Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Exchange Rule 703 (Financial Responsibility and Reporting), 67779-67781 [2011-28346]
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emcdonald on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 76, No. 212 / Wednesday, November 2, 2011 / Notices
In addition, the Managing Member
will record and will preserve a
description of all Section 17
Transactions, the Managing Member’s
findings, the information or materials
upon which the findings are based and
the basis for the findings. All such
records will be maintained for the life
of the ESC Fund and at least six years
thereafter, and will be subject to
examination by the Commission and its
staff. Each ESC Fund will preserve the
accounts, books and other documents
required to be maintained in an easily
accessible place for at least the first two
years.
2. The Managing Member will adopt,
and periodically review and update,
procedures designed to ensure that
reasonable inquiry is made, prior to the
consummation of any Section 17
Transaction, with respect to the possible
involvement in the transaction of any
affiliated person or promoter of or
principal underwriter for any ESC Fund,
or any affiliated person of such affiliated
person, promoter or principal
underwriter.
3. The Managing Member of each ESC
Fund will not invest the funds of the
ESC Fund in any investment in which
a ‘‘Co-Investor’’ (as defined below) has
acquired or proposes to acquire the
same class of securities of the same
issuer and where the investment
involves a joint enterprise or other joint
arrangement within the meaning of rule
17d–1 in which the ESC Fund and the
Co-Investor are participants, unless any
such Co-Investor, prior to disposing of
all or part of its investment: agrees to (a)
give the Managing Member sufficient,
but not less than one day’s notice of its
intent to dispose of its investment; and
(b) refrain from disposing of its
investment unless the ESC Fund has the
opportunity to dispose of its investment
prior to or concurrently with, and on the
same terms as, and pro rata with, the
Co-Investor. The term ‘‘Co-Investor’’
with respect to any ESC Fund means
any person who is: (a) An ‘‘affiliated
person’’ (as defined in section 2(a)(3) of
the Act) of the ESC Fund (other than a
Citadel Third Party Fund); (b) a Citadel
Entity; (c) an officer, director or
employee of a Citadel Entity; or (d) an
entity (other than a Citadel Third Party
Fund) in which a Managing Member or
an Affiliate of Citadel acts as a managing
member or in a similar capacity so as to
control the sale or other disposition of
the entity’s investments. The
restrictions contained in this condition,
however, shall not be deemed to limit
or prevent the disposition of an
investment by a Co-Investor: (a) to its
direct or indirect wholly-owned
subsidiary, to any company (a ‘‘Parent’’)
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of which the Co-Investor is a direct or
indirect wholly-owned subsidiary or to
a direct or indirect wholly-owned
subsidiary of such Parent; (b) to
immediate family members of the CoInvestor or a trust or other investment
vehicle established for any such family
member; or (c) when the investment is
comprised of securities that are (i) listed
on any exchange registered as a national
exchange under section 6 of the
Exchange Act; (ii) NMS stocks, pursuant
to section 11A(a)(2) of the Exchange Act
and rule 600(a) of Regulation NMS
thereunder; (iii) government securities
as defined in section 2(a)(16) of the Act,
or (iv) listed or traded on any foreign
securities exchange or board of trade
that satisfies regulatory requirements
under the law of the jurisdiction in
which such foreign securities exchange
or board of trade is organized similar to
those that apply to a national securities
exchange or a national market system
for securities.
4. Each ESC Fund and its Managing
Member will maintain and preserve, for
the life of such ESC Fund and at least
six years thereafter, such accounts,
books, and other documents
constituting the record forming the basis
for the audited financial statements that
are to be provided to the Members of
such ESC Fund, and each annual report
of such ESC Fund required to be sent to
such Members, and agree that all such
records will be subject to examination
by the Commission and its staff. Each
ESC Fund will preserve the accounts,
books and other documents required to
be maintained in an easily accessible
place for the first two years after the life
of such ESC Fund.
5. The Managing Member of each ESC
Fund will send to each person who was
a Member having an Interest in the ESC
Fund at any time during the fiscal year
then ended (except for the first fiscal
year of operations of an ESC Fund if no
investment activities took place in such
fiscal year), audited financial statements
with respect to those ESC Funds in
which the Member held Interests. At the
end of each fiscal year, the Managing
Member will make a valuation or have
a valuation made of all of the assets of
the ESC Fund as of such fiscal year end
in a manner consistent with customary
practice with respect to the valuation of
assets of the kind held by the ESC Fund.
In addition, within 180 days after the
end of each fiscal year of each ESC Fund
or as soon as practicable thereafter, the
Managing Member will send a report to
each person who was a Member at any
time during the fiscal year then ended,
setting forth such tax information as
shall be necessary for the preparation by
the Member of his, her or its U.S. federal
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Fmt 4703
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67779
and state income tax returns and a
report of the investment activities of the
ESC Fund during that fiscal year.
6. If an ESC Fund makes purchases
from, or sales to, an entity affiliated
with the ESC Fund by reason of an
officer, director or employee of Citadel
(a) serving as an officer, director,
managing member, general partner or
investment adviser of the entity, or (b)
having a 5% or more investment in the
entity, such individual will not
participate in the ESC Fund’s
determination of whether or not to effect
the purchase or sale.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–28351 Filed 11–1–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65641; File No. SR–Phlx–
2011–137]
Self-Regulatory Organizations;
NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to the
Exchange Rule 703 (Financial
Responsibility and Reporting)
October 27, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 2 thereunder,
notice is hereby given that on October
25, 2011, NASDAQ OMX PHLX LLC
(‘‘Phlx’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I and
II, 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 Exchange proposes to amend
Exchange Rule 703, entitled ‘‘Financial
Responsibility and Reporting’’ to clarify
Rule text.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nasdaqtrader.com/
micro.aspx?id=PHLXRulefilings, at the
principal office of the Exchange, and at
the Commission’s Public Reference
Room.
1 15
2 17
E:\FR\FM\02NON1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
02NON1
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Federal Register / Vol. 76, No. 212 / Wednesday, November 2, 2011 / Notices
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
emcdonald on DSK5VPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to amend Exchange Rule 703,
entitled ‘‘Financial Responsibility and
Reporting’’ to clarify the Rule text.
Specifically, the Exchange is proposing
to add the words ‘‘or its designee’’ to
Rule 703(c)(ii) to conform the text of the
Rule to 703(f).
Exchange Rule 703 concerns a
member’s obligation to report certain
financial information. Exchange Rule
703(c)(ii) provides that each member
organization designated to the Exchange
for financial responsibility pursuant to
SEC Rule 17d–1 and acting as a market
makers and/or options specialist shall,
on forms prescribed by the Exchange,
file certain reports listed within Rule
703, with the Exchange. The Exchange
proposes to amend the language to
indicate that the reports may be filed
with the Exchange’s designee as well.3
Exchange Rule 703(f) currently states
that all reports required to be filed with
the Exchange shall be filed with the
Exchange or its designee. The addition
of ‘‘or its designee’’ to Exchange Rule
703(c)(ii) provides more clarity to the
Rule and conforms the text of the Rule
to 703(f).
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act 4 in general, and furthers the
objectives of Section 6(b)(5) of the Act 5
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
3 The Exchange’s designee would be the Financial
Industry Regulatory Authority (‘‘FINRA’’). The
Exchange has a regulatory services agreement with
FINRA and may designate FINRA to receive reports
referenced in Exchange Rule 703.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
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perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest. The
Exchange believes that its proposed
amendment to Exchange Rule 703 will
provide additional clarity to the Rule.
While the Rule currently permits the
Exchange to designate another person
and/or entity to receive such reports
referenced in Rule 703, the Exchange is
amending the rule to make it clear that
a designee is permitted to collect the
reports referenced in Rule 703(c)(ii).
The Exchange is not making a
substantive amendment to this Rule but
rather making the Rule clear for its
members.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change 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 after the date of
the filing, or such shorter time as the
Commission may designate, it has
become effective pursuant to 19(b)(3)(A)
of the Act 6 and Rule 19b–4(f)(6) 7
thereunder.
The Exchange has requested that the
Commission waive the requirement that
the rule change, by its terms, not
become operative for 30 days after the
date of the filing, as set forth in Rule
19b–4(f)(6)(iii).8 The Exchange proposes
to make the proposed rule change
operative immediately upon filing. The
Commission has determined that
waiving the 30-day operative delay is
consistent with the protection of
6 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s 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. The Exchange
has satisfied this requirement.
8 17 CFR 240.19b–4(f)(6)(iii).
7 17
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Fmt 4703
Sfmt 4703
investors and the public interest,
because the proposed rule change is not
substantive and is merely clarifying an
already existing requirement within the
Rule. Accordingly, the Commission
waives the 30-day operative delay
requirement and designates the
proposed rule change to be operative
upon filing with the Commission.9
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 necessary or appropriate in the
public interest, for the protection of
investors, or 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rulecomments@sec.gov. Please include File
Number SR–Phlx–2011–137 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
Number SR–Phlx–2011–137. 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 (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
9 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 76, No. 212 / Wednesday, November 2, 2011 / Notices
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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly.
All submissions should refer to File
Number SR–Phlx–2011–137 and should
be submitted on or before November 23,
2011.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2011–28346 Filed 11–1–11; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–65642; File No. SR–BX–
2011–072]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend the
BOX Trading Rules To Retire the
Additional Expiration Months Pilot
Program and To Harmonize the Rules
Regarding Listing Expirations With the
Existing Rules of Other Exchanges
emcdonald on DSK5VPTVN1PROD with NOTICES
October 27, 2011.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on October
19, 2011, NASDAQ OMX BX, Inc. (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated the proposed rule change as
constituting a non-controversial rule
change under Rule 19b–4(f)(6) under the
Act,3 which renders the proposal
effective upon filing with the
10 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
1 15
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67781
The purpose of the proposed rule
change is to retire the Additional
Expiration Months Pilot Program (‘‘Pilot
Program’’) and to amend the BOX
Trading Rules regarding listing
expirations. This filing is based on the
existing rules of other options
exchanges.4
Pursuant to Chapter IV, Section 6(e) of
the BOX Trading Rules, the Exchange
usually will open four expiration
months for each class of options open
for trading on BOX: the first two being
the two nearest months, regardless of
the quarterly cycle on which that class
trades; the third and fourth being the
next two months of the quarterly cycle
previously designated by the Exchange
for that specific class.
For competitive reasons, in 2010, a
Pilot Program was established pursuant
to which BOX could list up to an
additional two expiration months, for a
total of six expiration months for each
class of options open for trading on
BOX.5 The filing to establish the Pilot
Program was substantially similar in all
material respects to a proposal of the
International Securities Exchange, LLC
(‘‘ISE’’).6
After ISE and BOX established their
respective Pilot Programs, ISE submitted
a filing in response to a PHLX filing
regarding the listing of expirations.7 In
the PHLX filing, PHLX amended its
rules that so that it could open ‘‘at least
one expiration month’’ for each class of
standard options open for trading on
PHLX.8 PHLX stated in its filing that
this amendment was ‘‘based directly on
the recently approved rules of another
options exchange, namely Chapter IV,
Sections 6 and 8’’ of NOM. Since
PHLX’s rules did not hard code an
upper limit on the maximum number of
expirations that may be listed per class,
ISE believed that PHLX (and NOM) had
the ability to list expirations that ISE
would not be able to currently list under
its rules. As a result, ISE amended its
rules by adding new Supplementary
Material .10 to ISE Rule 504 and
Supplementary Material to .04 to ISE
Rule 2009 to permit ISE to list
additional expiration months on options
classes opened for trading on ISE if such
expiration months are opened for
trading on at least one other national
securities exchange.9
Because BOX had adopted a Pilot
Program similar to ISE’s, BOX adopted
new Supplementary Material .09 to
Chapter IV, Section 6 and
Supplementary Material .03 to Chapter
XIV, Section 10 of the BOX Trading
Rules that permits BOX to list
additional expiration months on options
classes opened for trading on BOX if
such expiration months are opened for
trading on at least one other national
securities exchange.10
4 See Chicago Board Options Exchange,
Incorporated (‘‘CBOE’’) Rule 5.5 (Series of Options
Contracts Open for Trading, NASDAQ Options
Market (‘‘NOM’’) Chapter IV, Section 6 (Series of
Options Contracts Open for Trading) and NASDAQ
OMX PHLX, LLC (‘‘PHLX’’) Rule 1012 (Series of
Options Open for Trading). See also Securities
Exchange Act Release Nos. 65241 (August 31,
2011), 76 FR 55249 (September 7, 2011) (SR–CBOE–
2011–080); 57478 (March 12, 2008), 73 FR 14521
(March 18, 2008) (SR–NASDAQ–2007–004 and SR–
NASDAQ–2007–080); and 63700 (January 11, 2011)
76 FR 2931 (January18, 2011) (SR–PHLX–2011–04).
The PHLX filing was based on NOM’s existing
rules.
5 See Securities Exchange Act Release No. 63321
(November 16, 2010), 75 FR 71163 (November 22,
2010) (SR–BX–2010–077).
6 See Securities Exchange Act Release No. 63104
(October 14, 2010), 75 FR 64773 (October 20, 2010)
(SR–ISE–2010–91).
7 See Securities Exchange Act Release No. 64343
(April 26, 2011), 76 FR 24546 (May 2, 2011) (SR–
ISE–2011–26).
8 See id. at 24546–24547.
9 See id. at 24547.
10 See Securities Exchange Act Release No. 64570
(May 31, 2011), 76 FR 32383 (June 6, 2011) (SR–
BX–2011–029).
Commission. 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 Exchange proposes to amend the
Rules of the Boston Options Exchange
Group, LLC (‘‘BOX’’) to retire the
Additional Expiration Months Pilot
Program and to harmonize the BOX
Trading Rules regarding listing
expirations with the existing rules of
other exchanges.
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
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]]>Agencies
[Federal Register Volume 76, Number 212 (Wednesday, November 2, 2011)]
[Notices]
[Pages 67779-67781]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-28346]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-65641; File No. SR-Phlx-2011-137]
Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change Relating to
the Exchange Rule 703 (Financial Responsibility and Reporting)
October 27, 2011.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 \2\ thereunder, notice is hereby given
that on October 25, 2011, NASDAQ OMX PHLX LLC (``Phlx'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II, below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Exchange Rule 703, entitled
``Financial Responsibility and Reporting'' to clarify Rule text.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nasdaqtrader.com/micro.aspx?id=PHLXRulefilings,
at the principal office of the Exchange, and at the Commission's Public
Reference Room.
[[Page 67780]]
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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to amend Exchange Rule
703, entitled ``Financial Responsibility and Reporting'' to clarify the
Rule text. Specifically, the Exchange is proposing to add the words
``or its designee'' to Rule 703(c)(ii) to conform the text of the Rule
to 703(f).
Exchange Rule 703 concerns a member's obligation to report certain
financial information. Exchange Rule 703(c)(ii) provides that each
member organization designated to the Exchange for financial
responsibility pursuant to SEC Rule 17d-1 and acting as a market makers
and/or options specialist shall, on forms prescribed by the Exchange,
file certain reports listed within Rule 703, with the Exchange. The
Exchange proposes to amend the language to indicate that the reports
may be filed with the Exchange's designee as well.\3\ Exchange Rule
703(f) currently states that all reports required to be filed with the
Exchange shall be filed with the Exchange or its designee. The addition
of ``or its designee'' to Exchange Rule 703(c)(ii) provides more
clarity to the Rule and conforms the text of the Rule to 703(f).
---------------------------------------------------------------------------
\3\ The Exchange's designee would be the Financial Industry
Regulatory Authority (``FINRA''). The Exchange has a regulatory
services agreement with FINRA and may designate FINRA to receive
reports referenced in Exchange Rule 703.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act \4\ in general, and furthers the objectives of Section
6(b)(5) of the Act \5\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
The Exchange believes that its proposed amendment to Exchange Rule 703
will provide additional clarity to the Rule. While the Rule currently
permits the Exchange to designate another person and/or entity to
receive such reports referenced in Rule 703, the Exchange is amending
the rule to make it clear that a designee is permitted to collect the
reports referenced in Rule 703(c)(ii). The Exchange is not making a
substantive amendment to this Rule but rather making the Rule clear for
its members.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change 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 after the date of the filing, or such
shorter time as the Commission may designate, it has become effective
pursuant to 19(b)(3)(A) of the Act \6\ and Rule 19b-4(f)(6) \7\
thereunder.
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\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's 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. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has requested that the Commission waive the
requirement that the rule change, by its terms, not become operative
for 30 days after the date of the filing, as set forth in Rule 19b-
4(f)(6)(iii).\8\ The Exchange proposes to make the proposed rule change
operative immediately upon filing. The Commission has determined that
waiving the 30-day operative delay is consistent with the protection of
investors and the public interest, because the proposed rule change is
not substantive and is merely clarifying an already existing
requirement within the Rule. Accordingly, the Commission waives the 30-
day operative delay requirement and designates the proposed rule change
to be operative upon filing with the Commission.\9\
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\8\ 17 CFR 240.19b-4(f)(6)(iii).
\9\ For purposes only of waiving the 30-day operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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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 necessary or
appropriate in the public interest, for the protection of investors, or
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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-Phlx-2011-137 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 Number SR-Phlx-2011-137. 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 (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
[[Page 67781]]
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 a.m. and 3 p.m. Copies of the
filing also will be available for inspection and copying at the
principal office of the Exchange. All comments received will be posted
without change; the Commission does not edit personal identifying
information from submissions. You should submit only information that
you wish to make available publicly.
All submissions should refer to File Number SR-Phlx-2011-137 and
should be submitted on or before November 23, 2011.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-28346 Filed 11-1-11; 8:45 am]
BILLING CODE 8011-01-P
