Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE Arca Options Fee Schedule and, Through Its Wholly Owned Subsidiary NYSE Arca Equities, Inc. Amending the NYSE Arca Equities Schedule of Fees and Charges for Exchange Services, To Establish a Billing Practice With Respect to Billing Disputes, 53488-53490 [2014-21389]
Download as PDF
53488
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
Number SR–Phlx–2014–56 on the
subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–72971; File No. SR–
NYSEARCA–2014–92]
• 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–Phlx–2014–56. 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 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–
2014–56 and should be submitted on or
before September 30, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Kevin M. O’ Neill,
Deputy Secretary.
[FR Doc. 2014–21363 Filed 9–8–14; 8:45 am]
tkelley on DSK3SPTVN1PROD with NOTICES
BILLING CODE 8011–01–P
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE Arca
Options Fee Schedule and, Through Its
Wholly Owned Subsidiary NYSE Arca
Equities, Inc. Amending the NYSE Arca
Equities Schedule of Fees and
Charges for Exchange Services, To
Establish a Billing Practice With
Respect to Billing Disputes
September 3, 2014.
Pursuant to Section 19(b)(1)1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’)2 and Rule 19b–4 thereunder,3
notice is hereby given that, on August
28, 2014, NYSE Arca, Inc. (the
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. 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
NYSE Arca Options Fee Schedule
(‘‘Options Fee Schedule’’) and, through
its wholly owned subsidiary NYSE Arca
Equities, Inc. (‘‘NYSE Arca Equities’’), to
amend the NYSE Arca Equities
Schedule of Fees and Charges for
Exchange Services (‘‘Equities Fee
Schedule’’ and, together with the
Options Fee Schedule, ‘‘Fee
Schedules’’), to establish a billing
practice with respect to billing disputes.
The text of the proposed rule change is
available on the Exchange’s Web site at
www.nyse.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
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
1 15
U.S.C.78s(b)(1).
U.S. C. 78a.
3 17 CFR 240.19b–4.
2 15
10 17
CFR 200.30–3(a)(12).
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17:39 Sep 08, 2014
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of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedules to establish a billing
practice to prevent members 4 from
contesting their bills long after they
have been sent an invoice. In
accordance with the proposed rule
change, members must submit all
disputes no later than sixty calendar
days after receipt of an Exchange
invoice. After sixty calendar days, all
fees assessed by the Exchange will be
considered final. The Exchange
provides members with both daily and
monthly fee reports and thus believes
members should be aware of any
potential billing errors within sixty
calendar days of receiving an invoice.
Requiring that members dispute an
invoice within this time period will
encourage them to review their invoices
promptly so that any disputed charges
can be addressed in a timely manner
while the information and data
underlying those charges (e.g.,
applicable fees and order information) is
still easily and readily available. This
practice will avoid issues that may arise
when members do not dispute an
invoice in a timely manner, and will
conserve Exchange resources that would
have to be expended to resolve untimely
billing disputes. The Exchange notes
that this type of provision is common
among many other exchanges.5
The Exchange also proposes to state
that all billing disputes must be
submitted to the Exchange in writing,6
and must be accompanied by supporting
documentation. The Exchange believes
that this requirement, which is also
similar to requirements of other
4 For the purposes of this filing, for NYSE Arca
Equities, the term ‘‘members’’ refers to ‘‘ETP
Holders’’ as defined in NYSE Arca Equities Rule
1.1(n), and for NYSE Arca, the term ‘‘members’’
refers to ‘‘OTP Holders’’ and ‘‘OTP Firms’’ as
defined in NYSE Arca Rules 1.1(q) and 1.1(r).
5 See Securities Exchange Act Release No. 72410
(June 17, 2014), 79 FR 35605 (June 23, 2014) (SR–
MIAX–2014–27); Securities Exchange Act Release
No. 71286 [sic] (January 14, 2014), 79 FR 3442
(January 21, 2014) (SR–ISE–2014–02); Securities
Exchange Act Release No. 62661 (August 6, 2010),
75 FR 49544 (August 13, 2010) (SR-Phlx-2010–110).
6 The Exchange invoice specifies contact
information for billing inquiries.
E:\FR\FM\09SEN1.SGM
09SEN1
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
exchanges,7 will further streamline the
billing dispute process.
In addition, in order for members to
be fully aware of this rule regarding fee
disputes, the Exchange proposes to
include it on the Fee Schedules and at
the bottom of each invoice regarding the
handling of billing disputes.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,8 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,9 in particular,
because 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 the
requirement to submit all billing
disputes in writing, and with supporting
documentation, within sixty calendar
days from receipt of the invoice, is
reasonable in the public interest because
the Exchange provides ample tools to
properly and swiftly monitor and
account for various charges incurred in
a given month. Also, the proposal is
equitable because it applies equally to
all members. The proposed provision
regarding fee disputes in the Fee
Schedules promotes the protection of
investors and the public interest by
providing a clear and concise
mechanism in Exchange Rules for
members to dispute fees and for the
Exchange to review such disputes in a
timely manner. In addition, the
proposed 60-day limitation is fair and
equitable because it will be
implemented prospectively on all
members, only applying to invoices
issued after the proposed rule change
becomes operative. Moreover, the
proposed billing dispute language,
which will lower the Exchange’s
administrative burden, is substantially
similar to billing dispute language
adopted by other exchanges.10
tkelley on DSK3SPTVN1PROD with NOTICES
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,11 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. As stated
supra note 5.
U.S. C. 78f(b).
9 15 U.S. C. 78f(b)(4) and (5).
10 See supra note 4.
11 15 U.S. C. 78f(b)(8).
above, the proposed rule change, which
applies equally to all members, is
intended to reduce the Exchange’s
administrative burden, and is
substantially similar to rules adopted by
other exchanges. Because the Exchange
does not propose any substantive
changes regarding fees applicable to
members, the proposal does not impose
any burden on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 12 and Rule
19b–4(f)(6) thereunder.13 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 and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 14 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),15 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 16 of the Act to
determine whether the proposed rule
7 See
12 15
8 15
13 17
VerDate Mar<15>2010
17:39 Sep 08, 2014
U.S. C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6).
15 17 CFR 240.19b–4(f)(6)(iii).
16 15 U.S. C. 78s(b)(2)(B).
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Frm 00084
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53489
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–
NYSEARCA–2014–92 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–NYSEARCA–2014–92. 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
offices 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–
NYSEARCA–2014–92, and should be
submitted on or before September 30,
2014.
E:\FR\FM\09SEN1.SGM
09SEN1
53490
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’ Neill,
Deputy Secretary.
[FR Doc. 2014–21389 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72965; File No. SR–BX–
2014–039]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change Relating to
Common Ownership
September 3, 2014.
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 August
20, 2014, NASDAQ OMX BX, Inc. (‘‘BX’’
or ‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange is filing a proposed rule
change to harmonize the process by
which it collects information from its
equity members and Options
Participants for aggregating the activity
of affiliated entities for the purposes of
assessing charges or credits.
The Exchange requests that this filing
become operative on December 1, 2014.
The text of the proposed rule change
is set forth below. Proposed new
language is in italics; deleted text is in
brackets.
*
*
*
*
*
Chapter XV Options Pricing
BX Options Market Participants may
be subject to the Charges for
Membership, Services and Equipment
in the Rule 7000 Series as well as the
fees in this Chapter XV. For purposes of
assessing fees and paying rebates, the
following references should serve as
guidance.
The term ‘‘Customer’’ or (‘‘C’’) applies
to any transaction that is identified by
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
VerDate Mar<15>2010
17:39 Sep 08, 2014
Jkt 232001
a Participant for clearing in the
Customer range at The Options Clearing
Corporation (‘‘OCC’’) which is not for
the account of broker or dealer or for the
account of a ‘‘Professional’’ (as that term
is defined in Chapter I, Section 1(a)(48)).
The term ‘‘BX Options Market Maker’’
or (‘‘M’’) is a Participant that has
registered as a Market Maker on BX
Options pursuant to Chapter VII,
Section 2, and must also remain in good
standing pursuant to Chapter VII,
Section 4. In order to receive Market
Maker pricing in all securities, the
Participant must be registered as a BX
Options Market Maker in at least one
security.
The term ‘‘Non-BX Options Market
Maker’’ or (‘‘O’’) is a registered market
maker on another options exchange that
is not a BX Options Market Maker. A
Non-BX Options Market Maker must
append the proper Non-BX Options
Market Maker designation to orders
routed to BX Options.
The term ‘‘Firm’’ or (‘‘F’’) applies to
any transaction that is identified by a
Participant for clearing in the Firm
range at OCC.
The term ‘‘Professional’’ or (‘‘P’’)
means any person or entity that (i) is not
a broker or dealer in securities, and (ii)
places more than 390 orders in listed
options per day on average during a
calendar month for its own beneficial
account(s) pursuant to Chapter I,
Section 1(a)(48). All Professional orders
shall be appropriately marked by
Participants.
The term ‘‘Broker-Dealer’’ or (‘‘B’’)
applies to any transaction which is not
subject to any of the other transaction
fees applicable within a particular
category.
The term ‘‘Common Ownership’’ shall
mean Participants under 75% common
ownership or control.
(a) For purposes of applying any
options transaction fee or rebate where
the fee assessed, or rebate provided by
BX depends upon the volume of an
Options Participant’s activity, an
Options Participant may request that BX
aggregate its activity with the activity of
its affiliates.
(1) An Options Participant requesting
aggregation of affiliate activity shall be
required to certify to BX the affiliate
status of entities whose activity it seeks
to aggregate prior to receiving approval
for aggregation, and shall be required to
inform BX immediately of any event
that causes an entity to cease to be an
affiliate. BX shall review available
information regarding the entities, and
reserves the right to request additional
information to verify the affiliate status
of an entity. BX shall approve a request
PO 00000
Frm 00085
Fmt 4703
Sfmt 4703
unless it determines that the
certification is not accurate.
(2) If two or more Options
Participants become affiliated on or
prior to the sixteenth day of a month,
and submit the required request for
aggregation on or prior to the twentysecond day of the month, an approval
of the request by BX shall be deemed to
be effective as of the first day of that
month. If two or more Options
Participants become affiliated after the
sixteenth day of a month, or submit a
request for aggregation after the twentysecond day of the month, an approval
of the request by BX shall be deemed to
be effective as of the first day of the next
calendar month.
(b) For purposes of applying any
options transaction fee or rebate where
the fee assessed, or rebate provided, by
BX depends upon the volume of an
Options Participant’s activity, references
to an entity (including references to a
‘‘Options Participant’’) shall be deemed
to include the entity and its affiliates
that have been approved for
aggregation.
(c) For purposes of options pricing,
the term ‘‘affiliate’’ of an Options
Participant shall mean any Options
Participant under 75% common
ownership or control of that Options
Participant.
With respect to Chapter XV, Sections
2(1) and (2) the order that is received by
the trading system first in time shall be
considered an order adding liquidity
and an order that trades against that
order shall be considered an order
removing liquidity.
*
*
*
*
*
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 Exchange is proposing to amend
BX Options Rules at Chapter XV,
entitled ‘‘Options Pricing,’’ to
E:\FR\FM\09SEN1.SGM
09SEN1
Agencies
[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53488-53490]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21389]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72971; File No. SR-NYSEARCA-2014-92]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Amending the NYSE
Arca Options Fee Schedule and, Through Its Wholly Owned Subsidiary NYSE
Arca Equities, Inc. Amending the NYSE Arca Equities Schedule of Fees
and Charges for Exchange Services, To Establish a Billing Practice With
Respect to Billing Disputes
September 3, 2014.
Pursuant to Section 19(b)(1)\1\ of the Securities Exchange Act of
1934 (the ``Act'')\2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on August 28, 2014, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S. C. 78a.
\3\ 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 the NYSE Arca Options Fee Schedule
(``Options Fee Schedule'') and, through its wholly owned subsidiary
NYSE Arca Equities, Inc. (``NYSE Arca Equities''), to amend the NYSE
Arca Equities Schedule of Fees and Charges for Exchange Services
(``Equities Fee Schedule'' and, together with the Options Fee Schedule,
``Fee Schedules''), to establish a billing practice with respect to
billing disputes. The text of the proposed rule change is available on
the Exchange's Web site at www.nyse.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 self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend the Fee Schedules to establish a
billing practice to prevent members \4\ from contesting their bills
long after they have been sent an invoice. In accordance with the
proposed rule change, members must submit all disputes no later than
sixty calendar days after receipt of an Exchange invoice. After sixty
calendar days, all fees assessed by the Exchange will be considered
final. The Exchange provides members with both daily and monthly fee
reports and thus believes members should be aware of any potential
billing errors within sixty calendar days of receiving an invoice.
Requiring that members dispute an invoice within this time period will
encourage them to review their invoices promptly so that any disputed
charges can be addressed in a timely manner while the information and
data underlying those charges (e.g., applicable fees and order
information) is still easily and readily available. This practice will
avoid issues that may arise when members do not dispute an invoice in a
timely manner, and will conserve Exchange resources that would have to
be expended to resolve untimely billing disputes. The Exchange notes
that this type of provision is common among many other exchanges.\5\
---------------------------------------------------------------------------
\4\ For the purposes of this filing, for NYSE Arca Equities, the
term ``members'' refers to ``ETP Holders'' as defined in NYSE Arca
Equities Rule 1.1(n), and for NYSE Arca, the term ``members'' refers
to ``OTP Holders'' and ``OTP Firms'' as defined in NYSE Arca Rules
1.1(q) and 1.1(r).
\5\ See Securities Exchange Act Release No. 72410 (June 17,
2014), 79 FR 35605 (June 23, 2014) (SR-MIAX-2014-27); Securities
Exchange Act Release No. 71286 [sic] (January 14, 2014), 79 FR 3442
(January 21, 2014) (SR-ISE-2014-02); Securities Exchange Act Release
No. 62661 (August 6, 2010), 75 FR 49544 (August 13, 2010) (SR-Phlx-
2010-110).
---------------------------------------------------------------------------
The Exchange also proposes to state that all billing disputes must
be submitted to the Exchange in writing,\6\ and must be accompanied by
supporting documentation. The Exchange believes that this requirement,
which is also similar to requirements of other
[[Page 53489]]
exchanges,\7\ will further streamline the billing dispute process.
---------------------------------------------------------------------------
\6\ The Exchange invoice specifies contact information for
billing inquiries.
\7\ See supra note 5.
---------------------------------------------------------------------------
In addition, in order for members to be fully aware of this rule
regarding fee disputes, the Exchange proposes to include it on the Fee
Schedules and at the bottom of each invoice regarding the handling of
billing disputes.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\8\ in general, and furthers the
objectives of Sections 6(b)(4) and (5) of the Act,\9\ in particular,
because 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.
---------------------------------------------------------------------------
\8\ 15 U.S. C. 78f(b).
\9\ 15 U.S. C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes the requirement to submit all billing
disputes in writing, and with supporting documentation, within sixty
calendar days from receipt of the invoice, is reasonable in the public
interest because the Exchange provides ample tools to properly and
swiftly monitor and account for various charges incurred in a given
month. Also, the proposal is equitable because it applies equally to
all members. The proposed provision regarding fee disputes in the Fee
Schedules promotes the protection of investors and the public interest
by providing a clear and concise mechanism in Exchange Rules for
members to dispute fees and for the Exchange to review such disputes in
a timely manner. In addition, the proposed 60-day limitation is fair
and equitable because it will be implemented prospectively on all
members, only applying to invoices issued after the proposed rule
change becomes operative. Moreover, the proposed billing dispute
language, which will lower the Exchange's administrative burden, is
substantially similar to billing dispute language adopted by other
exchanges.\10\
---------------------------------------------------------------------------
\10\ See supra note 4.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
In accordance with Section 6(b)(8) of the Act,\11\ the Exchange
does not believe that the proposed rule change will impose any burden
on intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. As stated above,
the proposed rule change, which applies equally to all members, is
intended to reduce the Exchange's administrative burden, and is
substantially similar to rules adopted by other exchanges. Because the
Exchange does not propose any substantive changes regarding fees
applicable to members, the proposal does not impose any burden on
competition.
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\11\ 15 U.S. C. 78f(b)(8).
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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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \12\ and Rule 19b-4(f)(6) thereunder.\13\
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 and Rule 19b-
4(f)(6)(iii) thereunder.
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\12\ 15 U.S. C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest.
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
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At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) \16\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\16\ 15 U.S. C. 78s(b)(2)(B).
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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-NYSEARCA-2014-92 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-NYSEARCA-2014-92. 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 offices 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-NYSEARCA-2014-
92, and should be submitted on or before September 30, 2014.
[[Page 53490]]
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O' Neill,
Deputy Secretary.
[FR Doc. 2014-21389 Filed 9-8-14; 8:45 am]
BILLING CODE 8011-01-P