80 FR 74185 - Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Order Granting an Extension To Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program Until December 1, 2016

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 228 (November 27, 2015)

[Federal Register Volume 80, Number 228 (Friday, November 27, 2015)]
[Notices]
[Pages 74185-74186]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-30084]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76495; File No. SR-BX-2014-048]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Order 
Granting an Extension To Limited Exemption From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Price 
Improvement Program Until December 1, 2016

November 20, 2015.
    On November 28, 2014, the Commission issued an order pursuant to 
its authority under Rule 612(c) of Regulation NMS \1\ (``Sub-Penny 
Rule'') that granted the NASDAQ OMX BX, Inc. (``BX'' or ``Exchange'') a 
limited exemption from the Sub-Penny Rule in connection with the 
operation of the Exchange's Retail Price Improvement Program (``RPI 
Program'').\2\ The limited exemption was granted concurrently with the 
Commission's approval of the Exchange's proposal to adopt the RPI 
Program on a one-year pilot term. The Commission granted the exemption 
coterminous with the effectiveness of the RPI Program--both the RPI 
Program and the exemption are scheduled to expire on December 1, 2015.
---------------------------------------------------------------------------

    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 73702, 79 FR 72049 
(December 4, 2014) (SR-BX-2014-048) (``RPI Approval Order'').
---------------------------------------------------------------------------

    The Exchange now seeks to extend the exemption until December 1, 
2016.\3\ The Exchange's request was made in conjunction with an 
immediately effectively filing that extends the operation of the RPI 
Program until December 1, 2016.\4\ In its request to extend the 
exemption, the Exchange notes that given the gradual implementation of 
the RPI Program and the preliminary participation and results, 
extending the exemption would provide additional opportunities for 
greater participation and assessment of the results. Accordingly, the 
Exchange has asked additional time to allow it and the Commission to 
analyze data concerning the RPI Program, which the Exchange committed 
to provide to the Commission.\5\ For this reason and the reasons stated 
in the RPI Approval Order originally granting the limited exemption, 
the Commission, pursuant to its authority under Rule 612(c) of 
Regulation NMS, finds that pursuant to its authority under Rule 612(c) 
of

[[Page 74186]]

Regulation NMS, extending the exemption is appropriate in the public 
interest and consistent with the protection of investors.
---------------------------------------------------------------------------

    \3\ See Letter from Jeffrey S. Davis, Vice President & Deputy 
General Counsel, Exchange, to Brent J. Fields, Secretary, 
Commission, dated November 12, 2015.
    \4\ See SR-BX-2015-073.
    \5\ See RPI Approval Order, supra note 2.
---------------------------------------------------------------------------

    Therefore, it is hereby ordered that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted an extension of the limited 
exemption from Rule 612 of Regulation NMS that allows the Exchange to 
accept and rank orders priced equal to or greater than $1.00 per share 
in increments of $0.001, in connection with the operation of its RPI 
Program, until December 1, 2016.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Act. Responsibility for compliance with any 
applicable provisions of the Federal securities laws must rest with the 
persons relying on the exemption that are the subject of this Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
---------------------------------------------------------------------------

    \6\ 17 CFR 200.30-3(a)(83).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
 [FR Doc. 2015-30084 Filed 11-25-15; 8:45 am]
 BILLING CODE 8011-01-P