82_FR_9829 82 FR 9804 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Functionality Offered by the Exchange's Options Platform To Adopt Qualified Contingent Cross Orders

82 FR 9804 - Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Related to Functionality Offered by the Exchange's Options Platform To Adopt Qualified Contingent Cross Orders

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 25 (February 8, 2017)

Page Range9804-9807
FR Document2017-02545

Federal Register, Volume 82 Issue 25 (Wednesday, February 8, 2017)
[Federal Register Volume 82, Number 25 (Wednesday, February 8, 2017)]
[Notices]
[Pages 9804-9807]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-02545]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79942; File No. SR-BatsEDGX-2017-11]


Self-Regulatory Organizations; Bats EDGX Exchange, Inc.; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change Related 
to Functionality Offered by the Exchange's Options Platform To Adopt 
Qualified Contingent Cross Orders

February 2, 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 February 1, 2017, Bats EDGX Exchange, Inc. (the ``Exchange'' or 
``EDGX'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III 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.
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    \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).
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange filed a proposal related to functionality offered by 
the Exchange's options platform (``EDGX Options'') to adopt Qualified 
Contingent Cross Orders, as described below.

[[Page 9805]]

    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
    The Exchange is filing this proposal related to functionality 
offered by EDGX Options to adopt Qualified Contingent Cross Orders 
(``QCC Orders''), as described below.
Background
    The purpose of this filing is to adopt rules related to QCC Orders. 
The proposed rule change is based on the rules of other options 
exchanges, including an International Securities Exchange (``ISE'') 
proposal that was previously approved by the Securities and Exchange 
Commission (``Commission'').\5\
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    \5\ See Securities Exchange Act Release No. 63955 (February 24, 
2011), 76 FR 11533 (March 2, 2011) (SR-ISE-2010-73) (``ISE 
Approval'').
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    The Exchange is currently a party to the Options Order Protection 
and Locked/Crossed Market Plan (``Linkage Plan''), and has implemented 
Exchange rules in conjunction with that plan, which are set forth in 
Chapter XXVII of the Exchange's Rules (the ``Linkage Rules''). Similar 
to Regulation NMS under the Act, the Linkage Plan requires, among other 
things, that the Exchange establish, maintain and enforce written 
policies and procedures that are reasonably designed to prevent 
``Trade-Throughs.'' \6\ A Trade-Through is a transaction in an options 
series at a price that is inferior to the best price available in the 
market.\7\ The Linkage Plan replaced the Plan for the Purpose of 
Creating and Operating an Intermarket Option Linkage (``Old Linkage 
Plan''). The Old Linkage Plan provided a limited Trade-Through 
exemption for ``Block Trades,'' defined to be trades of 500 or more 
contracts with a premium value of at least $150,000.\8\ However, as 
with Regulation NMS, the Linkage Plan does not provide a Block Trade 
exemption. Since its original adoption by the ISE in 2011, QCC has been 
offered by multiple options exchanges as a limited substitute for the 
Block Trade exemption.\9\
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    \6\ See Section 5(a) of the Linkage Plan.
    \7\ See Section 2(21) of the Linkage Plan.
    \8\ See Old Linkage Plan Sections 2(3) and 8(c)(i)(C).
    \9\ See ISE Rule 715(j), Supplementary Material .01 to ISE Rule 
715 and ISE Rule 721(b); see also CBOE Rule 6.53(u); NASDAQ PHLX 
Rule 1080(o); NYSE Arca Rule 6.62(bb), Commentary .02 to NYSE Arca 
Rule 6.62 and NYSE Arca Rule 6.90.
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Proposal Regarding Qualified Contingent Cross Orders
    The purpose of the proposed change is to provide the Exchange Users 
\10\ with the ability to submit to the Exchange Qualified Contingent 
Cross Orders, an order type offered by multiple other options 
exchanges.\11\ The proposed operation of Qualified Contingent Cross 
Orders on the Exchange is substantially similar in all material 
respects to the operation of such orders on such other exchanges.
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    \10\ The term ``User'' means any Options Member or Sponsored 
Participant who is authorized to obtain access to the System 
pursuant to Rule 11.3 (Access). See Exchange Rule 16.1(a)(63).
    \11\ See supra, note 9.
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    The Exchange proposes to adopt new paragraph (d)(11) to Rule 21.1 
to govern the operation of Qualified Contingent Cross Orders. As 
proposed, a Qualified Contingent Cross Order would be an originating 
order to buy or sell at least 1,000 standard option contracts that is 
identified as being part of a qualified contingent trade (as that term 
is proposed to be defined in paragraph (d)(11)(A) to Rule 21.1), 
coupled with a contra-side order or orders totaling an equal number of 
contracts. As proposed, a ``qualified contingent trade'' is a 
transaction consisting of two or more component orders, executed as 
agent or principal, where: (i) At least one component is an NMS stock, 
as defined in Rule 600 of Regulation NMS under the Act; (ii) all 
components are effected with a product or price contingency that either 
has been agreed to by all the respective counterparties or arranged for 
by a broker-dealer as principal or agent; (iii) the execution of one 
component is contingent upon the execution of all other components at 
or near the same time; (iv) the specific relationship between the 
component orders (e.g., the spread between the prices of the component 
orders) is determined by the time the contingent order is placed; (v) 
the component orders bear a derivative relationship to one another, 
represent different classes of shares of the same issuer, or involve 
the securities of participants in mergers or with intentions to merge 
that have been announced or cancelled; and (vi) the transaction is 
fully hedged (without regard to any prior existing position) as a 
result of other components of the contingent trade.
    As proposed, Qualified Contingent Cross Orders would be allowed to 
execute automatically on entry without exposure provided the execution: 
(i) Is not at the same price as a Priority Customer Order \12\ resting 
in the EDGX Options Book; \13\ and (ii) is at or between the national 
best bid or offer (``NBBO''). As such, the Exchange also proposes to 
specify in proposed Rule 21.1(d)(11)(B) that Rule 22.12, related to 
exposure of orders on EDGX Options, does not apply to Qualified 
Contingent Cross Orders. The proposed Rule would also specify that 
Qualified Contingent Cross Orders will be cancelled if they cannot be 
executed. Also, pursuant to the proposed rule, Qualified Contingent 
Cross Orders may only be entered in the standard increments applicable 
to the options class under Rule 21.5.
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    \12\ See Exchange Rule 16.1(a)(45) (defining ``Priority 
Customer'' and ``Priority Customer Order'').
    \13\ See Exchange Rule 16.1(a)(9) (defining ``EDGX Options 
Book'').
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    The Exchange will track and monitor QCC Orders to determine which 
is the originating side of the order and which is the contra-side(s) of 
the order to ensure that Members are complying with the minimum 1,000 
contract size limitation on the originating side of the QCC Order. The 
Exchange will check to see if Members are aggregating multiple orders 
to meet the 1,000 contract minimum on the originating side of the trade 
in violation of the requirements of the rule. The rule requires that 
the originating side of the trade consist of one party who is 
submitting a QCC Order for at least 1,000 contracts. The Exchange 
represents that it will enforce compliance with this portion of the 
rule by checking to see if a Member breaks up the originating side of 
the order in a post trade allocation to different clearing firms, 
allocating less than 1,000 contracts to a party or multiple parties. 
For example, a Member enters a QCC Order into the system for 1,500 
contracts and receives an execution. Subsequent to the execution, the 
Member allocates the originating side of the order to two different 
clearing firms

[[Page 9806]]

on a post trade allocation basis, thereby allocating 500 contracts to 
one clearing firm and 1,000 contracts to another clearing firm. This 
type of transaction would not meet the requirements of a QCC Order 
under the current and proposed rule.
    With regard to order entry, a Member will have to mark the 
originating side as the first order in the system and the contra-
side(s) as the second. The Exchange will monitor order entries to 
ensure that Members are properly entering QCC Orders into the system.
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.\14\ In particular, 
the proposal is consistent with Section 6(b)(5) of the Act \15\ because 
it is designed to offer market participants greater flexibility by 
allowing such market participant to submit QCC Orders to the EDGX 
Options Book in the same way they are permitted to send QCC Orders to 
other options exchanges, thereby promoting just and equitable 
principles of trade, fostering cooperation and coordination with 
persons engaged in facilitating transactions in securities, removing 
impediments to, and perfecting the mechanism of, a free and open market 
and a national market system.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The proposed rules are consistent with the protection of investors 
in that they are designed to prevent Trade-Throughs. In addition, the 
proposed rule change would promote a free and open market by permitting 
the Exchange to compete with other options exchanges for these types of 
orders. In this regard, competition would result in benefits to the 
investing public, whereas a lack of competition would serve to limit 
the choices that participants have for execution of their options 
business. As noted above, the proposed operation of Qualified 
Contingent Cross Orders on the Exchange is substantially similar in all 
material respects to the operation of such orders on such other 
exchanges.\16\ As such, permitting the Exchange to operate on an even 
playing field relative to other exchanges removes impediments to and to 
perfects the mechanism for a free and open market and a national market 
system.
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    \16\ See supra, note 9.
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change to 
adopt QCC Orders will impose any burden on competition that is not 
necessary or appropriate in furtherance of the purposes of the Act. The 
Exchange's proposed functionality is open to all market participants. 
Further, the proposed rule will allow the Exchange to compete with 
other options exchanges that currently offer QCC Orders, thus 
alleviating the burden on competition that would arise if such 
exchanges were permitted to continue offering such functionality and 
the Exchange was not. For these reasons, the Exchange does not believe 
that the proposed rule changes will impose any burden on competition 
not necessary or appropriate in furtherance of the purposes of the Act, 
and believes the proposed change will enhance competition.

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. 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 \17\ and 
paragraph (f)(6) of Rule 19b-4 thereunder,\18\ 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.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A).
    \18\ 17 CFR 240.19b-4.
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    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-BatsEDGX-2017-11 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 Number SR-BatsEDGX-2017-11. 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

[[Page 9807]]

Number SR-BatsEDGX-2017-11, and should be submitted on or before March 
1, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\19\
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    \19\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2017-02545 Filed 2-7-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                    9804                       Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices

                                                    make clear that its provisions do not                   III. Date of Effectiveness of the                       office of the Exchange. All comments
                                                    apply to security futures.                              Proposed Rule Change and Timing for                     received will be posted without change;
                                                      The Exchange is also re-lettering                     Commission Action                                       the Commission does not edit personal
                                                    certain paragraphs in Rule 415 to                         The proposed rule change will                         identifying information from
                                                    accommodate for the new provisions                      become operative on February 2, 2017.                   submissions. You should submit only
                                                    that are being added.                                   At any time within 60 days of the date                  information that you wish to make
                                                                                                            of effectiveness of the proposed rule                   available publicly. All submissions
                                                    2. Statutory Basis                                                                                              should refer to File Number SR–CFE–
                                                                                                            change, the Commission, after
                                                                                                            consultation with the CFTC, may                         2017–001, and should be submitted on
                                                      The Exchange believes that the                                                                                or before March 1, 2017.
                                                    proposed rule change is consistent with                 summarily abrogate the proposed rule
                                                    Section 6(b) of the Act,4 in general, and               change and require that the proposed                      For the Commission, by the Division of
                                                                                                            rule change be refiled in accordance                    Trading and Markets, pursuant to delegated
                                                    furthers the objectives of Sections                                                                             authority.9
                                                    6(b)(5) 5 and 6(b)(7) 6 in particular in                with the provisions of Section 19(b)(1)
                                                                                                            of the Act.8                                            Robert W. Errett,
                                                    that it is designed:
                                                                                                                                                                    Deputy Secretary.
                                                      • To prevent fraudulent and                           IV. Solicitation of Comments
                                                                                                                                                                    [FR Doc. 2017–02536 Filed 2–7–17; 8:45 am]
                                                    manipulative acts and practices,                          Interested persons are invited to                     BILLING CODE 8011–01–P
                                                      • to promote just and equitable                       submit written data, views, and
                                                    principles of trade, and                                arguments concerning the foregoing,
                                                      • to remove impediments to and                        including whether the proposed rule                     SECURITIES AND EXCHANGE
                                                    perfect the mechanism of a free and                     change is consistent with the Act.                      COMMISSION
                                                    open market and a national market                       Comments may be submitted by any of
                                                                                                            the following methods:                                  [Release No. 34–79942; File No. SR–
                                                    system, and in general, to protect                                                                              BatsEDGX–2017–11]
                                                    investors and the public interest.                      Electronic Comments
                                                      The Exchange believes that the                          • Use the Commission’s Internet                       Self-Regulatory Organizations; Bats
                                                    proposed rule change would provide                      comment form (http://www.sec.gov/                       EDGX Exchange, Inc.; Notice of Filing
                                                    additional guidance to CFE market                       rules/sro.shtml); or                                    and Immediate Effectiveness of a
                                                    participants related to the front running                 • Send an email to rule-comments@                     Proposed Rule Change Related to
                                                    of Block Trades. The proposed rule                      sec.gov. Please include File Number SR–                 Functionality Offered by the
                                                    change would also contribute to                         CFE–2017–001 on the subject line.                       Exchange’s Options Platform To Adopt
                                                    enhanced protection of CFE’s market                                                                             Qualified Contingent Cross Orders
                                                    and market participants.                                Paper Comments
                                                                                                                                                                    February 2, 2017.
                                                                                                               • Send paper comments in triplicate
                                                    B. Self-Regulatory Organization’s                                                                                  Pursuant to Section 19(b)(1) of the
                                                                                                            to Secretary, Securities and Exchange
                                                    Statement on Burden on Competition                                                                              Securities Exchange Act of 1934 (the
                                                                                                            Commission, 100 F Street NE.,
                                                                                                                                                                    ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                      CFE does not believe that the                         Washington, DC 20549–1090.
                                                                                                                                                                    notice is hereby given that on February
                                                    proposed rule change will impose any                    All submissions should refer to File                    1, 2017, Bats EDGX Exchange, Inc. (the
                                                    burden on competition not necessary or                  Number SR–CFE–2017–001. This file                       ‘‘Exchange’’ or ‘‘EDGX’’) filed with the
                                                    appropriate in furtherance of the                       number should be included on the                        Securities and Exchange Commission
                                                    purposes of the Act, in that the                        subject line if email is used. To help the              (the ‘‘Commission’’) the proposed rule
                                                    proposed rule change is consistent with                 Commission process and review your                      change as described in Items I, II, and
                                                    similar guidance provided by other                      comments more efficiently, please use                   III below, which Items have been
                                                    designated contracts markets.7 The                      only one method. The Commission will                    prepared by the Exchange. The
                                                    Exchange believes that the proposed                     post all comments on the Commission’s                   Exchange has designated this proposal
                                                    rule change is equitable and not unfairly               Internet Web site (http://www.sec.gov/                  as a ‘‘non-controversial’’ proposed rule
                                                    discriminatory in that the rule                         rules/sro.shtml). Copies of the                         change pursuant to Section 19(b)(3)(A)
                                                    amendments included in the proposed                     submission, all subsequent                              of the Act 3 and Rule 19b–4(f)(6)(iii)
                                                    rule change would apply equally to all                  amendments, all written statements                      thereunder,4 which renders it effective
                                                    market participants.                                    with respect to the proposed rule                       upon filing with the Commission. The
                                                                                                            change that are filed with the                          Commission is publishing this notice to
                                                    C. Self-Regulatory Organization’s                       Commission, and all written
                                                    Statement on Comments on the                                                                                    solicit comments on the proposed rule
                                                                                                            communications relating to the                          change from interested persons.
                                                    Proposed Rule Change Received From                      proposed rule change between the
                                                    Members, Participants, or Others                        Commission and any person, other than                   I. Self-Regulatory Organization’s
                                                                                                            those that may be withheld from the                     Statement of the Terms of the Substance
                                                      No written comments were solicited
                                                                                                            public in accordance with the                           of the Proposed Rule Change
                                                    or received with respect to the proposed
                                                    rule change.                                            provisions of 5 U.S.C. 552, will be                       The Exchange filed a proposal related
                                                                                                            available for Web site viewing and                      to functionality offered by the
asabaliauskas on DSK3SPTVN1PROD with NOTICES




                                                      4 15 U.S.C. 78f(b).
                                                                                                            printing in the Commission’s Public                     Exchange’s options platform (‘‘EDGX
                                                      5 15 U.S.C. 78f(b)(5).                                Reference Room, 100 F Street NE.,                       Options’’) to adopt Qualified Contingent
                                                      6 15 U.S.C. 78f(b)(7).                                Washington, DC 20549, on official                       Cross Orders, as described below.
                                                      7 These designated contract markets are Chicago       business days between the hours of
                                                    Mercantile Exchange, Inc. (‘‘CME’’), The Board of       10:00 a.m. and 3:00 p.m. Copies of such                   9 17 CFR 200.30–3(a)(73).
                                                    Trade of the City of Chicago, Inc., New York            filing also will be available for                         1 15
                                                    Mercantile Exchange, Inc., New York Mercantile                                                                         U.S.C. 78s(b)(1).
                                                    Exchange, Inc., and Commodity Exchange, Inc. See,       inspection and copying at the principal                   2 17 CFR 240.19b–4.
                                                                                                                                                                      3 15 U.S.C. 78s(b)(3)(A).
                                                    CME Submission No. 16–470 (November 15, 2016),
                                                    which is available on the CFTC’s Web site.                8 15   U.S.C. 78s(b)(1).                                4 17 CFR 240.19b–4(f)(6)(iii).




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                                                                               Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices                                                     9805

                                                       The text of the proposed rule change                 Intermarket Option Linkage (‘‘Old                     component orders) is determined by the
                                                    is available at the Exchange’s Web site                 Linkage Plan’’). The Old Linkage Plan                 time the contingent order is placed; (v)
                                                    at www.bats.com, at the principal office                provided a limited Trade-Through                      the component orders bear a derivative
                                                    of the Exchange, and at the                             exemption for ‘‘Block Trades,’’ defined               relationship to one another, represent
                                                    Commission’s Public Reference Room.                     to be trades of 500 or more contracts                 different classes of shares of the same
                                                                                                            with a premium value of at least                      issuer, or involve the securities of
                                                    II. Self-Regulatory Organization’s                      $150,000.8 However, as with Regulation                participants in mergers or with
                                                    Statement of the Purpose of, and                        NMS, the Linkage Plan does not provide                intentions to merge that have been
                                                    Statutory Basis for, the Proposed Rule                  a Block Trade exemption. Since its                    announced or cancelled; and (vi) the
                                                    Change                                                  original adoption by the ISE in 2011,                 transaction is fully hedged (without
                                                       In its filing with the Commission, the               QCC has been offered by multiple                      regard to any prior existing position) as
                                                    Exchange included statements                            options exchanges as a limited                        a result of other components of the
                                                    concerning the purpose of and basis for                 substitute for the Block Trade                        contingent trade.
                                                    the proposed rule change and discussed                  exemption.9                                              As proposed, Qualified Contingent
                                                    any comments it received on the                                                                               Cross Orders would be allowed to
                                                                                                            Proposal Regarding Qualified
                                                    proposed rule change. The text of these                                                                       execute automatically on entry without
                                                                                                            Contingent Cross Orders
                                                    statements may be examined at the                                                                             exposure provided the execution: (i) Is
                                                    places specified in Item IV below. The                     The purpose of the proposed change                 not at the same price as a Priority
                                                    Exchange has prepared summaries, set                    is to provide the Exchange Users 10 with              Customer Order 12 resting in the EDGX
                                                    forth in Sections A, B, and C below, of                 the ability to submit to the Exchange                 Options Book; 13 and (ii) is at or between
                                                    the most significant parts of such                      Qualified Contingent Cross Orders, an                 the national best bid or offer (‘‘NBBO’’).
                                                    statements.                                             order type offered by multiple other                  As such, the Exchange also proposes to
                                                                                                            options exchanges.11 The proposed                     specify in proposed Rule 21.1(d)(11)(B)
                                                    A. Self-Regulatory Organization’s                       operation of Qualified Contingent Cross
                                                    Statement of the Purpose of, and                                                                              that Rule 22.12, related to exposure of
                                                                                                            Orders on the Exchange is substantially               orders on EDGX Options, does not apply
                                                    Statutory Basis for, the Proposed Rule                  similar in all material respects to the
                                                    Change                                                                                                        to Qualified Contingent Cross Orders.
                                                                                                            operation of such orders on such other                The proposed Rule would also specify
                                                    1. Purpose                                              exchanges.                                            that Qualified Contingent Cross Orders
                                                                                                               The Exchange proposes to adopt new
                                                       The Exchange is filing this proposal                                                                       will be cancelled if they cannot be
                                                                                                            paragraph (d)(11) to Rule 21.1 to govern
                                                    related to functionality offered by EDGX                                                                      executed. Also, pursuant to the
                                                                                                            the operation of Qualified Contingent
                                                    Options to adopt Qualified Contingent                                                                         proposed rule, Qualified Contingent
                                                                                                            Cross Orders. As proposed, a Qualified
                                                    Cross Orders (‘‘QCC Orders’’), as                       Contingent Cross Order would be an                    Cross Orders may only be entered in the
                                                    described below.                                        originating order to buy or sell at least             standard increments applicable to the
                                                                                                            1,000 standard option contracts that is               options class under Rule 21.5.
                                                    Background                                                                                                       The Exchange will track and monitor
                                                                                                            identified as being part of a qualified
                                                       The purpose of this filing is to adopt                                                                     QCC Orders to determine which is the
                                                                                                            contingent trade (as that term is
                                                    rules related to QCC Orders. The                                                                              originating side of the order and which
                                                                                                            proposed to be defined in paragraph
                                                    proposed rule change is based on the                                                                          is the contra-side(s) of the order to
                                                                                                            (d)(11)(A) to Rule 21.1), coupled with a
                                                    rules of other options exchanges,                       contra-side order or orders totaling an               ensure that Members are complying
                                                    including an International Securities                   equal number of contracts. As proposed,               with the minimum 1,000 contract size
                                                    Exchange (‘‘ISE’’) proposal that was                    a ‘‘qualified contingent trade’’ is a                 limitation on the originating side of the
                                                    previously approved by the Securities                   transaction consisting of two or more                 QCC Order. The Exchange will check to
                                                    and Exchange Commission                                 component orders, executed as agent or                see if Members are aggregating multiple
                                                    (‘‘Commission’’).5                                      principal, where: (i) At least one                    orders to meet the 1,000 contract
                                                       The Exchange is currently a party to                                                                       minimum on the originating side of the
                                                                                                            component is an NMS stock, as defined
                                                    the Options Order Protection and                                                                              trade in violation of the requirements of
                                                                                                            in Rule 600 of Regulation NMS under
                                                    Locked/Crossed Market Plan (‘‘Linkage                   the Act; (ii) all components are effected             the rule. The rule requires that the
                                                    Plan’’), and has implemented Exchange                   with a product or price contingency that              originating side of the trade consist of
                                                    rules in conjunction with that plan,                    either has been agreed to by all the                  one party who is submitting a QCC
                                                    which are set forth in Chapter XXVII of                 respective counterparties or arranged for             Order for at least 1,000 contracts. The
                                                    the Exchange’s Rules (the ‘‘Linkage                     by a broker-dealer as principal or agent;             Exchange represents that it will enforce
                                                    Rules’’). Similar to Regulation NMS                     (iii) the execution of one component is               compliance with this portion of the rule
                                                    under the Act, the Linkage Plan                         contingent upon the execution of all                  by checking to see if a Member breaks
                                                    requires, among other things, that the                  other components at or near the same                  up the originating side of the order in
                                                    Exchange establish, maintain and                        time; (iv) the specific relationship                  a post trade allocation to different
                                                    enforce written policies and procedures                 between the component orders (e.g., the               clearing firms, allocating less than 1,000
                                                    that are reasonably designed to prevent                 spread between the prices of the                      contracts to a party or multiple parties.
                                                    ‘‘Trade-Throughs.’’ 6 A Trade-Through                                                                         For example, a Member enters a QCC
                                                    is a transaction in an options series at                  8 See Old Linkage Plan Sections 2(3) and            Order into the system for 1,500
                                                    a price that is inferior to the best price              8(c)(i)(C).                                           contracts and receives an execution.
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                                                    available in the market.7 The Linkage                     9 See ISE Rule 715(j), Supplementary Material .01
                                                                                                                                                                  Subsequent to the execution, the
                                                    Plan replaced the Plan for the Purpose                  to ISE Rule 715 and ISE Rule 721(b); see also CBOE
                                                                                                            Rule 6.53(u); NASDAQ PHLX Rule 1080(o); NYSE
                                                                                                                                                                  Member allocates the originating side of
                                                    of Creating and Operating an                            Arca Rule 6.62(bb), Commentary .02 to NYSE Arca       the order to two different clearing firms
                                                                                                            Rule 6.62 and NYSE Arca Rule 6.90.
                                                      5 See Securities Exchange Act Release No. 63955         10 The term ‘‘User’’ means any Options Member          12 See Exchange Rule 16.1(a)(45) (defining
                                                    (February 24, 2011), 76 FR 11533 (March 2, 2011)        or Sponsored Participant who is authorized to         ‘‘Priority Customer’’ and ‘‘Priority Customer
                                                    (SR–ISE–2010–73) (‘‘ISE Approval’’).                    obtain access to the System pursuant to Rule 11.3     Order’’).
                                                      6 See Section 5(a) of the Linkage Plan.               (Access). See Exchange Rule 16.1(a)(63).                 13 See Exchange Rule 16.1(a)(9) (defining ‘‘EDGX
                                                      7 See Section 2(21) of the Linkage Plan.                11 See supra, note 9.                               Options Book’’).



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                                                    9806                        Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices

                                                    on a post trade allocation basis, thereby                B. Self-Regulatory Organization’s                         it appears to the Commission that such
                                                    allocating 500 contracts to one clearing                 Statement on Burden on Competition                        action is: (1) Necessary or appropriate in
                                                    firm and 1,000 contracts to another                        The Exchange does not believe that                      the public interest; (2) for the protection
                                                    clearing firm. This type of transaction                  the proposed rule change to adopt QCC                     of investors; or (3) otherwise in
                                                    would not meet the requirements of a                     Orders will impose any burden on                          furtherance of the purposes of the Act.
                                                    QCC Order under the current and                          competition that is not necessary or                      If the Commission takes such action, the
                                                    proposed rule.                                           appropriate in furtherance of the                         Commission shall institute proceedings
                                                                                                             purposes of the Act. The Exchange’s                       to determine whether the proposed rule
                                                       With regard to order entry, a Member
                                                                                                             proposed functionality is open to all                     should be approved or disapproved.
                                                    will have to mark the originating side as
                                                    the first order in the system and the                    market participants. Further, the                         IV. Solicitation of Comments
                                                    contra-side(s) as the second. The                        proposed rule will allow the Exchange
                                                                                                                                                                         Interested persons are invited to
                                                    Exchange will monitor order entries to                   to compete with other options
                                                                                                                                                                       submit written data, views, and
                                                    ensure that Members are properly                         exchanges that currently offer QCC
                                                                                                                                                                       arguments concerning the foregoing,
                                                    entering QCC Orders into the system.                     Orders, thus alleviating the burden on
                                                                                                                                                                       including whether the proposed rule
                                                                                                             competition that would arise if such
                                                    2. Statutory Basis                                                                                                 change is consistent with the Act.
                                                                                                             exchanges were permitted to continue
                                                                                                                                                                       Comments may be submitted by any of
                                                                                                             offering such functionality and the
                                                       The Exchange believes that its                                                                                  the following methods:
                                                                                                             Exchange was not. For these reasons,
                                                    proposal is consistent with the                          the Exchange does not believe that the                    Electronic Comments
                                                    requirements of the Act and the rules                    proposed rule changes will impose any
                                                    and regulations thereunder that are                                                                                  • Use the Commission’s Internet
                                                                                                             burden on competition not necessary or                    comment form (http://www.sec.gov/
                                                    applicable to a national securities                      appropriate in furtherance of the
                                                    exchange, and, in particular, with the                                                                             rules/sro.shtml); or
                                                                                                             purposes of the Act, and believes the                       • Send an email to rule-comments@
                                                    requirements of Section 6(b) of the                      proposed change will enhance
                                                    Act.14 In particular, the proposal is                                                                              sec.gov. Please include File Number SR–
                                                                                                             competition.                                              BatsEDGX–2017–11 on the subject line.
                                                    consistent with Section 6(b)(5) of the
                                                    Act 15 because it is designed to offer                   C. Self-Regulatory Organization’s                         Paper Comments
                                                    market participants greater flexibility by               Statement on Comments on the
                                                                                                             Proposed Rule Change Received From                           • Send paper comments in triplicate
                                                    allowing such market participant to                                                                                to Secretary, Securities and Exchange
                                                    submit QCC Orders to the EDGX                            Members, Participants, or Others
                                                                                                                                                                       Commission, 100 F Street NE.,
                                                    Options Book in the same way they are                      The Exchange has neither solicited                      Washington, DC 20549–1090.
                                                    permitted to send QCC Orders to other                    nor received written comments on the                      All submissions should refer to File
                                                    options exchanges, thereby promoting                     proposed rule change. The Exchange                        Number SR–BatsEDGX–2017–11. This
                                                    just and equitable principles of trade,                  has not received any written comments                     file number should be included on the
                                                    fostering cooperation and coordination                   from members or other interested
                                                                                                                                                                       subject line if email is used. To help the
                                                    with persons engaged in facilitating                     parties.
                                                                                                                                                                       Commission process and review your
                                                    transactions in securities, removing                     III. Date of Effectiveness of the                         comments more efficiently, please use
                                                    impediments to, and perfecting the                       Proposed Rule Change and Timing for                       only one method. The Commission will
                                                    mechanism of, a free and open market                     Commission Action                                         post all comments on the Commission’s
                                                    and a national market system.                                                                                      Internet Web site (http://www.sec.gov/
                                                                                                                Because the foregoing proposed rule
                                                       The proposed rules are consistent                     change does not: (A) Significantly affect                 rules/sro.shtml). Copies of the
                                                    with the protection of investors in that                 the protection of investors or the public                 submission, all subsequent
                                                    they are designed to prevent Trade-                      interest; (B) impose any significant                      amendments, all written statements
                                                    Throughs. In addition, the proposed                      burden on competition; and (C) by its                     with respect to the proposed rule
                                                    rule change would promote a free and                     terms, become operative for 30 days                       change that are filed with the
                                                    open market by permitting the Exchange                   from the date on which it was filed or                    Commission, and all written
                                                    to compete with other options                            such shorter time as the Commission                       communications relating to the
                                                    exchanges for these types of orders. In                  may designate it has become effective                     proposed rule change between the
                                                    this regard, competition would result in                 pursuant to Section 19(b)(3)(A) of the                    Commission and any person, other than
                                                    benefits to the investing public, whereas                Act 17 and paragraph (f)(6) of Rule 19b–                  those that may be withheld from the
                                                    a lack of competition would serve to                     4 thereunder,18 the Exchange has                          public in accordance with the
                                                    limit the choices that participants have                 designated this rule filing as non-                       provisions of 5 U.S.C. 552, will be
                                                    for execution of their options business.                 controversial. The Exchange has given                     available for Web site viewing and
                                                    As noted above, the proposed operation                   the Commission written notice of its                      printing in the Commission’s Public
                                                    of Qualified Contingent Cross Orders on                  intent to file the proposed rule change,                  Reference Room, 100 F Street NE.,
                                                    the Exchange is substantially similar in                 along with a brief description and text                   Washington, DC 20549 on official
                                                    all material respects to the operation of                of the proposed rule change at least five                 business days between the hours of
                                                    such orders on such other exchanges.16                   business days prior to the date of filing                 10:00 a.m. and 3:00 p.m. Copies of such
                                                    As such, permitting the Exchange to                      of the proposed rule change, or such                      filing also will be available for
                                                                                                                                                                       inspection and copying at the principal
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                                                    operate on an even playing field relative                shorter time as designated by the
                                                    to other exchanges removes                               Commission.                                               office of the Exchange. All comments
                                                    impediments to and to perfects the                          At any time within 60 days of the                      received will be posted without change;
                                                    mechanism for a free and open market                     filing of the proposed rule change, the                   the Commission does not edit personal
                                                    and a national market system.                            Commission summarily may                                  identifying information from
                                                                                                             temporarily suspend such rule change if                   submissions. You should
                                                      14 15 U.S.C. 78f(b).                                                                                                submit only information that you
                                                      15 15 U.S.C. 78f(b)(5).                                  17 15   U.S.C. 78s(b)(3)(A).                            wish to make available publicly. All
                                                      16 See supra, note 9.                                    18 17   CFR 240.19b–4.                                  submissions should refer to File


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                                                                               Federal Register / Vol. 82, No. 25 / Wednesday, February 8, 2017 / Notices                                                      9807

                                                    Number SR–BatsEDGX–2017–11, and                         (‘‘PHLX’’), Miami International                       rules. On its face, Rule 17d–1 deals only
                                                    should be submitted on or before March                  Securities Exchange (‘‘MIAX’’), and                   with an SRO’s obligations to enforce
                                                    1, 2017.                                                MIAX PEARL, LLC (‘‘MIAX PEARL’’)                      member compliance with financial
                                                      For the Commission, by the Division of                (collectively, ‘‘Participating                        responsibility requirements. Rule 17d–1
                                                    Trading and Markets, pursuant to delegated              Organizations’’ or ‘‘parties’’).                      does not relieve an SRO from its
                                                    authority.19                                                                                                  obligation to examine a common
                                                                                                            I. Introduction                                       member for compliance with its own
                                                    Robert W. Errett,
                                                    Deputy Secretary.                                         Section 19(g)(1) of the Act,3 among                 rules and provisions of the federal
                                                    [FR Doc. 2017–02545 Filed 2–7–17; 8:45 am]
                                                                                                            other things, requires every self-                    securities laws governing matters other
                                                                                                            regulatory organization (‘‘SRO’’)                     than financial responsibility, including
                                                    BILLING CODE 8011–01–P
                                                                                                            registered as either a national securities            sales practices and trading activities and
                                                                                                            exchange or national securities                       practices.
                                                    SECURITIES AND EXCHANGE                                 association to examine for, and enforce                  To address regulatory duplication in
                                                    COMMISSION                                              compliance by, its members and persons                these and other areas, the Commission
                                                                                                            associated with its members with the                  adopted Rule 17d–2 under the Act.10
                                                    [Release No. 34–79930; File No. 4–551]                  Act, the rules and regulations                        Rule 17d–2 permits SROs to propose
                                                                                                            thereunder, and the SRO’s own rules,                  joint plans for the allocation of
                                                    Program for Allocation of Regulatory                                                                          regulatory responsibilities with respect
                                                                                                            unless the SRO is relieved of this
                                                    Responsibilities Pursuant to Rule 17d–                                                                        to their common members. Under
                                                                                                            responsibility pursuant to Section
                                                    2; Notice of Filing and Order                                                                                 paragraph (c) of Rule 17d–2, the
                                                                                                            17(d) 4 or Section 19(g)(2) 5 of the Act.
                                                    Approving and Declaring Effective an                                                                          Commission may declare such a plan
                                                    Amendment to the Plan for the                           Without this relief, the statutory
                                                                                                            obligation of each individual SRO could               effective if, after providing for notice
                                                    Allocation of Regulatory                                                                                      and comment, it determines that the
                                                    Responsibilities Among NYSE MKT                         result in a pattern of multiple
                                                                                                            examinations of broker-dealers that                   plan is necessary or appropriate in the
                                                    LLC, Bats BZX Exchange, Inc., BOX                                                                             public interest and for the protection of
                                                    Options Exchange LLC, C2 Options                        maintain memberships in more than one
                                                                                                            SRO (‘‘common members’’). Such                        investors, to foster cooperation and
                                                    Exchange, Incorporated, the Chicago                                                                           coordination among the SROs, to
                                                    Board Options Exchange,                                 regulatory duplication would add
                                                                                                            unnecessary expenses for common                       remove impediments to, and foster the
                                                    Incorporated, the Bats EDGX                                                                                   development of, a national market
                                                    Exchange, Inc., the International                       members and their SROs.
                                                                                                              Section 17(d)(1) of the Act 6 was                   system and a national clearance and
                                                    Securities Exchange LLC, ISE Gemini,                                                                          settlement system, and is in conformity
                                                    LLC, ISE Mercury, LLC, Financial                        intended, in part, to eliminate
                                                                                                            unnecessary multiple examinations and                 with the factors set forth in Section
                                                    Industry Regulatory Authority, Inc.,                                                                          17(d) of the Act. Commission approval
                                                    NYSE Arca, Inc., The NASDAQ Stock                       regulatory duplication.7 With respect to
                                                                                                            a common member, Section 17(d)(1)                     of a plan filed pursuant to Rule 17d–2
                                                    Market LLC, NASDAQ BX, Inc., the                                                                              relieves an SRO of those regulatory
                                                    NASDAQ PHLX, Inc., Miami                                authorizes the Commission, by rule or
                                                                                                            order, to relieve an SRO of the                       responsibilities allocated by the plan to
                                                    International Securities Exchange,                                                                            another SRO.
                                                    LLC, and MIAX PEARL Concerning                          responsibility to receive regulatory
                                                    Options-Related Market Surveillance                     reports, to examine for and enforce                   II. The Plan
                                                                                                            compliance with applicable statutes,
                                                    February 2, 2017.                                                                                                On December 11, 2007, the
                                                                                                            rules, and regulations, or to perform
                                                       Notice is hereby given that the                                                                            Commission declared effective the
                                                                                                            other specified regulatory functions.
                                                    Securities and Exchange Commission                                                                            Participating Organizations’ Plan for
                                                                                                              To implement Section 17(d)(1), the                  allocating regulatory responsibilities
                                                    (‘‘Commission’’) has issued an Order,                   Commission adopted two rules: Rule
                                                    pursuant to Section 17(d) of the                                                                              pursuant to Rule 17d–2.11 On April 11,
                                                                                                            17d–1 and Rule 17d–2 under the Act.8                  2008, the Commission approved an
                                                    Securities Exchange Act of 1934                         Rule 17d–1 authorizes the Commission
                                                    (‘‘Act’’),1 approving and declaring                                                                           amendment to the Plan to include
                                                                                                            to name a single SRO as the designated                NASDAQ as a participant.12 On October
                                                    effective an amendment to the plan for                  examining authority (‘‘DEA’’) to
                                                    allocating regulatory responsibility                                                                          9, 2008, the Commission approved an
                                                                                                            examine common members for                            amendment to the Plan to clarify that
                                                    (‘‘Plan’’) filed on January 31, 2017,                   compliance with the financial
                                                    pursuant to Rule 17d–2 of the Act,2 by                                                                        the term Regulatory Responsibility for
                                                                                                            responsibility requirements imposed by                options position limits includes the
                                                    NYSE MKT LLC (‘‘MKT’’), Bats BZX                        the Act, or by Commission or SRO
                                                    Exchange, Inc., (‘‘Bats’’), the BOX                                                                           examination responsibilities for the
                                                                                                            rules.9 When an SRO has been named as                 delta hedging exemption.13 On February
                                                    Options Exchange LLC (‘‘BOX’’), C2                      a common member’s DEA, all other
                                                    Options Exchange, Incorporated (‘‘C2’’),                                                                      25, 2010, the Commission approved an
                                                                                                            SROs to which the common member                       amendment to the Plan to add Bats and
                                                    the Chicago Board Options Exchange,                     belongs are relieved of the responsibility
                                                    Incorporated (‘‘CBOE’’), the Bats EDGX                                                                        C2 as SRO participants and to reflect the
                                                                                                            to examine the firm for compliance with               name changes of the American Stock
                                                    Exchange, Inc. (‘‘EDGX’’), the                          the applicable financial responsibility
                                                    International Securities Exchange LLC                                                                         Exchange LLC to the NYSE Amex LLC,
                                                    (‘‘ISE’’), ISE Gemini, LLC (‘‘Gemini’’),                  3 15 U.S.C. 78s(g)(1).                                10 See Securities Exchange Act Release No. 12935
                                                    ISE Mercury, LLC (‘‘ISE Mercury’’),                       4 15 U.S.C. 78q(d).                                 (October 28, 1976), 41 FR 49091 (November 8,
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                                                    Financial Industry Regulatory                             5 15 U.S.C. 78s(g)(2).
                                                                                                                                                                  1976).
                                                    Authority, Inc. (‘‘FINRA’’), NYSE Arca,                   6 15 U.S.C. 78q(d)(1).                                11 See Securities Exchange Act Release No. 56941
                                                                                                              7 See Securities Act Amendments of 1975, Report     (December 11, 2007), 72 FR 71723 (December 18,
                                                    Inc. (‘‘Arca’’), The NASDAQ Stock
                                                    Market LLC (‘‘Nasdaq’’), NASDAQ BX,                     of the Senate Committee on Banking, Housing, and      2007) (File No. 4–551).
                                                                                                            Urban Affairs to Accompany S. 249, S. Rep. No. 94–      12 See Securities Exchange Act Release No. 57649
                                                    Inc. (‘‘BX’’), NASDAQ PHLX, Inc.                        75, 94th Cong., 1st Session 32 (1975).                (April 11, 2008), 73 FR 20976 (April 17, 2008) (File
                                                                                                              8 17 CFR 240.17d–1 and 17 CFR 240.17d–2,            No. 4–551).
                                                      19 17 CFR 200.30–3(a)(12).                            respectively.                                           13 See Securities Exchange Act Release No. 58765
                                                      1 15 U.S.C. 78q(d).                                     9 See Securities Exchange Act Release No. 12352     (October 9, 2008), 73 FR 62344 (October 20, 2008)
                                                      2 17 CFR 240.17d–2.                                   (April 20, 1976), 41 FR 18808 (May 7, 1976).          (File No. 4–551).



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Document Created: 2017-02-08 02:59:26
Document Modified: 2017-02-08 02:59:26
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 9804 

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