81 FR 47843 - Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Programs That Permit the Exchange to Have No Minimum Size Requirement for Orders Entered Into the PIP and COPIP
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 141 (July 22, 2016)
Federal Register Volume 81, Issue 141 (July 22, 2016)
| Page Range | 47843-47844 | |
| FR Document | 2016-17280 |
[Federal Register Volume 81, Number 141 (Friday, July 22, 2016)] [Notices] [Pages 47843-47844] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-17280] [[Page 47843]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-78353; File No. SR-BOX-2016-32] Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Programs That Permit the Exchange to Have No Minimum Size Requirement for Orders Entered Into the PIP and COPIP July 18, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on July 11, 2016, BOX Options Exchange LLC (the ``Exchange'') 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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend the pilot programs that permit the Exchange to have no minimum size requirement for orders entered into the PIP (``PIP Pilot Program'') and COPIP (``COPIP Pilot Program''). The text of the proposed rule change is available from the principal office of the Exchange, at the Commission's Public Reference Room and also on the Exchange's Internet Web site at http://boxexchange.com. 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 self-regulatory organization 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 self-regulatory organization 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 The purpose of the proposed rule change is to extend the PIP and COPIP Pilot Programs for an additional six months or until the date on which the pilot programs are approved on a permanent basis, whichever is earlier. The PIP and COPIP Pilot Programs are currently set to expire on July 18, 2016. The PIP and COPIP Pilot Programs allow the Exchange to have nominimum size requirement for orders entered into the PIP \3\ and the COPIP.\4\ The Exchange has been providing certain data to the Commission during the PIP and COPIP Pilot Programs. The proposed rule change retains the text of IM-7150-1 to Rule 7150 and IM-7245-1 to Rule 7245; and seeks to extend the operation of the PIP and COPIP Pilot Programs until January 18, 2017. --------------------------------------------------------------------------- \3\ The PIP Pilot Program is currently set to expire on July 18, 2016. See Securities Exchange Act Release Nos. 66871 (April 27, 2012) 77 FR 26323 (May 3, 2012) (File No.10-206, In the Matter of the Application of BOX Options Exchange LLC for Registration as a National Securities Exchange Findings, Opinion, and Order of the Commission), 67255 (June 26, 2012) 77 FR 39315 (July 2, 2013) (SR- BOX-2012-009) (Notice of Filing and Immediate Effectiveness of a Proposal To Extend a Pilot Program That Permits BOX to Have No Minimum Size Requirement for Orders Entered Into the Price Improvement Period), 69846 (June 25, 2013) 78 FR 39365 (July 1, 2013) (SR-BOX-2013-33) (Notice of Filing and Immediate Effectiveness of a Proposal To Extend a Pilot Program That Permits BOX to Have No Minimum Size Requirement for Orders Entered Into the Price Improvement Period), 72545 (July 7, 2014) 79 FR 40182 (July 11, 2014) (SR-BOX-2014-19) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to amend Interpretive Material to Rule 7150 (Price Improvement Period ``PIP'') and Interpretive Material to Rule 7245 (Complex Order Price Improvement Period ``COPIP'')), 73314 (October 7, 2014) 79 FR 61682 (October 14, 2014) (SR-BOX-2014-23) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Programs That Permit the Exchange To Have No Minimum Size Requirement for Orders Entered Into the PIP (``PIP Pilot Program'') and COPIP (``COPIP Pilot Program'') Until December 18, 2014), 73831 (December 12, 2014) 79 FR 75211 (December 17, 2014) (SR-BOX-2014-27) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Interpretive Material to Rule 7150 and Interpretive Material to Rule 7245 To Extend the Pilot Period That Permit the Exchange To Have No Minimum Size Requirement for Orders Entered Into the PIP and COPIP Until July 18, 2015), and 75480 (July 17, 2015) 80 FR 43803 (July 23, 2016) (SR-BOX-2015-27) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Programs that Permit the Exchange to Have No Minimum Size Requirement for Orders Entered into the PIP and COPIP Until July 18, 2016). \4\ The COPIP Pilot Program is currently set to expire on July 18, 2016. See Securities Exchange Act Release Nos. 71148 (December 19, 2013) 78 FR 78437 (December 26, 2013) (SR-BOX-2014-23) (Notice of Filing of Amendment Nos. 1 and 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1 and 2, to Permit Complex Orders to Participate in Price Improvement Periods), 72545 (July 7, 2014) 79 FR 40182 (July 11, 2014) (SR-BOX- 2014-19) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to amend Interpretive Material to Rule 7150 (Price Improvement Period ``PIP'') and Interpretive Material to Rule 7245 (Complex Order Price Improvement Period ``COPIP'')), 73314 (October 7, 2014) 79 FR 61682 (October 14, 2014) (SR-BOX-2014-23) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Programs That Permit the Exchange To Have No Minimum Size Requirement for Orders Entered Into the PIP (``PIP Pilot Program'') and COPIP (``COPIP Pilot Program'') Until December 18, 2014), 73831 (December 12, 2014) 79 FR 75211 (December 17, 2014) (SR-BOX-2014-27) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Interpretive Material to Rule 7150 and Interpretive Material to Rule 7245 To Extend the Pilot Period That Permit the Exchange To Have No Minimum Size Requirement for Orders Entered Into the PIP and COPIP Until July 18, 2015), and 75480 (July 17, 2015) 80 FR 43803 (July 23, 2016) (SR-BOX-2015-27) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Programs that Permit the Exchange to Have No Minimum Size Requirement for Orders Entered into the PIP and COPIP Until July 18, 2016). --------------------------------------------------------------------------- The Exchange notes that the PIP and COPIP Pilot Programs permit Participants to trade with their customer orders that are less than 50 contracts. In particular, any order entered into the PIP is guaranteed an execution at the end of the auction at a price at least equal to the national best bid or offer. Any order entered into the COPIP is guaranteed an execution at the end of the auction at a price at least equal to or better than the cNBBO,\5\ cBBO \6\ and BBO on the Complex Order Book for the Strategy at the time of commencement. --------------------------------------------------------------------------- \5\ As defined in BOX Rule 7240(a)(3), the term ``cNBBO'' means the best net bid and offer price for a Complex Order Strategy based on the NBBO for the individual options components of such Strategy. \6\ As defined in BOX Rule 7240(a)(1), the term ``cBBO'' means the best net bid and offer price for a Complex Order Strategy based on the BBO on the BOX Book for the individual options components of such Strategy. --------------------------------------------------------------------------- The Exchange believes that extending the pilot period is appropriate because it will allow the Exchange the Commission additional time to analyze data regarding the PIP and COPIP Pilot Programs that the Exchange has committed to provide. As such, the Exchange believes that it is appropriate to extend the current operation of the Pilot Programs. The Exchange continues to believe that there remains meaningful competition for all size orders and there is significant price improvement for all orders executed through the PIP and COPIP; and that there is an active and liquid market functioning on the Exchange outside the PIP and COPIP auctions. [[Page 47844]] 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,\7\ in general, and Section 6(b)(5) of the Act,\8\ in particular, in that it is designed to 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 for a free and open market and a national market system and, in general, to protect investors and the public interest. The Exchange believes that the data demonstrates that there is sufficient investor interest and demand to extend the PIP and COPIP Pilot Programs for an additional six months or until the date on which the pilot programs are approved on a permanent basis, whichever is earlier. The Exchange represents that the PIP and COPIP Pilot Programs are designed to create tighter markets and ensure that each order receives the best possible price. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- 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. Specifically, the Exchange believes that, by extending the expiration of the PIP and COPIP Pilot Programs, the proposed rule change will allow additional time to analyze data regarding the PIP and COPIP Pilot Programs that the Exchange has committed to provide. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the foregoing proposed rule change 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and subparagraph (f)(6) of Rule 19b-4 thereunder.\10\ --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(a). \10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \11\ normally does not become operative for 30 days after the date of filing. However, pursuant to Rule 19b-4(f)(6)(iii),\12\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange requested that the Commission waive the 30-day operative delay. The Exchange stated that the current PIP and COPIP Pilot Programs are set to expire on July 18, 2016. The Exchange stated that a waiver will permit the PIP and COPIP Pilot Programs to continue without interruption. --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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 PIP and COPIP Pilot Programs to continue uninterrupted, thereby avoiding any potential investor confusion that could result from a temporary interruption in the pilot. Therefore, the Commission designates the proposed rule change to be operative on July 18, 2016.\13\ --------------------------------------------------------------------------- \13\ For purposes only of waiving the operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 CommentsUse 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-BOX-2016-32 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-BOX-2016-32. 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 also will 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 Number SR-BOX-2016-32 and should be submitted on or before August 12, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2016-17280 Filed 7-21-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices 47843
SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s has been providing certain data to the
COMMISSION Statement of the Purpose of, and Commission during the PIP and COPIP
Statutory Basis for, the Proposed Rule Pilot Programs. The proposed rule
[Release No. 34–78353; File No. SR–BOX–
Change change retains the text of IM–7150–1 to
2016–32] 1. Purpose Rule 7150 and IM–7245–1 to Rule 7245;
and seeks to extend the operation of the
The purpose of the proposed rule PIP and COPIP Pilot Programs until
Self-Regulatory Organizations; BOX
change is to extend the PIP and COPIP January 18, 2017.
Options Exchange LLC; Notice of
Pilot Programs for an additional six
Filing and Immediate Effectiveness of months or until the date on which the The Exchange notes that the PIP and
a Proposed Rule Change To Extend pilot programs are approved on a COPIP Pilot Programs permit
the Pilot Programs That Permit the permanent basis, whichever is earlier. Participants to trade with their customer
Exchange to Have No Minimum Size The PIP and COPIP Pilot Programs are orders that are less than 50 contracts. In
Requirement for Orders Entered Into currently set to expire on July 18, 2016. particular, any order entered into the
the PIP and COPIP The PIP and COPIP Pilot Programs PIP is guaranteed an execution at the
allow the Exchange to have nominimum end of the auction at a price at least
July 18, 2016.
size requirement for orders entered into equal to the national best bid or offer.
Pursuant to Section 19(b)(1) of the the PIP 3 and the COPIP.4 The Exchange Any order entered into the COPIP is
Securities Exchange Act of 1934 guaranteed an execution at the end of
(‘‘Act’’),1 and Rule 19b–4 thereunder,2 3 The PIP Pilot Program is currently set to expire the auction at a price at least equal to
notice is hereby given that on July 11, on July 18, 2016. See Securities Exchange Act or better than the cNBBO,5 cBBO 6 and
Release Nos. 66871 (April 27, 2012) 77 FR 26323
2016, BOX Options Exchange LLC (the (May 3, 2012) (File No.10–206, In the Matter of the
BBO on the Complex Order Book for the
‘‘Exchange’’) filed with the Securities Application of BOX Options Exchange LLC for Strategy at the time of commencement.
and Exchange Commission Registration as a National Securities Exchange
Findings, Opinion, and Order of the Commission),
The Exchange believes that extending
(‘‘Commission’’) the proposed rule 67255 (June 26, 2012) 77 FR 39315 (July 2, 2013) the pilot period is appropriate because
change as described in Items I and II (SR–BOX–2012–009) (Notice of Filing and it will allow the Exchange the
below, which Items have been prepared Immediate Effectiveness of a Proposal To Extend a Commission additional time to analyze
by the self-regulatory organization. The Pilot Program That Permits BOX to Have No
Minimum Size Requirement for Orders Entered Into data regarding the PIP and COPIP Pilot
Commission is publishing this notice to the Price Improvement Period), 69846 (June 25, Programs that the Exchange has
solicit comments on the proposed rule 2013) 78 FR 39365 (July 1, 2013) (SR–BOX–2013– committed to provide. As such, the
from interested persons. 33) (Notice of Filing and Immediate Effectiveness of Exchange believes that it is appropriate
a Proposal To Extend a Pilot Program That Permits
BOX to Have No Minimum Size Requirement for to extend the current operation of the
I. Self-Regulatory Organization’s
Orders Entered Into the Price Improvement Period), Pilot Programs. The Exchange continues
Statement of the Terms of Substance of 72545 (July 7, 2014) 79 FR 40182 (July 11, 2014) to believe that there remains meaningful
the Proposed Rule Change (SR–BOX–2014–19) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change
competition for all size orders and there
The Exchange proposes to extend the to amend Interpretive Material to Rule 7150 (Price is significant price improvement for all
pilot programs that permit the Exchange Improvement Period ‘‘PIP’’) and Interpretive orders executed through the PIP and
Material to Rule 7245 (Complex Order Price COPIP; and that there is an active and
to have no minimum size requirement Improvement Period ‘‘COPIP’’)), 73314 (October 7,
for orders entered into the PIP (‘‘PIP 2014) 79 FR 61682 (October 14, 2014) (SR–BOX– liquid market functioning on the
Pilot Program’’) and COPIP (‘‘COPIP 2014–23) (Notice of Filing and Immediate Exchange outside the PIP and COPIP
Effectiveness of a Proposed Rule Change To Extend auctions.
Pilot Program’’). The text of the the Pilot Programs That Permit the Exchange To
proposed rule change is available from Have No Minimum Size Requirement for Orders
the principal office of the Exchange, at Entered Into the PIP (‘‘PIP Pilot Program’’) and ‘‘COPIP’’)), 73314 (October 7, 2014) 79 FR 61682
COPIP (‘‘COPIP Pilot Program’’) Until December 18, (October 14, 2014) (SR–BOX–2014–23) (Notice of
the Commission’s Public Reference 2014), 73831 (December 12, 2014) 79 FR 75211 Filing and Immediate Effectiveness of a Proposed
Room and also on the Exchange’s (December 17, 2014) (SR–BOX–2014–27) (Notice of Rule Change To Extend the Pilot Programs That
Internet Web site at http:// Filing and Immediate Effectiveness of a Proposed Permit the Exchange To Have No Minimum Size
Rule Change To Amend Interpretive Material to Requirement for Orders Entered Into the PIP (‘‘PIP
boxexchange.com. Pilot Program’’) and COPIP (‘‘COPIP Pilot
Rule 7150 and Interpretive Material to Rule 7245 To
Extend the Pilot Period That Permit the Exchange Program’’) Until December 18, 2014), 73831
II. Self-Regulatory Organization’s (December 12, 2014) 79 FR 75211 (December 17,
To Have No Minimum Size Requirement for Orders
Statement of the Purpose of, and Entered Into the PIP and COPIP Until July 18, 2014) (SR–BOX–2014–27) (Notice of Filing and
Statutory Basis for, the Proposed Rule 2015), and 75480 (July 17, 2015) 80 FR 43803 (July Immediate Effectiveness of a Proposed Rule Change
Change 23, 2016) (SR–BOX–2015–27) (Notice of Filing and To Amend Interpretive Material to Rule 7150 and
Immediate Effectiveness of a Proposed Rule Change Interpretive Material to Rule 7245 To Extend the
to Extend the Pilot Programs that Permit the Pilot Period That Permit the Exchange To Have No
In its filing with the Commission, the Minimum Size Requirement for Orders Entered Into
Exchange to Have No Minimum Size Requirement
self-regulatory organization included for Orders Entered into the PIP and COPIP Until the PIP and COPIP Until July 18, 2015), and 75480
statements concerning the purpose of, July 18, 2016). (July 17, 2015) 80 FR 43803 (July 23, 2016) (SR–
and basis for, the proposed rule change 4 The COPIP Pilot Program is currently set to BOX–2015–27) (Notice of Filing and Immediate
expire on July 18, 2016. See Securities Exchange Effectiveness of a Proposed Rule Change to Extend
and discussed any comments it received the Pilot Programs that Permit the Exchange to Have
Act Release Nos. 71148 (December 19, 2013) 78 FR
on the proposed rule change. The text 78437 (December 26, 2013) (SR–BOX–2014–23) No Minimum Size Requirement for Orders Entered
of these statements may be examined at (Notice of Filing of Amendment Nos. 1 and 2 and into the PIP and COPIP Until July 18, 2016).
5 As defined in BOX Rule 7240(a)(3), the term
the places specified in Item IV below. Order Granting Accelerated Approval of a Proposed
Rule Change, as Modified by Amendment Nos. 1 ‘‘cNBBO’’ means the best net bid and offer price for
ehiers on DSK5VPTVN1PROD with NOTICES
The self-regulatory organization has a Complex Order Strategy based on the NBBO for
and 2, to Permit Complex Orders to Participate in
prepared summaries, set forth in Price Improvement Periods), 72545 (July 7, 2014) 79 the individual options components of such
Sections A, B, and C below, of the most FR 40182 (July 11, 2014) (SR–BOX–2014–19) Strategy.
significant aspects of such statements. (Notice of Filing and Immediate Effectiveness of a 6 As defined in BOX Rule 7240(a)(1), the term
Proposed Rule Change to amend Interpretive ‘‘cBBO’’ means the best net bid and offer price for
Material to Rule 7150 (Price Improvement Period a Complex Order Strategy based on the BBO on the
1 15 U.S.C. 78s(b)(1). ‘‘PIP’’) and Interpretive Material to Rule 7245 BOX Book for the individual options components
2 17 CFR 240.19b–4. (Complex Order Price Improvement Period of such Strategy.
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![47844 Federal Register / Vol. 81, No. 141 / Friday, July 22, 2016 / Notices
2. Statutory Basis subparagraph (f)(6) of Rule 19b–4 Paper Comments
The Exchange believes that the thereunder.10 • Send paper comments in triplicate
proposal is consistent with the A proposed rule change filed under to Secretary, Securities and Exchange
requirements of Section 6(b) of the Act,7 Rule 19b–4(f)(6) 11 normally does not Commission, 100 F Street NE.,
in general, and Section 6(b)(5) of the become operative for 30 days after the Washington, DC 20549–1090.
Act,8 in particular, in that it is designed date of filing. However, pursuant to
All submissions should refer to File
to foster cooperation and coordination Rule 19b–4(f)(6)(iii),12 the Commission
Number SR–BOX–2016–32. This file
with persons engaged in regulating, may designate a shorter time if such
number should be included on the
clearing, settling, processing action is consistent with the protection
subject line if email is used. To help the
information with respect to, and of investors and the public interest. The
Commission process and review your
facilitating transactions in securities, to Exchange requested that the
comments more efficiently, please use
remove impediments to and perfect the Commission waive the 30-day operative
only one method. The Commission will
mechanism for a free and open market delay. The Exchange stated that the
post all comments on the Commission’s
and a national market system and, in current PIP and COPIP Pilot Programs
Internet Web site (http://www.sec.gov/
general, to protect investors and the are set to expire on July 18, 2016. The
rules/sro.shtml). Copies of the
public interest. The Exchange believes Exchange stated that a waiver will
submission, all subsequent
that the data demonstrates that there is permit the PIP and COPIP Pilot
amendments, all written statements
sufficient investor interest and demand Programs to continue without
with respect to the proposed rule
to extend the PIP and COPIP Pilot interruption.
The Commission believes that change that are filed with the
Programs for an additional six months Commission, and all written
waiving the 30-day operative delay is
or until the date on which the pilot communications relating to the
consistent with the protection of
programs are approved on a permanent proposed rule change between the
investors and the public interest, as it
basis, whichever is earlier. The Commission and any person, other than
will allow the PIP and COPIP Pilot
Exchange represents that the PIP and those that may be withheld from the
Programs to continue uninterrupted,
COPIP Pilot Programs are designed to public in accordance with the
thereby avoiding any potential investor
create tighter markets and ensure that provisions of 5 U.S.C. 552, will be
confusion that could result from a
each order receives the best possible available for Web site viewing and
temporary interruption in the pilot.
price. printing in the Commission’s Public
Therefore, the Commission designates
B. Self-Regulatory Organization’s the proposed rule change to be operative Reference Room, 100 F Street NE.,
Statement on Burden on Competition on July 18, 2016.13 Washington, DC 20549, on official
At any time within 60 days of the business days between the hours of
The Exchange does not believe that 10:00 a.m. and 3:00 p.m. Copies of such
the proposed rule change will impose filing of the proposed rule change, the
Commission summarily may filing also will be available for
any burden on competition not inspection and copying at the principal
necessary or appropriate in furtherance temporarily suspend such rule change if
it appears to the Commission that such office of the Exchange. All comments
of the purposes of the Act. Specifically, received will be posted without change;
the Exchange believes that, by extending action is necessary or appropriate in the
public interest, for the protection of the Commission does not edit personal
the expiration of the PIP and COPIP identifying information from
Pilot Programs, the proposed rule investors, or otherwise in furtherance of
the purposes of the Act. submissions. You should submit only
change will allow additional time to information that you wish to make
analyze data regarding the PIP and IV. Solicitation of Comments available publicly. All submissions
COPIP Pilot Programs that the Exchange Interested persons are invited to should refer to File Number SR–BOX–
has committed to provide. submit written data, views and 2016–32 and should be submitted on or
C. Self-Regulatory Organization’s arguments concerning the foregoing, before August 12, 2016.
Statement on Comments on the including whether the proposed rule For the Commission, by the Division of
Proposed Rule Change Received From change is consistent with the Act. Trading and Markets, pursuant to delegated
Members, Participants, or Others Comments may be submitted by any of authority.14
the following methods: Robert W. Errett,
The Exchange has neither solicited
nor received comments on the proposed Electronic Comments Deputy Secretary.
rule change. • Use the Commission’s Internet [FR Doc. 2016–17280 Filed 7–21–16; 8:45 am]
BILLING CODE 8011–01–P
III. Date of Effectiveness of the comment form (http://www.sec.gov/
Proposed Rule Change and Timing for rules/sro.shtml); or
Commission Action • Send an email to rule-comments@
sec.gov. Please include File Number SR– SECURITIES AND EXCHANGE
Because the foregoing proposed rule BOX–2016–32 on the subject line. COMMISSION
change does not: (i) Significantly affect [File No. 500–1]
the protection of investors or the public 10 17
CFR 240.19b–4(f)(6). In addition, Rule 19b–
interest; (ii) impose any significant 4(f)(6) requires a self-regulatory organization to give In the Matter of Scanner Technologies
burden on competition; and (iii) become the Commission written notice of its intent to file Corp., Seville Ventures Corp.,
the proposed rule change at least five business days
operative for 30 days from the date on prior to the date of filing of the proposed rule StarInvest Group, Inc., and The Digital
which it was filed, or such shorter time change, or such shorter time as designated by the Development Group Corp.; Order of
ehiers on DSK5VPTVN1PROD with NOTICES
as the Commission may designate, it has Commission. The Exchange has satisfied this Suspension of Trading
become effective pursuant to Section requirement.
11 17 CFR 240.19b–4(f)(6).
19(b)(3)(A) of the Act 9 and July 20, 2016.
12 17 CFR 240.19b–4(f)(6)(iii).
13 For purposes only of waiving the operative
It appears to the Securities and
7 15 U.S.C. 78f(b). delay, the Commission has considered the proposed
Exchange Commission (‘‘Commission’’)
8 15 U.S.C. 78f(b)(5).
rule’s impact on efficiency, competition, and capital
9 15 U.S.C. 78s(b)(3)(a). formation. See 15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12).
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Document Created: 2016-07-22 02:38:05
Document Modified: 2016-07-22 02:38:05
| 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 | 81 FR 47843 |
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