Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Change the Criteria for Becoming a Member of the Nominating Committee, 27222-27224 [E9-13208]
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27222
Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
or otherwise in furtherance of the
purposes of the Act.
The Exchange neither solicited nor
received comments on the proposal.
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:
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not (i)
Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate if consistent
with the protection of investors and the
public interest, provided that the selfregulatory organization has given 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,11 the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 12 and
Rule 19b–4(f)(6) thereunder.13
Under Rule 19b–4(f)(6) of the Act,14 a
proposal does not become operative for
30 days after the date of its filing, or
such shorter time as the Commission
may designate if consistent with the
protection of investors and the public
interest. The Exchange has requested
that the Commission waive the 30-day
operative date so that the pilot may
continue without interruption while the
Exchange considers whether to seek
permanent approval of the temporary
procedures. The Exchange believes that
acceleration of the operative date will
continue to allow for the orderly closing
of option positions that are worthless or
not actively traded. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest, and thus designates the
proposal as operative upon filing.15
At any time within 60 days of the
filing of such proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
cprice-sewell on PRODPC61 with NOTICES
11 The
Exchange has fulfilled this requirement.
U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6).
14 Id.
15 For purposes only of waiving the operative
date of this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f). See also 17 CFR 200.30–3(a)(59).
12 15
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IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.16
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–13209 Filed 6–5–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
[Release No. 34–60019; File No. SR–BATS–
2009–018]
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2009–034 on the
subject line.
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Change the Criteria
for Becoming a Member of the
Nominating Committee
June 1, 2009.
Paper Comments
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 May 28,
2009, BATS Exchange, Inc. (‘‘BATS’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
All submissions should refer to File
(‘‘Commission’’) the proposed rule
Number SR–CBOE–2009–034. This file
change as described in Items I, II and III
number should be included on the
below, which Items have been prepared
subject line if e-mail is used. To help the by the Exchange. The Exchange has
Commission process and review your
designated this proposal as a ‘‘noncomments more efficiently, please use
controversial’’ proposed rule change
only one method. The Commission will pursuant to Section 19(b)(3)(A) of the
post all comments on the Commission’s Act 3 and Rule 19b–4(f)(6)(iii)
Internet Web site (https://www.sec.gov/
thereunder,4 which renders it effective
rules/sro.shtml). Copies of the
upon filing with the Commission. The
submission, all subsequent
Commission is publishing this notice to
amendments, all written statements
solicit comments on the proposed rule
with respect to the proposed rule
change from interested persons.
change that are filed with the
I. Self-Regulatory Organization’s
Commission, and all written
Statement of the Terms of Substance of
communications relating to the
the Proposed Rule Change
proposed rule change between the
Commission and any person, other than
The Exchange proposes to amend
those that may be withheld from the
Article VI, Section 2 of the Amended
public in accordance with the
and Restated By-Laws of BATS
provisions of 5 U.S.C. 552, will be
Exchange, Inc. (the ‘‘By-Laws’’).
available for inspection and copying in
The text of the proposed rule change
the Commission’s Public Reference
is available at the Exchange’s Web site
Room, 100 F Street, NE., Washington,
at https://www.batstrading.com, at the
DC 20549, on official business days
principal office of the Exchange, and at
between the hours of 10 a.m. and 3 p.m. the Commission’s Public Reference
Copies of such filing also will be
Room.
available for inspection and copying at
II. Self-Regulatory Organization’s
the principal office of the CBOE. All
Statement of the Purpose of, and
comments received will be posted
Statutory Basis for, the Proposed Rule
without change; the Commission does
Change
not edit personal identifying
In its filing with the Commission, the
information from submissions. You
Exchange included statements
should submit only information that
you wish to make available publicly.
16 17 CFR 200.30–3(a)(12).
All submissions should refer to File
1 15 U.S.C. 78s(b)(1).
Number SR–CBOE–2009–034 and
2 17 CFR 240.19b–4.
should be submitted on or before June
3 15 U.S.C. 78s(b)(3)(A).
29, 2009.
4 17 CFR 240.19b–4(f)(6)(iii).
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
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Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices
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
cprice-sewell on PRODPC61 with NOTICES
The Exchange proposes to amend the
Exchange’s By-Laws, specifically Article
VI, Section 2, for the purpose of
allowing additional Directors to serve
on the Nominating Committee. As
currently written, the By-Laws allow
only one Director in his or her final year
of service on the Board to serve on the
Nominating Committee, and that
Director must be a Non-Industry
Director. The Exchange proposes an
amendment to Article VI, Section 2 to
allow any Director whose class 5 is not
being considered for nomination and
election in the coming year to serve on
the Nominating Committee. The
proposed amendment would expand the
number of current Directors eligible for
participation on the Nominating
Committee, and allow more Directors to
participate in the Nominating
Committee and thereby be more closely
involved in the process of identifying
candidates to serve as Directors.6
The Exchange believes that more than
one Director, including Industry
Directors, should be permitted to serve
on the Nominating Committee and that
the current By-Laws, which allow only
a single Non-Industry Director to serve
on the Nominating Committee in his or
her last year of service, is unduly
restrictive. The Exchange is proposing
to retain the requirement that the
number of Non-Industry members of the
Nominating Committee shall equal or
exceed the number of Industry members
on the Nominating Committee and
believes that this requirement is
sufficient to ensure adequate
representation of Industry and NonIndustry interests.
In addition, as proposed, the
Exchange would prohibit any Director
from serving on the Nominating
5 As described in Article III, Section 3(b) of the
By-Laws, Directors are divided into three classes
and serve staggered terms.
6 The proposed rule change would have no effect
on the process of selecting Member Representative
Directors as described in Article III, Section 4 and
Article VI, Sections 1 and 3 of the By-Laws.
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15:15 Jun 05, 2009
Jkt 217001
Committee if that Director’s class is up
for reelection, unless that Director is in
his or her final year of service and is not
standing for reelection. The Exchange
believes that this prohibition would
sufficiently prevent a Director from
participating in nominating himself or
herself to the Board. At the same time,
the Exchange’s proposal is less
restrictive than the current prohibition
and would, therefore, enable a larger
number of current Directors to consider
participation on the Nominating
Committee.
The Exchange has proposed these
changes because it believes that
Directors are particularly well-suited to
nominate Director candidates due to the
first-hand knowledge they gain through
service on the Board. In particular,
Directors serving on the Nominating
Committee will be qualified to evaluate
the strengths and weaknesses of the
Board and find other candidates for
Director that best fit the needs of the
Board. Additionally, the experience
brought by Directors to the Nominating
Committee will be an asset to any nonDirector members of the Nominating
Committee through the sharing of
knowledge and information about the
operations of the Exchange and the
Board.
27223
system, and, in general, to protect
investors and the public interest.
Specifically, Members will continue
to be represented on the Board and on
key standing committees. Further, the
Exchange’s proposal does not alter the
existing compositional requirements of
the Board, which provide a balance
between Industry, Member, NonIndustry, and Independent
representatives, nor does the proposal
alter the existing compositional balance
between Industry and Non-Industry
representatives on the Nominating
Committee.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change imposes any
burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change is non-controversial and does
2. Statutory Basis
not: (i) Significantly affect the
protection of investors or the public
The Exchange believes that its
interest; (ii) impose any significant
proposal is consistent with Section 6(b)
burden on competition; and (iii) become
7 in general, and furthers the
of the Act
operative for 30 days from the date on
objectives of: (1) Section 6(b)(1) of the
which it was filed, or such shorter time
8 which requires a national
Act,
as the Commission may designate, it has
securities exchange to be so organized
become effective pursuant to Section
and have the capacity to carry out
19(b)(3)(A) of the Act 11 and Rule 19b–
purposes of the Act and to enforce
4(f)(6) thereunder.12
compliance by its members and persons
At any time within 60 days of the
associated with its members with the
filing of the proposed rule change, the
provisions of the Act; (2) Section 6(b)(3)
of the Act,9 which requires that the rules Commission may summarily abrogate
such rule change if it appears to the
of a national securities exchange assure
the fair representation of its members in Commission that such action is
necessary or appropriate in the public
the selection of its directors and
interest, for the protection of investors,
administration of its affairs, and
provides that one or more directors shall or otherwise in furtherance of the
purposes of the Act.
be representative of issuers and
investors and not be associated with a
IV. Solicitation of Comments
member of the exchange, broker or
Interested persons are invited to
dealer (the ‘‘fair representation
submit written data, views and
requirement’’); and Section 6(b)(5) of the arguments concerning the foregoing,
Act,10 in that it is designed, among other including whether the proposal is
things, to prevent fraudulent and
consistent with the Act. Comments may
manipulative acts and practices, to
promote just and equitable principles of
11 15 U.S.C. 78s(b)(3)(A).
trade, to remove impediments to and
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
perfect the mechanism of a free and
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with written notice of its
open market and a national market
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.
BATS has met this requirement.
7 15
U.S.C. 78f(b).
8 15 U.S.C. 78(b)(1).
9 15 U.S.C. 78(b)(3).
10 15 U.S.C. 78f(b)(5).
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27224
Federal Register / Vol. 74, No. 108 / Monday, June 8, 2009 / Notices
be submitted by any of the following
methods:
SECURITIES AND EXCHANGE
COMMISSION
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
No. SR–BATS–2009–018 on the subject
line.
[Release No. 34–60014; File No. SR–ISE–
2009–27]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing of Proposed Rule
Change To Adopt Rules To Implement
the Options Order Protection and
Locked/Crossed Market Plan
June 1, 2009.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
cprice-sewell on PRODPC61 with NOTICES
All submissions should refer to File No.
SR–BATS–2009–018. This file number
should be included on the subject line
if e-mail 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 (https://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 inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing will also be
available for inspection and copying at
the principal office of the Exchange. All
comments received will be posted
without change; the Commission does
not edit personal identifying
information from submissions. You
should submit only information that
you wish to make available publicly. All
submissions should refer to File No.
SR–BATS–2009–018 and should be
submitted on or before June 29, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–13208 Filed 6–5–09; 8:45 am]
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 May 11,
2009, the International Securities
Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comments on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The ISE proposes to adopt rules to
implement the Options Order Protection
and Locked/Crossed Market Plan (the
‘‘Plan’’). The text of the proposed rule
change is available on the ISE’s Web site
(https://www.ise.com), at the principal
office of the ISE, 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
self-regulatory organization 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 those 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 proposes to adopt rules
to implement the Plan. These rules will
replace current Chapter 19 of the ISE’s
BILLING CODE 8010–01–P
1 15
13 17
CFR 200.30–3(a)(12).
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15:15 Jun 05, 2009
2 17
Jkt 217001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00137
Fmt 4703
Sfmt 4703
rules in their entirety. The proposed
rules also will amend various other
rules to accommodate the Plan.
Background to the Plan and the
Implementing Rules
The ISE filed the current version of
the Plan on November 7, 2008.3 The
Plan would replace the current Plan for
the Purpose of Creating and Operating
an Intermarket Option Linkage (‘‘Old
Plan’’). The Old Plan requires its
participant exchanges to operate a
stand-alone system or ‘‘Linkage’’ for
sending order-flow between exchanges
to limit trade-throughs. The Options
Clearing Corporation (‘‘OCC’’) operates
the Linkage system. The Linkage rules
provide for unique types of Linkage
orders, with a complicated set of
requirements as to who may send such
orders and under what conditions.
While the Linkage largely has
operated satisfactorily, it is under
significant strain. When the
Commission approved the Linkage Plan
in 2000, average daily volume (‘‘ADV’’)
in the options market was
approximately 2.6 million contracts
across all exchanges. Now the ADV has
increased to more than 10 million
contracts, putting added strain on the
ability of market makers to comply with
the complex Linkage rules. At the same
time, the options markets have been
moving towards quoting in pennies, and
are quoting in pennies options
representing over half the total industry
volume. This greatly increases the
number of price changes in an option,
giving rise to greater chances of tradethroughs and missing markets as market
makers send Linkage orders and have to
wait for a response.
Experience in the equities markets
shows that there is a more efficient way
to provide price protection in options.
When first implemented, the Linkage
represented a vast improvement over
the then-current equities priceprotection system, which depended on
the operation of the Intermarket Trading
System (‘‘ITS’’). The plan governing ITS
imposed long waiting times for filling
ITS commitments and a cumbersome
method for satisfying trade-throughs.
Learning from the shortcomings of ITS,
the options Linkage has shorter waiting
periods and more efficient trade-through
protections.
The equity price-protection
mechanisms have now leapfrogged the
options Linkage. By adopting Regulation
NMS in 2005 the Commission
3 The November 7th filing was Amendment No.
3 to the Plan. The ISE initially filed the Plan on
September 12, 2007, filed Amendment No. 1 on
December 10, 2007, and filed Amendment No. 2 on
April 16, 2008.
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]]>Agencies
[Federal Register Volume 74, Number 108 (Monday, June 8, 2009)]
[Notices]
[Pages 27222-27224]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-13208]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60019; File No. SR-BATS-2009-018]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Change
the Criteria for Becoming a Member of the Nominating Committee
June 1, 2009.
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 May 28, 2009, BATS Exchange, Inc. (``BATS'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II
and III below, which Items have been prepared by the Exchange. The
Exchange has designated this proposal as a ``non-controversial''
proposed rule change pursuant to Section 19(b)(3)(A) of the Act \3\ and
Rule 19b-4(f)(6)(iii) thereunder,\4\ which renders it effective upon
filing with the Commission. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Article VI, Section 2 of the Amended
and Restated By-Laws of BATS Exchange, Inc. (the ``By-Laws'').
The text of the proposed rule change is available at the Exchange's
Web site at https://www.batstrading.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
[[Page 27223]]
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 proposes to amend the Exchange's By-Laws, specifically
Article VI, Section 2, for the purpose of allowing additional Directors
to serve on the Nominating Committee. As currently written, the By-Laws
allow only one Director in his or her final year of service on the
Board to serve on the Nominating Committee, and that Director must be a
Non-Industry Director. The Exchange proposes an amendment to Article
VI, Section 2 to allow any Director whose class \5\ is not being
considered for nomination and election in the coming year to serve on
the Nominating Committee. The proposed amendment would expand the
number of current Directors eligible for participation on the
Nominating Committee, and allow more Directors to participate in the
Nominating Committee and thereby be more closely involved in the
process of identifying candidates to serve as Directors.\6\
---------------------------------------------------------------------------
\5\ As described in Article III, Section 3(b) of the By-Laws,
Directors are divided into three classes and serve staggered terms.
\6\ The proposed rule change would have no effect on the process
of selecting Member Representative Directors as described in Article
III, Section 4 and Article VI, Sections 1 and 3 of the By-Laws.
---------------------------------------------------------------------------
The Exchange believes that more than one Director, including
Industry Directors, should be permitted to serve on the Nominating
Committee and that the current By-Laws, which allow only a single Non-
Industry Director to serve on the Nominating Committee in his or her
last year of service, is unduly restrictive. The Exchange is proposing
to retain the requirement that the number of Non-Industry members of
the Nominating Committee shall equal or exceed the number of Industry
members on the Nominating Committee and believes that this requirement
is sufficient to ensure adequate representation of Industry and Non-
Industry interests.
In addition, as proposed, the Exchange would prohibit any Director
from serving on the Nominating Committee if that Director's class is up
for reelection, unless that Director is in his or her final year of
service and is not standing for reelection. The Exchange believes that
this prohibition would sufficiently prevent a Director from
participating in nominating himself or herself to the Board. At the
same time, the Exchange's proposal is less restrictive than the current
prohibition and would, therefore, enable a larger number of current
Directors to consider participation on the Nominating Committee.
The Exchange has proposed these changes because it believes that
Directors are particularly well-suited to nominate Director candidates
due to the first-hand knowledge they gain through service on the Board.
In particular, Directors serving on the Nominating Committee will be
qualified to evaluate the strengths and weaknesses of the Board and
find other candidates for Director that best fit the needs of the
Board. Additionally, the experience brought by Directors to the
Nominating Committee will be an asset to any non-Director members of
the Nominating Committee through the sharing of knowledge and
information about the operations of the Exchange and the Board.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \7\ in general, and furthers the objectives of: (1)
Section 6(b)(1) of the Act,\8\ which requires a national securities
exchange to be so organized and have the capacity to carry out purposes
of the Act and to enforce compliance by its members and persons
associated with its members with the provisions of the Act; (2) Section
6(b)(3) of the Act,\9\ which requires that the rules of a national
securities exchange assure the fair representation of its members in
the selection of its directors and administration of its affairs, and
provides that one or more directors shall be representative of issuers
and investors and not be associated with a member of the exchange,
broker or dealer (the ``fair representation requirement''); and Section
6(b)(5) of the Act,\10\ in that it is designed, among other things, to
prevent fraudulent and manipulative acts and practices, 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78(b)(1).
\9\ 15 U.S.C. 78(b)(3).
\10\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Specifically, Members will continue to be represented on the Board
and on key standing committees. Further, the Exchange's proposal does
not alter the existing compositional requirements of the Board, which
provide a balance between Industry, Member, Non-Industry, and
Independent representatives, nor does the proposal alter the existing
compositional balance between Industry and Non-Industry representatives
on the Nominating Committee.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change imposes
any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change is non-controversial and
does not: (i) Significantly affect the protection of investors or the
public interest; (ii) impose any significant burden on competition; and
(iii) become operative for 30 days from the date on which it was filed,
or such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \11\ and Rule 19b-
4(f)(6) thereunder.\12\
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\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with 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. BATS has met this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal is
consistent with the Act. Comments may
[[Page 27224]]
be submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File No. SR-BATS-2009-018 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. SR-BATS-2009-018. This file
number should be included on the subject line if e-mail 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 (https://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 inspection and
copying in the Commission's Public Reference Room, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing will also be available for
inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File No. SR-BATS-2009-018 and should be
submitted on or before June 29, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Florence E. Harmon,
Deputy Secretary.
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\13\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E9-13208 Filed 6-5-09; 8:45 am]
BILLING CODE 8010-01-P
