Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the NYSE MKT Equities Price List and, through NYSE Amex Options LLC Amending the NYSE Amex Options Fee Schedule To Establish Billing Practices with Respect to Billing Disputes, 53482-53483 [2014-21390]
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53482
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.27
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21355 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72972; File No. SR–
NYSEMKT–2014–71]
Self-Regulatory Organizations; NYSE
MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Amending the NYSE MKT
Equities Price List and, through NYSE
Amex Options LLC Amending the
NYSE Amex Options Fee Schedule To
Establish Billing Practices 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
21, 2014, NYSE MKT LLC (the
‘‘Exchange’’ or ‘‘NYSE MKT’’) 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.
tkelley on DSK3SPTVN1PROD with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
NYSE MKT Equities Price List (‘‘Price
List’’) and, through NYSE Amex
Options LLC (‘‘NYSE Amex Options’’),
to amend the NYSE Amex Options Fee
Schedule (‘‘Fee Schedule’’ and, together
with the Price List, ‘‘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
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
20:34 Sep 08, 2014
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 members4 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 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
4 For the purposes of this filing, for NYSE MKT
Equities, the term ‘‘members’’ refers to ‘‘member
organization’’ as defined in Rule 2(b)—Equities, and
for NYSE Amex Options, the term ‘‘members’’ refers
to ‘‘ATP Holder’’ as defined in Rule 900.2NY(5).
27 17
VerDate Mar<15>2010
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.
Jkt 232001
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
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
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.
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)
10 See
supra note 5.
U.S.C. 78f(b)(8).
12 15 U.S.C. 78s(b)(3)(A)(iii).
13 17 CFR 240.19b–4(f)(6).
11 15
E:\FR\FM\09SEN1.SGM
09SEN1
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
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
change should be approved or
disapproved.
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–
NYSEMKT–2014–71, and should be
submitted on or before September 30,
2014.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Kevin M. O’ Neill,
Deputy Secretary.
tkelley on DSK3SPTVN1PROD with NOTICES
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–NYSEMKT–2014–71 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–2014–71. 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
[FR Doc. 2014–21390 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72964; File No. SR–BX–
2014–041]
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
21, 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.
14 17
17 17
15 17
1 15
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
16 15 U.S.C. 78s(b)(2)(B).
VerDate Mar<15>2010
17:39 Sep 08, 2014
Jkt 232001
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
53483
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to harmonize
the treatment of the aggregation of
activity of affiliated members 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.
*
*
*
*
*
7027. Aggregation of Activity of
Affiliated Members
(a) No Change
(b) No Change
(c) For purposes of this Rule 7027, the
term[s set forth below shall have the
following meanings:]
[(1) An] ‘‘affiliate’’ of a member shall
mean any [wholly owned subsidiary,
parent, or sister of the ]member under
75% common ownership or control of
that [is also a ]member.
[(2) A ‘‘wholly owned subsidiary’’
shall mean a subsidiary of a member,
100% of whose voting stock or
comparable ownership interest is owned
by the member, either directly or
indirectly through other wholly owned
subsidiaries.]
[(3) A ‘‘parent’’ shall mean an entity
that directly or indirectly owns 100% of
the voting stock or comparable
ownership interest of a member.]
[(4) A ‘‘sister’’ shall mean an entity,
100% of whose voting stock or
comparable ownership interest is owned
by a parent that also owns 100% of the
voting stock or comparable ownership
interest of a member.]
*
*
*
*
*
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.
E:\FR\FM\09SEN1.SGM
09SEN1
Agencies
[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53482-53483]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21390]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72972; File No. SR-NYSEMKT-2014-71]
Self-Regulatory Organizations; NYSE MKT LLC; Notice of Filing and
Immediate Effectiveness of Proposed Rule Change Amending the NYSE MKT
Equities Price List and, through NYSE Amex Options LLC Amending the
NYSE Amex Options Fee Schedule To Establish Billing Practices 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 21, 2014, NYSE MKT LLC (the ``Exchange'' or ``NYSE
MKT'') 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 MKT Equities Price List
(``Price List'') and, through NYSE Amex Options LLC (``NYSE Amex
Options''), to amend the NYSE Amex Options Fee Schedule (``Fee
Schedule'' and, together with the Price List, ``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 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.
---------------------------------------------------------------------------
\4\ For the purposes of this filing, for NYSE MKT Equities, the
term ``members'' refers to ``member organization'' as defined in
Rule 2(b)--Equities, and for NYSE Amex Options, the term ``members''
refers to ``ATP Holder'' as defined in Rule 900.2NY(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 5.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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)
[[Page 53483]]
of the Act and Rule 19b-4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78s(b)(3)(A)(iii).
\13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\16\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
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-NYSEMKT-2014-71 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-2014-71. 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-NYSEMKT-2014-
71, and should be submitted on or before September 30, 2014.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O' Neill,
Deputy Secretary.
[FR Doc. 2014-21390 Filed 9-8-14; 8:45 am]
BILLING CODE 8011-01-P