81 FR 9543 - Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rules 8.15, Imposition of Fines for Minor Violation(s) of Rules, and 25.3, Penalty for Minor Rule Violations, To Amend the Minor Rule Violation Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 37 (February 25, 2016)
Federal Register Volume 81, Issue 37 (February 25, 2016)
| Page Range | 9543-9545 | |
| FR Document | 2016-03943 |
[Federal Register Volume 81, Number 37 (Thursday, February 25, 2016)] [Notices] [Pages 9543-9545] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-03943] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77182; File No. SR-BATS-2016-08] Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Rules 8.15, Imposition of Fines for Minor Violation(s) of Rules, and 25.3, Penalty for Minor Rule Violations, To Amend the Minor Rule Violation Plan February 19, 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 February 10, 2016, BATS Exchange, Inc. (``BZX'' or the ``Exchange'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The 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 filed a proposal to amend Rules 8.15 and 25.3 to amend the Exchange's Minor Rule Violation Plan. The Exchange has designated this proposal as non-controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.\3\ --------------------------------------------------------------------------- \3\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 8.15 applicable to the Exchange's equity platform (``BZX Equities'') to remove the $2,500 penalty limitation contained in Rule 8.15(a) in order to modify the permissible penalties for minor rule violations with respect to Rule 25.3 applicable to the BZX options platform (``BZX Options'') and to allow the Exchange the discretion to impose penalties in excess of $2,500 under both the BZX Equities and BZX Options Minor Rule Violation Plans. The proposal further provides that only fines that do not exceed $2,500 will not be reported. Fines that exceed $2,500 will continue to be publicly reported by the Exchange \4\ and reported as final in compliance with SEC Rule 19d-1(c).\5\ --------------------------------------------------------------------------- \4\ As set forth in Interpretation and Policy .01 to Rule 8.11, except as provided in Rule 8.15(a), the staff shall cause details regarding all formal disciplinary actions where a final decision has been issued to be published on a Web site maintained by the Exchange. \5\ 17 CFR 240.19d-1(c). --------------------------------------------------------------------------- Further, the Exchange proposes to amend the BZX Options Minor Rule Violation Plan penalty schedule contained in Rule 25.3(d)--for violations of Rule 22.6(d) regarding Market Makers maintaining continuous bids and offers--to aggregate violations of Rule 22.6(d) that occur in a single month of a rolling 24-month period and sanction such aggregated violations as a single offense. The proposed amended penalty schedule is substantially similar to International Securities Exchange (``ISE'') Rule 1614(d)(11) Minor Rule Violation Plan penalties for continuous options quotation violations. Removal of Penalty Limitation Rule 25.3 states that the Exchange may proceed under the Minor Rule Violation Plan pursuant to the procedures set forth in Rule 8.15 applicable to BZX Equities. Currently, Rule 8.15(a) states that the Exchange may impose a fine ``not to exceed $2,500'' for a minor rule violation. Because existing Rule 25.3 recommends the imposition of penalties in excess of $2,500 in certain circumstances, the Exchange believes the penalty limitation in 8.15(a) is obsolete, inappropriate, and unnecessarily confusing. Moreover, abiding by the terms of the penalty limitation contained in 8.15(a) for purposes of the BZX Options Minor Rule Violation Plan deprives Rule 25.3 of much of its meaning and effectiveness. Further, it is the Exchange's position that the penalty limitation currently contained in Rule 8.15(a) is also unnecessary because the Exchange must exercise its discretion to opt to proceed under the Minor Rule Violation Plan rather than under its default process, the formal disciplinary process. As a practical matter, if an individual or entity exceeds the prescribed Minor Rule Violation Plan fine threshold of $2,500, it will oftentimes be appropriate for the Exchange to decline to exercise its discretion to proceed under the Minor Rule Violation Plan and to instead proceed under the formal disciplinary process. The Exchange, however, believes it should have the discretion to elect to proceed under the Minor Rule Violation Plan for a minor rule violation that would otherwise cumulatively exceed $2,500. Accordingly, the Exchange proposes to eliminate the penalty limitation in Rule 8.15(a). The Exchange recognizes, however, a fine exceeding $2,500 must be reported as final in accordance with SEC Rule 19d-1(c),\6\ regardless of whether or not it is imposed under the Minor Rule Violation Plan. The Exchange provides, therefore, that only fines that do not exceed $2,500 will not be reported. Fines that exceed $2,500 will continue to be reported as final in compliance with SEC Rule 19d-1(c).\7\ --------------------------------------------------------------------------- \6\ 17 CFR 240.19d-1(c). \7\ Id. --------------------------------------------------------------------------- [[Page 9544]] Amendment to MRVP for Continuous Quoting Violations The Exchange proposes to amend Rule 25.3(d) to impose fines for violations of Rule 22.6(d)--regarding a Market Maker's failure to maintain continuous bids and offers--under the Minor Rule Violation Plan by aggregating the violations that occur in a month and sanctioning the violations as a single offense. The Exchange proposes to continue its current recommendation of issuing a letter of caution for the first offense in a rolling 24-month period. For the second violation in the period, the Exchange proposes to issue a $1,000 penalty; for the third a $2,500 penalty; for the fourth a $5,000 penalty. Finally, if there occurs a fifth violation within a rolling 24-month period, the Exchange believes that such a violation is inappropriate for disposition under the Minor Rule Violation Plan, and the proposed amendment to Rule 25.3(d) directs that the violation be enforced in a formal disciplinary action. The Exchange believes it is appropriate to recommend higher penalties than recommended in current Rule 25.3(d) because the Exchange is aggregating violations that occur in a month and sanctioning the violations as a single offense. As with other violations covered under the Exchange's Minor Rule Violation Plan, the Exchange may elect to forgo the Minor Rule Violation Plan and enforce any egregious violations of its rules under the Exchange's formal disciplinary process. 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\8\ Specifically, the proposal is consistent with Section 6(b)(5) of the Act,\9\ which requires exchange rules to promote just and equitable principles of trade, remove impediments to, and perfect the mechanism of, a free and open market and a national market system, and, in general, protect investors and the public interest. The Exchange also believes the proposed rule change is consistent with Section 6(b)(1) of the Act,\10\ which requires that the Exchange be organized and have the capacity to be able to carry out the purposes of the Act such that it can enforce compliance with the Act by persons registered with the Exchange. The Exchange also believes the proposed rule change furthers the objectives of Section 6(b)(6) \11\ of the Act, which requires that the rules of an exchange provide that its members and persons associated with its members be appropriately disciplined for violation of the provisions of the Act, the rules and regulations thereunder, or the rules of the exchange, by expulsion, suspension, limitation of activities, functions, and operations, fine, censure, being suspended or barred from being associated with a member, or any other fitting sanction. Finally, the Exchange believes that the proposed rule change furthers the objectives of Section 6(b)(7) of the Act,\12\ in particular, in that it provides fair procedures for the disciplining of members and persons associated with members. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). \10\ 15 U.S.C. 78f(b)(1). \11\ 15 U.S.C. 78f(b)(6). \12\ 15 U.S.C. 78f(b)(7). --------------------------------------------------------------------------- The Exchange believes the proposed rule change for Rule 8.15(a) fulfills the requirements set forth above because it modifies the procedures for the Exchange to discipline minor BZX Options rule violations by removing the $2,500 penalty limitation from the BZX Equities and BZX Options Minor Rule Violation Plan. The proposed rule change further provides that the Exchange will not report fines that do not exceed $2,500 under the Minor Rule Violation Plan except as required under SEC Rule 19d-1(c).\13\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19d-1(c). --------------------------------------------------------------------------- The Exchange believes the proposed rule change for Rule 25.3(d) fulfills the requirements set forth above because it permits the Exchange to levy progressively larger fines against a repeat-offender and prescribes that after five violations in a rolling 24-month period, the conduct is outside the purview of the Minor Rule Violation Plan, and formal disciplinary action is appropriate. Further, the Exchange believes the proposed rule change for Rule 25.3(d) fulfills the requirements set forth above because it clearly defines when and how a Market Maker may be disciplined under the Minor Rule Violation Plan. The Exchange also notes that the proposed rule change for Rule 25.3(d) is based on and substantially similar to ISE Rule 1614(d)(11). B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposal is consistent with Section 6(b)(8) of the Act \14\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change merely amends the procedures the Exchange intends to follow with regard to minor BZX Options Rule 22.6(d) violations and removes an obsolete and unnecessary penalty limitation. Thus, the Exchange does not believe the proposed rule change will have any effect on competition. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 written 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: (A) Significantly affect the protection of investors or the public interest; (B) impose any significant burden on competition; and (C) by its terms, 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 \15\ and paragraph (f)(6) of Rule 19b-4 thereunder,\16\ the Exchange has designated this rule filing as non-controversial. The Exchange has given the Commission written notice of its intent to file the proposed rule change, along with a brief description and 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. --------------------------------------------------------------------------- \15\ 15 U.S.C. 78s(b)(3)(A). \16\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- 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: (1) Necessary or appropriate in the public interest; (2) for the protection of investors; or (3) 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: [[Page 9545]] 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-BATS-2016-08 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-BATS-2016-08. 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-BATS-2016-08, and should be submitted on or before March 17, 2016. --------------------------------------------------------------------------- \17\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\17\ Brent J. Fields, Secretary. [FR Doc. 2016-03943 Filed 2-24-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices 9543
provisions of 5 U.S.C. 552, will be proposal as non-controversial and sanction such aggregated violations as a
available for Web site viewing and provided the Commission with the single offense. The proposed amended
printing in the Commission’s Public notice required by Rule 19b–4(f)(6)(iii) penalty schedule is substantially similar
Reference Room, 100 F Street NE., under the Act.3 to International Securities Exchange
Washington, DC 20549, on official The text of the proposed rule change (‘‘ISE’’) Rule 1614(d)(11) Minor Rule
business days between the hours of is available at the Exchange’s Web site Violation Plan penalties for continuous
10:00 a.m. and 3:00 p.m. Copies of the at www.batstrading.com, at the options quotation violations.
filing also will be available for principal office of the Exchange, and at
inspection and copying at the principal the Commission’s Public Reference Removal of Penalty Limitation
office of the Exchange. All comments Room.
Rule 25.3 states that the Exchange
received will be posted without change; II. Self-Regulatory Organization’s may proceed under the Minor Rule
the Commission does not edit personal Statement of the Purpose of, and Violation Plan pursuant to the
identifying information from Statutory Basis for, the Proposed Rule procedures set forth in Rule 8.15
submissions. You should submit only Change applicable to BZX Equities. Currently,
information that you wish to make
available publicly. All submissions In its filing with the Commission, the Rule 8.15(a) states that the Exchange
should refer to File Number SR– Exchange included statements may impose a fine ‘‘not to exceed
NYSEArca–2016–28 and should be concerning the purpose of and basis for $2,500’’ for a minor rule violation.
submitted on or before March 17, 2016. the proposed rule change and discussed Because existing Rule 25.3 recommends
any comments it received on the the imposition of penalties in excess of
For the Commission, by the Division of $2,500 in certain circumstances, the
Trading and Markets, pursuant to delegated
proposed rule change. The text of these
authority.46 statements may be examined at the Exchange believes the penalty limitation
places specified in Item IV below. The in 8.15(a) is obsolete, inappropriate, and
Brent J. Fields,
Exchange has prepared summaries, set unnecessarily confusing. Moreover,
Secretary.
forth in Sections A, B, and C below, of abiding by the terms of the penalty
[FR Doc. 2016–03944 Filed 2–24–16; 8:45 am]
the most significant parts of such limitation contained in 8.15(a) for
BILLING CODE 8011–01–P statements. purposes of the BZX Options Minor
Rule Violation Plan deprives Rule 25.3
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the of much of its meaning and
SECURITIES AND EXCHANGE
Statutory Basis for, the Proposed Rule effectiveness. Further, it is the
COMMISSION
Change Exchange’s position that the penalty
[Release No. 34–77182; File No. SR–BATS– limitation currently contained in Rule
2016–08] 1. Purpose 8.15(a) is also unnecessary because the
The Exchange proposes to amend Exchange must exercise its discretion to
Self-Regulatory Organizations; BATS
Rule 8.15 applicable to the Exchange’s opt to proceed under the Minor Rule
Exchange, Inc.; Notice of Filing and
equity platform (‘‘BZX Equities’’) to Violation Plan rather than under its
Immediate Effectiveness of Proposed
remove the $2,500 penalty limitation default process, the formal disciplinary
Rule Change to Rules 8.15, Imposition
of Fines for Minor Violation(s) of Rules, contained in Rule 8.15(a) in order to process. As a practical matter, if an
and 25.3, Penalty for Minor Rule modify the permissible penalties for individual or entity exceeds the
Violations, To Amend the Minor Rule minor rule violations with respect to prescribed Minor Rule Violation Plan
Violation Plan Rule 25.3 applicable to the BZX options fine threshold of $2,500, it will
platform (‘‘BZX Options’’) and to allow oftentimes be appropriate for the
February 19, 2016. the Exchange the discretion to impose Exchange to decline to exercise its
Pursuant to Section 19(b)(1) of the penalties in excess of $2,500 under both discretion to proceed under the Minor
Securities Exchange Act of 1934 the BZX Equities and BZX Options Rule Violation Plan and to instead
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 Minor Rule Violation Plans. The proceed under the formal disciplinary
notice is hereby given that on February proposal further provides that only fines process. The Exchange, however,
10, 2016, BATS Exchange, Inc. (‘‘BZX’’ that do not exceed $2,500 will not be believes it should have the discretion to
or the ‘‘Exchange’’) filed with the reported. Fines that exceed $2,500 will elect to proceed under the Minor Rule
Securities and Exchange Commission continue to be publicly reported by the Violation Plan for a minor rule violation
(‘‘Commission’’) the proposed rule Exchange 4 and reported as final in that would otherwise cumulatively
change as described in Items I, II, and compliance with SEC Rule 19d–1(c).5 exceed $2,500. Accordingly, the
III below, which Items have been Further, the Exchange proposes to Exchange proposes to eliminate the
prepared by the Exchange. The amend the BZX Options Minor Rule penalty limitation in Rule 8.15(a).
Commission is publishing this notice to Violation Plan penalty schedule
contained in Rule 25.3(d)—for The Exchange recognizes, however, a
solicit comments on the proposed rule
violations of Rule 22.6(d) regarding fine exceeding $2,500 must be reported
change from interested persons.
Market Makers maintaining continuous as final in accordance with SEC Rule
I. Self-Regulatory Organization’s bids and offers—to aggregate violations 19d–1(c),6 regardless of whether or not
Statement of the Terms of Substance of of Rule 22.6(d) that occur in a single it is imposed under the Minor Rule
the Proposed Rule Change month of a rolling 24-month period and Violation Plan. The Exchange provides,
mstockstill on DSK4VPTVN1PROD with NOTICES
The Exchange filed a proposal to therefore, that only fines that do not
amend Rules 8.15 and 25.3 to amend the 3 17 CFR 240.19b–4(f)(6)(iii). exceed $2,500 will not be reported.
Exchange’s Minor Rule Violation Plan. 4 As set forth in Interpretation and Policy .01 to Fines that exceed $2,500 will continue
The Exchange has designated this Rule 8.11, except as provided in Rule 8.15(a), the to be reported as final in compliance
staff shall cause details regarding all formal with SEC Rule 19d–1(c).7
disciplinary actions where a final decision has been
46 17 CFR 200.30–3(a)(12). issued to be published on a Web site maintained by
1 15 U.S.C. 78s(b)(1). the Exchange. 6 17 CFR 240.19d–1(c).
2 17 CFR 240.19b–4. 5 17 CFR 240.19d–1(c). 7 Id.
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![Federal Register / Vol. 81, No. 37 / Thursday, February 25, 2016 / Notices 9545
Electronic Comments SECURITIES AND EXCHANGE (b) Order Origination and Receipt
COMMISSION Unless otherwise indicated, the
• Use the Commission’s Internet
[Release No. 34–77180; File No. SR–FINRA– following order information must be
comment form (http://www.sec.gov/ recorded under this Rule when an order
rules/sro.shtml); or 2016–006]
is received or originated. For purposes
• Send an email to rule-comments@ Self-Regulatory Organizations; of this Rule, the order origination or
sec.gov. Please include File Number SR– Financial Industry Regulatory receipt time is the time the order is
BATS–2016–08 on the subject line. Authority, Inc.; Notice of Filing of a received from the customer.
Proposed Rule Change To Amend (1) through (17) No Change.
Paper Comments FINRA Rules 7410 (Definitions) and (18) the type of account, i.e., retail,
• Send paper comments in triplicate 7440 (Recording of Order Information) wholesale, employee, proprietary, or
to Brent J. Fields, Secretary, Securities February 19, 2016. any other type of account designated by
and Exchange Commission, 100 F Street Pursuant to Section 19(b)(1) of the FINRA, for which the order is
NE., Washington, DC 20549–1090. Securities Exchange Act of 1934 submitted; [and]
All submissions should refer to File (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 (19) when the Reporting Member
notice is hereby given that on February receives an order from a U.S.-registered
Number SR–BATS–2016–08. This file
11, 2016, Financial Industry Regulatory broker-dealer that is not a member, or
number should be included on the
Authority, Inc. (‘‘FINRA’’) filed with the from a non-U.S.-registered broker-dealer
subject line if email is used. To help the Securities and Exchange Commission that is not a member but has received
Commission process and review your (‘‘SEC’’ or ‘‘Commission’’) the proposed an SRO-assigned identifier for purposes
comments more efficiently, please use rule change as described in Items I, II, of accessing a FINRA facility pursuant
only one method. The Commission will and III below, which Items have been to Rule 7220A or 7320, identification of
post all comments on the Commission’s prepared by FINRA. The Commission is such broker-dealer by providing an
Internet Web site (http://www.sec.gov/ publishing this notice to solicit SRO-assigned identifier assigned to the
rules/sro.shtml). Copies of the comments on the proposed rule change broker-dealer or the number assigned to
submission, all subsequent from interested persons. the broker-dealer in the Central
amendments, all written statements Registration Depository system; and
I. Self-Regulatory Organization’s
with respect to the proposed rule (20) if the member is relying on the
Statement of the Terms of Substance of
change that are filed with the the Proposed Rule Change exception provided in Rule 5320.02
Commission, and all written with respect to the order, the unique
communications relating to the FINRA is proposing to amend FINRA
identification of any appropriate
proposed rule change between the Rules 7410 and 7440 to require FINRA
information barriers in place at the
Commission and any person, other than members to identify on their Order
department within the member where
those that may be withheld from the Audit Trail System (‘‘OATS’’) reports
the order was received or originated.
the identity of certain broker-dealers
public in accordance with the (c) through (d) No Change.
that are not FINRA members when the
provisions of 5 U.S.C. 552, will be * * * * *
member has received an order from
available for Web site viewing and such a broker-dealer.
printing in the Commission’s Public II. Self-Regulatory Organization’s
Below is the text of the proposed rule
Reference Room, 100 F Street NE., Statement of the Purpose of, and
change. Proposed new language is in
Washington, DC 20549 on official Statutory Basis for, the Proposed Rule
italics; proposed deletions are in
business days between the hours of Change
brackets.
10:00 a.m. and 3:00 p.m. Copies of such In its filing with the Commission,
* * * * *
filing also will be available for FINRA included statements concerning
inspection and copying at the principal 7000. CLEARING, TRANSACTION the purpose of and basis for the
office of the Exchange. All comments AND ORDER DATA REQUIREMENTS, proposed rule change and discussed any
received will be posted without change; AND FACILITY CHARGES comments it received on the proposed
the Commission does not edit personal * * * * * rule change. The text of these statements
identifying information from may be examined at the places specified
submissions. You should submit only 7400. ORDER AUDIT TRAIL SYSTEM in Item IV below. FINRA has prepared
information that you wish to make * * * * * summaries, set forth in sections A, B,
available publicly. All submissions and C below, of the most significant
7410. Definitions
should refer to File Number SR–BATS– aspects of such statements.
2016–08, and should be submitted on or (a) through (o) No Change.
(p) ‘‘SRO-assigned identifier’’ shall A. Self-Regulatory Organization’s
before March 17, 2016. Statement of the Purpose of, and
mean a unique identifier assigned to a
For the Commission, by the Division of broker or dealer by a national securities Statutory Basis for, the Proposed Rule
Trading and Markets, pursuant to delegated exchange or national securities Change
authority.17 association for use by such broker or 1. Purpose
Brent J. Fields, dealer when accessing the exchange or
FINRA is proposing an amendment to
mstockstill on DSK4VPTVN1PROD with NOTICES
Secretary. a facility of the association.
Rule 7440 of the OATS rules to require
[FR Doc. 2016–03943 Filed 2–24–16; 8:45 am] * * * * * FINRA members subject to the OATS
BILLING CODE 8011–01–P
7440. Recording of Order Information rules (‘‘Reporting Members’’) to
(a) No Change. specifically identify two types of non-
FINRA-member broker-dealers (‘‘Non-
1 15 U.S.C. 78s(b)(1). Member Firms’’) as part of the OATS
17 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4. report when they receive orders from
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Document Created: 2018-02-02 14:35:23
Document Modified: 2018-02-02 14:35:23
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