Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Interpretive Material to Rule 7150 (Price Improvement Period “PIP”) to Extend a Pilot Program that Permits the Exchange to Have no Minimum Size Requirement for Orders Entered into the PIP (“PIP Pilot Program”), 39365-39367 [2013-15622]
Download as PDF
<![CDATA[
Federal Register / Vol. 78, No. 126 / Monday, July 1, 2013 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
the objectives of Section 6(b)(1) 61 in
particular, in that it enables NYSE Arca
to be so organized as to have the
capacity to be able to carry out the
purposes of the Exchange Act and to
comply, and to enforce compliance by
its exchange members and persons
associated with its exchange members,
with the provisions of the Exchange Act,
the rules and regulations thereunder,
and the rules of NYSE Arca. With
respect to the ability of the Commission
to enforce the Exchange Act as it applies
to the U.S. Regulated Subsidiaries after
the Merger, the U.S. Regulated
Subsidiaries will operate in the same
manner following the Merger as they
operate today. Thus, the Commission
will continue to have plenary regulatory
authority over the U.S. Regulated
Subsidiaries, as is the case currently
with these entities. The Proposed Rule
Change is consistent with and will
facilitate an ownership structure that
will provide the Commission with
appropriate oversight tools to ensure
that the Commission will have the
ability to enforce the Exchange Act with
respect to each U.S. Regulated
Subsidiary, its direct and indirect parent
entities and its directors, officers,
employees and agents to the extent they
are involved in the activities of such
U.S. Regulated Subsidiary.
NYSE Arca also believes that this
filing furthers the objectives of Section
6(b)(5) of the Exchange Act 62 because
the Proposed Rule Change summarized
herein would be consistent with and
facilitate a governance and regulatory
structure that is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
NYSE Arca does not believe that the
Proposed Rule Change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Exchange Act.
The Proposed Rule Change is not
designed to address any competitive
issue in the U.S. or European securities
markets or have any impact on
competition in those markets; rather, it
61 15
62 15
U.S.C. 78f(b)(1).
U.S.C. 78f(b)(5).
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22:40 Jun 28, 2013
Jkt 229001
will combine the U.S. equities
businesses of NYSE Euronext with the
commodities and futures businesses of
ICE. The ownership of U.S. securities
exchanges will not become more
concentrated as a result of the Proposed
Rule Change because ICE currently
owns no U.S. securities exchange. With
respect to operations outside the United
States, ICE has informed NYSE Euronext
that it expects the derivatives business
of LAM will be gradually transitioned to
ICE Futures Europe, as discussed above,
but such transition is subject to
regulatory approval in the United
Kingdom.
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 with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the self-regulatory organization
consents, the Commission will:
(A) By order approve or disapprove
the proposed rule change, or
(B) Institute proceedings to
determine whether the proposed rule
change should be 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
No. SR–NYSEArca–2013–62 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–NYSEArca-2013–62. This file
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
39365
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
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 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 No. SR–NYSEArca2013–62 and should be submitted on or
before July 22, 2013.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.63
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2013–15632 Filed 6–28–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69846; File No. SR–BOX–
2013–33]
Self-Regulatory Organizations; BOX
Options Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change to Amend
Interpretive Material to Rule 7150
(Price Improvement Period ‘‘PIP’’) to
Extend a Pilot Program that Permits
the Exchange to Have no Minimum
Size Requirement for Orders Entered
into the PIP (‘‘PIP Pilot Program’’)
June 25, 2013.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
63 17
E:\FR\FM\01JYN1.SGM
CFR 200.30–3(a)(12).
01JYN1
39366
Federal Register / Vol. 78, No. 126 / Monday, July 1, 2013 / Notices
(‘‘Act’’),1 and Rule 19b-4 thereunder,2
notice is hereby given that on June 21,
2013, BOX Options Exchange LLC (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 self-regulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Interpretive Material to Rule 7150 (Price
Improvement Period ‘‘PIP’’) to extend a
pilot program that permits the Exchange
to have no minimum size requirement
for orders entered into the PIP (‘‘PIP
Pilot Program’’). The text of the
proposed rule change is available from
the principal office of the Exchange, at
the Commission’s Public Reference
Room and also on the Exchange’s
Internet Web site at https://
boxexchange.com.
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 these statements may be examined at
the places specified in Item IV below.
The self-regulatory organization 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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to extend the PIP Pilot
Program for twelve additional months.
The PIP Pilot Program allows the
Exchange to have no minimum size
requirement for orders entered into the
PIP.3 The Exchange has committed to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Pilot Program is currently set to expire on
July 18, 2013. See Securities Exchange Act Release
Nos. 66871 (April 27, 2012) 77 FR 26323 (May 3,
2012) (File No.10–206, In the Matter of the
Application of BOX Options Exchange LLC for
Registration as a National Securities Exchange
Findings, Opinion, and Order of the Commission)
and 67255 (June 26, 2012) 77 FR 39315 (July 2,
2 17
VerDate Mar<15>2010
21:38 Jun 28, 2013
Jkt 229001
provide certain data to the Commission
during the PIP Pilot Program.4 The
proposed rule change retains the text of
IM–7150–1 to Rule 7150 and seeks to
extend the operation of the PIP Pilot
Program until July 18, 2014.
The Exchange notes that the PIP Pilot
Program guarantees Participants the
right to trade with their customer orders
that are less than 50 contracts. In
particular, any order entered into the
PIP is guaranteed an execution at the
end of the auction at a price at least
equal to the national best bid or offer.
In further support of this proposed rule
change, the Exchange will submit to the
Commission monthly a PIP Pilot
Program Report, offering detailed data
from, and analysis of, the PIP Pilot
Program. Specifically, the Exchange
believes that, by extending the
expiration of the PIP Pilot Program, the
proposed rule change will allow for
further analysis of the PIP Pilot Program
and a determination of how the PIP
Pilot Program shall be structured in the
future.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,5
in general, and Section 6(b)(5) of the
Act,6 in particular, in that it is designed
to foster cooperation and coordination
with persons engaged in regulating,
clearing, settling, processing
information with respect to, and
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism for a free and open market
and a national market system and, in
general, to protect investors and the
public interest. The Exchange believes
that the data demonstrates that there is
sufficient investor interest and demand
to extend the PIP Pilot Program for an
additional twelve months. The
Exchange represents that the Pilot
Program is designed to provide
investors with real and significant price
improvement regardless of the size of
the order.
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. Specifically,
2013) (SR–BOX–2012–009) (Notice of Filing and
Immediate Effectiveness of a Proposal To Extend a
Pilot Program That Permits BOX to Have No
Minimum Size Requirement for Orders Entered Into
the Price Improvement Period).
4 Id. at 26334.
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00116
Fmt 4703
Sfmt 4703
the Exchange believes that, by extending
the expiration of the PIP Pilot Program,
the proposed rule change will allow for
further analysis of the PIP Pilot Program
and a determination of how the PIP
Pilot Program shall be structured in the
future. In doing so, the proposed rule
change will also serve to promote
regulatory clarity and consistency,
thereby reducing burdens on the
marketplace and facilitating investor
protection.
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 comments on the proposed
rule change.
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 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)(ii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative for 30 days after the
date of filing. However, pursuant to
Rule 19b–4(f)(6)(iii) 10 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange requested that the
Commission waive the 30-day operative
delay. The Exchange noted that such
waiver will permit the PIP Pilot Program
to continue without interruption.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest, as it
will allow the pilot program to continue
uninterrupted, thereby avoiding any
potential investor confusion that could
result from a temporary interruption in
the pilot program. Further, the
7 15
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) 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 Commission
deems this requirement to have been met.
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6)(iii).
8 17
E:\FR\FM\01JYN1.SGM
01JYN1
Federal Register / Vol. 78, No. 126 / Monday, July 1, 2013 / Notices
Commission notes that, because the
filing was submitted for immediate
effectiveness on June 21, 2013, the fact
that the current rule provision does not
expire until July 18, 2013 will afford
interested parties the opportunity to
comment on the proposal before the
Exchange requires it to become
operative. For this reason, the
Commission designates the proposed
rule change to be operative on July 18,
2013.11
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.
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, on official business
days between the hours of 10:00 a.m.
and 3:00 p.m., located at 100 F Street
NE., Washington, DC 20549. 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 Number SR–BOX–
2013–33 and should be submitted on or
before July 22, 2013.
IV. Solicitation of Comments
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary .
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–BOX–2013–33 on the
subject line.
mstockstill on DSK4VPTVN1PROD with NOTICES
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–BOX–2013–33. 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
Commission and any person, other than
11 For
purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
VerDate Mar<15>2010
21:38 Jun 28, 2013
Jkt 229001
[FR Doc. 2013–15622 Filed 6–28–13; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–69843; File No. SR–FINRA–
2013–026]
Self-Regulatory Organizations;
Financial Industry Regulatory
Authority, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Members’
Filing Obligations Under FINRA Rule
5123 (Private Placements of Securities)
June 25, 2013.
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 June 20,
2013, Financial Industry Regulatory
Authority, Inc. (‘‘FINRA’’) 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 FINRA. FINRA has
designated the proposed rule change as
constituting a ‘‘non-controversial’’ rule
change under paragraph (f)(6) of Rule
19b–4 under the Act,3 which renders
the proposal effective upon receipt of
this filing by the Commission. The
Commission is publishing this notice to
12 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
PO 00000
Frm 00117
Fmt 4703
Sfmt 4703
39367
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
FINRA is proposing rule changes
related to members’ filing obligations
under Rule 5123 (Private Placements of
Securities).
The text of the proposed rule change
is available on FINRA’s Web site at
https://www.finra.org, at the principal
office of FINRA 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,
FINRA 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. FINRA 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
On June 7, 2012, the Commission
approved FINRA Rule 5123 (‘‘Private
Placements of Securities’’ or the
‘‘Rule’’),4 which requires that members
file with FINRA any private placement
memorandum, term sheet or such other
offering document as exists in
connection with a specified private
placement in which the member
participates. Specifically, the Rule
provides that each member that sells a
security in a non-public offering in
reliance on an available exemption from
registration under the Securities Act of
1933 (i.e., a private placement) must: (1)
Submit to FINRA, or have submitted on
its behalf by a designated member, a
copy of any private placement
memorandum, term sheet or other
offering document, including any
materially amended versions thereof,
used in connection with such sale
within 15 calendar days of the date of
first sale; or (2) indicate to FINRA that
no such offering documents were used.
To facilitate the transmission of the
required information from members to
4 See Securities Exchange Act Release No. 67157
(June 7, 2012), 77 FR 35457 (June 13, 2012) (Notice
of Filing of Amendments No. 2 and No. 3 and Order
Granting Accelerated Approval of File No. SR–
FINRA–2011–057).
E:\FR\FM\01JYN1.SGM
01JYN1
]]>Agencies
[Federal Register Volume 78, Number 126 (Monday, July 1, 2013)]
[Notices]
[Pages 39365-39367]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-15622]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-69846; File No. SR-BOX-2013-33]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change to
Amend Interpretive Material to Rule 7150 (Price Improvement Period
``PIP'') to Extend a Pilot Program that Permits the Exchange to Have no
Minimum Size Requirement for Orders Entered into the PIP (``PIP Pilot
Program'')
June 25, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
[[Page 39366]]
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on June 21, 2013, BOX Options Exchange LLC (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 self-regulatory organization. The Commission
is publishing this notice to solicit comments on the proposed rule 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 Interpretive Material to Rule 7150
(Price Improvement Period ``PIP'') to extend a pilot program that
permits the Exchange to have no minimum size requirement for orders
entered into the PIP (``PIP Pilot Program''). The text of the proposed
rule change is available from the principal office of the Exchange, at
the Commission's Public Reference Room and also on the Exchange's
Internet Web site at https://boxexchange.com.
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 these statements may be examined at
the places specified in Item IV below. The self-regulatory organization
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 extend the PIP Pilot
Program for twelve additional months. The PIP Pilot Program allows the
Exchange to have no minimum size requirement for orders entered into
the PIP.\3\ The Exchange has committed to provide certain data to the
Commission during the PIP Pilot Program.\4\ The proposed rule change
retains the text of IM-7150-1 to Rule 7150 and seeks to extend the
operation of the PIP Pilot Program until July 18, 2014.
---------------------------------------------------------------------------
\3\ The Pilot Program is currently set to expire on July 18,
2013. See Securities Exchange Act Release Nos. 66871 (April 27,
2012) 77 FR 26323 (May 3, 2012) (File No.10-206, In the Matter of
the Application of BOX Options Exchange LLC for Registration as a
National Securities Exchange Findings, Opinion, and Order of the
Commission) and 67255 (June 26, 2012) 77 FR 39315 (July 2, 2013)
(SR-BOX-2012-009) (Notice of Filing and Immediate Effectiveness of a
Proposal To Extend a Pilot Program That Permits BOX to Have No
Minimum Size Requirement for Orders Entered Into the Price
Improvement Period).
\4\ Id. at 26334.
---------------------------------------------------------------------------
The Exchange notes that the PIP Pilot Program guarantees
Participants the right to trade with their customer orders that are
less than 50 contracts. In particular, any order entered into the PIP
is guaranteed an execution at the end of the auction at a price at
least equal to the national best bid or offer. In further support of
this proposed rule change, the Exchange will submit to the Commission
monthly a PIP Pilot Program Report, offering detailed data from, and
analysis of, the PIP Pilot Program. Specifically, the Exchange believes
that, by extending the expiration of the PIP Pilot Program, the
proposed rule change will allow for further analysis of the PIP Pilot
Program and a determination of how the PIP Pilot Program shall be
structured in the future.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act,\5\ in general, and Section
6(b)(5) of the Act,\6\ in particular, in that it is designed to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism for a free and open market and a national market
system and, in general, to protect investors and the public interest.
The Exchange believes that the data demonstrates that there is
sufficient investor interest and demand to extend the PIP Pilot Program
for an additional twelve months. The Exchange represents that the Pilot
Program is designed to provide investors with real and significant
price improvement regardless of the size of the order.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 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. Specifically, the Exchange
believes that, by extending the expiration of the PIP Pilot Program,
the proposed rule change will allow for further analysis of the PIP
Pilot Program and a determination of how the PIP Pilot Program shall be
structured in the future. In doing so, the proposed rule change will
also serve to promote regulatory clarity and consistency, thereby
reducing burdens on the marketplace and facilitating investor
protection.
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 comments on the
proposed rule change.
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 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)(ii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
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
Commission deems this requirement to have been met.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative for 30 days after the date of filing.
However, pursuant to Rule 19b-4(f)(6)(iii) \10\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange requested
that the Commission waive the 30-day operative delay. The Exchange
noted that such waiver will permit the PIP Pilot Program to continue
without interruption.
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6)(iii).
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The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest, as
it will allow the pilot program to continue uninterrupted, thereby
avoiding any potential investor confusion that could result from a
temporary interruption in the pilot program. Further, the
[[Page 39367]]
Commission notes that, because the filing was submitted for immediate
effectiveness on June 21, 2013, the fact that the current rule
provision does not expire until July 18, 2013 will afford interested
parties the opportunity to comment on the proposal before the Exchange
requires it to become operative. For this reason, the Commission
designates the proposed rule change to be operative on July 18,
2013.\11\
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\11\ For purposes only of waiving the 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.
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-BOX-2013-33 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-BOX-2013-33. 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 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, on official
business days between the hours of 10:00 a.m. and 3:00 p.m., located at
100 F Street NE., Washington, DC 20549. 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 Number SR-BOX-
2013-33 and should be submitted on or before July 22, 2013.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary .
[FR Doc. 2013-15622 Filed 6-28-13; 8:45 am]
BILLING CODE 8011-01-P
