internet                                                                                  burden estimates are accurate; (c)
                                              comment form (http://www.sec.gov/                                                                                  whether there are ways to minimize the
                                              rules/sro.shtml); or                                     SMALL BUSINESS ADMINISTRATION
                                                                                                                                                                 burden, including through the use of
                                                • Send an email to rule-comments@                                                                                automated techniques or other forms of
                                              sec.gov. Please include File Number SR–                  Reporting and Recordkeeping
                                                                                                       Requirements Under OMB Review                             information technology; and (d) whether
                                              BATS–2015–50 on the subject line.                                                                                  there are ways to enhance the quality,
                                              Paper Comments:                                          AGENCY:         Small Business Administration.            utility, and clarity of the information.
                                                                                                       ACTION:        30-Day Notice.                                Summary of Information Collections:
                                                • Send paper comments in triplicate
                                                                                                                                                                    Title: Financing Eligibility Statement
                                              to Secretary, Securities and Exchange                    SUMMARY:   The Small Business                             for Usage of Energy Saving Debenture.
                                              Commission, 100 F Street NE.,                            Administration (SBA) is publishing this                      Description of Respondents: Small
                                              Washington, DC 20549–1090.                               notice to comply with requirements of                     Business Investment Companies.
                                              All submissions should refer to File                     the Paperwork Reduction Act (PRA) (44                        Form Number: SBA Form 2428.
                                              Number SR–BATS–2015–50. This file                        U.S.C. Chapter 35), which requires                           Estimated Annual Respondents: 5.
                                              number should be included on the                         agencies to submit proposed reporting                        Estimated Annual Responses: 5.
                                              subject line if email is used. To help the               and recordkeeping requirements to                            Estimated Annual Hour Burden: 50.
                                              Commission process and review your                       OMB for review and approval, and to
                                              comments more efficiently, please use                    publish a notice in the Federal Register                  Curtis B. Rich,
                                              only one method. The Commission will                     notifying the public that the agency has                  Management Analyst .
                                              post all comments on the Commission’s                    made such a submission. This notice                       [FR Doc. 2015–16614 Filed 7–6–15; 8:45 am]
                                              Internet Web site (http://www.sec.gov/                   also allows an additional 30 days for                     BILLING CODE 8025–01–P
                                              rules/sro.shtml). Copies of the                          public comments.
                                              submission, all subsequent                               DATES: Submit comments on or before
                                              amendments, all written statements                       August 6, 2015.                                           SOCIAL SECURITY ADMINISTRATION
                                              with respect to the proposed rule                        ADDRESSES: Comments should refer to
                                              change that are filed with the                                                                                     [Docket No: SSA–2015–0043]
                                                                                                       the information collection by name and/
                                              Commission, and all written                              or OMB Control Number and should be
                                              communications relating to the                                                                                     Agency Information Collection
                                                                                                       sent to: Agency Clearance Officer, Curtis                 Activities: Comment Request
                                              proposed rule change between the                         Rich, Small Business Administration,
                                                13 See
                                                                                                       409 3rd Street SW., 5th Floor,                               The Social Security Administration
                                                        Securities Exchange Act Release No. 61061
                                              (November 24, 2009), 74 FR 62857 (December 1,            Washington, DC 20416; and SBA Desk                        (SSA) publishes a list of information
tkelley on DSK3SPTVN1PROD with NOTICES




                                              2009) (SR–NYSEArca–2009–44). See also supra              Officer, Office of Information and                        collection packages requiring clearance
                                              note 5.                                                  Regulatory Affairs, Office of                             by the Office of Management and
                                                 14 For purposes only of waiving the operative
                                                                                                       Management and Budget, New                                Budget (OMB) in compliance with
                                              delay for this proposal, the Commission has                                                                        Public Law 104–13, the Paperwork
                                              considered the proposed rule’s impact on
                                                                                                       Executive Office Building, Washington,
                                              efficiency, competition, and capital formation. See      DC 20503.                                                 Reduction Act of 1995, effective October
                                              15 U.S.C. 78c(f).                                                                                                  1, 1995. This notice includes revisions
                                                 15 15 U.S.C. 78s(b)(2)(B).                                 16 17   CFR 200.30–3(a)(12).                         and one extension of OMB-approved


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Document Created: 2015-12-15 13:27:28
Document Modified: 2015-12-15 13:27:28
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 38793 

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