81 FR 91990 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 11.27(b) Regarding the Data Collection Requirements of the Regulation NMS Plan to Implement a Tick Size Pilot Program
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 243 (December 19, 2016)
Federal Register Volume 81, Issue 243 (December 19, 2016)
| Page Range | 91990-91993 | |
| FR Document | 2016-30386 |
[Federal Register Volume 81, Number 243 (Monday, December 19, 2016)] [Notices] [Pages 91990-91993] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-30386] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79533; File No. SR-BatsBZX-2016-82] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Exchange Rule 11.27(b) Regarding the Data Collection Requirements of the Regulation NMS Plan to Implement a Tick Size Pilot Program December 13, 2016 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 November 30, 2016, Bats BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') 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 Exchange. The Exchange has designated this proposal as a ``non-controversial'' proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b- 4(f)(6)(iii) thereunder,\4\ which renders it 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). \4\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend Exchange Rule 11.27(b) regarding the data collection requirements of the Regulation NMS [[Page 91991]] Plan to Implement a Tick Size Pilot Program (``Plan''). 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 On August 25, 2014, the Exchange, and several other self-regulatory organizations (the ``Participants'') filed with the Commission, pursuant to Section 11A of the Act \5\ and Rule 608 of Regulation NMS thereunder,\6\ the Plan to Implement a Tick Size Pilot Program.\7\ The Participants filed the Plan to comply with an order issued by the Commission on June 24, 2014.\8\ The Plan was published for comment in the Federal Register on November 7, 2014, and approved by the Commission, as modified, on May 6, 2015.\9\ The Commission approved the Pilot on a two-year basis, with implementation to begin no later than May 6, 2016.\10\ On November 6, 2015, the SEC exempted the Participants from implementing the Pilot until October 3, 2016.\11\ Under the revised Pilot implementation date, the Pre-Pilot data collection period commenced on April 4, 2016. On September 13, 2016, the SEC exempted the Participants from the requirement to fully implement the Pilot on October 3, 2016, to permit the Participants to implement the pilot on a phased-in basis, as described in the Participants' exemptive request.\12\ --------------------------------------------------------------------------- \5\ 15 U.S.C. 78k-1. \6\ 17 CFR 242.608. \7\ See Letter from Brendon J. Weiss, Vice President, Intercontinental Exchange, Inc., to Secretary, Commission, dated August 25, 2014. \8\ See Securities Exchange Act Release No 72460 (June 24, 2014), 79 FR 36840 (June 30, 2014). \9\ See Securities Exchange Act Release No. 74892 (May 6, 2015), 80 FR 27513 (May 13, 2015) (``Approval Order''). \10\ See Approval Order at 27533 and 27545. \11\ See Securities Exchange Act Release No. 76382 (November 6, 2015), 80 FR 70284 (November 13, 2015). \12\ See Letter from David S. Shillman, Associate Director, Division of Trading and Markets, Commission, to Eric Swanson, EVP, General Counsel and Secretary, Exchange, dated September 13, 2016; see also Letter from Eric Swanson, EVP, General Counsel and Secretary, Exchange, to Brent J. Fields, Secretary, Commission, dated September 9, 2016. --------------------------------------------------------------------------- The Plan is designed to allow the Commission, market participants, and the public to study and assess the impact of increment conventions on the liquidity and trading of the common stock of small- capitalization companies. Each Participant is required to comply, and to enforce compliance by its member organizations, as applicable, with the provisions of the Plan. The Exchange adopted rule amendments to implement the requirements of the Plan, including relating to the Plan's data collection requirements and requirements relating to Web site data publication.\13\ Specifically, with respect to the Web site data publication requirements pursuant to Section VII and Appendices B and C to the Plan, Exchange Rule 11.27(b)(2) provides, among other things, that the Exchange shall make the data required by Items I and II of Appendix B to the Plan, and collected pursuant to paragraph (b)(2)(A) of Rule 11.27, publicly available on the Exchange's Web site on a monthly basis at no charge and shall not identify the Trading Center that generated the data. Exchange Rule 11.27(b)(3)(C), provides, among other things, that the Exchange shall make the data required by Item IV of Appendix B to the Plan, and collected pursuant to paragraph (b)(3) of Rule 11.27, publicly available on the Exchange's Web site on a monthly basis at no charge and shall not identify the Trading Center that generated the data. Exchange Rule 11.27(b)(5) provides, among other things, shall collect and transmit to the Commission data described in Item III of Appendix B of the Plan relating to daily Market Maker registration statistics, but does not currently include a provision requiring the Exchange to publish such data to its Web site.\14\ Interpretation and Policy .08 to Exchange Rule 11.27(b) provides, among other things, that the requirement that Exchange or Designated Examining Authority (``DEA'') make certain data publicly available on their Web site pursuant to Appendix B and C to the Plan shall commence at the beginning of the Pilot Period.\15\ --------------------------------------------------------------------------- \13\ See, e.g., Securities Exchange Act Release Nos. 77105 (February 10, 2016), 81 FR 8112 (February 17, 2016); 77310 (March 7, 2016), 81 FR 13012 (March 11, 2016); and 78795 (September 9, 2016), 81 FR 63508 (September 15, 2016). See also Letter from David S. Shillman, Associate Director, Division of Trading and Markets, Commission, to Marcia E. Asquith, Senior Vice President and Corporate Secretary, FINRA, dated February 17, 2016. \14\ Section VII.A. 4 of the Plan. \15\ The Exchange understands that some Market Makers may utilize a DEA that is not a Participant to the Plan and that their DEA would not be subject to the Plan's data collection requirements. Exchange rules require members that are Market Makers whose DEA is not a Participant to the Plan to transmit transaction data for Market Maker participation and profitability calculations to FINRA. See paragraphs (3)(B) and (4)(B) of Exchange Rule 11.27(b). --------------------------------------------------------------------------- The Exchange is proposing amendments to Rule 11.27(b)(2) (regarding Appendix B.I and B.II data) and Rule 11.27(b)(3)(C) (regarding Appendix B.IV data), to provide that data required to be made available on Exchange's or DEA's Web site be published within 120 calendar days following month end. The Exchange also proposes to add a provision to Rule 11.27(b)(5) to state that the Exchange shall make data collected under Appendix B.III publicly available on the Exchange Web site within 120 calendar days following month end at no charge. In addition, the proposed amendments to Interpretation and Policy .08 to Exchange Rule 11.27(b) would provide that, notwithstanding the provisions of paragraphs (b)(2), (b)(3)(C), and (b)(5), the Exchange and DEA shall make data for the Pre-Pilot period publicly available on their Web site pursuant to Appendix B and C to the Plan by February 28, 2017.\16\ The purpose of delaying the publication of the Web site data is to address confidentiality concerns by providing for the passage of additional time between the market information reflected in the data and the public availability of such information. The Exchange has filed the proposed rule change for immediate effectiveness and has requested that the Commission waive the 30-day operative delay. If the Commission waives the 30-day operative delay, the operative date of the proposed rule change will be the date of filing. --------------------------------------------------------------------------- \16\ With respect to data for the Pilot Period, the requirement that the Exchange and DEA make data publicly available on their Web site pursuant to Appendix B and C to the Plan shall continue to commence at the beginning of the Pilot Period. Thus, the first Web site publication date for Pilot Period data (covering October 2016) would be published on the Exchange's or DEA's Web site by February 28, 2017, which is 120 days following the end of October 2016. --------------------------------------------------------------------------- [[Page 91992]] 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \17\ in general, and furthers the objectives of Section 6(b)(5) of the Act \18\ in particular, in that it is designed 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 mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \17\ 15 U.S.C. 78f(b). \18\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that this proposal is consistent with the Act because it is designed to assist the Participants in meeting their regulatory obligations pursuant to the Plan and is in furtherance of the objectives of the Plan, as identified by the SEC. The Exchange believes that the instant proposal is consistent with the Act in that it is designed to addresses confidentiality concerns by permitting the Exchange to delay Web site publication to provide for passage of additional time between the market information reflected in the data and the public availability of such information. (B) Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that the proposed rule change implements the provisions of the Plan, and is designed to assist the Participants in meeting their regulatory obligations pursuant to the Plan. The proposal is intended to addresses confidentiality concerns that may adversely impact competition, especially for Pilot Securities that may have a relatively small number of designated Market Makers, by permitting the Exchange to delay Web site publication to provide for passage of additional time between the market information reflected in the data and the public availability of such information. The proposal does not alter the information required to be submitted to the SEC. (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.\19\ --------------------------------------------------------------------------- \19\ See Letter from Mary Lou Von Kaenel, Managing Director, Financial Information Forum, to David S. Shillman, Associate Director, Division of Trading and Markets, Commission, dated August 16, 2016. --------------------------------------------------------------------------- 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) \20\ of the Act and Rule 19b- 4(f)(6) thereunder.\21\ --------------------------------------------------------------------------- \20\ 15 U.S.C. 78s(b)(3)(A). \21\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \22\ normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),\23\ the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has filed the proposed rule change for immediate effectiveness and has requested that the Commission waive the requirement that the proposed rule change not become operative for 30 days after the date of the filing so that it may become operative immediately. --------------------------------------------------------------------------- \22\ 17 CFR 240.19b-4(f)(6). \23\ 17 CFR 240.19b-4(f)(6)(iii) --------------------------------------------------------------------------- The Exchange notes that the proposed rule change implements the provisions of the Plan, and is designed to assist the Participants in meeting their regulatory obligations pursuant to the Plan. The proposal is intended to address confidentiality concerns by permitting the Exchange to delay Web site publication to provide for passage of additional time between the market information reflected in the data and the public availability of such information. The proposal also does not alter the information required to be submitted to the SEC. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will allow the Exchange to implement proposed changes that are intended to address confidentiality concerns. The Commission notes that some Pilot data was scheduled to be published on November 30, 2016. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change to be operative as of November 30, 2016.\24\ --------------------------------------------------------------------------- \24\ For purposes only of waiving the operative delay for this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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.\25\ If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \25\ 15 U.S.C. 78s(b)(3)(C). --------------------------------------------------------------------------- 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-BatsBZX-2016-82 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 No. SR-BatsBZX-2016-82. 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 [[Page 91993]] 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-BatsBZX-2016-82 and should be submitted on or before January 9, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\26\ --------------------------------------------------------------------------- \26\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016-30386 Filed 12-16-16; 8:45 am] BILLING CODE 8011-01-P
![91990 Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Notices
estimates that the average annual estimates the respondents will seek to writing within 60 days of this
burden for a municipal advisor to rely on the exemption with publication.
comply with the books and records approximately 8,620 municipal entity An agency may not conduct or
requirement is approximately 182 clients. The Commission further sponsor, and a person is not required to
hours. Thus, the Commission estimates estimates that the burden of obtaining respond to, a collection of information
that the average annual burden borne by the required written representations under the PRA unless it displays a
respondents to comply with the books from the respondent’s client will be currently valid OMB control number.
and records requirements during the approximately 0.25 hours. Thus, the Please direct your written comments to:
three-year period will be approximately Commission estimates that the total Pamela C. Dyson, Director/Chief
148,876 hours.12 annual burden borne by respondents Information Officer, Securities and
seeking to rely on the municipal escrow Exchange Commission, c/o Remi Pavlik-
Independent Registered Municipal Simon, 100 F Street NE., Washington,
investments exemption will be
Advisor Exemption DC 20549 or send an email to: PRA_
approximately 2,155 hours.16
The Commission estimates that Mailbox@sec.gov.
approximately 150 persons will seek to Definition of Proceeds of Municipal
Securities Exemption Dated: December 6, 2016.
rely on the independent registered Brent J. Fields,
municipal advisor exemption annually. The Commission estimates that
Secretary.
The Commission further estimates that approximately 880 respondents will
seek to rely on the proceeds of [FR Doc. 2016–30374 Filed 12–16–16; 8:45 am]
the one-time burden of developing a
written template disclosure document municipal securities exemption. The BILLING CODE 8011–01–P
will be approximately one hour. Thus, Commission further estimates that the
the Commission estimates that the total one-time burden of creating a template
document to use in obtaining the SECURITIES AND EXCHANGE
one-time burden borne by respondents
written representations necessary to rely COMMISSION
developing a template disclosure
document will be approximately 150 on the exemption will be approximately [Release No. 34–79533; File No. SR-
hours.13 The Commission also one hour. Thus, the Commission BatsBZX–2016–82]
recognizes that respondents will be estimates that the total one-time burden
subject to a recurring burden each time borne by respondents developing a Self-Regulatory Organizations; Bats
they seek to rely on the exemption. The template document will be BZX Exchange, Inc.; Notice of Filing
Commission estimates that respondents approximately 880 hours.17 The and Immediate Effectiveness of a
Commission also recognizes that Proposed Rule Change to Amend
may seek the exemption on
respondents will be subject to a Exchange Rule 11.27(b) Regarding the
approximately 7,400 transactions
recurring burden each time they seek to Data Collection Requirements of the
annually. The Commission further
rely on the exemption. The Commission Regulation NMS Plan to Implement a
estimates that the burden of obtaining
estimates that respondents will seek to Tick Size Pilot Program
the written representations needed from
the municipal entity or obligated person rely on the exemption in connection December 13, 2016
client will be approximately 0.25 hours. with services provided to approximately Pursuant to Section 19(b)(1) of the
Thus, the Commission estimates that the 25,420 clients. The Commission further Securities Exchange Act of 1934 (the
total annual burden borne by estimates that the burden of obtaining ‘‘Act’’),1 and Rule 19b–4 thereunder,2
respondents seeking to rely on the the required written consents from the notice is hereby given that on November
independent registered municipal respondent’s client will be 30, 2016, Bats BZX Exchange, Inc. (the
advisor exemption will be approximately 0.25 hours. Thus, the ‘‘Exchange’’ or ‘‘BZX’’) filed with the
approximately 1,850 hours.14 Commission estimates that the total Securities and Exchange Commission
annual burden borne by respondents (‘‘Commission’’) the proposed rule
Definition of Municipal Escrow seeking to rely on proceeds of municipal change as described in Items I and II
Investments Exemption securities exemption will be below, which Items have been prepared
The Commission estimates that approximately 6,355 hours.18 by the Exchange. The Exchange has
approximately 700 respondents will Written comments are invited on: (a) designated this proposal as a ‘‘non-
seek to rely on the municipal escrow Whether the proposed collection of controversial’’ proposed rule change
investments exemption. The information is necessary for the proper pursuant to Section 19(b)(3)(A) of the
Commission further estimates that the performance of the functions of the Act 3 and Rule 19b–4(f)(6)(iii)
one-time burden of creating a template Commission, including whether the thereunder,4 which renders it effective
document to use in obtaining the information shall have practical utility; upon filing with the Commission. The
written representations necessary to rely (b) the accuracy of the Commission’s Commission is publishing this notice to
on the exemption will be approximately estimates of the burden of the proposed solicit comments on the proposed rule
one hour. Thus, the Commission collection of information; (c) ways to change from interested persons.
estimates that the total one-time burden enhance the quality, utility, and clarity
borne by respondents developing a of the information to be collected; and I. Self-Regulatory Organization’s
template document will be (d) ways to minimize the burden of the Statement of the Terms of Substance of
approximately 700 hours.15 The collection of information on the Proposed Rule Change
Commission also recognizes that respondents, including through the use The Exchange filed a proposal to
sradovich on DSK3GMQ082PROD with NOTICES
respondents will be subject to a of automated collection techniques or amend Exchange Rule 11.27(b)
recurring burden each time they seek to other forms of information technology. regarding the data collection
rely on the exemption. The Commission Consideration will be given to requirements of the Regulation NMS
comments and suggestions submitted in
12 818 respondents × 182 hours. 1 15 U.S.C. 78s(b)(1).
13 150 respondents × 1 hour. 16 8,620 clients × 0.25 hours. 2 17 CFR 240.19b–4.
14 7,400 transactions × 0.25 hours. 17 880 respondents × 1 hour. 3 15 U.S.C. 78s(b)(3)(A).
15 700 respondents × 1 hour. 18 25,420 clients × 0.25 hours. 4 17 CFR 240.19b–4(f)(6)(iii).
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![Federal Register / Vol. 81, No. 243 / Monday, December 19, 2016 / Notices 91993
provisions of 5 U.S.C. 552, will be solicit comments on the proposed rule November 6, 2015, the SEC exempted
available for Web site viewing and change from interested persons. the Participants from implementing the
printing in the Commission’s Public Pilot until October 3, 2016.11 Under the
I. Self-Regulatory Organization’s
Reference Room, 100 F Street NE., revised Pilot implementation date, the
Statement of the Terms of Substance of
Washington, DC 20549, on official Pre-Pilot data collection period
the Proposed Rule Change
business days between the hours of commenced on April 4, 2016. On
10:00 a.m. and 3:00 p.m. Copies of such The Exchange filed a proposal to September 13, 2016, the SEC exempted
filing will also be available for amend Exchange Rule 11.21(b) the Participants from the requirement to
inspection and copying at the principal regarding the data collection fully implement the Pilot on October 3,
office of the Exchange. All comments requirements of the Regulation NMS 2016, to permit the Participants to
received will be posted without change; Plan to Implement a Tick Size Pilot implement the pilot on a phased-in
the Commission does not edit personal Program (‘‘Plan’’). basis, as described in the Participants’
identifying information from The text of the proposed rule change exemptive request.12
submissions. You should submit only is available at the Exchange’s Web site The Plan is designed to allow the
information that you wish to make at www.batstrading.com, at the Commission, market participants, and
available publicly. All submissions principal office of the Exchange, and at the public to study and assess the
should refer to File No. SR–BatsBZX– the Commission’s Public Reference impact of increment conventions on the
2016–82 and should be submitted on or Room. liquidity and trading of the common
before January 9, 2017. II. Self-Regulatory Organization’s stock of small-capitalization companies.
Statement of the Purpose of, and Each Participant is required to comply,
For the Commission, by the Division of and to enforce compliance by its
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
authority.26 Change member organizations, as applicable,
with the provisions of the Plan.
Eduardo A. Aleman, In its filing with the Commission, the The Exchange adopted rule
Assistant Secretary. Exchange included statements amendments to implement the
[FR Doc. 2016–30386 Filed 12–16–16; 8:45 am] concerning the purpose of and basis for requirements of the Plan, including
BILLING CODE 8011–01–P the proposed rule change and discussed relating to the Plan’s data collection
any comments it received on the requirements and requirements relating
proposed rule change. The text of these to Web site data publication.13
SECURITIES AND EXCHANGE statements may be examined at the Specifically, with respect to the Web
COMMISSION places specified in Item IV below. The site data publication requirements
Exchange has prepared summaries, set pursuant to Section VII and Appendices
[Release No. 34–79536; File No. SR– forth in Sections A, B, and C below, of B and C to the Plan, Exchange Rule
BatsEDGA–2016–30] the most significant parts of such 11.21(b)(2) provides, among other
statements. things, that the Exchange shall make the
Self-Regulatory Organizations; Bats data required by Items I and II of
(A) Self-Regulatory Organization’s
EDGA Exchange, Inc.; Notice of Filing Appendix B to the Plan, and collected
Statement of the Purpose of, and
and Immediate Effectiveness of a pursuant to paragraph (b)(2)(A) of Rule
Statutory Basis for, the Proposed Rule
Proposed Rule Change To Amend 11.21, publicly available on the
Change
Exchange Rule 11.21(b) Regarding the Exchange’s Web site on a monthly basis
Data Collection Requirements of the 1. Purpose at no charge and shall not identify the
Regulation NMS Plan To Implement a On August 25, 2014, the Exchange, Trading Center that generated the data.
Tick Size Pilot Program and several other self-regulatory Exchange Rule 11.21(b)(3)(C), provides,
December 13, 2016. organizations (the ‘‘Participants’’) filed among other things, that the Exchange
with the Commission, pursuant to shall make the data required by Item IV
Pursuant to Section 19(b)(1) of the Section 11A of the Act 5 and Rule 608 of Appendix B to the Plan, and collected
Securities Exchange Act of 1934 (the of Regulation NMS thereunder,6 the pursuant to paragraph (b)(3) of Rule
‘‘Act’’),1 and Rule 19b–4 thereunder,2 Plan to Implement a Tick Size Pilot 11.21, publicly available on the
notice is hereby given that on November Program.7 The Participants filed the Exchange’s Web site on a monthly basis
30, 2016, Bats EDGA Exchange, Inc. (the Plan to comply with an order issued by at no charge and shall not identify the
‘‘Exchange’’ or ‘‘EDGA’’) filed with the the Commission on June 24, 2014.8 The Trading Center that generated the data.
Securities and Exchange Commission Plan was published for comment in the Exchange Rule 11.21(b)(5) provides,
(‘‘Commission’’) the proposed rule Federal Register on November 7, 2014,
change as described in Items I and II and approved by the Commission, as 11 See Securities Exchange Act Release No. 76382
below, which Items have been prepared modified, on May 6, 2015.9 The (November 6, 2015), 80 FR 70284 (November 13,
by the Exchange. The Exchange has 2015).
Commission approved the Pilot on a 12 See Letter from David S. Shillman, Associate
designated this proposal as a ‘‘non- two-year basis, with implementation to Director, Division of Trading and Markets,
controversial’’ proposed rule change begin no later than May 6, 2016.10 On Commission, to Eric Swanson, EVP, General
pursuant to Section 19(b)(3)(A) of the Counsel and Secretary, Exchange, dated September
Act 3 and Rule 19b–4(f)(6)(iii) 5 15 13, 2016; see also Letter from Eric Swanson, EVP,
U.S.C. 78k–1.
General Counsel and Secretary, Exchange, to Brent
thereunder,4 which renders it effective 6 17 CFR 242.608. J. Fields, Secretary, Commission, dated September
sradovich on DSK3GMQ082PROD with NOTICES
upon filing with the Commission. The 7 See Letter from Brendon J. Weiss, Vice
9, 2016.
Commission is publishing this notice to President, Intercontinental Exchange, Inc., to 13 See, e.g., Securities Exchange Act Release Nos.
Secretary, Commission, dated August 25, 2014. 77417 (March 22, 2016), 81 FR 17219 (March 28,
8 See Securities Exchange Act Release No 72460
26 17 2016); and 78799 (September 9, 2016), 81 FR 63549
CFR 200.30–3(a)(12). (June 24, 2014), 79 FR 36840 (June 30, 2014).
1 15
(September 15, 2016). See also Letter from David S.
U.S.C. 78s(b)(1). 9 See Securities Exchange Act Release No. 74892
Shillman, Associate Director, Division of Trading
2 17 CFR 240.19b–4.
(May 6, 2015), 80 FR 27513 (May 13, 2015) and Markets, Commission, to Marcia E. Asquith,
3 15 U.S.C. 78s(b)(3)(A). (‘‘Approval Order’’). Senior Vice President and Corporate Secretary,
4 17 CFR 240.19b–4(f)(6)(iii). 10 See Approval Order at 27533 and 27545. FINRA, dated February 17, 2016.
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Document Created: 2016-12-17 03:15:44
Document Modified: 2016-12-17 03:15:44
| 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 91990 |
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