80 FR 40098 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Definition of Designated Retail Order in Nasdaq Rule 7018
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 133 (July 13, 2015)
Federal Register Volume 80, Issue 133 (July 13, 2015)
| Page Range | 40098-40100 | |
| FR Document | 2015-16976 |
[Federal Register Volume 80, Number 133 (Monday, July 13, 2015)] [Notices] [Pages 40098-40100] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-16976] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75375; File No. SR-NASDAQ-2015-066] Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Amend the Definition of Designated Retail Order in Nasdaq Rule 7018 July 7, 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 June 24, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in in Items I and II below, which Items have been prepared by Nasdaq. 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 Nasdaq proposes to amend the definition of ``Designated Retail Order'' in Nasdaq Rule 7018. The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, 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, Nasdaq included statements concerning the purpose of, and basis for, the proposed rule change. The text of these statements may be examined at the places specified in Item IV below, and is set forth in Sections A, B, and C below. 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 definition of ``Designated Retail Order'' (``DRO'') in Nasdaq Rule 7018 in order to clarify it and make it more consistent with the definition of ``Retail Order'' as previously set forth in Nasdaq Rule 4780(a)(2) (eliminated by the recently approved SR-NASDAQ-2015-024), BATS Y-Exchange, Inc. (``BATS'') Rule 11.24(a)(2) \3\ and NYSE Arca, Inc. (``NYSE Arca'') Rule 7.44(a)(3) \4\, as well as how it is defined in within the BATS Retail Member Organization Application Form (``BATS Form'').\5\ The Exchange will also update its Designated Retail Order Attestation form \6\ (``Attestation Form'') to be consistent with the proposed rule change. Pursuant to previous approvals, any and all members are required to submit a retail order attestation form to the specific exchange before submitting a retail order to that exchange.\7\ --------------------------------------------------------------------------- \3\ See BATS Rule 11.24(a)(2). \4\ See NYSE Arca Rule 7.44(a)(3). \5\ See http://cdn.batstrading.com/resources/membership/BYX_Retail_Member_Organization_Application.pdf. \6\ See http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsTrading/dro_eligibility_form.pdf. \7\ See e.g., Securities Exchange Act Release No. 69719 (June 7, 2013), 78 FR 35656 (June 13, 2014) (SR-NASDAQ-2013-031); Securities Exchange Act Release No. 69643 (May 28, 2013), 78 FR 33136 (June 3, 2014) (SR-BYX-2013-008); and Securities Exchange Act Release No. 69513 (May 3, 2013), 78 FR 27261 (May 9, 2014) (SR-NYSE-2013-08). --------------------------------------------------------------------------- As mentioned above, the proposed changes to the DRO definition in Nasdaq Rule 7018, as well as the corresponding changes to Nasdaq's Attestation Form, will be consistent with the recently eliminated Nasdaq Rule 4780 and in line with the revisions made by BATS to the BATS Form. Specifically, BATS updated its BATS Form to include three key elements: \8\ (1) To ensure that the order is a riskless principal order that meets the criteria of [[Page 40099]] FINRA Rule 5320.03; \9\ (2) to state that an order from a ``natural person'' can include orders on behalf of accounts that are held in a corporate legal form, such as an Individual Retirement Account (``IRA''), Corporation, or a Limited Liability Company (``LLC'') that has been established for the benefit of an individual or group of related family members, provided that the order is submitted by an individual; and (3) to include the standard that members have implemented policies and procedures that are reasonably designed to ensure that ``substantially all'' orders (rather than the previous standard that ``every order'') that are designated by the member as retail orders comply with these requirements. Nasdaq believes that inclusion in the DRO definition of an individual making the decision even if the account is held in corporate legal form qualifies as a ``non-controversial'' rule change under Rule 19b-4(f)(6) and is not a significant change from existing rules on other exchanges. --------------------------------------------------------------------------- \8\ Supra note 5. \9\ See FINRA Rule 5320.03 (the riskless principal exception to the ``Prohibition Against Trading Ahead of Customer Orders'' FINRA rule). --------------------------------------------------------------------------- Consequently, Nasdaq will amend Nasdaq Rule 7018 to reflect the changes to the definition of DRO discussed above and amend its Attestation Form accordingly. 2. Statutory Basis Nasdaq 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.\10\ In particular, the Exchange believes the proposed change furthers the objectives of Section 6(b)(5) of the Act,\11\ in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, and to remove impediments to and perfect the mechanism of a free and open market and a national market system. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange also believes that the proposed rule change to amend and clarify the definition of DRO in Nasdaq Rule 7018 is consistent with these principles because it would remove impediments to and perfects the mechanism of a free and open market and a national market system, as well as increases competition among execution venues and encourages additional liquidity. Specifically, the amended DRO definition is consistent with Nasdaq Rule 4780(a)(2) (eliminated by the recently approved SR-NASDAQ-2015-024), NYSE Arca Rule 7.44(a)(3) and BATS Rule 11.24(a)(2), and as defined in the BATS Form.\12\ As BATS has done with its BATS Form, the Exchange's proposed rule change amending the DRO definition will be more inclusive and benefits the individual investor who places his or her money into accounts that are held in a corporate legal form (e.g., an IRA, Corporation, or an LLC that has been established for the benefit of an individual or group of related family members), provided that the order has been submitted by an individual. As a result, the price discovery is enhanced as more retail investors will have the opportunity to avail themselves of DROs. Under the current rule and attestation, only a small segment of the retail market is included. The proposed rule change widens the net and affords more retail investors and their broker-dealers that route these orders greater opportunities. --------------------------------------------------------------------------- \12\ Supra note 5. --------------------------------------------------------------------------- Further, although the change from ``every order'' to ``substantially all orders'' slightly reduces the monitoring risk placed on broker-dealers, the Exchange believes that this slightly lower burden will encourage and provide reasonable incentives for retail-focused broker-dealers to route retail orders to the Exchange for the benefit of the price discovery process and for all market participants with enhanced retail liquidity and trading opportunities. The Exchange believes that the amended DRO definition increases competition among execution venues and encourages additional liquidity by incentivizing more DROs to be routed to the Exchange, which will bring additional liquidity onto the Exchange. Additionally, the proposed rule change will improve the markets and create a more competitive environment, as well as bring more order flow, which, in turn, enhances the price discovery process on the Exchange. The Exchange believes that the transparency and competitiveness of the proposed rule change will result in better prices for retail investors. The Exchange also believes that the proposed rule change is consistent with these principles in that it creates a financial incentive to bring more than just retail order flow from individual or joint ownership accounts to the public market. The proposed rule change also encourages retail order flow that is in other forms of account registration employed by retail investors (as is the case with an IRA), which broadens it beyond just basic retail order flow. It also includes order flow from members that use other forms of account registration for tax reasons, retirement or pension savings, for families and other related retail investors. Nasdaq also believes that the proposed rule change to the definition of DRO in Nasdaq Rule 7018 qualifies as a ``non- controversial'' rule change under Rule 19b-4(f)(6) because it is not novel and serves to put the Exchange on equal footing with BATS. It simply recognizes that an order from a ``natural person'' may include orders based on an individual making the decision (rather than an algorithm), even if the account is held in an IRA, Corporation, or an LLC that has been established for the benefit of an individual or group of related family members. Nasdaq further believes that inclusion in the DRO definition of an individual making the decision even if the account is held in corporate legal form qualifies as a ``non- controversial'' rule change under Rule 19b-4(f)(6) and is not a significant change from existing rules on other exchanges. The Exchange believes that this proposed rule change and the proposed rule change to modify the standard that members have implemented policies and procedures that are reasonably designed to ensure that ``substantially all'' rather than ``every'' order are minor enough changes to qualify the filing as non-controversial, which is consistent with previous approvals. For the above reasons, Nasdaq believes the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Act.\13\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that competition improves by incentivizing more DROs to be routed to the Exchange, which will bring additional liquidity onto the Exchange as well. The definition of DRO, as amended, will improve the markets and create a more competitive environment, as well as bring more order flow and, therefore, more market makers onto the Exchange to provide liquidity and compete with robust competitive markets. [[Page 40100]] C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others Written comments were neither solicited nor 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)(ii) of the Act \14\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\15\ --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(a)(ii). \15\ 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, along with a brief description and 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 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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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. The Exchange has provided the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change. 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-NASDAQ-2015-066 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, Station Place, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NASDAQ-2015-066. 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 Nasdaq. 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-NASDAQ-2015-066 and should be submitted on or before August 3, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-16976 Filed 7-10-15; 8:45 am] BILLING CODE 8011-01-P
![40098 Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
of BrokerCheck. While such suggestions Reference Room, 100 F Street, NE., II. Self-Regulatory Organization’s
are beyond the scope of this proposal, Washington, DC 20549, on official Statement of the Purpose of, and
FINRA intends to continue to consider business days between the hours of Statutory Basis for, the Proposed Rule
ways to increase investor knowledge 10:00 a.m. and 3:00 p.m. Copies of the Change
and usage of BrokerCheck. filing also will be available for In its filing with the Commission,
inspection and copying at the principal Nasdaq included statements concerning
III. Date of Effectiveness of the
office of FINRA. All comments received the purpose of, and basis for, the
Proposed Rule Change and Timing for
will be posted without change; the proposed rule change. The text of these
Commission Action
Commission does not edit personal statements may be examined at the
Within 45 days of the date of identifying information from
publication of this notice in the Federal places specified in Item IV below, and
submissions. You should submit only is set forth in Sections A, B, and C
Register or within such longer period information that you wish to make
up to 90 days (i) as the Commission may below.
available publicly. All submissions
designate if it finds such longer period should refer to File Number SR–FINRA– A. Self-Regulatory Organization’s
to be appropriate and publishes its 2015–022 and should be submitted on Statement of the Purpose of, and
reasons for so finding or (ii) as to which or before August 3, 2015. Statutory Basis for, the Proposed Rule
the self-regulatory organization Change
For the Commission, by the Division of
consents, the Commission will: Trading and Markets, pursuant to delegated
A. by order approve or disapprove 1. Purpose
authority.42
such proposed rule change, or The Exchange proposes to amend the
Brent J. Fields,
B. institute proceedings to determine definition of ‘‘Designated Retail Order’’
whether the proposed rule change Secretary.
(‘‘DRO’’) in Nasdaq Rule 7018 in order
should be disapproved. [FR Doc. 2015–16978 Filed 7–10–15; 8:45 am]
to clarify it and make it more consistent
BILLING CODE 8011–01–P with the definition of ‘‘Retail Order’’ as
IV. Solicitation of Comments
previously set forth in Nasdaq Rule
Interested persons are invited to 4780(a)(2) (eliminated by the recently
submit written data, views, and SECURITIES AND EXCHANGE
approved SR–NASDAQ–2015–024),
arguments concerning the foregoing, COMMISSION
BATS Y-Exchange, Inc. (‘‘BATS’’) Rule
including whether the proposed rule 11.24(a)(2) 3 and NYSE Arca, Inc.
[Release No. 34–75375; File No. SR–
change is consistent with the Act. NASDAQ–2015–066] (‘‘NYSE Arca’’) Rule 7.44(a)(3) 4, as well
Comments may be submitted by any of as how it is defined in within the BATS
the following methods: Self-Regulatory Organizations; The Retail Member Organization
Electronic Comments NASDAQ Stock Market LLC; Notice of Application Form (‘‘BATS Form’’).5 The
Filing and Immediate Effectiveness of Exchange will also update its
• Use the Commission’s Internet Proposed Rule Change to Amend the Designated Retail Order Attestation
comment form (http://www.sec.gov/ Definition of Designated Retail Order in form 6 (‘‘Attestation Form’’) to be
rules/sro.shtml); or Nasdaq Rule 7018
• Send an email to rule-comments@ consistent with the proposed rule
sec.gov. Please include File Number SR– change. Pursuant to previous approvals,
July 7, 2015.
FINRA–2015–022 on the subject line. any and all members are required to
Pursuant to Section 19(b)(1) of the submit a retail order attestation form to
Paper Comments Securities Exchange Act of 1934 the specific exchange before submitting
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 a retail order to that exchange.7
• Send paper comments in triplicate notice is hereby given that on June 24,
to Secretary, Securities and Exchange As mentioned above, the proposed
2015, The NASDAQ Stock Market LLC changes to the DRO definition in
Commission, 100 F Street, NE., (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed with
Washington, DC 20549–1090. Nasdaq Rule 7018, as well as the
the Securities and Exchange corresponding changes to Nasdaq’s
All submissions should refer to File Commission (‘‘Commission’’) the
Number SR–FINRA–2015–022. This file Attestation Form, will be consistent
proposed rule change as described in in with the recently eliminated Nasdaq
number should be included on the Items I and II below, which Items have
subject line if email is used. To help the Rule 4780 and in line with the revisions
been prepared by Nasdaq. The made by BATS to the BATS Form.
Commission process and review your Commission is publishing this notice to
comments more efficiently, please use Specifically, BATS updated its BATS
solicit comments on the proposed rule Form to include three key elements: 8 (1)
only one method. The Commission will change from interested persons.
post all comments on the Commission’s To ensure that the order is a riskless
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s principal order that meets the criteria of
rules/sro.shtml). Copies of the Statement of the Terms of Substance of
3 See BATS Rule 11.24(a)(2).
submission, all subsequent the Proposed Rule Change
4 See NYSE Arca Rule 7.44(a)(3).
amendments, all written statements Nasdaq proposes to amend the 5 See http://cdn.batstrading.com/resources/
with respect to the proposed rule definition of ‘‘Designated Retail Order’’ membership/BYX_Retail_Member_Organization_
change that are filed with the in Nasdaq Rule 7018. Application.pdf.
6 See http://www.nasdaqtrader.com/content/
Commission, and all written
asabaliauskas on DSK5VPTVN1PROD with NOTICES
The text of the proposed rule change
AdministrationSupport/AgreementsTrading/dro_
communications relating to the is available at http:// eligibility_form.pdf.
proposed rule change between the nasdaq.cchwallstreet.com/, at Nasdaq’s 7 See e.g., Securities Exchange Act Release No.
Commission and any person, other than principal office, and at the 69719 (June 7, 2013), 78 FR 35656 (June 13, 2014)
those that may be withheld from the Commission’s Public Reference Room. (SR–NASDAQ–2013–031); Securities Exchange Act
public in accordance with the Release No. 69643 (May 28, 2013), 78 FR 33136
(June 3, 2014) (SR–BYX–2013–008); and Securities
provisions of 5 U.S.C. 552, will be 42 17 CFR 200.30–3(a)(12). Exchange Act Release No. 69513 (May 3, 2013), 78
available for Web site viewing and 1 15 U.S.C. 78s(b)(1). FR 27261 (May 9, 2014) (SR–NYSE–2013–08).
printing in the Commission’s Public 2 17 CFR 240.19b–4. 8 Supra note 5.
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![40100 Federal Register / Vol. 80, No. 133 / Monday, July 13, 2015 / Notices
C. Self-Regulatory Organization’s Paper Comments SECURITIES AND EXCHANGE
Statement on Comments on the COMMISSION
Proposed Rule Change Received from • Send paper comments in triplicate
to Secretary, Securities and Exchange [Release No. 34–75374; File No. SR–BOX–
Members, Participants, or Others 2015–22]
Commission, Station Place, 100 F Street
Written comments were neither
solicited nor received. NE., Washington, DC 20549–1090. Self-Regulatory Organizations; BOX
All submissions should refer to File Options Exchange LLC; Notice of
III. Date of Effectiveness of the Number SR–NASDAQ–2015–066. This Filing of Proposed Rule Change to
Proposed Rule Change and Timing for Implement the Governance Provisions
file number should be included on the
Commission Action of an Equity Rights Program
subject line if email is used. To help the
Because the foregoing proposed rule Commission process and review your
change does not: (i) significantly affect July 7, 2015.
comments more efficiently, please use Pursuant to Section 19(b)(1) of the
the protection of investors or the public only one method. The Commission will
interest; (ii) impose any significant Securities Exchange Act of 1934 (the
post all comments on the Commission’s ‘‘Act’’) 1 and Rule 19b-4 thereunder,2
burden on competition; and (iii) become
Internet Web site http://www.sec.gov/ notice is hereby given that, on June 25,
operative for 30 days from the date on
rules/sro.shtml. 2015, BOX Options Exchange LLC (the
which it was filed, or such shorter time
as the Commission may designate, it has Copies of the submission, all ‘‘Exchange’’) filed with the Securities
become effective pursuant to Section subsequent amendments, all written and Exchange Commission (the
19(b)(3)(A)(ii) of the Act 14 and statements with respect to the proposed ‘‘Commission’’) the proposed rule
subparagraph (f)(6) of Rule 19b–4 rule change that are filed with the change as described in Items I, II, and
thereunder.15 Commission, and all written III below, which Items have been
At any time within 60 days of the communications relating to the prepared by the self-regulatory
filing of the proposed rule change, the proposed rule change between the organization. The Commission is
Commission summarily may Commission and any person, other than publishing this notice to solicit
temporarily suspend such rule change if those that may be withheld from the comments on the proposed rule change
it appears to the Commission that such from interested persons.
public in accordance with the
action is: (i) necessary or appropriate in provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s
the public interest; (ii) for the protection Statement of the Terms of the Substance
available for Web site viewing and
of investors; or (iii) otherwise in of the Proposed Rule Change
printing in the Commission’s Public
furtherance of the purposes of the Act.
If the Commission takes such action, the Reference Room, 100 F Street, NE., The Exchange proposes to implement
Commission shall institute proceedings Washington, DC 20549, on official the governance provisions of an equity
to determine whether the proposed rule business days between the hours of rights program (the ‘‘VPR Program’’).
should be approved or disapproved. The 10:00 a.m. and 3:00 p.m. Copies of the Upon Commission approval of the
Exchange has provided the Commission filing also will be available for proposed rule change, BOX Holdings
written notice of its intent to file the inspection and copying at the principal Group LLC (‘‘Holdings’’), an affiliate of
proposed rule change, along with a brief office of Nasdaq. All comments received the Exchange and direct parent entity of
description and text of the proposed will be posted without change; the BOX Market LLC, a facility of the
rule change, at least five business days Commission does not edit personal Exchange (‘‘BOX’’), proposes to amend
prior to the date of filing of the identifying information from the existing Limited Liability Company
proposed rule change. submissions. You should submit only Agreement of Holdings (the ‘‘Holdings
information that you wish to make LLC Agreement’’) by adopting an
IV. Solicitation of Comments Amended and Restated Limited
available publicly.
Interested persons are invited to Liability Company Agreement of
submit written data, views, and All submissions should refer to File Holdings (the ‘‘Restated Holdings LLC
arguments concerning the foregoing, Number SR–NASDAQ–2015–066 and Agreement’’). There are no other
including whether the proposed rule should be submitted on or before proposed changes to any rule text. The
change is consistent with the Act. August 3, 2015. text of the proposed rule change is
Comments may be submitted by any For the Commission, by the Division of available from the principal office of the
of the following methods: Trading and Markets, pursuant to delegated Exchange, at the Commission’s Public
Electronic Comments authority.16 Reference Room and also on the
Brent J. Fields, Exchange’s Internet Web site at http://
• Use the Commission’s Internet boxexchange.com.
comment form (http://www.sec.gov/ Secretary.
rules/sro.shtml); or [FR Doc. 2015–16976 Filed 7–10–15; 8:45 am] II. Self-Regulatory Organization’s
• Send an email to rule-comments@ BILLING CODE 8011–01–P Statement of the Purpose of, and
sec.gov. Please include File Number Statutory Basis for, the Proposed Rule
SR–NASDAQ–2015–066 on the Change
subject line. In its filing with the Commission, the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
self-regulatory organization included
14 15 U.S.C. 78s(b)(3)(a)(ii).
15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
statements concerning the purpose of,
4(f)(6) requires a self-regulatory organization to give and basis for, the proposed rule change
the Commission written notice of its intent to file and discussed any comments it received
the proposed rule change, along with a brief on the proposed rule change. The text
description and text of the proposed rule change,
at least five business days prior to the date of filing
of these statements may be examined at
of the proposed rule change, or such shorter time
1 15 U.S.C. 78s(b)(1).
as designated by the Commission. The Exchange
has satisfied this requirement. 16 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-23 09:17:39
Document Modified: 2018-02-23 09:17:39
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