80_FR_46769 80 FR 46619 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend and Correct Rule 1080.07

80 FR 46619 - Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend and Correct Rule 1080.07

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 150 (August 5, 2015)

Page Range46619-46620
FR Document2015-19136

Federal Register, Volume 80 Issue 150 (Wednesday, August 5, 2015) 
[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46619-46620]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19136]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75570; File No. SR-Phlx-2015-49]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change To Amend and Correct Rule 1080.07

July 30, 2015.
    On June 5, 2015, NASDAQ OMX PHLX LLC (the ``Exchange'' or ``Phlx'') 
filed with the Securities and Exchange Commission (``Commission''), 
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
amend and correct several provisions in Phlx Rule 1080.07, which 
governs the trading of Complex Orders on Phlx XL. The proposed rule 
change was published for comment in the Federal Register on June 23, 
2015.\3\ The Commission received no comments regarding the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 75189 (June 17, 
2015), 80 FR 35997.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is August 7, 2015.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day period for Commission action 
on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change. In particular, the extension of time will 
ensure that the Commission has sufficient time to consider and take 
action on the Exchange's proposal.

[[Page 46620]]

    Accordingly, pursuant to Section 19(b)(2)(A)(ii)(I) of the Act \5\ 
and for the reasons stated above, the Commission designates September 
21, 2015, as the date by which the Commission should either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change (File No. SR-Phlx-2015-49).
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    \5\ 15 U.S.C. 78s(b)(2)(A)(ii)(I).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Robert W. Errett,
Deputy Secretary.
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    \6\ 17 CFR 200.30-3(a)(31).
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[FR Doc. 2015-19136 Filed 8-4-15; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices 46619 was filed, or such shorter time as the change should be approved or For the Commission, by the Division of Commission may designate, if disapproved. Trading and Markets, pursuant to delegated consistent with the protection of authority.18 investors and the public interest, the IV. Solicitation of Comments Robert W. Errett, proposed rule change has become Deputy Secretary. Interested persons are invited to effective pursuant to Section 19(b)(3)(A) submit written data, views, and [FR Doc. 2015–19134 Filed 8–4–15; 8:45 am] of the Act 13 and Rule 19b–4(f)(6) arguments concerning the foregoing, BILLING CODE 8011–01–P thereunder.14 including whether the proposed rule A proposed rule change filed under change is consistent with the Act. Comments may be submitted by any of SECURITIES AND EXCHANGE Rule 19b–4(f)(6) 15 normally does not the following methods: COMMISSION become operative prior to 30 days after the date of the filing. However, pursuant [Release No. 34–75570; File No. SR–Phlx– to Rule 19b–4(f)(6)(iii),16 the Electronic Comments 2015–49] Commission may designate a shorter • Use the Commission’s Internet time if such action is consistent with the Self-Regulatory Organizations; comment form (http://www.sec.gov/ NASDAQ OMX PHLX LLC; Notice of protection of investors and the public rules/sro.shtml); or interest. The Exchange has asked the Designation of a Longer Period for Commission to waive the 30-day • Send an email to rule-comments@ Commission Action on a Proposed operative delay so that the proposed sec.gov. Please include File Number SR– Rule Change To Amend and Correct rule change may become operative BX–2015–043 on the subject line. Rule 1080.07 immediately. The Exchange represents Paper Comments July 30, 2015. that market participants have not On June 5, 2015, NASDAQ OMX expressed interest in the MIOC TIF. The • Send paper comments in triplicate PHLX LLC (the ‘‘Exchange’’ or ‘‘Phlx’’) Exchange therefore argues that waiver of to Secretary, Securities and Exchange filed with the Securities and Exchange the operative delay is consistent with Commission, 100 F Street, NE., Commission (‘‘Commission’’), pursuant the protection of investors and the Washington, DC 20549–1090. to Section 19(b)(1) of the Securities public interest because it will allow the Exchange Act of 1934 (‘‘Act’’) 1 and Rule All submissions should refer to File Exchange to remove the MIOC TIF prior 19b–4 thereunder,2 a proposed rule Number SR–BX–2015–043. This file its implementation, thereby serving to change to amend and correct several number should be included on the avoid investor confusion. The Exchange provisions in Phlx Rule 1080.07, which subject line if email is used. To help the also reasons that waiving the operative governs the trading of Complex Orders Commission process and review your delay would allow the Exchange to on Phlx XL. The proposed rule change comments more efficiently, please use make the required technical and was published for comment in the operational changes to the GTMC TIF only one method. The Commission will post all comments on the Commission’s Federal Register on June 23, 2015.3 The after the reconstitution of the Russell Commission received no comments Indexes. Based on the foregoing, the Internet Web site (http://www.sec.gov/ rules/sro.shtml). Copies of the regarding the proposal. Commission finds that waiving the 30- Section 19(b)(2) of the Act 4 provides day operative delay is consistent with submission, all subsequent amendments, all written statements that within 45 days of the publication of the protection of investors and the notice of the filing of a proposed rule public interest and hereby designates with respect to the proposed rule change that are filed with the change, or within such longer period up the proposal operative upon filing.17 to 90 days as the Commission may Commission, and all written At any time within 60 days of the communications relating to the designate if it finds such longer period filing of the proposed rule change, the proposed rule change between the to be appropriate and publishes its Commission summarily may Commission and any person, other than reasons for so finding or as to which the temporarily suspend such rule change if those that may be withheld from the self-regulatory organization consents, it appears to the Commission that such public in accordance with the the Commission shall either approve the action is necessary or appropriate in the provisions of 5 U.S.C. 552, will be proposed rule change, disapprove the public interest, for the protection of available for Web site viewing and proposed rule change, or institute investors, or otherwise in furtherance of printing in the Commission’s Public proceedings to determine whether the the purposes of the Act. If the Reference Room, 100 F Street, NE., proposed rule change should be Commission takes such action, the Washington, DC 20549 on official disapproved. The 45th day for this filing Commission shall institute proceedings business days between the hours of is August 7, 2015. to determine whether the proposed rule 10:00 a.m. and 3:00 p.m. Copies of such The Commission is extending the 45- filing also will be available for day period for Commission action on 13 15 U.S.C. 78s(b)(3)(A). inspection and copying at the principal the proposed rule change. The 14 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– offices of the Exchange. All comments Commission finds that it is appropriate 4(f)(6)(iii) requires the Exchange to give the to designate a longer period within Commission written notice of the Exchange’s intent received will be posted without change; to file the proposed rule change, along with a brief the Commission does not edit personal which to take action on the proposed description and text of the proposed rule change, identifying information from rule change. In particular, the extension asabaliauskas on DSK5VPTVN1PROD with NOTICES at least five business days prior to the date of filing submissions. You should submit only of time will ensure that the Commission of the proposed rule change, or such shorter time has sufficient time to consider and take as designated by the Commission. The Exchange information that you wish to make has satisfied this requirement. available publicly. All submissions action on the Exchange’s proposal. 15 17 CFR 240.19b–4(f)(6). should refer to File Number SR–BX– 1 15 16 17 CFR 240.19b–4(f)(6)(iii). U.S.C. 78s(b)(1). 2015–043, and should be submitted on 2 17 17 For purposes only of waiving the 30-day CFR 240.19b–4. or before August 26, 2015. 3 See Securities Exchange Act Release No. 75189 operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, (June 17, 2015), 80 FR 35997. and capital formation. See 15 U.S.C. 78c(f). 18 17 CFR 200.30–3(a)(12), (59). 4 15 U.S.C. 78s(b)(2). VerDate Sep<11>2014 16:54 Aug 04, 2015 Jkt 235001 PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 E:\FR\FM\05AUN1.SGM 05AUN1

46620 Federal Register / Vol. 80, No. 150 / Wednesday, August 5, 2015 / Notices Accordingly, pursuant to Section ‘‘System’’) 3 handles sell short orders customers, and the investing public into 19(b)(2)(A)(ii)(I) of the Act 5 and for the under the provisions of Rule 201 of the operation of the System in reasons stated above, the Commission Regulation SHO (‘‘Rule 201’’) pursuant accordance with Rule 201.9 The designates September 21, 2015, as the to the Act.4 The Exchange also proposes proposed rule amendments will: (i) date by which the Commission should to relocate to Rule 11.21 certain short Consolidate the Exchange’s short sale either approve or disapprove, or sale-related rule text currently in Rule rules into a single rule set and make institute proceedings to determine 11.1, Orders and Modifiers, and to amendments that will further enhance whether to disapprove, the proposed amend Rule 13.2, Failure to Deliver and the transparency of the Exchange’s rule change (File No. SR–Phlx–2015– Failure to Receive, to delete the existing rules; (ii) clarify the System’s operation 49). text and incorporate by reference Rules regarding the handling of a ‘‘resting’’ For the Commission, by the Division of 200, 203 and 204 of Regulation SHO.5 sell short Market Peg Zero Display Trading and Markets, pursuant to delegated The Exchange has designated this rule Reserve Order under Rule 201; 10 (iii) authority.6 proposal as ‘‘non-controversial’’ specify the obligations of ETP Holders Robert W. Errett, pursuant to Section 19(b)(3)(A) of the with respect to marking sell short orders Deputy Secretary. Act 6 and provided the Commission entered into the System; and (iv) amend [FR Doc. 2015–19136 Filed 8–4–15; 8:45 am] with the notice required by Rule 19b– Rule 13.2, Failure to Deliver and Failure 4(f)(6)(iii) under the Act.7 to Receive, to delete the existing text BILLING CODE 8011–01–P The text of the proposed rule change and incorporate by reference Rules 200, is available on the Exchange’s Web site 203 and 204 of Regulation SHO SECURITIES AND EXCHANGE at www.nsx.com, at the Exchange’s pursuant to the Act.11 COMMISSION principal office, and at the Rule 201(b)(1)(i) requires that trading Commission’s public reference room. centers such as the Exchange establish, [Release No. 34–75554; File No. SR–NSX– maintain and enforce written policies 2015–04] II. Self -Regulatory Organization’s Statement of the Purpose of, and and procedures reasonably designed to Self-Regulatory Organizations; Statutory Basis for, the Proposed Rule prevent the execution or display of a National Stock Exchange, Inc.; Notice Change short sale order of a covered security at of Filing and Immediate Effectiveness a price that is less than or equal to the In its filing with the Commission, the current national best bid if the price of of Proposed Rule Change Amending self-regulatory organization included Exchange Rule 11.21, Short Sales, To that covered security decreases by 10% statements concerning the purpose of, or more from such security’s closing Describe the Exchange’s and basis for, the proposed rule change Implementation of Rule 201 of price on the listing market at the close and discussed any comments it received Regulation SHO Under the Securities of regular trading hours on the prior day on the proposed rule change. The text Exchange Act of 1934 and Relocate (the ‘‘Short Sale Price Test’’). Rule of those statements may be examined at Certain Text From Rule 11.11, Orders 201(b)(1)(ii) requires that trading centers the places specified in Item IV below. and Modifiers; and Amending Rule establish, maintain and enforce written The Exchange has prepared summaries, 13.2 To Incorporate by Reference policies and procedures reasonably set forth in sections A, B, and C below, Rules 200, 203 and 204 of Regulation designed to impose the Short Sale Price of the most significant parts of such SHO Test for the remainder of the trading day statements. and the following day, when a national July 30, 2015. A. Self -Regulatory Organization’s best bid for the security is calculated Pursuant to the provisions of Section Statement of the Purpose of, and and disseminated on a current and 19(b)(1) of the Securities Exchange Act Statutory Basis for, the Proposed Rule continuing basis by a plan processor of 1934 (the ‘‘Exchange Act’’ or ‘‘Act’’) 1 Change pursuant to an effective national market and Rule 19b–4 thereunder,2 notice is system plan (the ‘‘Short Sale Price Test hereby given that on July 17, 2015, 1. Purpose Period’’).12 National Stock Exchange, Inc. (‘‘NSX®’’ The purpose of the rule changes Rule 201(b)(1)(iii)(A) 13 provides that or the ‘‘Exchange’’) filed with the proposed by the Exchange is to provide a trading center’s written policies and Securities and Exchange Commission transparency for Exchange Equity procedures must be reasonably designed (the ‘‘Commission’’) the proposed rule Trading Permit (‘‘ETP’’) Holders,8 their to permit the execution of a displayed change, as described in Items I, II, and short sale order of a covered security 3 Exchange Rule 1.5, Definitions, defines the III below, which Items have been ‘‘System’’ as ‘‘. . . the electronic securities substantially prepared by the Exchange. communications and trading facility . . . through 9 Pursuant to Interpretations and Policies .01 The Commission is publishing this which orders of Users are consolidated for ranking (Cessation of Trading Operations on NSX) under Exchange Rule 11.1 (Hours of Trading), the notice to solicit comments on the and execution.’’ Exchange ceased operating its marketplace for the 4 17 CFR 242.201. See Securities Exchange Act proposed rule change from interested trading of equity securities as of the close of Release No. 61595 (February 26, 2010), 75 FR 11232 persons. (March 10, 2010) (‘‘Rule 201 Adopting Release’’) business on May 30, 2014. See Securities Exchange and Securities Exchange Act Release No. 63247 Act Release No. 72107 (May 6, 2014), 79 FR 27017 I. Self-Regulatory Organization’s (Nov. 4, 2010), 75 FR 68702 (Nov. 9, 2010). See also (May 12, 2014) (SR–NSX–2014–14). The Exchange Statement of the Terms of the Substance Division of Trading and Markets: Responses to is filing this proposed rule change in anticipation of the Proposed Rule Change Frequently Asked Questions Concerning Rule 201 of the resumption of trading activity on the System, of Regulation SHO, January 20, 2011, at http:// after all necessary regulatory approvals have been asabaliauskas on DSK5VPTVN1PROD with NOTICES The Exchange is proposing to amend www.sec.gov/divisions/marketreg/ obtained. Exchange Rule 11.21, Short Sales, in mrfaqregsho1204.htm (‘‘Rule 201 FAQs’’). 10 Exchange Rule 11.11(c)(2)(A) defines a Zero order to describe the manner in which 5 17 CFR 242.200, 17 CFR 242.203 and 17 CFR Display Reserve Order as a Reserve Order with a 242.204. Zero Display Quantity and a Market Peg Zero the Exchange’s trading system (the 6 15 U.S.C. 78s(b)(3)(A). Display Reserve Order as a pegged Zero Display 7 17 CFR 240.19b–4(f)(6)(iii). Order that tracks the inside quote on the opposite 5 15 U.S.C. 78s(b)(2)(A)(ii)(I). side of the market. 8 As defined in Exchange Rule 1.5, the term 6 17 CFR 200.30–3(a)(31). 11 See footnote 5, supra. ‘‘ETP’’ refers to an Equity Trading Permit issued by 1 15 U.S.C. 78s(b)(1). 12 17 CFR 242.201(b)(1). the Exchange for effecting approved securities 2 17 CFR 240.19b–4. transactions on the Exchange’s facilities. 13 17 CFR 242.201(b)(1)(iii)(A). VerDate Sep<11>2014 16:54 Aug 04, 2015 Jkt 235001 PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 E:\FR\FM\05AUN1.SGM 05AUN1


Document Created: 2018-02-23 10:53:01
Document Modified: 2018-02-23 10:53:01
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 46619 
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