82_FR_38889 82 FR 38733 - Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program

82 FR 38733 - Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 156 (August 15, 2017)

Page Range38733-38733
FR Document2017-17162

Federal Register, Volume 82 Issue 156 (Tuesday, August 15, 2017) 
[Federal Register Volume 82, Number 156 (Tuesday, August 15, 2017)]
[Notices]
[Page 38733]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17162]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81364; File No. SR-BYX-2012-019]


Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order 
Granting an Extension to Limited Exemption From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Price 
Improvement Program

August 9, 2017.
    On November 27, 2012, the Securities and Exchange Commission 
(``Commission'') issued an order pursuant to its authority under Rule 
612(c) of Regulation NMS (``Sub-Penny Rule) \1\ that granted the BATS 
BYX-Exchange, Inc. (``BYX'' or the ``Exchange'') a limited exemption 
from the Sub-Penny Rule in connection with the operation of the 
Exchange's Retail Price Improvement (``RPI'') Program (the 
``Program''). The limited exemption was granted concurrently with the 
Commission's approval of the Exchange's proposal to adopt the Program 
for a one-year pilot term.\2\ The exemption was granted coterminous 
with the effectiveness of the pilot Program and has been extended four 
times; \3\ both the pilot Program and exemption are scheduled to 
expired on July 31, 2017.
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    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 68303 (November 27, 
2012), 77 FR 71652 (December 3, 2012) (``RPI Approval Order'') (SR-
BXY-2012-019).
    \3\ See Securities Exchange Act Release Nos. 71249 (January 7, 
2014), 79 FR 2229 (January 13, 2012) (SR-BYX-2014-001) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); 71250 (January 7, 2014), 79 FR 
2234 (January 13, 2012) (Order Granting an Extension to Limited 
Exemption From Rule 612(c) of Regulation NMS in Connection With the 
Exchange's Retail Price Improvement Program); 74111 (January 22, 
2015), 80 FR 4598 (January 28, 2015) (SR-BYX-2015-05) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); and 74115 (January 22, 2015), 
80 FR 4324 (January 27, 2015) (Order Granting an Extension to 
Limited Exemption From Rule 612(c) of Regulation NMS in Connection 
With the Exchange's Retail Price Improvement Program); 76965 
(January 22, 2016), 81 FR 4682 (January 27, 2016) (SR-BYX-2016-
01)(Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change to Extend the Pilot Period for the RPI); 76953 (January 21, 
2016), 81 FR 4728 (January 27, 2016)(Order Granting an Extension to 
Limited Exemption From Rule 612(c) of Regulation NMS in Connection 
With the Exchange's Retail Price Improvement Program); 78180 (June 
28, 2016), 81 FR 43306 (July 1, 2016) (SR-BYX-2016-15) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); 78178 (July 5, 2016), 81 FR 
43689 (July 5, 2016)(Order Granting an Extension to Limited 
Exemption From Rule 612(c) of Regulation NMS in Connection With the 
Exchange's Retail Price Improvement Program).
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    The Exchange now seeks to extend the exemption until July 31, 
2018.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Program 
until July 31, 2018.\5\ In its request to extend the exemption, the 
Exchange notes that the Program was implemented gradually over time. 
Accordingly, the Exchange has asked for additional time to allow itself 
and the Commission to analyze data concerning the Program, which the 
Exchange committed to provide to the Commission, as well as to allow 
additional opportunities for greater participation in the Program.\6\ 
For this reason and the reasons stated in the Order originally granting 
the limited exemption, the Commission finds that extending the 
exemption, pursuant to its authority under Rule 612(c) of Regulation 
NMS, is appropriate in the public interest and consistent with the 
protection of investors.
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    \4\ See letter from Anders Franzon, Senior Vice President and 
Associate General Counsel, BYX, to Brent J. Fields, Secretary, 
Commission, dated August 7, 2017.
    \5\ See SR-BatsBYX-2017-18.
    \6\ See RPI Approval Order, supra note 2, at 77 FR at 71657.
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    Therefore, it is hereby ordered, that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted a limited exemption from Rule 
612(c) of Regulation NMS that allows it to accept and rank orders 
priced equal to or greater than $1.00 per share in increments of 
$0.001, in connection with the operation of its RPI Program.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Securities Exchange Act of 1934. Responsibility 
for compliance with any applicable provisions of the federal securities 
laws must rest with the persons relying on the exemptions that are the 
subject of this Order.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(83).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-17162 Filed 8-14-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices 38733 submissions. You should submit only exemption are scheduled to expired on For the Commission, by the Division of information that you wish to make July 31, 2017. Trading and Markets, pursuant to delegated available publicly. All submissions authority.7 The Exchange now seeks to extend should refer to File Number SR–Phlx– Eduardo A. Aleman, the exemption until July 31, 2018.4 The 2017–61 and should be submitted on or Exchange’s request was made in Assistant Secretary. before September 5, 2017. conjunction with an immediately [FR Doc. 2017–17162 Filed 8–14–17; 8:45 am] For the Commission, by the Division of effective filing that extends the BILLING CODE 8011–01–P Trading and Markets, pursuant to delegated operation of the Program until July 31, authority.15 2018.5 In its request to extend the Eduardo A. Aleman, exemption, the Exchange notes that the SECURITIES AND EXCHANGE Assistant Secretary. Program was implemented gradually COMMISSION [FR Doc. 2017–17170 Filed 8–14–17; 8:45 am] over time. Accordingly, the Exchange [Release No. 34–81358; File No. 265–29] BILLING CODE 8011–01–P has asked for additional time to allow itself and the Commission to analyze Equity Market Structure Advisory data concerning the Program, which the Committee SECURITIES AND EXCHANGE Exchange committed to provide to the COMMISSION Commission, as well as to allow AGENCY: Securities and Exchange additional opportunities for greater Commission. [Release No. 34–81364; File No. SR–BYX– 2012–019] participation in the Program.6 For this ACTION: Notice of Federal Advisory reason and the reasons stated in the Committee Renewal. Self-Regulatory Organization; BATS Order originally granting the limited BYX-Exchange, Inc.; Order Granting an SUMMARY: The Securities and Exchange exemption, the Commission finds that Extension to Limited Exemption From Commission is publishing this notice to extending the exemption, pursuant to its Rule 612(c) of Regulation NMS in announce that the Chairman of the authority under Rule 612(c) of Connection With the Exchange’s Retail Commission, with the concurrence of Regulation NMS, is appropriate in the Price Improvement Program the other Commissioners, has approved public interest and consistent with the the renewal of the Securities and August 9, 2017. protection of investors. Exchange Commission Equity Market On November 27, 2012, the Securities Therefore, it is hereby ordered, that, Structure Advisory Committee. and Exchange Commission pursuant to Rule 612(c) of Regulation FOR FURTHER INFORMATION CONTACT: (‘‘Commission’’) issued an order NMS, the Exchange is granted a limited Arisa Kettig, Senior Special Counsel, pursuant to its authority under Rule exemption from Rule 612(c) of Division of Trading and Markets, 612(c) of Regulation NMS (‘‘Sub-Penny Regulation NMS that allows it to accept Securities and Exchange Commission, Rule) 1 that granted the BATS BYX- and rank orders priced equal to or 100 F Street NE., Washington, DC Exchange, Inc. (‘‘BYX’’ or the greater than $1.00 per share in 20549, (202) 551–5676. ‘‘Exchange’’) a limited exemption from increments of $0.001, in connection SUPPLEMENTARY INFORMATION: In the Sub-Penny Rule in connection with with the operation of its RPI Program. the operation of the Exchange’s Retail accordance with the requirements of the The limited and temporary exemption Federal Advisory Committee Act, 5 Price Improvement (‘‘RPI’’) Program (the extended by this Order is subject to ‘‘Program’’). The limited exemption was U.S.C. App., the Commission is modification or revocation if at any time publishing this notice that the Chairman granted concurrently with the the Commission determines that such Commission’s approval of the of the Commission, with the action is necessary or appropriate in concurrence of the other Exchange’s proposal to adopt the furtherance of the purposes of the Program for a one-year pilot term.2 The Commissioners, has approved the Securities Exchange Act of 1934. renewal of the Securities and Exchange exemption was granted coterminous Responsibility for compliance with any with the effectiveness of the pilot Commission Equity Market Structure applicable provisions of the federal Advisory Committee (the ‘‘Committee’’). Program and has been extended four securities laws must rest with the times; 3 both the pilot Program and The Chairman of the Commission persons relying on the exemptions that affirms that the renewal of the 15 17 are the subject of this Order. Committee is necessary and in the CFR 200.30–3(a)(12). 1 17 CFR 242.612(c). public interest. 2 See Securities Exchange Act Release No. 68303 01)(Notice of Filing and Immediate Effectiveness of The Committee’s objective is to (November 27, 2012), 77 FR 71652 (December 3, a Proposed Rule Change to Extend the Pilot Period for the RPI); 76953 (January 21, 2016), 81 FR 4728 provide the Commission with diverse 2012) (‘‘RPI Approval Order’’) (SR–BXY–2012–019). 3 See Securities Exchange Act Release Nos. 71249 (January 27, 2016)(Order Granting an Extension to perspectives on the structure and (January 7, 2014), 79 FR 2229 (January 13, 2012) Limited Exemption From Rule 612(c) of Regulation operations of the U.S. equities markets, (SR–BYX–2014–001) (Notice of Filing and NMS in Connection With the Exchange’s Retail as well as advice and recommendations Price Improvement Program); 78180 (June 28, 2016), Immediate Effectiveness of a Proposed Rule Change 81 FR 43306 (July 1, 2016) (SR–BYX–2016–15) on matters related to equity market to Extend the Pilot Period for the RPI); 71250 structure. (January 7, 2014), 79 FR 2234 (January 13, 2012) (Notice of Filing and Immediate Effectiveness of a (Order Granting an Extension to Limited Exemption Proposed Rule Change to Extend the Pilot Period for No more than seventeen voting From Rule 612(c) of Regulation NMS in Connection the RPI); 78178 (July 5, 2016), 81 FR 43689 (July members will be appointed to the 5, 2016)(Order Granting an Extension to Limited With the Exchange’s Retail Price Improvement Exemption From Rule 612(c) of Regulation NMS in Committee, representing a cross-section Program); 74111 (January 22, 2015), 80 FR 4598 of those directly affected by, interested mstockstill on DSK30JT082PROD with NOTICES (January 28, 2015) (SR–BYX–2015–05) (Notice of Connection With the Exchange’s Retail Price Filing and Immediate Effectiveness of a Proposed Improvement Program). in, and/or qualified to provide advice to Rule Change to Extend the Pilot Period for the RPI); 4 See letter from Anders Franzon, Senior Vice the Commission on matters related to and 74115 (January 22, 2015), 80 FR 4324 (January President and Associate General Counsel, BYX, to equity market structure. The 27, 2015) (Order Granting an Extension to Limited Brent J. Fields, Secretary, Commission, dated August 7, 2017. Committee’s membership will continue Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price 5 See SR-BatsBYX–2017–18. to be balanced fairly in terms of points Improvement Program); 76965 (January 22, 2016), 6 See RPI Approval Order, supra note 2, at 77 FR 81 FR 4682 (January 27, 2016) (SR–BYX–2016– at 71657. 7 17 CFR 200.30–3(a)(83). VerDate Sep<11>2014 17:15 Aug 14, 2017 Jkt 241001 PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 E:\FR\FM\15AUN1.SGM 15AUN1


Document Created: 2017-08-15 01:12:34
Document Modified: 2017-08-15 01:12:34
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 38733 
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