Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify the Treatment of Intermarket Sweep Orders Entered Prior to the Completion of the Options Opening Process of BATS Exchange, Inc., 25636-25638 [2014-10168]
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<![CDATA[
25636
Federal Register / Vol. 79, No. 86 / Monday, May 5, 2014 / Notices
changes to the Exchange’s operations or
its rules.
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
Because the 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 prior to 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, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
A proposed rule change filed under
Rule 19b–4(f)(6) 10 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),11 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. 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 Exchange to continue to
list mini options on the Google Class A
shares following the issuance of a new
class of Google shares (Class C) on April
2, 2014. For this reason, the
Commission designates the proposed
rule change to be operative upon
filing.12
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6), the Exchange provided the Commission
with written notice of its intent to file the proposed
rule change, along with a brief description and the
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.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
emcdonald on DSK67QTVN1PROD with NOTICES
9 17
VerDate Mar<15>2010
17:56 May 02, 2014
Jkt 232001
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
NYSEMKT–2014–39, and should be
submitted on or before May 27, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–10169 Filed 5–2–14; 8:45 am]
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–
NYSEMKT–2014–39 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEMKT–2014–39. 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, 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 Number SR–
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72039; File No. SR–BATS–
2014–016]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Clarify the Treatment
of Intermarket Sweep Orders Entered
Prior to the Completion of the Options
Opening Process of BATS Exchange,
Inc.
April 29, 2014.
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 April 17,
2014, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated this proposal as a ‘‘noncontroversial’’ 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.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange filed a proposal to
change to amend Rule 21.7, entitled
‘‘Market Opening Procedures’’, in order
to make a clarifying change to the rule
text regarding the treatment of an
intermarket sweep order (‘‘ISO’’)
entered prior to completion of the
Opening Process.5 The Exchange has
designated this proposal as noncontroversial and provided the
13 17
CFR 200.30–3(a)(12).
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).
5 As defined in Rule 21.7(a).
1 15
E:\FR\FM\05MYN1.SGM
05MYN1
Federal Register / Vol. 79, No. 86 / Monday, May 5, 2014 / Notices
Commission with the notice required by
Rule 19b–4(f)(6)(iii) under the Act.6
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
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
emcdonald on DSK67QTVN1PROD with NOTICES
1. Purpose
The purpose of the proposed rule
change is to make a clarifying
amendment to Rule 21.7(a) in order to
make the behavior of ISOs in the
Opening Process more clear.
Specifically, the Exchange is proposing
to make clear that an order that is
marked as ISO that is entered prior to
completion of the Opening Process will
be converted into a non-ISO.
As defined in Rule 600(b)(30) of
Regulation NMS,7 where a firm marks
an order as an ISO, the firm is
representing that it has simultaneously
routed one or more additional limit
orders to execute against the full
displayed size of any protected bid, in
the case of a limit order to sell, or the
full displayed size of any protected
offer, in the case of a limit order to buy,
for the security, which indicates that at
the time that the order is received, the
Exchange may rely on the
representation and execute the order at
the limit price of the ISO. Because all
orders received prior to the completion
of the Opening Process are not
immediately executable, but rather
queued for later participation in the
Opening Process, such a representation
has no meaning in the context of the
Opening Process and, thus, the
Exchange converts ISOs entered for
67
CFR 240.19b–4(f)(6)(iii).
CFR 242.600(b)(30).
17:56 May 02, 2014
2. Statutory Basis
The rule change proposed in this
submission is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.8
Specifically, the proposed change is
consistent with Section 6(b)(5) of the
Act,9 because it 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 facilitating transactions in securities,
and to remove impediments to, and
perfect the mechanism of, a free and
open market and a national market
system. The Exchange believes that the
proposal is appropriate and reasonable
because it clarifies the behavior of ISOs
in the Opening Process. While the
Exchange believes that the current
behavior of ISOs in the Opening Process
is fairly implied under current Rule
21.7(a), the Exchange believes that Rule
21.7(a) could be more clear, to the
benefit of all Exchange participants.
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. The Exchange
does not believe that the proposed
change burdens competition, but
instead, enhances competition, as it is
intended to increase the transparency
and clarity of the Exchange’s Opening
Process, which will encourage increased
participation in the Opening Process.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
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
8 15
7 17
VerDate Mar<15>2010
queuing prior to the completion of the
Opening Process into non-ISOs.
9 15
Jkt 232001
PO 00000
Frm 00077
Fmt 4703
such shorter time as the Commission
may designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 10 and Rule 19b–4(f)(6) 11
thereunder.
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 will institute proceedings
to determine whether the proposed rule
change 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–
BATS–2014–016 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE.,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–BATS–2014–016. 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, 100 F Street NE.,
10 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
11 17
Sfmt 4703
25637
E:\FR\FM\05MYN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
05MYN1
25638
Federal Register / Vol. 79, No. 86 / Monday, May 5, 2014 / Notices
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 Number SR–BATS–
2014–016, and should be submitted on
or before May 27, 2014.
[FR Doc. 2014–10168 Filed 5–2–14; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA) (44
U.S.C. Chapter 35), which requires
agencies to submit proposed reporting
and recordkeeping requirements to
OMB for review and approval, and to
publish a notice in the Federal Register
notifying the public that the agency has
made such a submission. This notice
also allows an additional 30 days for
public comments.
DATES: Submit comments on or before
June 4, 2014.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to: Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW., 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
emcdonald on DSK67QTVN1PROD with NOTICES
SUMMARY:
12 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
17:56 May 02, 2014
Jkt 232001
documents submitted to OMB for
review may be obtained from the
Agency Clearance Officer.
SUPPLEMENTARY INFORMATION:
Summary of Information Collections
SBA’s Intermediary Lending Pilot
Program (ILPP) makes direct loans to
lending intermediaries for the purpose
of making loans to startup, newly
established, and growing small business
concerns. These intermediaries provide
information to SBA, which is used to
monitor disbursement of ILPP loan
proceeds, assess financial condition of
the intermediaries, and monitor
program effectiveness while minimizing
risk to the federal taxpayer.
(1) Title: Intermediary Lending Pilot
Program Reporting Requirements.
Description of Respondents: Lending
Intermediaries.
Form Number’s: 2418, 2419.
Estimated Annual Responses: 432.
Estimated Annual Hour Burden:
3,168.
Summary of Information Collections
This information is provided by
Lenders, Pool Originators and Pool
Investors who participate in SBA’s
Secondary Market Guarantee Program
for First Lien Position 504 Loan Pools.
SBA uses the information primarily for
loan pool monitoring, portfolio risk
management, and program
administration and reporting purposes.
(1) Title: Secondary Market for
Section 504 First Mortgage Loan Pool
Program.
Description of Respondents: SBA
Lenders.
Form Number: 2402.
Estimated Annual Responses: 225.
Estimated Annual Hour Burden: 337.
Curtis B. Rich,
Management Analyst.
Curtis B. Rich,
Management Analyst.
[FR Doc. 2014–10149 Filed 5–2–14; 8:45 am]
[FR Doc. 2014–10150 Filed 5–2–14; 8:45 am]
BILLING CODE 8025–01–P
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Kevin M. O’Neill,
Deputy Secretary.
ACTION:
SUPPLEMENTARY INFORMATION:
BILLING CODE 8025–01–P
SMALL BUSINESS ADMINISTRATION
SMALL BUSINESS ADMINISTRATION
Reporting and Recordkeeping
Requirements Under OMB Review
Reporting and Recordkeeping
Requirements Under OMB Review
Small Business Administration.
30-Day notice.
AGENCY:
AGENCY:
ACTION:
ACTION:
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA) (44
U.S.C. Chapter 35), which requires
agencies to submit proposed reporting
and recordkeeping requirements to
OMB for review and approval, and to
publish a notice in the Federal Register
notifying the public that the agency has
made such a submission. This notice
also allows an additional 30 days for
public comments.
DATES: Submit comments on or before
June 4, 2014.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to: Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW., 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
SUMMARY:
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
Small Business Administration.
30-Day notice.
The Small Business
Administration (SBA) is publishing this
notice to comply with requirements of
the Paperwork Reduction Act (PRA) (44
U.S.C. Chapter 35), which requires
agencies to submit proposed reporting
and recordkeeping requirements to
OMB for review and approval, and to
publish a notice in the Federal Register
notifying the public that the agency has
made such a submission. This notice
also allows an additional 30 days for
public comments.
DATES: Submit comments on or before
June 4, 2014.
ADDRESSES: Comments should refer to
the information collection by name and/
or OMB Control Number and should be
sent to: Agency Clearance Officer, Curtis
Rich, Small Business Administration,
409 3rd Street SW., 5th Floor,
Washington, DC 20416; and SBA Desk
Officer, Office of Information and
Regulatory Affairs, Office of
Management and Budget, New
Executive Office Building, Washington,
DC 20503.
FOR FURTHER INFORMATION CONTACT:
Curtis Rich, Agency Clearance Officer,
(202) 205–7030 curtis.rich@sba.gov.
Copies: A copy of the Form OMB 83–
1, supporting statement, and other
SUMMARY:
E:\FR\FM\05MYN1.SGM
05MYN1
]]>Agencies
[Federal Register Volume 79, Number 86 (Monday, May 5, 2014)]
[Notices]
[Pages 25636-25638]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-10168]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72039; File No. SR-BATS-2014-016]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Clarify
the Treatment of Intermarket Sweep Orders Entered Prior to the
Completion of the Options Opening Process of BATS Exchange, Inc.
April 29, 2014.
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 April 17, 2014, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) 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 the
Substance of the Proposed Rule Change
The Exchange filed a proposal to change to amend Rule 21.7,
entitled ``Market Opening Procedures'', in order to make a clarifying
change to the rule text regarding the treatment of an intermarket sweep
order (``ISO'') entered prior to completion of the Opening Process.\5\
The Exchange has designated this proposal as non-controversial and
provided the
[[Page 25637]]
Commission with the notice required by Rule 19b-4(f)(6)(iii) under the
Act.\6\
---------------------------------------------------------------------------
\5\ As defined in Rule 21.7(a).
\6\ 7 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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
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 purpose of the proposed rule change is to make a clarifying
amendment to Rule 21.7(a) in order to make the behavior of ISOs in the
Opening Process more clear. Specifically, the Exchange is proposing to
make clear that an order that is marked as ISO that is entered prior to
completion of the Opening Process will be converted into a non-ISO.
As defined in Rule 600(b)(30) of Regulation NMS,\7\ where a firm
marks an order as an ISO, the firm is representing that it has
simultaneously routed one or more additional limit orders to execute
against the full displayed size of any protected bid, in the case of a
limit order to sell, or the full displayed size of any protected offer,
in the case of a limit order to buy, for the security, which indicates
that at the time that the order is received, the Exchange may rely on
the representation and execute the order at the limit price of the ISO.
Because all orders received prior to the completion of the Opening
Process are not immediately executable, but rather queued for later
participation in the Opening Process, such a representation has no
meaning in the context of the Opening Process and, thus, the Exchange
converts ISOs entered for queuing prior to the completion of the
Opening Process into non-ISOs.
---------------------------------------------------------------------------
\7\ 17 CFR 242.600(b)(30).
---------------------------------------------------------------------------
2. Statutory Basis
The rule change proposed in this submission is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\8\ Specifically, the
proposed change is consistent with Section 6(b)(5) of the Act,\9\
because it 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 facilitating
transactions in securities, and to remove impediments to, and perfect
the mechanism of, a free and open market and a national market system.
The Exchange believes that the proposal is appropriate and reasonable
because it clarifies the behavior of ISOs in the Opening Process. While
the Exchange believes that the current behavior of ISOs in the Opening
Process is fairly implied under current Rule 21.7(a), the Exchange
believes that Rule 21.7(a) could be more clear, to the benefit of all
Exchange participants.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 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. The Exchange does not believe
that the proposed change burdens competition, but instead, enhances
competition, as it is intended to increase the transparency and clarity
of the Exchange's Opening Process, which will encourage increased
participation in the Opening Process.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
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) of the Act \10\ and
Rule 19b-4(f)(6) \11\ thereunder.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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 will institute proceedings to
determine whether the proposed rule change 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-BATS-2014-016 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-BATS-2014-016. 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, 100 F Street NE.,
[[Page 25638]]
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 Number SR-BATS-2014-016, and should be
submitted on or before May 27, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
Kevin M. O'Neill,
Deputy Secretary.
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\12\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2014-10168 Filed 5-2-14; 8:45 am]
BILLING CODE 8011-01-P
