80 FR 58527 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To Adopt New Rule 8.17 To Provide a Process for an Expedited Suspension Proceeding and Rule 12.15 To Prohibit Layering and Spoofing on BATS Exchange, Inc.

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 188 (September 29, 2015)

[Federal Register Volume 80, Number 188 (Tuesday, September 29, 2015)]
[Notices]
[Pages 58527-58528]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-24599]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75970; File No. SR-BATS-2015-57]


Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on a Proposed Rule 
Change, as Modified by Amendment No. 1 Thereto, To Adopt New Rule 8.17 
To Provide a Process for an Expedited Suspension Proceeding and Rule 
12.15 To Prohibit Layering and Spoofing on BATS Exchange, Inc.

September 23, 2015.
    On July 30, 2015, BATS Exchange, Inc. (``Exchange'') 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 adopt an 
expedited proceeding for issuing suspension orders, and if necessary, 
imposing other sanctions, to prohibit Exchange Members, or their 
clients, from engaging in trading activities that constitute continued 
layering or spoofing on the Exchange. On August 11, 2015, the Exchange 
filed Amendment No. 1 to the proposal.\3\ The proposed rule change, as 
modified by Amendment No. 1, was published for comment in the Federal 
Register on

[[Page 58528]]

August 19, 2015.\4\ The Commission received five comment letters 
regarding the proposed rule change.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 amended and replaced the original proposal 
in its entirety.
    \4\ See Securities Exchange Act Release No. 75693 (August 13, 
2015), 80 FR 50370.
    \5\ See letters from: Teresa Machado B., dated August 19, 2015; 
Samuel F. Lek, Chief Executive Officer, Lek Securities Corporation, 
dated September 3, 2015; R.T. Leuchtkafer to Brent J. Fields, 
Secretary, Commission, dated September, 4, 2015; Mary Ann Burns, 
Chief Operating Officer, FIA Principal Traders Group, to Brent J. 
Fields, Secretary, Commission, dated September, 9, 2015; and Samuel 
F. Lek, Chief Executive Officer, Lek Securities Corporation, dated 
September 18, 2015.
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    Section 19(b)(2) of the Act \6\ provides that, within 45 days of 
the publication of the 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 October 3, 2015. 
The Commission is extending this 45-day time period.
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    \6\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change, the 
comments received, and any response to the comments submitted by the 
Exchange. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\7\ designates November 17, 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 
Number SR-BATS-2015-57).
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    \7\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-24599 Filed 9-28-15; 8:45 am]
BILLING CODE 8011-01-P