80 FR 72756 - Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Proposed New MSRB Rule A-18, on Mandatory Participation in Business Continuity and Disaster Recovery Testing

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 224 (November 20, 2015)

Page Range		72756-72758
FR Document		2015-29599
Federal Register, Volume 80 Issue 224 (Friday, November 20, 2015)
[Federal Register Volume 80, Number 224 (Friday, November 20, 2015)]
[Notices]
[Pages 72756-72758]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29599]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76443; File No. SR-MSRB-2015-12]


Self-Regulatory Organizations; Municipal Securities Rulemaking 
Board; Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change To Adopt Proposed New MSRB Rule A-18, on Mandatory Participation 
in Business Continuity and Disaster Recovery Testing

November 16, 2015.
    Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ 
notice is hereby given that on November 2, 2015, the Municipal 
Securities Rulemaking Board (the ``MSRB'' or ``Board'') filed with the 
Securities and Exchange Commission (``Commission'') the proposed rule 
change as described in Items I and II below, which Items have been 
prepared by the MSRB. 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\ 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 MSRB filed with the Commission a proposed rule change to adopt 
proposed new MSRB Rule A-18 to require certain brokers, dealers, 
municipal securities dealers and municipal advisors registered with the 
MSRB (``MSRB Registrants'') to participate in business continuity and 
disaster recovery plans (``BC/DR Plans'') testing in connection with 
Regulation Systems Compliance and Integrity (``Regulation SCI'') \3\ 
(the ``proposed rule change''). The MSRB has designated the proposed 
rule change as ``non-controversial'' pursuant to section 
19(b)(3)(A)(iii) of the Act \4\ and Rule 19b-4(f)(6)(iii) \5\ 
thereunder, which renders it effective upon filing with the Commission. 
A proposed rule change filed under Rule 19b-4(f)(6) \6\ normally does 
not become operative prior to 30 days after the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\7\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. The MSRB is requesting 
the Commission waive the 30-day operative delay so that the proposed 
rule change to require participation in BC/DR Plans testing as mandated 
by Regulation SCI may become operative immediately upon filing.
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    \3\ See Securities Exchange Act Release No. 73639 (November 19, 
2014), 79 FR 72251 (December 5, 2014) (``SCI Adopting Release'').
    \4\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \5\ 17 CFR 240.19b-4(f)(6).
    \6\ Id.
    \7\ Id.
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    The text of the proposed rule change is available on the MSRB's Web 
site at www.msrb.org/Rules-and-Interpretations/SEC-Filings/2015-Filings.aspx, at the MSRB'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, the MSRB 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 MSRB has prepared summaries, set forth in sections 
A, B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    As adopted by the Commission, Regulation SCI applies to certain 
self-regulatory organizations (including the MSRB), alternative trading 
systems, plan processors, and exempt clearing agencies (collectively, 
``SCI entities''), and mandates these SCI entities to comply with 
requirements with respect to the automated systems central to the 
performance of their regulated activities. Among the requirements of 
Regulation SCI is Rule 1001(a)(2)(v), which requires the MSRB and other 
SCI entities to maintain ``[b]usiness continuity and disaster recovery 
plans that include maintaining backup and recovery capabilities 
sufficiently resilient and geographically diverse and that are 
reasonably designed to achieve next business day resumption of trading 
and two-hour resumption of critical SCI systems following a wide-scale 
disruption.'' \8\
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    \8\ 17 CFR 242.1001(a)(2)(v).
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    The MSRB has put extensive time and resources toward planning for 
system failures and already maintains robust procedures for business 
continuity and disaster recovery. As set forth below, in connection 
with Regulation SCI, the MSRB is proposing to require certain MSRB 
Registrants to participate in the testing of the operation of the 
MSRB's BC/DR Plans. With respect to an SCI entity's BC/DR Plans, 
including its backup systems, paragraph (a) of Rule 1004 of Regulation 
SCI requires each SCI entity to: ``[e]stablish standards for the 
designation of those members or participants that the SCI entity 
reasonably determines are, taken as a whole, the minimum necessary for 
the maintenance of fair and orderly markets in the event of the 
activation of such plans.'' \9\ Paragraph (b) of Rule 1004 further 
requires each SCI entity to ``[d]esignate members or participants 
pursuant to the standards established in paragraph (a) of [Rule 1004] 
and require participation by such designated members or participants in 
scheduled functional and performance testing of the operation of such 
plans, in the manner and frequency specified by the SCI entity, 
provided that such frequency shall not be less than once every 12 
months.'' \10\ In order to comply with Rule 1004 of Regulation SCI, the 
MSRB proposes to adopt new Rule A-18 to provide for the mandatory 
participation

[[Page 72757]]

of certain MSRB Registrants (``Participants'') in the testing of the 
MSRB's BC/DR Plans, as described below.
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    \9\ 17 CFR 242.1004(a).
    \10\ 17 CFR 242.1004(b).
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    Section (a) of new Rule A-18 includes language from paragraph (a) 
of Rule 1004 of Regulation SCI to summarize the MSRB's obligation 
pursuant to such rule. Specifically, the MSRB proposes to state that 
``[p]ursuant to Regulation Systems Compliance and Integrity under the 
Securities Exchange Act of 1934 and with respect to the MSRB's business 
continuity and disaster recovery plans, including its backup systems, 
the MSRB is required to establish standards for the designation of MSRB 
Registrants that the MSRB reasonably determines are, taken as a whole, 
the minimum necessary for the maintenance of fair and orderly markets 
in the event of the activation of such plans.'' The MSRB further 
proposes that section (a) indicate that the ``MSRB has established 
standards and will designate Participants according to those standards 
as set forth'' in new Rule A-18. Any changes to the standards by which 
MSRB Registrants might be designated Participants would be applied 
prospectively and would be publicly announced with reasonable advance 
notice. The MSRB would first announce the methodology for designating 
Participants on or before November 3, 2015.
    Second, in section (b) of new Rule A-18, the MSRB proposes to 
specify that it ``shall designate Participants as those MSRB 
Registrants whose submissions of data to the MSRB, taken as a whole, 
account for a meaningful percentage of the MSRB's data submission 
volume required to be provided by MSRB Registrants, measured during the 
Measurement Period'' and that ``[t]he percentage of data submission 
volume and the minimum number of Participants that the MSRB considers 
to be meaningful and the Measurement Period will be determined by the 
MSRB, published to MSRB Registrants in advance of the Measurement 
Period, and applied during the Measurement Period (not 
retroactively).'' The MSRB further proposes that section (b) indicate 
that the MSRB will, at least forty-five (45) calendar days prior to a 
functional and performance testing of the operation of the MSRB's BC/DR 
Plans, individually notify all Participants that are required to 
participate in such testing. The MSRB believes the proposed notice 
requirement is necessary to provide sufficient advance notice to those 
MSRB Registrants that are designated as Participants in mandatory 
business continuity and disaster recovery testing under new Rule A-18.
    In adopting the requirements of new Rule A-18(b), the MSRB intends 
to subject certain MSRB Registrants to mandatory testing as the minimum 
necessary to maintain fair and orderly markets in the event of the 
activation of such BC/DR plans. The MSRB believes that designating 
Participants to participate in mandatory testing because they are among 
those entities whose submissions of data to the MSRB, taken as a whole, 
account for a meaningful percentage of the MSRB's data submission 
volume required to be provided by MSRB Registrants is a measured 
approach to a threshold criteria to ensure the maintenance of a fair 
and orderly market.
    Third, in section (c) of new Rule A-18, the MSRB proposes that 
Participants will be required to participate in functional and 
performance testing of the operation of the MSRB's BC/DR Plans, in the 
manner and frequency specified by the MSRB. In addition, new Rule A-18 
provides that such testing shall occur at least once every 12 months.
    Lastly, in section (d) of new Rule A-18, the MSRB proposes to set 
forth definitions for purposes of new Rule A-18 of ``MSRB Registrants'' 
and ``Participants.'' For purposes of new Rule A-18, ``MSRB 
Registrants'' means ``brokers, dealers, municipal securities dealers or 
municipal advisors registered with the MSRB'' and ``Participants'' 
means ``those MSRB Registrants that the MSRB has determined, pursuant 
to section (b) of [Rule A-18], are among those MSRB Registrants whose 
submissions of data to the MSRB, taken as a whole, account for a 
meaningful percentage of the MSRB's data submission volume required to 
be provided by MSRB Registrants, measured during the Measurement 
Period, which percentage of data submissions volume represents the 
minimum necessary for the maintenance of fair and orderly markets in 
the event of the activation of the MSRB's BC/DR Plans.'' Further, for 
purposes of new Rule A-18, ``Measurement Period'' means ``the time 
period, whether monthly or quarterly, during which time MSRB measures 
data submission required to be provided by MSRB Registrants for 
purposes of designating Participants in accordance with section (b).''
2. Statutory Basis
    The MSRB believes that the proposed rule change is consistent with 
the provisions of section 15B(b)(2)(C) of the Act,\11\ which requires, 
in pertinent part, that the MSRB's rules shall be designed
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    \11\ 15 U.S.C. 78o-4(b)(2)(C).

to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in municipal securities and municipal 
financial products, to remove impediments to and perfect the 
mechanism of a free and open market in municipal securities and 
municipal financial products, and, in general, to protect investors, 
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municipal entities, obligated persons, and the public interest.

The proposed rule change will provide that MSRB Registrants necessary 
to ensure the maintenance of a fair and orderly market are properly 
designated consistent with Rule 1004 of Regulation SCI.\12\
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    \12\ 17 CFR 242.1004.
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    Specifically, the proposed rule change will adopt standards with 
respect to the designation of MSRB Registrants that are required to 
participate in the testing of the MSRB's BC/DR Plans, as well as 
appropriate notification regarding such designation. As set forth in 
the SCI Adopting Release,

    SROs have the authority, and legal responsibility, under Section 
6 of the Exchange Act, to adopt and enforce rules (including rules 
to comply with Regulation SCI's requirements relating to BC/DR 
testing) applicable to their members or participants that are 
designed to, among other things, foster cooperation and coordination 
with persons engaged in regulating, clearing, settling, processing 
information with respect to, and facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, 
to protect investors and the public interest.\13\
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    \13\ See SCI Adopting Release, supra note 3 at 72350.

Though the MSRB is not a national securities exchange as provided in 
section 6 of the Act,\14\ the MSRB believes that the proposed rule 
change is consistent with its authority and legal responsibility under 
section 15B(b)(2)(C) of the Act.\15\
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78o-4(b)(2)(C).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Section 15B(b)(2)(C) of the Act \16\ requires that MSRB rules not 
be designed to impose any burden on competition not necessary or 
appropriate in furtherance of the purposes of the Act. The MSRB does 
not believe that the proposed rule change would impose any additional 
burdens on competition that are not necessary or

[[Page 72758]]

appropriate in furtherance of the purposes of the Act.
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    \16\ Id.
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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 on the 
proposed rule change.

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

    Pursuant to section 19(b)(3)(A) \17\ of the Act and Rule 19b-
4(f)(6) \18\ thereunder, the MSRB has designated the proposed rule 
change as one that affects a change that 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. A proposed rule change filed under Rule 
19b-4(f)(6) normally does not become operative until 30 days after the 
date of filing.\19\ However, Rule 19b-4(f)(6)(iii) permits the 
Commission to waive the 30 day operative delay if such action is 
consistent with the protection of investors and the public 
interest.\20\
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    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4(f)(6).
    \19\ Id.
    \20\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its 
intent to file a proposed rule change, along with a brief 
description and text of such proposed rule change, at least five 
business days prior to the date of filing, or such shorter time as 
designated by the Commission. The Commission has designated a 
shorter time for delivery of such written notice.
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    The MSRB has requested that the Commission designate the proposed 
rule change operative upon filing on November 2, 2015, which is less 
than 30 days after the date of filing of the proposed rule change, as 
specified in Rule 19b-4(f)(6)(iii).\21\ According to the MSRB, the 
proposed rule change is necessary for the MSRB to comply with 
Regulation SCI and the waiver of the 30 day operative delay allows the 
MSRB to conform its rules prior to the Regulation SCI compliance date 
of November 3, 2015. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest as it will allow the MSRB to incorporate changes 
required under Regulation SCI, such as requiring participation in BC/DR 
Plans testing, prior to the Regulation SCI compliance date. 
Accordingly, the Commission designates the proposed rule change to be 
operative upon filing on November 2, 2015.\22\
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    \21\ See SR-MSRB-2015-12 (filed with the Commission on November 
2, 2015).
    \22\ For purposes only of waiving the 30-day 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.

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-MSRB-2015-12 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549.

All submissions should refer to File Number SR-MSRB-2015-12. 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 MSRB. 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-MSRB-2015-12 and should be 
submitted on or before December 11, 2015.

    For the Commission, pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29599 Filed 11-19-15; 8:45 am]
BILLING CODE 8011-01-P
72756 Federal Register / Vol. 80, No. 224 / Friday, November 20, 2015 / Notices

Registration: Individuals wishing to proposed new MSRB Rule A–18 to A. Self-Regulatory Organization’s
participate in any of the CORs should require certain brokers, dealers, Statement of the Purpose of, and
send the participant’s name, affiliation, municipal securities dealers and Statutory Basis for, the Proposed Rule
and country of residence to municipal advisors registered with the Change
sstandridge@nnco.nano.gov or mail the MSRB (‘‘MSRB Registrants’’) to 1. Purpose
information to Stacey Standridge, 4201 participate in business continuity and
Wilson Blvd., Stafford II, Suite 405, As adopted by the Commission,
disaster recovery plans (‘‘BC/DR Plans’’)
Arlington, VA 22230. NNCO will collect Regulation SCI applies to certain self-
testing in connection with Regulation
email addresses from registrants to regulatory organizations (including the
Systems Compliance and Integrity MSRB), alternative trading systems,
ensure that they are added to the COR (‘‘Regulation SCI’’) 3 (the ‘‘proposed rule
listserv(s) to receive meeting plan processors, and exempt clearing
change’’). The MSRB has designated the agencies (collectively, ‘‘SCI entities’’),
information and other updates relevant proposed rule change as ‘‘non-
to the COR scope from other COR and mandates these SCI entities to
controversial’’ pursuant to section comply with requirements with respect
members. Email addresses are submitted
19(b)(3)(A)(iii) of the Act 4 and Rule to the automated systems central to the
on a completely voluntary basis.
Meeting Accommodations: 19b–4(f)(6)(iii) 5 thereunder, which performance of their regulated activities.
Individuals requiring special renders it effective upon filing with the Among the requirements of Regulation
accommodation to access these public Commission. A proposed rule change SCI is Rule 1001(a)(2)(v), which requires
meetings should contact Stacey filed under Rule 19b–4(f)(6) 6 normally the MSRB and other SCI entities to
Standridge (telephone 703–292–8103) at does not become operative prior to 30 maintain ‘‘[b]usiness continuity and
least ten business days prior to each days after the date of the filing. disaster recovery plans that include
meeting so that appropriate However, pursuant to Rule 19b– maintaining backup and recovery
arrangements can be made. 4(f)(6)(iii),7 the Commission may capabilities sufficiently resilient and
designate a shorter time if such action geographically diverse and that are
Ted Wackler, reasonably designed to achieve next
is consistent with the protection of
Deputy Chief of Staff and Assistant Director. business day resumption of trading and
investors and the public interest. The
[FR Doc. 2015–29428 Filed 11–19–15; 8:45 am]
MSRB is requesting the Commission two-hour resumption of critical SCI
BILLING CODE 3270–F6–P systems following a wide-scale
waive the 30-day operative delay so that
disruption.’’ 8
the proposed rule change to require The MSRB has put extensive time and
participation in BC/DR Plans testing as resources toward planning for system
SECURITIES AND EXCHANGE mandated by Regulation SCI may
COMMISSION failures and already maintains robust
become operative immediately upon procedures for business continuity and
[Release No. 34–76443; File No. SR–MSRB– filing. disaster recovery. As set forth below, in
2015–12] connection with Regulation SCI, the
The text of the proposed rule change
is available on the MSRB’s Web site at MSRB is proposing to require certain
Self-Regulatory Organizations;
www.msrb.org/Rules-and- MSRB Registrants to participate in the
Municipal Securities Rulemaking
Interpretations/SEC-Filings/2015- testing of the operation of the MSRB’s
Board; Notice of Filing and Immediate
Filings.aspx, at the MSRB’s principal BC/DR Plans. With respect to an SCI
Effectiveness of a Proposed Rule
office, and at the Commission’s Public entity’s BC/DR Plans, including its
Change To Adopt Proposed New
Reference Room. backup systems, paragraph (a) of Rule
MSRB Rule A–18, on Mandatory
1004 of Regulation SCI requires each
Participation in Business Continuity
II. Self-Regulatory Organization’s SCI entity to: ‘‘[e]stablish standards for
and Disaster Recovery Testing
Statement of the Purpose of, and the designation of those members or
November 16, 2015. Statutory Basis for, the Proposed Rule participants that the SCI entity
Pursuant to section 19(b)(1) of the Change reasonably determines are, taken as a
Securities Exchange Act of 1934 (the whole, the minimum necessary for the
‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule In its filing with the Commission, the maintenance of fair and orderly markets
19b–4 thereunder,2 notice is hereby MSRB included statements concerning in the event of the activation of such
given that on November 2, 2015, the the purpose of and basis for the plans.’’ 9 Paragraph (b) of Rule 1004
Municipal Securities Rulemaking Board proposed rule change and discussed any further requires each SCI entity to
(the ‘‘MSRB’’ or ‘‘Board’’) filed with the comments it received on the proposed ‘‘[d]esignate members or participants
Securities and Exchange Commission rule change. The text of these statements pursuant to the standards established in
(‘‘Commission’’) the proposed rule may be examined at the places specified paragraph (a) of [Rule 1004] and require
change as described in Items I and II in Item IV below. The MSRB has participation by such designated
below, which Items have been prepared prepared summaries, set forth in members or participants in scheduled
by the MSRB. The Commission is sections A, B, and C below, of the most functional and performance testing of
publishing this notice to solicit significant aspects of such statements. the operation of such plans, in the
comments on the proposed rule change manner and frequency specified by the
from interested persons. SCI entity, provided that such frequency
shall not be less than once every 12
I. Self-Regulatory Organization’s months.’’ 10 In order to comply with
Statement of the Terms of Substance of
tkelley on DSK3SPTVN1PROD with NOTICES

3 See Securities Exchange Act Release No. 73639 Rule 1004 of Regulation SCI, the MSRB
the Proposed Rule Change (November 19, 2014), 79 FR 72251 (December 5, proposes to adopt new Rule A–18 to
The MSRB filed with the Commission 2014) (‘‘SCI Adopting Release’’). provide for the mandatory participation
a proposed rule change to adopt 4 15 U.S.C. 78s(b)(3)(A)(iii).

5 17 CFR 240.19b–4(f)(6). 8 17 CFR 242.1001(a)(2)(v).
1 15 6 Id.
U.S.C. 78s(b)(1). 9 17 CFR 242.1004(a).
2 17 CFR 240.19b–4. 7 Id. 10 17 CFR 242.1004(b).

VerDate Sep<11>2014 17:39 Nov 19, 2015 Jkt 238001 PO 00000 Frm 00077 Fmt 4703 Sfmt 4703 E:\FR\FM\20NON1.SGM 20NON1
72758 Federal Register / Vol. 80, No. 224 / Friday, November 20, 2015 / Notices

appropriate in furtherance of the Accordingly, the Commission inspection and copying at the principal
purposes of the Act. designates the proposed rule change to office of the MSRB. All comments
be operative upon filing on November 2, received will be posted without change;
C. Self-Regulatory Organization’s
2015.22 the Commission does not edit personal
Statement on Comments on the At any time within 60 days of the identifying information from
Proposed Rule Change Received From filing of the proposed rule change, the submissions. You should submit only
Members, Participants, or Others Commission summarily may information that you wish to make
Written comments were neither temporarily suspend such rule change if available publicly. All submissions
solicited nor received on the proposed it appears to the Commission that such should refer to File Number SR–MSRB–
rule change. action is necessary or appropriate in the 2015–12 and should be submitted on or
III. Date of Effectiveness of the public interest, for the protection of before December 11, 2015.
Proposed Rule Change and Timing for investors, or otherwise in furtherance of For the Commission, pursuant to delegated
Commission Action the purposes of the Act. authority.23
Pursuant to section 19(b)(3)(A) 17 of IV. Solicitation of Comments Robert W. Errett,
the Act and Rule 19b–4(f)(6) 18 Interested persons are invited to Deputy Secretary.
thereunder, the MSRB has designated submit written data, views, and [FR Doc. 2015–29599 Filed 11–19–15; 8:45 am]
the proposed rule change as one that arguments concerning the foregoing, BILLING CODE 8011–01–P
affects a change that does not: (i) including whether the proposed rule
Significantly affect the protection of change is consistent with the Act.
investors or the public interest; (ii) Comments may be submitted by any of SECURITIES AND EXCHANGE
impose any significant burden on the following methods: COMMISSION
competition; and (iii) become operative [Release No. 34–76447; File No. SR–BOX–
Electronic Comments
for 30 days from the date on which it 2015–36]
was filed, or such shorter time as the • Use the Commission’s Internet
Commission may designate. A proposed comment form (http://www.sec.gov/ Self-Regulatory Organizations; BOX
rule change filed under Rule 19b–4(f)(6) rules/sro.shtml); or Options Exchange LLC; Notice of
normally does not become operative • Send an email to rule-comments@ Filing and Immediate Effectiveness of
until 30 days after the date of filing.19 sec.gov. Please include File Number SR– a Proposed Rule Change To Amend
However, Rule 19b–4(f)(6)(iii) permits MSRB–2015–12 on the subject line. the Fee Schedule on the BOX Market
the Commission to waive the 30 day LLC Options Facility
Paper Comments
operative delay if such action is
• Send paper comments in triplicate November 16, 2015.
consistent with the protection of Pursuant to Section 19(b)(1) of the
to Secretary, Securities and Exchange
investors and the public interest.20 Securities Exchange Act of 1934 (the
The MSRB has requested that the Commission, 100 F Street NE.,
Washington, DC 20549. ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Commission designate the proposed notice is hereby given that on November
rule change operative upon filing on All submissions should refer to File
Number SR–MSRB–2015–12. This file 4, 2015, BOX Options Exchange LLC
November 2, 2015, which is less than 30 (the ‘‘Exchange’’) filed with the
days after the date of filing of the number should be included on the
subject line if email is used. To help the Securities and Exchange Commission
proposed rule change, as specified in (‘‘Commission’’) the proposed rule
Rule 19b–4(f)(6)(iii).21 According to the Commission process and review your
comments more efficiently, please use change as described in Items I, II, and
MSRB, the proposed rule change is III below, which Items have been
necessary for the MSRB to comply with only one method. The Commission will
post all comments on the Commission’s prepared by the Exchange. The
Regulation SCI and the waiver of the 30 Exchange filed the proposed rule change
day operative delay allows the MSRB to Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the pursuant to Section 19(b)(3)(A)(ii) of the
conform its rules prior to the Regulation Act,3 and Rule 19b–4(f)(2) thereunder,4
SCI compliance date of November 3, submission, all subsequent
amendments, all written statements which renders the proposal effective
2015. The Commission believes that upon filing with the Commission. The
waiving the 30-day operative delay is with respect to the proposed rule
change that are filed with the Commission is publishing this notice to
consistent with the protection of solicit comments on the proposed rule
investors and the public interest as it Commission, and all written
communications relating to the change from interested persons.
will allow the MSRB to incorporate
changes required under Regulation SCI, proposed rule change between the I. Self-Regulatory Organization’s
such as requiring participation in Commission and any person, other than Statement of the Terms of the Substance
BC/DR Plans testing, prior to the those that may be withheld from the of the Proposed Rule Change
Regulation SCI compliance date. public in accordance with the
provisions of 5 U.S.C. 552, will be The Exchange is filing with the
available for Web site viewing and Securities and Exchange Commission
17 15 U.S.C. 78s(b)(3)(A).
printing in the Commission’s Public (‘‘Commission’’) a proposed rule change
18 17 CFR 240.19b–4(f)(6).
19 Id. Reference Room, 100 F Street NE., to amend the Fee Schedule to revise the
20 In addition, Rule 19b–4(f)(6)(iii) requires a self- Washington, DC 20549 on official qualification thresholds for all volume
regulatory organization to give the Commission business days between the hours of based fees and rebates on the BOX
written notice of its intent to file a proposed rule Market LLC (‘‘BOX’’) options facility.
tkelley on DSK3SPTVN1PROD with NOTICES

change, along with a brief description and text of
10:00 a.m. and 3:00 p.m. Copies of the
filing also will be available for Changes to the fee schedule pursuant to
such proposed rule change, at least five business
days prior to the date of filing, or such shorter time 23 17
as designated by the Commission. The Commission 22 For purposes only of waiving the 30-day CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
has designated a shorter time for delivery of such operative delay for this proposal, the Commission
2 17 CFR 240.19b–4.
written notice. has considered the proposed rule’s impact on
21 See SR–MSRB–2015–12 (filed with the 3 15 U.S.C. 78s(b)(3)(A)(ii).
efficiency, competition, and capital formation. See
Commission on November 2, 2015). 15 U.S.C. 78c(f). 4 17 CFR 240.19b–4(f)(2).

VerDate Sep<11>2014 17:39 Nov 19, 2015 Jkt 238001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\20NON1.SGM 20NON1
Document Created: 2015-12-14 13:58:06
Document Modified: 2015-12-14 13:58:06
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 72756