82 FR 49905 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1, Definitions, To Modify Stop Orders and Stop Limit Orders Applicable to the Exchange's Equity Options Platform in Preparation for the C2 Options Exchange, Incorporated Technology Migration
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 207 (October 27, 2017)
Federal Register Volume 82, Issue 207 (October 27, 2017)
| Page Range | 49905-49908 | |
| FR Document | 2017-23372 |
[Federal Register Volume 82, Number 207 (Friday, October 27, 2017)] [Notices] [Pages 49905-49908] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-23372] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81919; File No. SR-BatsBZX-2017-68] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.1, Definitions, To Modify Stop Orders and Stop Limit Orders Applicable to the Exchange's Equity Options Platform in Preparation for the C2 Options Exchange, Incorporated Technology Migration October 23, 2017. 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 October 10, 2017, 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) [[Page 49906]] 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 update Rule 21.1 to make modifications to the Exchange's rules and functionality applicable to the Exchange's options platform (``BZX Options'') in preparation for the technology migration of the Exchange's affiliated options exchange, C2 Options Exchange, Incorporated (``C2''), onto the same technology as the Exchange. The text of the proposed rule change is available at the Exchange's Web site at www.bats.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 In 2016, the Exchange and its affiliates Bats BYX Exchange, Inc. (``BYX''), Bats EDGA Exchange, Inc. (``EDGA''), and Bats EDGX Exchange, Inc. (``EDGX'') received approval to affect a merger (the ``Merger'') of the Exchange's indirect parent company, Bats Global Markets, Inc. (``BGM''), with CBOE Holdings, Inc. (``CBOE Holdings''), the direct parent of Chicago Board Options Exchange, Incorporated (``CBOE'') and C2 Options Exchange, Incorporated (``C2'', and together with the Exchange, BYX, EDGA, EDGX, and CBOE the ``CBOE Affiliated Exchanges'').\5\ The CBOE Affiliated Exchanges are working to align certain system functionality, retaining only intended differences between the CBOE Affiliated Exchanges, in the context of a technology migration. Thus, the proposals set forth below are intended to add certain system functionality that is more similar to functionality offered by CBOE and C2 in order to ultimately provide a consistent technology offering for market participants who interact with the CBOE Affiliated Exchanges. Although the Exchange intentionally offers certain features that differ from those offered by its affiliates and will continue to do so, the Exchange believes that offering similar functionality to the extent practicable will reduce potential confusion for Users. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 79585 (December 16, 2016), 81 FR 93988 (December 22, 2016) (SR-BatsBZX-2016-68; SR- BatsBYX-2016-29; SR-BatsEDGA-2016-24; SR-BatsEDGX-2016-60). --------------------------------------------------------------------------- The Exchange proposes to modify its rules regarding Stop Orders and Stop Limit Orders, as defined in Rules 21.1(d)(11) and (d)(12), respectively. Stop Orders are currently defined in Rule 21.1(d)(11) as an order that becomes a Market Order \6\ when the stop price is elected. A Stop Order to buy is elected when the consolidated last sale in the option occurs at, or above, the specified stop price. A Stop Order to sell is elected when the consolidated last sale in the option occurs at, or below, the specified stop price. Stop Limit Orders are currently defined in Rule 21.1(d)(12) as an order that becomes a limit order \7\ when the stop price is elected. A Stop Limit Order to buy is elected when the consolidated last sale in the option occurs at, or above, the specified stop price. A Stop Limit Order to sell becomes a sell limit order when the consolidated last sale in the option occurs at, or below, the specified stop price. --------------------------------------------------------------------------- \6\ ``Market Orders'' are orders to buy or sell at the best price available at the time of execution. Market Orders to buy or sell an option traded on are rejected if they are received when the underlying security is subject to a ``Limit State'' or ``Straddle State'' as defined in the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan''). Any portion of a Market Order that would execute at a price more than $0.50 or 5 percent worse than the NBBO at the time the order initially reaches BZX Options, whichever is greater, will be cancelled. \7\ ``Limit Orders'' orders to buy or sell an option at a specified price or better. A limit order is marketable when, for a limit order to buy, at the time it is entered into the System, the order is priced at the current inside offer or higher, or for a limit order to sell, at the time it is entered into the System, the order is priced at the inside bid or lower. --------------------------------------------------------------------------- The Exchange proposes to modify Stop Orders and Stop Limit Orders to add that such orders will be elected based on quotations as well. Specifically, in addition to electing a Stop Order or Stop Limit Order to buy (sell) when the consolidated last sale in the option occurs at or above (below), the specified stop price, the Exchange proposes to elect such an order when the NBB (NBO) is equal to or higher (lower) than the stop price. The Exchange notes that CBOE and C2 also trigger stop orders based on quotations.\8\ The Exchange further notes that it has proposed to elect Stop Orders and Stop Limit Orders based on consolidated quotations (the NBB and NBO) rather than quotations only on the Exchange. The Exchange believes that this is more consistent with its current functionality for Stop Orders and Stop Limit Orders, which are elected based on the consolidated last sale in the option. --------------------------------------------------------------------------- \8\ See CBOE Rules 6.53(c)(iii) and (c)(iv) and C2 Rules 6.10(c)(3) and (c)(4). --------------------------------------------------------------------------- The Exchange also proposes a minor change to the definition of Stop Limit Orders to ensure that there is consistent language between Stop Limit Orders to buy and Stop Limit Orders to sell. The current language related to Stop Limit Orders to buy focuses on the election of such orders whereas the current language related to Stop Limit Orders to sell focuses on the conversion of such orders to limit orders. The Exchange proposes to include language related both election and conversion to limit orders with respect to both Stop Limit Orders to buy and Stop Limit Orders to sell. In addition, the Exchange proposes to restrict Stop Orders, which, as described above are converted to Market Orders when elected, from being elected when the underlying security is in a Limit State, as defined in the Limit Up-Limit Down Plan. Such an order would be held until the end of the Limit State, at which point the order would again become eligible to be elected. This aspect of the proposal is also based on the rules of CBOE \9\ and C2 \10\ and is consistent with the Exchange's current handling of Market Orders, which are not accepted when the underlying security is in a Limit State.\11\ As Stop Orders become Market Orders when elected, the Exchange believes that this change is merely an extension of its existing functionality. --------------------------------------------------------------------------- \9\ See CBOE Rule 6.53, Interpretation and Policy .01C. \10\ See C2 Rule 6.10, Interpretation and Policy .01C. \11\ See Exchange Rule 21.1(d)(5). --------------------------------------------------------------------------- Below are examples of the current and proposed functionality for Stop Orders and Stop Limit Orders. Example 1A--Stop Order is Triggered (Current Functionality) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop [[Page 49907]] Order to buy 500 shares with a stop price of 8.05.Assume the NBBO updates to 8.00 by 8.05. An execution reported by another exchange at 8.05 will trigger the stop price of the Stop Order, which will convert into a Market Order to buy. Note: this example would still be accurate under the proposed functionality, however, there is an additional way that a Stop Order could be elected, a change to the NBBO, as set forth in Example 1B below. Example 1B--Stop Order is Triggered (Proposed Functionality) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Order to buy 500 shares with a stop price of 8.05. Assume the NBBO updates to 8.05 by 8.10. The NBB equal to the stop price of the order will trigger the stop price of the Stop Order, which will convert into a Market Order to buy. The result would be the same if the NBB were instead higher than the stop price, such as with an NBBO of 8.10 by 8.15. Example 2A--Stop Limit Order is Triggered (Current Functionality) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Limit Order to buy 500 shares at 8.04 with stop limit price of 8.05. Assume the NBBO updates to 8.03 by 8.05. An execution reported by another exchange at 8.05 will trigger the stop price of the Stop Limit Order, which will convert into a limit order to buy at 8.04. Note: this example would still be accurate under the proposed functionality, however, there is an additional way that a Stop Limit Order could be elected, a change to the NBBO, as set forth in Example 2B. Example 2B--Stop Limit Order is Triggered (Proposed Functionality) Assume the NBBO is 7.80 x 8.00. Assume that a User submits a Stop Limit Order to buy 500 shares at 8.04 with stop limit price of 8.05. Assume the NBBO updates to 8.05 by 8.10. The NBB equal to the stop price of the order will trigger the stop price of the Stop Limit Order, which will convert into a limit order to buy at 8.04. The result would be the same if the NBB were instead higher than the stop price, such as with an NBBO of 8.10 by 8.15. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \12\ in general, and furthers the objectives of Section 6(b)(5) of the Act \13\ in particular, in that it is designed to promote just and equitable principles of trade, 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. In particular, consistent rules and functionality between the Exchange and its affiliated exchanges will reduce complexity and help avoid potential confusion by the Users of the Exchange that are also participants on other CBOE Affiliated Exchanges.\14\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78f(b). \13\ 15 U.S.C. 78f(b)(5). \14\ The Exchange notes that its affiliate, EDGX, also intends to adopt Stop Orders and Stop Limit Orders that would function identical to Stop Orders and Stop Limit Orders on the Exchange, as amended by this proposal. In addition, as CBOE and C2 migrate to the same technology platform as the Exchange, CBOE and C2 intend to modify rules and functionality to be consistent with the Exchange and EDGX, unless the retention of differences is intended. --------------------------------------------------------------------------- The Exchange believes the proposed amendment will reduce complexity and increase the understanding of the Exchange's operations for all Users of the Exchange. In particular, by triggering Stop Orders and Stop Limit Orders based on quotations, in addition to trades, the Exchange's functionality will be more similar to that of CBOE and C2. In turn, when CBOE and C2 are migrated to the same technology as that of the Exchange, Users of the Exchange and other CBOE Affiliated Exchanges will have access to similar functionality on all CBOE Affiliated Exchanges. As such, the proposed rule change would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national market system. With respect to Stop Orders not being elected when the underlying security is in a Limit State, this proposal is based on the rules of CBOE and C2 and is also consistent with the Exchange's current handling of Market Orders, which are not accepted when the underlying security is in a Limit State.\15\ As Stop Orders become Market Orders when elected, the Exchange believes that this change is merely an extension of its existing functionality. --------------------------------------------------------------------------- \15\ See supra, notes 8-10. --------------------------------------------------------------------------- (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. The Exchange notes that the proposal will further promote consistency between the Exchange and its affiliated exchanges, and is part of a larger technology integration that will ultimately reduce complexity for Users of the Exchange that are also participants on other CBOE Affiliated Exchanges. The Exchange does not believe that the proposed changes will have any direct impact on competition. Thus, the Exchange does not believe that the proposal creates any significant impact on competition. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any written comments from members or other interested parties. 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 \16\ and paragraph (f)(6) of Rule 19b-4 thereunder,\17\ the Exchange has designated this rule filing as non-controversial. --------------------------------------------------------------------------- \16\ 15 U.S.C. 78s(b)(3)(A). \17\ 17 CFR 240.19b-4 (f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. --------------------------------------------------------------------------- A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally does not become operative prior to 30 days after the date of the filing. However, Rule 19b-4(f)(6)(iii) \19\ 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 so that the proposed rule change may become operative immediately upon filing. The Exchange notes that the proposed rule change will promote consistency between the Exchange and CBOE Affiliated Exchanges, and is part of a larger [[Page 49908]] technology integration that will ultimately reduce complexity for Users of the Exchange that are also participants on other CBOE Affiliated Exchanges. --------------------------------------------------------------------------- \18\ 17 CFR 240.19b-4(f)(6). \19\ 17 CFR 240.19b-4(f)(6)(iii). --------------------------------------------------------------------------- The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investor and the public interest. The Commission notes that the proposed rule change is based on rules of its affiliated exchanges, CBOE and C2, and thus does not raise any new or novel issues. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.\20\ --------------------------------------------------------------------------- \20\ For purposes only of waiving the 30-day operative delay, the Commission has also 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: (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: Electronic Comments Use 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-BatsBZX-2017-68 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-BatsBZX-2017-68. 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-BatsBZX-2017-68 and should be submitted on or before November 17, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ Eduardo A. Aleman, Assistant Secretary. --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2017-23372 Filed 10-26-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices 49905
rules amongst the Exchange and its public interest because it would enable available for Web site viewing and
affiliates. the Exchange to update its rule without printing in the Commission’s Public
delay. Therefore, the Commission Reference Room, 100 F Street NE.,
B. Self-Regulatory Organization’s
hereby waives the operative delay and Washington, DC 20549 on official
Statement on Burden on Competition
designates the proposed rule change business days between the hours of
The Exchange does not believe that operative upon filing.23 10:00 a.m. and 3:00 p.m. Copies of the
the proposed rule change will result in At any time within 60 days of the filing also will be available for
any burden on competition that is not filing of such proposed rule change, the inspection and copying at the principal
necessary or appropriate in furtherance Commission summarily may office of the Exchange. All comments
of the purposes of the Act, as amended. temporarily suspend such rule change if received will be posted without change.
The proposed amendment to paragraph it appears to the Commission that such Persons submitting comments are
(e)(3) of Rule 11.10 would not have any action is necessary or appropriate in the cautioned that we do not redact or edit
impact on competition as it simply public interest, for the protection of personal identifying information from
clarifies the rule by removing language investors, or otherwise in furtherance of comment submissions. You should
that reflects functionality not offered by the purposes of the Act. If the submit only information that you wish
the Exchange. Commission takes such action, the to make available publicly. All
C. Self-Regulatory Organization’s Commission shall institute proceedings submissions should refer to File
Statement on Comments on the to determine whether the proposed rule Number SR–BatsEDGX–2017–38, and
Proposed Rule Change Received From change should be approved or should be submitted on or before
Members, Participants, or Others disapproved. November 17, 2017.
No comments were solicited or IV. Solicitation of Comments For the Commission, by the Division of
received on the proposed rule change. Interested persons are invited to Trading and Markets, pursuant to delegated
authority.24
III. Date of Effectiveness of the submit written data, views, and
Proposed Rule Change and Timing for arguments concerning the foregoing,
Eduardo A. Aleman,
Commission Action including whether the proposed rule
change is consistent with the Act. Assistant Secretary.
Because the foregoing proposed rule Comments may be submitted by any of [FR Doc. 2017–23376 Filed 10–26–17; 8:45 am]
change does not (i) significantly affect the following methods: BILLING CODE 8011–01–P
the protection of investors or the public
interest; (ii) impose any significant Electronic Comments
burden on competition; and (iii) become • Use the Commission’s Internet SECURITIES AND EXCHANGE
operative for 30 days from the date on comment form (http://www.sec.gov/ COMMISSION
which it was filed, or such shorter time rules/sro.shtml); or
as the Commission may designate, it has • Send an email to rule-comments@ [Release No. 34–81919; File No. SR-
become effective pursuant to Section sec.gov. Please include File Number SR– BatsBZX–2017–68]
19(b)(3)(A)(iii) of the Act 20 and BatsEDGX–2017–38 on the subject line.
subparagraph (f)(6) of Rule 19b–4 Self-Regulatory Organizations; Bats
thereunder.21 Paper Comments
BZX Exchange, Inc.; Notice of Filing
A proposed rule change filed under • Send paper comments in triplicate and Immediate Effectiveness of a
Rule 19b–4(f)(6) normally does not to Secretary, Securities and Exchange Proposed Rule Change to Rule 21.1,
become operative for 30 days after the Commission, 100 F Street NE., Definitions, To Modify Stop Orders and
date of its filing. However, Rule 19b– Washington, DC 20549–1090. Stop Limit Orders Applicable to the
4(f)(6)(iii) 22 permits the Commission to All submissions should refer to File Exchange’s Equity Options Platform in
designate a shorter time if such action Number SR–BatsEDGX–2017–38. This Preparation for the C2 Options
is consistent with the protection of file number should be included on the Exchange, Incorporated Technology
investors and the public interest. The subject line if email is used. To help the Migration
Exchange has requested that the Commission process and review your
Commission waive the 30-day operative comments more efficiently, please use October 23, 2017.
delay so that the proposed rule change only one method. The Commission will Pursuant to Section 19(b)(1) of the
will become operative upon filing. The post all comments on the Commission’s Securities Exchange Act of 1934 (the
Exchange stated that such waiver would Internet Web site (http://www.sec.gov/ ‘‘Act’’),1 and Rule 19b–4 thereunder,2
enable the Exchange to immediately rules/sro.shtml). Copies of the notice is hereby given that on October
clarify its rule by removing language submission, all subsequent 10, 2017, Bats BZX Exchange, Inc. (the
that reflects functionality not offered by amendments, all written statements ‘‘Exchange’’ or ‘‘BZX’’) filed with the
the Exchange, and thereby avoid any with respect to the proposed rule Securities and Exchange Commission
potential investor confusion. The change that are filed with the (‘‘Commission’’) the proposed rule
Commission believes that waiver of the Commission, and all written change as described in Items I and II
30-day operative delay is consistent communications relating to the below, which Items have been prepared
with the protection of investors and the proposed rule change between the by the Exchange. The Exchange has
Commission and any person, other than
asabaliauskas on DSKBBXCHB2PROD with NOTICES
20 15 U.S.C. 78s(b)(3)(A)(iii).
designated this proposal as a ‘‘non-
those that may be withheld from the controversial’’ proposed rule change
21 17 CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
public in accordance with the pursuant to Section 19(b)(3)(A) of the
Commission with written notice of its intent to file provisions of 5 U.S.C. 552, will be Act 3 and Rule 19b–4(f)(6)(iii)
the proposed rule change, along with a brief
description and the text of the proposed rule 23 For purposes only of waiving the 30-day
24 17 CFR 200.30–3(a)(12).
change, at least five business days prior to the date operative delay, the Commission also has
1 15 U.S.C. 78s(b)(1).
of filing of the proposed rule change, or such considered the proposed rule’s impact on
shorter time as designated by the Commission. efficiency, competition, and capital formation. See 2 17 CFR 240.19b–4.
22 17 CFR 240.19b–4(f)(6)(iii). 15 U.S.C. 78c(f). 3 15 U.S.C. 78s(b)(3)(A).
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![49908 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices
technology integration that will amendments, all written statements have been prepared by the MSRB. The
ultimately reduce complexity for Users with respect to the proposed rule Commission is publishing this notice to
of the Exchange that are also change that are filed with the solicit comments on the proposed rule
participants on other CBOE Affiliated Commission, and all written change from interested persons.
Exchanges. communications relating to the
The Commission believes that waiver I. Self-Regulatory Organization’s
proposed rule change between the
of the 30-day operative delay is Statement of the Terms of Substance of
Commission and any person, other than
consistent with the protection of the Proposed Rule Change
those that may be withheld from the
investor and the public interest. The public in accordance with the The MSRB filed with the Commission
Commission notes that the proposed provisions of 5 U.S.C. 552, will be a proposed rule change to amend Form
rule change is based on rules of its available for Web site viewing and G–45 under MSRB Rule G–45, on
affiliated exchanges, CBOE and C2, and printing in the Commission’s Public reporting of information on municipal
thus does not raise any new or novel Reference Room, 100 F Street NE., fund securities,3 to collect additional
issues. Accordingly, the Commission Washington, DC 20549, on official data about the transactional fees
hereby waives the 30-day operative business days between the hours of primarily assessed by programs
delay and designates the proposed rule 10:00 a.m. and 3:00 p.m. Copies of the established to implement the Stephen
change as operative upon filing.20 filing also will be available for Beck, Jr., Achieving a Better Life
At any time within 60 days of the inspection and copying at the principal Experience Act of 2014 (the ‘‘ABLE Act’’
filing of the proposed rule change, the office of the Exchange. All comments and an ‘‘ABLE program’’) (the
Commission summarily may received will be posted without change. ‘‘proposed rule change’’).4 The MSRB
temporarily suspend such rule change if Persons submitting comments are requests that the proposed rule change
it appears to the Commission that such cautioned that we do not redact or edit become effective on June 30, 2018.5
action is: (1) Necessary or appropriate in personal identifying information from The text of the proposed rule change
the public interest; (2) for the protection comment submissions. You should is available on the MSRB’s Web site at
of investors; or (3) otherwise in submit only information that you wish www.msrb.org/Rules-and-
furtherance of the purposes of the Act. to make available publicly. All Interpretations/SEC-Filings/2017-
If the Commission takes such action, the submissions should refer to File Filings.aspx, at the MSRB’s principal
Commission shall institute proceedings Number SR–BatsBZX–2017–68 and office, and at the Commission’s Public
to determine whether the proposed rule should be submitted on or before Reference Room.
should be approved or disapproved. November 17, 2017. II. Self-Regulatory Organization’s
IV. Solicitation of Comments For the Commission, by the Division of Statement of the Purpose of, and
Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
Interested persons are invited to authority.21 Change
submit written data, views, and Eduardo A. Aleman,
arguments concerning the foregoing, In its filing with the Commission, the
Assistant Secretary. MSRB included statements concerning
including whether the proposed rule
[FR Doc. 2017–23372 Filed 10–26–17; 8:45 am] the purpose of and basis for the
change is consistent with the Act.
Comments may be submitted by any of BILLING CODE 8011–01–P proposed rule change and discussed any
the following methods: comments it received on the proposed
rule change. The text of these statements
Electronic Comments SECURITIES AND EXCHANGE may be examined at the places specified
• Use the Commission’s Internet COMMISSION in Item IV below. The MSRB has
comment form (http://www.sec.gov/ [Release No. 34–81921; File No. SR–MSRB– prepared summaries, set forth in
rules/sro.shtml); or 2017–08] Sections A, B, and C below, of the most
• Send an email to rule-comments@ significant aspects of such statements.
sec.gov. Please include File Number SR– Self-Regulatory Organizations;
Municipal Securities Rulemaking A. Self-Regulatory Organization’s
BatsBZX–2017–68 on the subject line.
Board; Notice of Filing of a Proposed Statement of the Purpose of, and
Paper Comments Rule Change To Amend MSRB Form Statutory Basis for, the Proposed Rule
• Send paper comments in triplicate G–45 To Collect Additional Data About Change
to Brent J. Fields, Secretary, Securities the Transactional Fees Primarily 1. Purpose
and Exchange Commission, 100 F Street Assessed by Programs Established To
The ABLE Act added Section 529A to
NE., Washington, DC 20549–1090. Implement the ABLE Act
the Internal Revenue Code of 1986, as
All submissions should refer to File amended (the ‘‘Code’’), to permit a state,
October 23, 2017.
Number SR–BatsBZX–2017–68. This file or an agency or instrumentality thereof,
Pursuant to Section 19(b)(1) of the
number should be included on the to establish and maintain a new type of
Securities Exchange Act of 1934 (the
subject line if email is used. To help the tax-advantaged savings program to help
‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule
Commission process and review your 19b–4 thereunder,2 notice is hereby support individuals with disabilities in
comments more efficiently, please use given that on October 13, 2017 the
only one method. The Commission will Municipal Securities Rulemaking Board 3 Form G–45 is an electronic form on which
post all comments on the Commission’s
asabaliauskas on DSKBBXCHB2PROD with NOTICES
submissions of the information required by Rule G–
(the ‘‘MSRB’’ or ‘‘Board’’) filed with the 45 are made to the MSRB.
Internet Web site (http://www.sec.gov/ Securities and Exchange Commission 4 The ABLE Act was enacted on December 19,
rules/sro.shtml). Copies of the (the ‘‘SEC’’ or ‘‘Commission’’) the 2014 as part of The Tax Increase Prevention Act of
submission, all subsequent proposed rule change as described in 2014 (Pub. L. 113–295).
5 As noted under ‘‘Self-Regulatory Organization’s
20 For purposes only of waiving the 30-day
Items I, II, and III below, which Items
Statement of the Purpose of, and Statutory Basis for,
operative delay, the Commission has also the Proposed Rule Change’’ below, the proposed
21 17 CFR 200.30–3(a)(12).
considered the proposed rule’s impact on rule change does not alter the date that
1 15 U.S.C. 78s(b)(1).
efficiency, competition, and capital formation. See underwriters to ABLE programs must submit data
15 U.S.C. 78c(f). 2 17 CFR 240.19b–4. under Rule G–45 to the MSRB.
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Document Created: 2017-10-27 02:06:32
Document Modified: 2017-10-27 02:06:32
| 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 | 82 FR 49905 |
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