81 FR 6556 - Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 301
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 25 (February 8, 2016)
Federal Register Volume 81, Issue 25 (February 8, 2016)
| Page Range | 6556-6558 | |
| FR Document | 2016-02335 |
[Federal Register Volume 81, Number 25 (Monday, February 8, 2016)] [Notices] [Pages 6556-6558] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-02335] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77035; File No. SR-MIAX-2016-02] Self-Regulatory Organizations; Miami International Securities Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 301 February 2, 2016. Pursuant to the provisions of 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 January 20, 2016, Miami International Securities Exchange LLC (``MIAX'' or ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') a proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend Exchange Rule 301, Just and Equitable Principles of Trade, to add Interpretations and Policies .03 to Rule 301 to state in the Exchange's rules that the practice of unbundling an order is considered conduct inconsistent with just and equitable principles of trade. The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/filter/wotitle/rule_filing, at MIAX'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 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 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 Exchange proposes to amend Exchange Rule 301, Just and Equitable Principles of Trade, to add Interpretations and Policies .03 to Rule 301 that states that the practice of unbundling an order is considered conduct inconsistent with just and equitable principles of trade. The proposal codifies existing Exchange procedures when dealing with the unlawful bundling of orders. The purpose of the proposed rule change is to amend Exchange Rule 301 by adding a new Interpretations and Policies .03 to Rule 301 which will expressly prohibit the splitting-up of an order into smaller orders; a practice also known as unbundling, or trade shredding. More specifically, the Exchange is proposing to add language to its existing rules to prohibit Members \3\ from splitting orders into multiple smaller orders for any purpose other than best execution. --------------------------------------------------------------------------- \3\ The term ``Member'' means an individual or organization approved to exercise trading rights associated with a Trading Permit. Members are deemed ``members'' under the Exchange Act. See Exchange Rule 100. --------------------------------------------------------------------------- Unbundling, or trade shredding, is the practice of breaking up an order into multiple smaller orders for some purpose other than best execution of the order. The practice of unbundling has in the past been used for such purposes as improperly maximizing commissions and fees charged to customers, distorting trade data, or circumventing rules pertaining to maximum order size. In addition, the unbundling of a large order into several smaller orders could be done so as to affect the allocation of a trade among market participants pursuant to the allocation methodology [[Page 6557]] used by the Exchange.\4\ Finally, the Exchange believes that the unbundling of orders generally serves no purpose to the customer that entered the order and may cause unnecessary delays in the execution of said orders. --------------------------------------------------------------------------- \4\ For example, pursuant to Exchange Rule 514(g)(2), small size orders, or orders of five contracts or less, are allocated to the Primary Lead Market Maker (``PLMM'') if the PLMM has a priority quote at the NBBO. If a Member was to break up a large order into several smaller orders of five contracts or less, the PLMM could unfairly garner a greater trade allocation than it was otherwise entitled to. --------------------------------------------------------------------------- Pursuant to Exchange Rule 301, Members must observe high standards of commercial honor and just and equitable principles of trade. The Exchange would consider a Member to have engaged in conduct inconsistent with just and equitable principles of trade were they to unbundle an order which (1) distorts fees and/or commissions to the detriment of a customer or the Exchange, (2) causes an unnecessary delay in the execution of an order, or (3) circumvents an Exchange rule or federal securities law, including those rules pertaining to order size and trade allocation. Members engaging in conduct inconsistent with just and equitable principles of trade are subject to formal disciplinary action by the Exchange. The Exchange now proposes to adopt Interpretations and Policies .03 to Rule 301, which will expressly state that the Exchange considers it to be conduct inconsistent with just and equitable principles of trade for a Member to split an order into multiple smaller orders for any purpose other than seeking the best execution of the entire order. The Exchange believes that, by adopting this proposed language which serves to codify existing Exchange procedures when dealing with the unlawful unbundling of orders, it will deter and help to prevent this distortive practice, and therefore promote just and equitable principles of trade. The Exchange notes that it considers unbundling, among other things, to be conduct inconsistent with just and equitable principles of trade in the rules governing its price improvement mechanism, MIAX PRIME.\5\ The Exchange notes further that other US options exchanges have rules prohibiting the unbundling of orders for a variety of reasons, including the early termination of any price improvement mechanism auction conducted by an exchange, and violations of these rules may be considered conduct inconsistent with just and equitable principles of trade.\6\ --------------------------------------------------------------------------- \5\ Specifically, it shall be considered conduct inconsistent with just and equitable principles of trade, in accordance with Rule 301, for any Member to enter orders, quotes, Agency Orders, or other responses for the purpose of disrupting or manipulating the Auction. Such conduct includes, but is not limited to, engaging in a pattern or practice of submitting unrelated orders that cause an Auction to conclude before the end of the RFR period and engaging in a pattern of conduct where the Member submitting the Agency Order into the PRIME breaks up the Agency Order into separate orders for two (2) or fewer contracts for the purpose of gaining a higher allocation percentage than the Member would have otherwise received in accordance with the allocation procedures contained in paragraph (a)(2)(iii) or (b)(2)(iii) above. See Exchange Rule 515A, Interpretations and Policies .01. \6\ See Securities Exchange Act Release Nos. 62667 (August 9, 2010), 75 FR 50013 (August 16, 2010) (SR-NYSEAmex-2010-77) (adopting NYSE Amex Rule 995NY(d)); and 52872 (December 1, 2005), 70 FR 73043 (December 8, 2005), (SR-CBOE-2005-92) (adopting CBOE Rule 4.23). See also International Securities Exchange LLC Rule 723 Supplementary Material .01 (prohibiting the entering of orders, quotes, Agency Orders, Counter-Side Orders or Improvement Orders for the purpose of disrupting or manipulating the Price Improvement Mechanism Auction), CBOE Rule 6.74A Interpretations and Policies .02 (prohibiting the submission of unrelated orders that cause an Automated Improvement Mechanism Auction to conclude before the end of the RFR period) and NASDAQ OMX PHLX LLC Rule 1080(b)(iii). --------------------------------------------------------------------------- 2. Statutory Basis MIAX believes that its proposed rule change is consistent with Section 6(b) of the Act \7\ in general, and furthers the objectives of Section 6(b)(5) of the Act \8\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The proposed rule change is designed to protect investors and the public interest and to promote just and equitable principles of trade by preventing the distortive practice of unbundling, or trade shredding, which conduct is considered inconsistent with the just and equitable principles of trade. 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 that is not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the Exchange believes the proposed changes will not impose any burden on intra- market competition because it applies to all MIAX participants equally. In addition, the Exchange does not believe the proposal will impose any burden on inter-market competition as the proposal is intended to protect investors by preventing the distortive practice of unbundling, or trade shredding. 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. 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 after the date of the filing, 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 Rule 19b-4(f)(6) \10\ thereunder. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78s(b)(3)(A). \10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of 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. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \11\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay. The Exchange states that waiver of the operative delay would enable market participants to benefit from the proposed language codifying existing Exchange procedures when dealing with the unlawful unbundling of orders and would help to prevent this distortive practice. For this reason, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\13\ --------------------------------------------------------------------------- \11\ 17 CFR 240.19b-4(f)(6). \12\ 17 CFR 240.19b-4(f)(6)(iii). \13\ For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- [[Page 6558]] 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. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. 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-MIAX-2016-02 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-MIAX-2016-02. 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 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-MIAX-2016-02 and should be submitted on or before February 29, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-02335 Filed 2-5-16; 8:45 am] BILLING CODE 8011-01-P
![6556 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
At any time within 60 days of the submissions. You should submit only II. Self-Regulatory Organization’s
filing of the proposed rule change, the information that you wish to make Statement of the Purpose of, and
Commission summarily may available publicly. All submissions Statutory Basis for, the Proposed Rule
temporarily suspend such rule change if should refer to File Number SR–FINRA– Change
it appears to the Commission that such 2016–003, and should be submitted on
action is necessary or appropriate in the In its filing with the Commission, the
or before February 29, 2016.
public interest, for the protection of Exchange included statements
investors, or otherwise in furtherance of For the Commission, by the Division of concerning the purpose of and basis for
the purposes of the Act. If the Trading and Markets, pursuant to delegated the proposed rule change and discussed
Commission takes such action, the authority.10 any comments it received on the
Commission shall institute proceedings Robert W. Errett, proposed rule change. The text of these
to determine whether the proposed rule Deputy Secretary. statements may be examined at the
should be approved or disapproved. [FR Doc. 2016–02331 Filed 2–5–16; 8:45 am] places specified in Item IV below. The
Exchange has prepared summaries, set
IV. Solicitation of Comments BILLING CODE 8011–01–P
forth in sections A, B, and C below, of
Interested persons are invited to the most significant aspects of such
submit written data, views, and SECURITIES AND EXCHANGE statements.
arguments concerning the foregoing,
COMMISSION A. Self-Regulatory Organization’s
including whether the proposed rule
Statement of the Purpose of, and
change is consistent with the Act.
Comments may be submitted by any of [Release No. 34–77035; File No. SR–MIAX– Statutory Basis for, the Proposed Rule
the following methods: 2016–02] Change
Electronic Comments 1. Purpose
Self-Regulatory Organizations; Miami
• Use the Commission’s Internet International Securities Exchange LLC; The Exchange proposes to amend
comment form (http://www.sec.gov/ Notice of Filing and Immediate Exchange Rule 301, Just and Equitable
rules/sro.shtml); or Effectiveness of a Proposed Rule Principles of Trade, to add
• Send an email to rule-comments@ Change To Amend Exchange Rule 301 Interpretations and Policies .03 to Rule
sec.gov. Please include File Number SR– 301 that states that the practice of
FINRA–2016–003 on the subject line. February 2, 2016. unbundling an order is considered
Paper Comments Pursuant to the provisions of Section conduct inconsistent with just and
19(b)(1) of the Securities Exchange Act equitable principles of trade. The
• Send paper comments in triplicate proposal codifies existing Exchange
of 1934 (‘‘Act’’) 1 and Rule 19b–4
to Brent J. Fields, Secretary, Securities procedures when dealing with the
thereunder,2 notice is hereby given that
and Exchange Commission, 100 F Street unlawful bundling of orders.
NE., Washington, DC 20549–1090. on January 20, 2016, Miami
International Securities Exchange LLC The purpose of the proposed rule
All submissions should refer to File change is to amend Exchange Rule 301
(‘‘MIAX’’ or ‘‘Exchange’’) filed with the
Number SR–FINRA–2016–003. This file by adding a new Interpretations and
number should be included on the Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change Policies .03 to Rule 301 which will
subject line if email is used. To help the expressly prohibit the splitting-up of an
Commission process and review your as described in Items I and II below,
which Items have been prepared by the order into smaller orders; a practice also
comments more efficiently, please use known as unbundling, or trade
only one method. The Commission will Exchange. The Commission is
publishing this notice to solicit shredding. More specifically, the
post all comments on the Commission’s Exchange is proposing to add language
Internet Web site (http://www.sec.gov/ comments on the proposed rule change
from interested persons. to its existing rules to prohibit
rules/sro.shtml). Copies of the Members 3 from splitting orders into
submission, all subsequent I. Self-Regulatory Organization’s multiple smaller orders for any purpose
amendments, all written statements other than best execution.
Statement of the Terms of Substance of
with respect to the proposed rule
the Proposed Rule Change Unbundling, or trade shredding, is the
change that are filed with the
Commission, and all written practice of breaking up an order into
The Exchange is filing a proposal to
communications relating to the multiple smaller orders for some
amend Exchange Rule 301, Just and purpose other than best execution of the
proposed rule change between the Equitable Principles of Trade, to add
Commission and any person, other than order. The practice of unbundling has in
Interpretations and Policies .03 to Rule the past been used for such purposes as
those that may be withheld from the 301 to state in the Exchange’s rules that
public in accordance with the improperly maximizing commissions
the practice of unbundling an order is and fees charged to customers,
provisions of 5 U.S.C. 552, will be
considered conduct inconsistent with distorting trade data, or circumventing
available for Web site viewing and
just and equitable principles of trade. rules pertaining to maximum order size.
printing in the Commission’s Public
Reference Room, 100 F Street NE., The text of the proposed rule change In addition, the unbundling of a large
Washington, DC 20549 on official is available on the Exchange’s Web site order into several smaller orders could
asabaliauskas on DSK5VPTVN1PROD with NOTICES
business days between the hours of at http://www.miaxoptions.com/filter/ be done so as to affect the allocation of
10:00 a.m. and 3:00 p.m. Copies of such wotitle/rule_filing, at MIAX’s principal a trade among market participants
filing also will be available for office, and at the Commission’s Public pursuant to the allocation methodology
inspection and copying at the principal Reference Room.
3 The term ‘‘Member’’ means an individual or
office of FINRA. All comments received
organization approved to exercise trading rights
will be posted without change; the 10 17 CFR 200.30–3(a)(12). associated with a Trading Permit. Members are
Commission does not edit personal 1 15 U.S.C. 78s(b)(1). deemed ‘‘members’’ under the Exchange Act. See
identifying information from 2 17 CFR 240.19b–4. Exchange Rule 100.
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![6558 Federal Register / Vol. 81, No. 25 / Monday, February 8, 2016 / Notices
At any time within 60 days of the received will be posted without change; at www.batstrading.com, at the
filing of the proposed rule change, the the Commission does not edit personal principal office of the Exchange, and at
Commission summarily may identifying information from the Commission’s Public Reference
temporarily suspend such rule change if submissions. You should submit only Room.
it appears to the Commission that such information that you wish to make
II. Self-Regulatory Organization’s
action is necessary or appropriate in the available publicly. All submissions
Statement of the Purpose of, and
public interest, for the protection of should refer to File Number SR–MIAX–
Statutory Basis for, the Proposed Rule
investors, or otherwise in furtherance of 2016–02 and should be submitted on or
Change
the purposes of the Act. If the before February 29, 2016.
Commission takes such action, the In its filing with the Commission, the
For the Commission, by the Division of
Commission shall institute proceedings Trading and Markets, pursuant to delegated Exchange included statements
to determine whether the proposed rule authority.14 concerning the purpose of and basis for
should be approved or disapproved. Robert W. Errett, the proposed rule change and discussed
Deputy Secretary.
any comments it received on the
IV. Solicitation of Comments proposed rule change. The text of these
[FR Doc. 2016–02335 Filed 2–5–16; 8:45 am]
Interested persons are invited to statements may be examined at the
BILLING CODE 8011–01–P
submit written data, views, and 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
SECURITIES AND EXCHANGE
change is consistent with the Act. the most significant parts of such
COMMISSION
Comments may be submitted by any of statements.
the following methods: [Release No. 34–77033; File No. SR–BATS–
2016–12] A. Self-Regulatory Organization’s
Electronic Comments Statement of the Purpose of, and
Self-Regulatory Organizations; BATS Statutory Basis for, the Proposed Rule
• Use the Commission’s Internet
Exchange, Inc.; Notice of Filing and Change
comment form (http://www.sec.gov/
rules/sro.shtml); or Immediate Effectiveness of a Proposed 1. Purpose
• Send an email to rule-comments@ Rule Change To Extend the Pilot
Period for the Exchange’s Background
sec.gov. Please include File Number SR–
MIAX–2016–02 on the subject line. Supplemental Competitive Liquidity On August 30, 2011, the Exchange
Provider Program received approval of rules applicable to
Paper Comments the qualification, listing and delisting of
February 2, 2016.
• Send paper comments in triplicate securities of issuers on the Exchange.4
Pursuant to Section 19(b)(1) of the More recently, the Exchange received
to Brent J. Fields, Secretary, Securities
Securities Exchange Act of 1934 (the approval to operate a pilot program that
and Exchange Commission, 100 F Street
‘‘Act’’),1 and Rule 19b–4 thereunder,2 is designed to incentivize certain Market
NE., Washington, DC 20549–1090.
notice is hereby given that on January Makers 5 registered with the Exchange
All submissions should refer to File 28, 2016, BATS Exchange, Inc.
Number SR–MIAX–2016–02. This file as ETP CLPs, as defined in
(‘‘Exchange’’ or ‘‘BATS’’) filed with the Interpretation and Policy .03 to Rule
number should be included on the Securities and Exchange Commission
subject line if email is used. To help the 11.8, to enhance liquidity on the
(‘‘Commission’’) the proposed rule Exchange in certain ETPs 6 listed on the
Commission process and review your change as described in Items I and II
comments more efficiently, please use Exchange and thereby qualify to receive
below, which Items have been prepared part of a daily rebate as part of the
only one method. The Commission will by the Exchange. The Commission is
post all comments on the Commission’s Program under Interpretation and Policy
publishing this notice to solicit .03 to Rule 11.8.7
Internet Web site (http://www.sec.gov/ comments on the proposed rule change
rules/sro.shtml). Copies of the The Program was approved by the
from interested persons. Commission on a pilot basis running
submission, all subsequent
amendments, all written statements I. Self-Regulatory Organization’s one-year from the date of
with respect to the proposed rule Statement of the Terms of Substance of implementation.8 The Commission
the Proposed Rule Change approved the Program on July 28, 2014.9
change that are filed with the
The Exchange implemented the Program
Commission, and all written The Exchange filed a proposal to on July 28, 2014 and the pilot period for
communications relating to the extend the pilot period for the the Program was originally scheduled to
proposed rule change between the Exchange’s Supplemental Competitive end on July 28, 2015 until it was
Commission and any person, other than Liquidity Provider Program (the extended to end on October 28, 2015 10
those that may be withheld from the ‘‘Program’’), which is currently set to
public in accordance with the expire on January 28, 2016, for three 4 See Securities Exchange Act Release No. 65225
provisions of 5 U.S.C. 552, will be months, to expire on April 28, 2016. (August 30, 2011), 76 FR 55148 (September 6, 2011)
available for Web site viewing and The Exchange has designated this (SR–BATS–2011–018).
printing in the Commission’s Public proposal as non-controversial and
5 As defined in BATS Rules, the term ‘‘Market
Reference Room, 100 F Street NE., Maker’’ means a Member that acts a as a market
provided the Commission with the maker pursuant to Chapter XI of BATS Rules.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Washington, DC 20549, on official notice required by Rule 19b–4(f)(6)(iii) 6 ETP is defined in Interpretation and Policy
business days between the hours of under the Act.3 .03(b)(4) to Rule 11.8.
10:00 a.m. and 3:00 p.m. Copies of the The text of the proposed rule change 7 See Securities Exchange Act Release No. 72692
filing also will be available for is available at the Exchange’s Web site (July 28, 2014), 79 FR 44908 (August 1, 2014) (SR–
BATS–2014–022) (‘‘CLP Approval Order’’).
inspection and copying at the principal 8 See id at 44909.
office of the Exchange. All comments 14 17 CFR 200.30–3(a)(12). 9 Id.
1 15 U.S.C. 78s(b)(1). 10 See Securities Exchange Act Release No. 75518
2 17 CFR 240.19b–4.
proposed rule’s impact on efficiency, competition, (July 24, 2015), 80 FR 45566 (July 30, 2015 (SR–
and capital formation. See 15 U.S.C. 78c(f). 3 17 CFR 240.19b–4(f)(6)(iii). BATS–2015–55).
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Document Created: 2016-02-06 00:24:38
Document Modified: 2016-02-06 00:24:38
| 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 | 81 FR 6556 |
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