80 FR 41123 - Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 995NY by Deleting the Prohibition on ATP Holders From Entering Customer Limit Orders To Buy and Sell the Same Option Series, for the Account or Accounts of the Same or Related Beneficial Owner

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 134 (July 14, 2015)

Page Range		41123-41125
FR Document		2015-17176
Federal Register, Volume 80 Issue 134 (Tuesday, July 14, 2015)
[Federal Register Volume 80, Number 134 (Tuesday, July 14, 2015)]
[Notices]
[Pages 41123-41125]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-17176]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75398; File No. SR-NYSEMKT-2015-46]


Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and 
Immediate Effectiveness of Proposed Rule Change Amending Rule 995NY by 
Deleting the Prohibition on ATP Holders From Entering Customer Limit 
Orders To Buy and Sell the Same Option Series, for the Account or 
Accounts of the Same or Related Beneficial Owner

July 8, 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 June 26, 2015, NYSE MKT LLC (the ``Exchange'' or ``NYSE 
MKT'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 995NY by deleting the 
prohibition on ATP Holders from entering Customer limit orders to buy 
and sell the same option series, for the account or accounts of the 
same or related beneficial owner. 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 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 995NY--Prohibited Conduct. 
Specifically, the Exchange is proposing to eliminate subparagraph (b) 
prohibiting ATP Holders, while acting as agent, from entering Customer 
limit orders in the same option series, for the account or accounts of 
the same or related beneficial owner, in such a manner that the 
Customer or beneficial owner(s) effectively is operating as a market 
maker by holding itself out as willing to buy and sell such option 
contract on a regular or continuous basis.
Background
    The Exchange adopted Rule 995NY(b) in 2009, when it implemented a 
new electronic trading platform for NYSE Amex Options (f/k/a American 
Stock Exchange).\4\ Rule 995NY(b) replaced former Rule 934.\5\ The 
Exchange adopted Rule 934 in 2001 to restrict the entry of certain 
option limit orders.\6\ At that time, the Exchange's business model 
depended on Specialists and registered options traders (collectively 
``Market Maker'') for competition and liquidity. Market Makers operated 
primarily on the trading Floor with limited ability to conduct 
electronic trading. By contrast, Customers had access to certain 
benefits such as automatic execution, priority of bids and offers, and 
firm-quote guarantees, that were not offered to Market Makers. In 
addition, the Exchange did not distinguish Professional Customers, who 
are more likely to be able to take advantage of such automated systems, 
as a separate category of Customer. For these reasons, Rule 934 was 
designed to prevent Customers from obtaining an unfair advantage by 
acting in a market maker-like capacity, while having priority over the 
Specialists and registered traders by virtue of their Customer status.
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    \4\ See Securities and Exchange Act Release No. 59472 (February 
27, 2009), 74 FR 9843 (March 6, 2009) (SR-NYSEALTR-2008-14) 
(Approval Order).
    \5\ See Securities and Exchange Act Release No. 59454 (February 
25, 2009). 74 FR 9461 (March 4, 2009) (SR-NYSEAmex-2009-17) (Notice 
of Filing of Proposal to Delete Certain Rules Governing the Trading 
of Listed Options).
    \6\ See Securities and Exchange Act Release No. 43948 (February 
7, 2001), 66 FR 10539 (February 15, 2001) (SR-Amex-2001-03) (Notice 
of Filing).
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Proposal
    The Exchange proposes to delete Rule 995NY(b) as it is no longer 
necessary. Specifically, the Exchange believes that the advances in 
electronic trading that have occurred since 2001, combined with the 
addition of the Professional Customer designation, have eliminated the 
need to restrict how Customers enter limit orders at the Exchange.
    Specifically, since 2009, the Exchange has operated an electronic 
trading model that affords all market participants, including both 
Floor and off-Floor Market Makers, access to automated trading systems. 
With such access, Market Makers have developed sophisticated trading 
systems that enable them to compete with the type of automated trading 
systems that were generally available only to non-Market Makers, 
including Customers, in 2001.
    In addition, in 2010, the Exchange added the Professional Customer 
designation, which is aimed at differentiating those Customers who 
engage in computerized or ``high frequency'' trading from the 
traditional retail investor.\7\ Pursuant to Rule 900.2NY(18A), a 
Professional Customer (i) is not a Broker/Dealer in securities, and 
(ii) places more than 390 orders in listed options per day on average 
during a calendar month for its own beneficial account(s). Professional 
Customers retain the status of Customer, however,

[[Page 41124]]

they are treated in the same manner as a Broker Dealer for the purposes 
of certain Exchange rules, including but not limited to Rule 964NY 
(Display, Priority and Order Allocation--Trading Systems), Rule 971.1NY 
(Electronic Cross Transactions), Rule 980NY(b) (Electronic Complex 
Order Trading), and Rule 995NY(b)(Prohibited Conduct--Limit Orders). By 
being treated as Broker Dealers, Professional Customers are not 
entitled to preferential treatment generally afforded to Customers 
under these rules. Professional Customers were the type of Customer 
that the Exchange was concerned about in 2001 when adopting Rule 934 
(now Rule 995NY(b)). Because Professional Customers are not subject to 
the rules that Rule 934 (now Rule 995NY(b)) was designed to address, 
the Exchange believes that the concerns that supported adoption of Rule 
934 in 2001 are no longer present.
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    \7\ See Securities and Exchange Act Release No. 61629 (March 2, 
2010), 75 FR 10851 (March 9, 2010) (SR-NYSEAmex-2010-18) (Notice of 
Filing).
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    At least five other options exchanges, including BOX Options 
Exchange LLC (``BOX''), NASDAQ OMX BX Inc. (``BX''), NASDAQ Stock 
Market LLC (``NOM''), BATS Exchange Inc. (``BATS'') and NYSE Arca Inc. 
(``NYSE Arca'') do not have rules prohibiting Customers from entering 
limit orders to buy and sell the same option series for the account or 
accounts of the same or related beneficial owner. In addition, each of 
the aforementioned exchanges has adopted similar rules as NYSE Amex 
Options governing the treatment of orders entered by Professional 
Customers. The Exchange notes that NOM and BX, like the Exchange, also 
afford priority to Customer orders.\8\ Accordingly, eliminating the 
restriction on Customers entering limit orders by deleting Rule 
995NY(b) would not be novel. Rather, by deleting the rule, Customers 
that trade on more than one exchange would be subject to similar rules 
governing their trading activity.
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    \8\ See BX Rule Chapter VI Section 10(1)(C)(1)(a) and 
10(1)(C)(2), and NOM Rule Chapter VI Section 10(1)(C)(2)(i) [sic].
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    The Exchange also proposes to delete the reference to Rule 995NY(b) 
found in Rule 900.2NY(18A), as that rule cite would no longer be 
necessary with the proposed elimination of the rule.
Implementation
    The Exchange proposes to announce the implementation of the 
proposed rule change via Trader Update, to be published no later than 
thirty (30) days following the effectiveness of this proposal. The 
implementation date will be no later than thirty (30) days following 
publication of the Trader Update.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the 
Act,\9\ in general, and furthers the objectives of Section 6(b)(5),\10\ 
in particular, 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.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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    First, the limitation on how Customers could enter orders was 
adopted almost fifteen years ago when the Exchange operated a Floor-
based open outcry auction model, with limited access to automated 
trading systems by Market Makers. Since that time, Market Maker systems 
have developed into highly efficient sophisticated trading platforms 
able to compete with market professionals and Customers alike. Second, 
the adoption of the Professional Customer designation has all but 
eliminated the ability of high-frequency traders to act like Market 
Makers, while at the same time realizing the benefits of Customer 
priority and preferential order allocation. Market Makers are no longer 
at a competitive disadvantage to Customers when it comes to automated 
trading, as was the case when the prohibition was first adopted.\11\ As 
such, the Exchange believes the current prohibition is no longer 
needed, and could even be seen as counter-productive. Accordingly, the 
Exchange believes that the proposed rule change would remove 
impediments to and perfect the mechanism of a free and open market by 
removing a limitation on how Customers enter limit orders that is no 
longer necessary in today's market structure.
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    \11\ Supra n.6.
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    In addition, the Exchange believes that the removal of the 
limitation on Customer orders will more freely permit the entry of 
orders by market participants, including retail investors, resulting in 
more orders on the Exchange and therefore increase liquidity on the 
Exchange, which would benefit all market participants. Lastly, removing 
the prohibition is competitive vis-[agrave]-vis other options exchanges 
that do not have similar prohibitions in place to what the Exchange is 
proposing to delete with this filing. By promoting competition, the 
proposal may also lead to tighter, more efficient markets to the 
benefit of market participants, including public investors, that engage 
in trading and hedging on the Exchange.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act. To the contrary, removing 
the prohibition on order entry found in Rule 995(b) further promotes 
competition on the Exchange, which should lead to tighter, more 
efficient markets to the benefit of market participants including 
public investors that engage in trading and hedging on the Exchange, 
and thereby make the Exchange a desirable market vis-[agrave]-vis other 
options exchanges. In addition, the Exchange believes that the proposed 
rule change is pro-competitive because it would align the Exchange's 
rules with the rules of other markets, including BOX, BX, NOM, BATS and 
NYSE Arca, thereby enabling Customers that trade on more than one 
exchange to be subject to similar rules governing their trading 
activity.

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 Exchange has filed the proposed rule change pursuant to Section 
19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\ 
Because the proposed rule change does not (i) significantly affect the 
protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, the proposed rule change has become effective 
pursuant to Section 19(b)(3)(A) of the Act \14\ and Rule 19b-4(f)(6) 
thereunder.\15\
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    \12\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \13\ 17 CFR 240.19b-4(f)(6).
    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written 
notice of its 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.
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    At any time within 60 days of the filing of the proposed rule 
change, the

[[Page 41125]]

Commission summarily may temporarily suspend such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act. If the Commission takes such 
action, the Commission shall institute proceedings to determine whether 
the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

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

Electronic 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-NYSEMKT-2015-46 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-NYSEMKT-2015-46. 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 20549-1090, on official business days between the hours 
of 10:00 a.m. and 3:00 p.m. Copies of the filing will also be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSEMKT-2015-46 and should 
be submitted on or before August 4, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-17176 Filed 7-13-15; 8:45 am]
 BILLING CODE 8011-01-P
41124 Federal Register / Vol. 80, No. 134 / Tuesday, July 14, 2015 / Notices

they are treated in the same manner as 2. Statutory Basis public investors, that engage in trading
a Broker Dealer for the purposes of The proposed rule change is and hedging on the Exchange.
certain Exchange rules, including but consistent with Section 6(b) of the Act,9 B. Self-Regulatory Organization’s
not limited to Rule 964NY (Display, in general, and furthers the objectives of Statement on Burden on Competition
Priority and Order Allocation—Trading Section 6(b)(5),10 in particular, in that it
Systems), Rule 971.1NY (Electronic The Exchange does not believe that
is designed to prevent fraudulent and
Cross Transactions), Rule 980NY(b) the proposed rule change would impose
manipulative acts and practices, to
(Electronic Complex Order Trading), any burden on competition that is not
promote just and equitable principles of
and Rule 995NY(b)(Prohibited necessary or appropriate in furtherance
trade, to foster cooperation and
Conduct—Limit Orders). By being of the purposes of the Act. To the
coordination with persons engaged in
treated as Broker Dealers, Professional contrary, removing the prohibition on
facilitating transactions in securities,
Customers are not entitled to order entry found in Rule 995(b) further
and to remove impediments to and
preferential treatment generally afforded promotes competition on the Exchange,
perfect the mechanism of a free and
to Customers under these rules. which should lead to tighter, more
open market and a national market
Professional Customers were the type of efficient markets to the benefit of market
system.
Customer that the Exchange was First, the limitation on how participants including public investors
concerned about in 2001 when adopting Customers could enter orders was that engage in trading and hedging on
Rule 934 (now Rule 995NY(b)). Because adopted almost fifteen years ago when the Exchange, and thereby make the
Professional Customers are not subject the Exchange operated a Floor-based Exchange a desirable market vis-à-vis
to the rules that Rule 934 (now Rule open outcry auction model, with limited other options exchanges. In addition,
995NY(b)) was designed to address, the access to automated trading systems by the Exchange believes that the proposed
Exchange believes that the concerns that Market Makers. Since that time, Market rule change is pro-competitive because
supported adoption of Rule 934 in 2001 Maker systems have developed into it would align the Exchange’s rules with
are no longer present. highly efficient sophisticated trading the rules of other markets, including
At least five other options exchanges, platforms able to compete with market BOX, BX, NOM, BATS and NYSE Arca,
including BOX Options Exchange LLC professionals and Customers alike. thereby enabling Customers that trade
(‘‘BOX’’), NASDAQ OMX BX Inc. Second, the adoption of the Professional on more than one exchange to be subject
(‘‘BX’’), NASDAQ Stock Market LLC Customer designation has all but to similar rules governing their trading
(‘‘NOM’’), BATS Exchange Inc. eliminated the ability of high-frequency activity.
(‘‘BATS’’) and NYSE Arca Inc. (‘‘NYSE traders to act like Market Makers, while C. Self-Regulatory Organization’s
Arca’’) do not have rules prohibiting at the same time realizing the benefits Statement on Comments on the
Customers from entering limit orders to of Customer priority and preferential Proposed Rule Change Received From
buy and sell the same option series for order allocation. Market Makers are no Members, Participants, or Others
the account or accounts of the same or longer at a competitive disadvantage to No written comments were solicited
related beneficial owner. In addition, Customers when it comes to automated or received with respect to the proposed
each of the aforementioned exchanges trading, as was the case when the rule change.
has adopted similar rules as NYSE prohibition was first adopted.11 As
Amex Options governing the treatment such, the Exchange believes the current III. Date of Effectiveness of the
of orders entered by Professional prohibition is no longer needed, and Proposed Rule Change and Timing for
Customers. The Exchange notes that could even be seen as counter- Commission Action
NOM and BX, like the Exchange, also productive. Accordingly, the Exchange The Exchange has filed the proposed
afford priority to Customer orders.8 believes that the proposed rule change rule change pursuant to Section
Accordingly, eliminating the restriction would remove impediments to and 19(b)(3)(A) of the Act 12 and Rule 19b–
on Customers entering limit orders by perfect the mechanism of a free and 4(f)(6) thereunder.13 Because the
deleting Rule 995NY(b) would not be open market by removing a limitation proposed rule change does not (i)
novel. Rather, by deleting the rule, on how Customers enter limit orders significantly affect the protection of
Customers that trade on more than one that is no longer necessary in today’s investors or the public interest; (ii)
exchange would be subject to similar market structure. impose any significant burden on
rules governing their trading activity. In addition, the Exchange believes competition; and (iii) become operative
The Exchange also proposes to delete that the removal of the limitation on for 30 days from the date on which it
the reference to Rule 995NY(b) found in Customer orders will more freely permit was filed, or such shorter time as the
Rule 900.2NY(18A), as that rule cite the entry of orders by market Commission may designate, the
would no longer be necessary with the participants, including retail investors, proposed rule change has become
proposed elimination of the rule. resulting in more orders on the effective pursuant to Section 19(b)(3)(A)
Exchange and therefore increase of the Act 14 and Rule 19b–4(f)(6)
Implementation liquidity on the Exchange, which would thereunder.15
The Exchange proposes to announce benefit all market participants. Lastly, At any time within 60 days of the
the implementation of the proposed rule removing the prohibition is competitive filing of the proposed rule change, the
change via Trader Update, to be vis-à-vis other options exchanges that
published no later than thirty (30) days do not have similar prohibitions in 12 15 U.S.C. 78s(b)(3)(A)(iii).
asabaliauskas on DSK5VPTVN1PROD with NOTICES

following the effectiveness of this place to what the Exchange is proposing 13 17 CFR 240.19b–4(f)(6).
proposal. The implementation date will to delete with this filing. By promoting 14 15 U.S.C. 78s(b)(3)(A).

be no later than thirty (30) days competition, the proposal may also lead 15 17 CFR 240.19b–4(f)(6). As required under Rule

following publication of the Trader to tighter, more efficient markets to the 19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
Update. benefit of market participants, including the proposed rule change, along with a brief
description and the text of the proposed rule
8 See BX Rule Chapter VI Section 10(1)(C)(1)(a) 9 15 U.S.C. 78f(b). change, at least five business days prior to the date
10 15 U.S.C. 78f(b)(5).
and 10(1)(C)(2), and NOM Rule Chapter VI Section of filing of the proposed rule change, or such
10(1)(C)(2)(i) [sic]. 11 Supra n.6. shorter time as designated by the Commission.

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Commission summarily may available publicly. All submissions trading in the security have sufficient
temporarily suspend such rule change if should refer to File Number SR– copies of the preliminary or final
it appears to the Commission that such NYSEMKT–2015–46 and should be prospectus, as requested by them, to
action is necessary or appropriate in the submitted on or before August 4, 2015. enable such broker-dealer to satisfy their
public interest, for the protection of For the Commission, by the Division of respective prospectus delivery
investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated obligations pursuant to Rule 15c2–8, as
the purposes of the Act. If the authority.16 well as Section 5 of the Securities Act
Commission takes such action, the Brent J. Fields, of 1933.
Commission shall institute proceedings Secretary.
to determine whether the proposed rule Rule 15c2–8 implicitly requires that
[FR Doc. 2015–17176 Filed 7–13–15; 8:45 am]
should be approved or disapproved. broker-dealers collect information, as
BILLING CODE 8011–01–P
such collection facilitates compliance
IV. Solicitation of Comments with the rule. There is no requirement
Interested persons are invited to to submit collected information to the
SECURITIES AND EXCHANGE
submit written data, views, and Commission. In order to comply with
COMMISSION
arguments concerning the foregoing, the rule, broker-dealers participating in
including whether the proposed rule Submission for OMB Review; a securities offering must keep accurate
change is consistent with the Act. Comment Request records of persons who have indicated
Comments may be submitted by any of interest in an IPO or requested a
the following methods: Upon Written Request, Copies Available
From: U.S. Securities and Exchange prospectus, so that they know to whom
Electronic Comments Commission, Office of FOIA Services, they must send a prospectus.
• Use the Commission’s Internet Washington, DC 20549–0213. The Commission estimates that the
comment form (http://www.sec.gov/ Extension: time broker-dealers will spend
rules/sro.shtml); or Rule 15c2–8. SEC File No. 270–421, OMB complying with the collection of
• Send an email to rule-comments@ Control No. 3235–0481. information required by the rule is
sec.gov. Please include File Number SR– Notice is hereby given that pursuant 11,900 hours for equity IPOs and 86,460
NYSEMKT–2015–46 on the subject line. to the Paperwork Reduction Act of 1995 hours for other offerings. The
Paper Comments (44 U.S.C. 3501 et seq.), the Securities Commission estimates that the total
and Exchange Commission annualized cost burden (copying and
• Send paper comments in triplicate
to Secretary, Securities and Exchange (‘‘Commission’’) has submitted to the postage costs) is $23,800,000 for IPOs
Commission, 100 F Street NE., Office of Management and Budget and $3,458,400 for other offerings.
Washington, DC 20549–1090. (‘‘OMB’’) a request for approval of An agency may not conduct or
extension of the existing collection of sponsor, and a person is not required to
All submissions should refer to File
information provided for in the respond to, a collection of information
Number SR–NYSEMKT–2015–46. This
following rule: Rule 15c2–8 (17 CFR
file number should be included on the under the PRA unless it displays a
240.15c2–8), under the Securities
subject line if email is used. To help the currently valid OMB control number.
Exchange Act of 1934 (15 U.S.C. 78a et
Commission process and review your The public may view background
seq.).
comments more efficiently, please use Rule 15c2–8 requires broker-dealers to documentation for this information
only one method. The Commission will deliver preliminary and/or final collection at the following Web site:
post all comments on the Commission’s prospectuses to certain people under www.reginfo.gov. Comments should be
Internet Web site (http://www.sec.gov/ certain circumstances. In connection directed to: (i) Desk Officer for the
rules/sro.shtml). Copies of the with securities offerings generally, Securities and Exchange Commission,
submission, all subsequent including initial public offerings (IPOs),
amendments, all written statements Office of Information and Regulatory
the rule requires broker-dealers to take Affairs, Office of Management and
with respect to the proposed rule reasonable steps to distribute copies of
change that are filed with the Budget, Room 10102, New Executive
the preliminary or final prospectus to Office Building, Washington, DC 20503,
Commission, and all written anyone who makes a written request, as
communications relating to the or by sending an email to: Shagufta_
well as any broker-dealer who is
proposed rule change between the Ahmed@omb.eop.gov; and (ii) Pamela
expected to solicit purchases of the
Commission and any person, other than security and who makes a request. In Dyson, Director/Chief Information
those that may be withheld from the connection with IPOs, the rule requires Officer, Securities and Exchange
public in accordance with the a broker-dealer to send a copy of the Commission, c/o Remi Pavlik-Simon,
provisions of 5 U.S.C. 552, will be preliminary prospectus to any person 100 F Street NE., Washington, DC
available for Web site viewing and who is expected to receive a 20549, or by sending an email to: PRA_
printing in the Commission’s Public confirmation of sale (generally, this Mailbox@sec.gov. Comments must be
Reference Room, 100 F Street NE., means any person who is expected to submitted to OMB within 30 days of
Washington, DC 20549–1090, on official actually purchase the security in the this notice.
business days between the hours of offering) at least 48 hours prior to the Dated: July 7, 2015.
10:00 a.m. and 3:00 p.m. Copies of the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

sending of such confirmation. This
filing will also be available for Brent J. Fields,
requirement is sometimes referred to as
inspection and copying at the principal the ‘‘48 hour rule.’’ Secretary.
office of the Exchange. All comments Additionally, managing underwriters [FR Doc. 2015–17181 Filed 7–13–15; 8:45 am]
received will be posted without change; are required to take reasonable steps to BILLING CODE 8011–01–P
the Commission does not edit personal ensure that all broker-dealers
identifying information from participating in the distribution of or
submissions. You should submit only
information that you wish to make 16 17 CFR 200.30–3(a)(12).

VerDate Sep<11>2014 19:09 Jul 13, 2015 Jkt 235001 PO 00000 Frm 00135 Fmt 4703 Sfmt 9990 E:\FR\FM\14JYN1.SGM 14JYN1
Document Created: 2018-02-23 09:19:12
Document Modified: 2018-02-23 09:19:12
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 41123