80 FR 80870 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for BZX Options
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 248 (December 28, 2015)
Federal Register Volume 80, Issue 248 (December 28, 2015)
| Page Range | 80870-80872 | |
| FR Document | 2015-32535 |
[Federal Register Volume 80, Number 248 (Monday, December 28, 2015)] [Notices] [Pages 80870-80872] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-32535] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76707; File No. SR-BATS-2015-117] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Fees for BZX Options December 21, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on December 10, 2015, BATS Exchange, Inc. (the ``Exchange'' or ``BATS'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II and III below, which Items have been prepared by the Exchange. The Exchange has designated the proposed rule change as one establishing or changing a member due, fee, or other charge imposed by the Exchange under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposed rule change effective upon filing with the Commission. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend the fee schedule applicable to Members \5\ and non-members of the Exchange pursuant to BATS Rules 15.1(a) and (c). --------------------------------------------------------------------------- \5\ The term ``Member'' is defined as ``any registered broker or dealer that has been admitted to membership in the Exchange.'' See Exchange Rule 1.5(n). --------------------------------------------------------------------------- The text of the proposed rule change is available at the Exchange's Web site at www.batstrading.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 Exchange 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 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to modify the ``Options Pricing'' section of its fee schedule effective immediately, to modify pricing for orders routed away from the Exchange and executed at various away options exchanges. The Exchange currently charges the following rates for orders routed to certain other options exchanges: (i) Non-Customer \6\ orders in non-Penny Pilot Securities.\7\ routed to NYSE Arca, Inc. (``Arca''), which yield fee code AG, are charged $0.95 per contract; (ii) Intermarket Sweep Orders (``ISOs'') in non-Penny Pilot Securities that are directed to Nasdaq Options Market LLC (``NOM''), Arca, or ISE Gemini, LLC (``ISE Gemini'') are charged $0.95 per contract; (iii) ISOs directed to other [[Page 80871]] options exchanges are charged $0.65 per contract; \8\ (iv) Customer orders routed to the International Securities Exchange, LLC (``ISE'') in non-Penny Pilot Securities which yield fee code ID and are charged $0.12 per contract; (v) Customer orders routed to the Miami International Securities Exchange LLC (``MIAX'') which yield fee code MC are charged $0.12 per contract; (vi) Non-Customer orders routed to MIAX which yield fee code MF are charged $0.65 per contract; (vii) Customer orders routed to the BOX Options Exchange LLC (``BOX'') which yield fee code OC are charged no fee; (viii) Non-Customer orders routed to BOX which yield fee code OF are charged $0.99 per contract; (ix) Non-Customer orders routed to NOM in Penny Pilot Securities which yield fee code QF are charged $0.65 per contract; (x) Non-Customer orders routed to NOM in non-Penny Pilot Securities which yield fee code QG are charged $0.95 per contract; and (xi) Customer orders routed to NYSE MKT LLC (``NYSE MKT'' f/k/a AMEX) which yield fee code XC are charged $0.12 per contract. --------------------------------------------------------------------------- \6\ ``Non-Customer'' applies to any transaction that is not a Customer Order. ``Customer'' applies to any transaction identified by a Member for clearing in the Customer range at the OCC, excluding any transaction for a Broker Dealer or a ``Professional'' as defined in Exchange Rule 16.1. \7\ ``Penny Pilot Securities'' are those issues quoted pursuant to Exchange Rule 21.5, Interpretation and Policy .01. \8\ ISOs directed to Nasdaq OMX BX LLC (``Nasdaq BX'') in non- Penny Pilot Securities which yield fee code D2 and ISOs directed to the C2 Options Exchange, Inc. (``C2'') and Nasdaq OMX PHLX LLC (``Nasdaq PHLX'') which yield fee code D3 are charged $0.95 per contract. --------------------------------------------------------------------------- In an effort to continue to offer routing services to its Members at prices that approximate the cost to the Exchange, the Exchange is proposing to amend those rates as follows: (i) The fee for Customer orders routed to ISE in non-Penny Pilot Securities and any Customer orders routed to MIAX, BOX or NYSE MKT (fee codes ID, MC, OC and XC, respectively) would be increased to $0.15 per contract; (ii) the fee for Non-Customer Orders in non-Penny Pilot Securities routed to Arca would be increased to $1.15 per contract (fee code AG); (iii) the fee for ISOs directed to NOM, Arca, or ISE Gemini would be increased to $1.25 per contract for Non-Penny Pilot Securities (fee code D1); (iv) the fee for ISOs directed to other options exchanges would be increased to $0.75 per contract (fee code D4); \9\ (v) the fee for Non-Customer orders routed to MIAX would be increased to $0.85 per contract (fee code MF); (vi) the fee for Non-Customer orders routed to BOX would be increased to $1.20 (fee code OF); (vii) the fee for Non-Customer orders routed to NOM in Penny Pilot Securities would be increased to $0.70 (fee code QF); and (viii) the fee for Non-Customer orders routed to NOM in non-Penny Pilot Securities would be increased to $1.25 (fee code QG). --------------------------------------------------------------------------- \9\ The Exchange does not propose to amend the fees charged for ISOs directed to Nasdaq BX in non-Penny Pilot Securities which yield fee code D2 and ISOs directed to the C2 and Nasdaq PHLX which yield fee code D3. --------------------------------------------------------------------------- As noted previously and as set forth above, the Exchange's current approach to routing fees is to set forth in a simple manner certain sub-categories of fees that approximate the cost of routing to other options exchanges based on the cost of transaction fees assessed by each venue as well as costs to the Exchange for routing (i.e., clearing fees, connectivity and other infrastructure costs, membership fees, etc.) (collectively, ``Routing Costs''). The Exchange then monitors the fees charged as compared to the costs of its routing services and adjusts its routing fees and/or sub-categories to ensure that the Exchange's fees do indeed result in a rough approximation of overall Routing Costs, and are not significantly higher or lower in any area. In performing this analysis, the Exchange has concluded that certain orders that it was routing to other options exchanges were costing more than it was charging, and in one case, were costing significantly less than it was charging. As a result, and in order to avoid subsidizing routing to away options exchanges and to continue providing quality routing services, the Exchange proposes relatively modest increases and adjustments to the charges assessed for the orders described above. Implementation Date The Exchange proposes to implement these amendments to its fee schedule immediately.\10\ --------------------------------------------------------------------------- \10\ The Exchange initially filed the proposed fee change on December 1, 2015 (SR-BATS-2015-109). On December 10, 2015, the Exchange withdrew that filing and submitted filing SR-BATS-2015-117. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6 of the Act.\11\ Specifically, the Exchange believes that the proposed rule change is consistent with Section 6(b)(4) of the Act,\12\ in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and other persons using any facility or system which the Exchange operates or controls. The Exchange notes that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues or providers of routing services if they deem fee levels to be excessive. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f. \12\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- As explained above, the Exchange generally attempts to approximate the cost of routing to other options exchanges, including other applicable costs to the Exchange for routing. The Exchange believes that a pricing model based on approximate Routing Costs is a reasonable, fair and equitable approach to pricing. Specifically, the Exchange believes that its proposal to modify fees is fair, equitable and reasonable because the fees are generally an approximation of the cost to the Exchange for routing orders to such exchanges. Absent the proposed changes, the Exchange has concluded that certain orders that it was routing to other options exchanges would cost more than its current fees. Accordingly, the Exchange believes that the proposed increases are fair, equitable and reasonable because they will help the Exchange to avoid subsidizing routing to away options exchanges and to continue providing quality routing services. The Exchange believes that its fee structure for orders routed to various venues is a fair and equitable approach to pricing, as it provides certainty with respect to execution fees at away options exchanges. Under its straightforward fee structure, taking all costs to the Exchange into account, the Exchange may operate at a slight gain or slight loss for orders routed to and executed at away options exchanges. As a general matter, the Exchange believes that the proposed fees will allow it to recoup and cover its costs of providing routing services to such exchanges. The Exchange notes that routing through the Exchange is voluntary. The Exchange also believes that the proposed fee structure for orders routed to and executed at these away options exchanges is fair and equitable and not unreasonably discriminatory in that it applies equally to all Members. The Exchange reiterates that it operates in a highly competitive market in which market participants can readily direct order flow to competing venues if they deem fee levels to be excessive or providers of routing services if they deem fee levels to be excessive. Finally, the Exchange notes that it constantly evaluates its routing fees, including profit and loss attributable to routing, as applicable, in connection with the operation of a flat fee routing service, and would consider future adjustments to the proposed pricing structure to the extent it was recouping a significant profit or loss from routing to away options exchanges. [[Page 80872]] (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. As it relates to the proposed changes to routing fees, the proposed changes will assist the Exchange in recouping costs for routing orders to other options exchanges on behalf of its participants in a manner that is a better approximation of actual costs than is currently in place and that reflects pricing changes by various options exchanges as well as increases to other Routing Costs incurred by the Exchange. The Exchange also notes that Members may choose to mark their orders as ineligible for routing to avoid incurring routing fees.\13\ --------------------------------------------------------------------------- \13\ See Exchange Rule 21.1(d)(8) (describing ``BATS Only'' orders) and Exchange Rule 21.9(a)(1) (describing the routing process, which requires orders to be designated as available for routing). --------------------------------------------------------------------------- (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \14\ and paragraph (f) of Rule 19b-4 thereunder.\15\ 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. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A). \15\ 17 CFR 240.19b-4(f). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BATS-2015-117 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-BATS-2015-117. 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 such 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 No. SR-BATS-2015-117 and should be submitted on or before January 19, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-32535 Filed 12-24-15; 8:45 am] BILLING CODE 8011-01-P
![80870 Federal Register / Vol. 80, No. 248 / Monday, December 28, 2015 / Notices
C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be I. Self-Regulatory Organization’s
Statement on Comments on the available for Web site viewing and Statement of the Terms of Substance of
Proposed Rule Change Received From printing in the Commission’s Public the Proposed Rule Change
Members, Participants, or Others Reference Room, 100 F Street NE., The Exchange filed a proposal to
The Exchange has neither solicited Washington, DC 20549, on official amend the fee schedule applicable to
nor received written comments on the business days between the hours of Members 5 and non-members of the
proposed rule change. 10:00 a.m. and 3:00 p.m. Copies of the Exchange pursuant to BATS Rules
filing also will be available for 15.1(a) and (c).
III. Date of Effectiveness of the inspection and copying at the principal The text of the proposed rule change
Proposed Rule Change and Timing for office of the Exchange. All comments is available at the Exchange’s Web site
Commission Action received will be posted without change; at www.batstrading.com, at the
The foregoing rule change has become the Commission does not edit personal principal office of the Exchange, and at
effective pursuant to Section 19(b)(3)(A) identifying information from the Commission’s Public Reference
of the Act 22 and paragraph (f) of Rule submissions. You should submit only Room.
19b–4 thereunder.23 At any time within information that you wish to make
60 days of the filing of the proposed rule available publicly. All submissions II. Self-Regulatory Organization’s
change, the Commission summarily may should refer to File Number SR–EDGX– Statement of the Purpose of, and
temporarily suspend such rule change if 2015–62, and should be submitted on or Statutory Basis for, the Proposed Rule
it appears to the Commission that such before January 19, 2016. Change
action is necessary or appropriate in the For the Commission, by the Division of In its filing with the Commission, the
public interest, for the protection of Trading and Markets, pursuant to delegated Exchange included statements
investors, or otherwise in furtherance of authority.24 concerning the purpose of and basis for
the purposes of the Act. Brent J. Fields, the proposed rule change and discussed
IV. Solicitation of Comments Secretary. any comments it received on the
[FR Doc. 2015–32541 Filed 12–24–15; 8:45 am] proposed rule change. The text of these
Interested persons are invited to statements may be examined at the
submit written data, views, and BILLING CODE 8011–01–P
places specified in Item IV below. The
arguments concerning the foregoing, Exchange has prepared summaries, set
including whether the proposed rule forth in Sections A, B, and C below, of
change is consistent with the Act. SECURITIES AND EXCHANGE
COMMISSION the most significant parts of such
Comments may be submitted by any of statements.
the following methods: [Release No. 34–76707; File No. SR–BATS–
2015–117] (A) Self-Regulatory Organization’s
Electronic Comments Statement of the Purpose of, and
• Use the Commission’s Internet Self-Regulatory Organizations; BATS Statutory Basis for, the Proposed Rule
comment form (http://www.sec.gov/ Exchange, Inc.; Notice of Filing and Change
rules/sro.shtml); or Immediate Effectiveness of a Proposed
• Send an email to rule-comments@ 1. Purpose
Rule Change Related to Fees for BZX
sec.gov. Please include File Number SR– Options The Exchange proposes to modify the
EDGX–2015–62 on the subject line. ‘‘Options Pricing’’ section of its fee
December 21, 2015. schedule effective immediately, to
Paper Comments
Pursuant to Section 19(b)(1) of the modify pricing for orders routed away
• Send paper comments in triplicate Securities Exchange Act of 1934 (the from the Exchange and executed at
to Secretary, Securities and Exchange ‘‘Act’’),1 and Rule 19b–4 thereunder,2 various away options exchanges. The
Commission, 100 F Street NE., notice is hereby given that on December Exchange currently charges the
Washington, DC 20549–1090. 10, 2015, BATS Exchange, Inc. (the following rates for orders routed to
All submissions should refer to File ‘‘Exchange’’ or ‘‘BATS’’) filed with the certain other options exchanges: (i) Non-
Number SR–EDGX–2015–62. This file Securities and Exchange Commission Customer 6 orders in non-Penny Pilot
number should be included on the (‘‘Commission’’) the proposed rule Securities.7 routed to NYSE Arca, Inc.
subject line if email is used. To help the change as described in Items I, II and III (‘‘Arca’’), which yield fee code AG, are
Commission process and review your below, which Items have been prepared charged $0.95 per contract; (ii)
comments more efficiently, please use by the Exchange. The Exchange has Intermarket Sweep Orders (‘‘ISOs’’) in
only one method. The Commission will designated the proposed rule change as non-Penny Pilot Securities that are
post all comments on the Commission’s one establishing or changing a member directed to Nasdaq Options Market LLC
Internet Web site (http://www.sec.gov/ due, fee, or other charge imposed by the (‘‘NOM’’), Arca, or ISE Gemini, LLC
rules/sro.shtml). Copies of the Exchange under Section 19(b)(3)(A)(ii) (‘‘ISE Gemini’’) are charged $0.95 per
submission, all subsequent of the Act 3 and Rule 19b–4(f)(2) contract; (iii) ISOs directed to other
amendments, all written statements thereunder,4 which renders the
with respect to the proposed rule proposed rule change effective upon 5 The term ‘‘Member’’ is defined as ‘‘any
change that are filed with the filing with the Commission. The registered broker or dealer that has been admitted
to membership in the Exchange.’’ See Exchange
Commission, and all written Commission is publishing this notice to Rule 1.5(n).
mstockstill on DSK4VPTVN1PROD with NOTICES
communications relating to the solicit comments on the proposed rule 6 ‘‘Non-Customer’’ applies to any transaction that
proposed rule change between the change from interested persons. is not a Customer Order. ‘‘Customer’’ applies to any
Commission and any person, other than transaction identified by a Member for clearing in
those that may be withheld from the the Customer range at the OCC, excluding any
24 17 CFR 200.30–3(a)(12). transaction for a Broker Dealer or a ‘‘Professional’’
public in accordance with the 1 15 U.S.C. 78s(b)(1). as defined in Exchange Rule 16.1.
2 17 CFR 240.19b–4. 7 ‘‘Penny Pilot Securities’’ are those issues quoted
22 15 U.S.C. 78s(b)(3)(A). 3 15 U.S.C. 78s(b)(3)(A)(ii).
pursuant to Exchange Rule 21.5, Interpretation and
23 17 CFR 240.19b–4(f). 4 17 CFR 240.19b–4(f)(2). Policy .01.
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![80872 Federal Register / Vol. 80, No. 248 / Monday, December 28, 2015 / Notices
(B) Self-Regulatory Organization’s • Send an email to rule- Act of 1958, as amended, and Section
Statement on Burden on Competition comments@sec.gov. Please include File 107.1900 of the Small Business
The Exchange does not believe that No. SR–BATS–2015–117 on the subject Administration Rules and Regulations,
the proposed rule change will impose line. SBA by this notice declares null and
any burden on competition not void the license to function as a small
Paper Comments
necessary or appropriate in furtherance business investment company under the
• Send paper comments in triplicate Small Business Investment Company
of the purposes of the Act. As it relates to Secretary, Securities and Exchange
to the proposed changes to routing fees, License No. 03/03–0238 issued to
Commission, 100 F Street NE., Merion Investment Partners, L.P.
the proposed changes will assist the Washington, DC 20549–1090.
Exchange in recouping costs for routing United States Small Business
All submissions should refer to File Administration.
orders to other options exchanges on
Number SR–BATS–2015–117. This file
behalf of its participants in a manner Dated: December 22, 2015.
number should be included on the
that is a better approximation of actual subject line if email is used. To help the Mark Walsh,
costs than is currently in place and that Commission process and review your Associate Administrator, Office of Investment
reflects pricing changes by various comments more efficiently, please use and Innovation.
options exchanges as well as increases only one method. The Commission will [FR Doc. 2015–32600 Filed 12–24–15; 8:45 am]
to other Routing Costs incurred by the post all comments on the Commission’s BILLING CODE P
Exchange. The Exchange also notes that Internet Web site (http://www.sec.gov/
Members may choose to mark their rules/sro.shtml). Copies of the
orders as ineligible for routing to avoid submission, all subsequent SMALL BUSINESS ADMINISTRATION
incurring routing fees.13 amendments, all written statements [Docket No. SBA–2015–0013]
(C) Self-Regulatory Organization’s with respect to the proposed rule
Statement on Comments on the change that are filed with the Community Advantage Pilot Program
Proposed Rule Change Received From Commission, and all written
AGENCY: U.S. Small Business
Members, Participants or Others communications relating to the
Administration.
proposed rule change between the
The Exchange has not solicited, and Commission and any person, other than ACTION: Notice of extension of and
does not intend to solicit, comments on those that may be withheld from the changes to Community Advantage Pilot
this proposed rule change. The public in accordance with the Program and request for comments.
Exchange has not received any written provisions of 5 U.S.C. 552, will be
comments from members or other SUMMARY: The Community Advantage
available for Web site viewing and (‘‘CA’’) Pilot Program is a pilot program
interested parties. printing in the Commission’s Public to increase SBA-guaranteed loans to
III. Date of Effectiveness of the Reference Room, 100 F Street NE., small businesses in underserved areas.
Proposed Rule Change and Timing for Washington, DC 20549, on official The Small Business Administration
Commission Action business days between the hours of (‘‘SBA’’) continues to refine and
10:00 a.m. and 3:00 p.m. Copies of such improve the design of the Community
The foregoing rule change has become filing will also be available for
effective pursuant to Section 19(b)(3)(A) Advantage Pilot Program. To support
inspection and copying at the principal
of the Act 14 and paragraph (f) of Rule SBA’s commitment to expanding access
office of the Exchange. All comments
19b–4 thereunder.15 At any time within to capital for small businesses and
received will be posted without change;
60 days of the filing of the proposed rule entrepreneurs in underserved markets,
the Commission does not edit personal
change, the Commission summarily may SBA is issuing this Notice to extend the
identifying information from
temporarily suspend such rule change if term of the CA Pilot Program and lay
submissions. You should submit only
it appears to the Commission that such out a plan for its evaluation regarding
information that you wish to make
action is necessary or appropriate in the whether it should be made permanent,
available publicly. All submissions
public interest, for the protection of improve the effectiveness of the
should refer to File No. SR–BATS–
investors, or otherwise in furtherance of program, expand program eligibility to
2015–117 and should be submitted on
the purposes of the Act. new organizations, and to revise other
or before January 19, 2016.
program requirements, including certain
IV. Solicitation of Comments For the Commission, by the Division of regulatory waivers.
Trading and Markets, pursuant to delegated
Interested persons are invited to authority.16 DATES: Effective Date: The changes to
submit written data, views and the CA Pilot Program identified in this
Brent J. Fields,
arguments concerning the foregoing, Notice will be effective December 28,
including whether the proposal is Secretary.
2015. The CA Pilot Program will remain
consistent with the Act. Comments may [FR Doc. 2015–32535 Filed 12–24–15; 8:45 am]
in effect until March 31, 2020.
be submitted by any of the following BILLING CODE 8011–01–P Comment Date: Comments must be
methods: received on or before February 26, 2016.
Electronic Comments ADDRESSES: You may submit comments,
SMALL BUSINESS ADMINISTRATION identified by SBA docket number SBA–
• Use the Commission’s Internet 2015–0013 by any of the following
comment form (http://www.sec.gov/ Notice of Surrender of License of
mstockstill on DSK4VPTVN1PROD with NOTICES
Small Business Investment Company methods:
rules/sro.shtml); or • Federal eRulemaking Portal: http://
Pursuant to the authority granted to www.regulations.gov. Follow the
13 See Exchange Rule 21.1(d)(8) (describing the United States Small Business instructions for submitting comments.
‘‘BATS Only’’ orders) and Exchange Rule 21.9(a)(1)
(describing the routing process, which requires Administration (‘‘SBA’’) under Section • Mail: Community Advantage Pilot
orders to be designated as available for routing). 309 of the Small Business Investment Program Comments—Office of
14 15 U.S.C. 78s(b)(3)(A). Economic Opportunity, U.S. Small
15 17 CFR 240.19b–4(f). 16 17 CFR 200.30–3(a)(12). Business Administration, 409 Third
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Document Created: 2018-03-02 09:23:38
Document Modified: 2018-03-02 09:23:38
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 80870 |
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