Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Its Price List To Establish a Billing Practice With Respect to Billing Disputes, 53496-53498 [2014-21391]
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53496
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
that control, are controlled by, or are
under common control with such
member.10 To the extent two or more
affiliated companies maintain separate
Exchange memberships and can
demonstrate their affiliation by showing
they control, are controlled by, or are
under common control with each other,
the Exchange will permit such members
to count overall volume of the affiliates
in calculating volume. BATS does not
specify a specific percentage for such
aggregation. The Exchange is specifying
75 percent, similar to the percentage
applied to Options 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 is merely seeking to
harmonize the treatment of the
aggregation of activity of affiliated
member organizations for the purposes
of assessing charges or credits with
those rules contained in Chapter XV
which relate to options pricing. The
Exchange also believes that certain
market participants may be able to
aggregate because the standard is
decreasing from 100 percent to 75
percent.
tkelley on DSK3SPTVN1PROD with NOTICES
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days 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 11 and
subparagraph (f)(6) of Rule 19b–4
thereunder.12
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: (i) Necessary or appropriate in
10 See Securities Exchange Act Release No. 64211
(April 6, 2011), 76 FR 20414 (April 12, 2014) [sic]
(SR–BATS–2011–012).
11 15 U.S.C. 78s(b)(3)(a)(ii).
12 17 CFR 240.19b–4(f)(6).
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the public interest; (ii) for the protection
of investors; or (iii) 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–
Phlx–2014–57 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 SRPhlx–2014–57. 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–
2014–57 and should be submitted on or
before September 30, 2014.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2014–21362 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72973; File No. SR–NYSE–
2014–45]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Amending Its
Price List 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
21, 2014, New York Stock Exchange
LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 its
Price List 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,
1 15
U.S.C.78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
13 17
PO 00000
CFR 200.30–3(a)(12).
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Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / Notices
2. Statutory Basis
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 its
Price List 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
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 Price List and at the
bottom of each invoice regarding the
handling of billing disputes.
tkelley on DSK3SPTVN1PROD with NOTICES
4 For
the purposes of this filing, the term
‘‘member’’ refers to ‘‘member organization’’ as
defined in NYSE Rule 2(b).
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.
7 See supra note 5.
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17:39 Sep 08, 2014
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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 Price List
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
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)
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.
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:
12 15
8 15
U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(4) and (5).
10 See supra note 5.
11 15 U.S.C. 78f(b)(8).
PO 00000
Frm 00092
Fmt 4703
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53497
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).
13 17
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53498
Federal Register / Vol. 79, No. 174 / Tuesday, September 9, 2014 / 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–NYSE–2014–45 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.
tkelley on DSK3SPTVN1PROD with NOTICES
All submissions should refer to File
Number SR–NYSE–2014–45. 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–NYSE–
2014–45, 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
Kevin M. O’Neill,
Deputy Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–72970; File No. SR–CBOE–
2014–066]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating to Trade
Nullification and Price Adjustment
September 3, 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 August
26, 2014, Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) 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 Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Exchange rules regarding trade
nullification and price adjustment. The
text of the proposed rule change is
available on the Exchange’s Web site
(https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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 aspects of such
statements.
[FR Doc. 2014–21391 Filed 9–8–14; 8:45 am]
BILLING CODE 8011–01–P
1 15
17 17
CFR 200.30–3(a)(12).
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17:39 Sep 08, 2014
2 17
Jkt 232001
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00093
Fmt 4703
Sfmt 4703
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 add
Rule 6.19, ‘‘Trade Nullification and
Price Adjustment Procedure.’’ 3 As
proposed, Rule 6.19 will allow for
transactions to be nullified if both
parties to the transaction agree to the
nullification and allow the price of
executions to be adjusted if the price
adjustment is agreed to by both parties
to the transaction and authorized by the
Exchange.4 The Exchange is also
proposing to make other conforming
administrative changes to streamline the
rules governing this subject within the
Exchange’s rules.
Background
Currently, pursuant to Exchange
Rules 6.13(d) and 6.25(f), the Exchange
allows for parties to agree to nullify an
execution. Rule 6.13(d) also states that
once both parties agree to the trade
nullification, one party must ‘‘contact
the Help Desk which will confirm the
agreement and disseminate cancellation
information in prescribed OPRA
format.’’ In addition, the Exchange
currently allows for a mutual price
adjustment for trades that meet the
obvious error requirements pursuant to
Exchange Rules 6.25(a)(1)(i) and
6.25(a)(1)(ii) if those mutual agreements
are done within specific timeframes.5
The Exchange is now proposing to
relocate the aforementioned trade
nullification language and add a
provision to allow parties to mutually
adjust prices of executions outside of
those done in obvious error.
Proposed New Rule 6.19
The Exchange is proposing to add
Rule 6.19, ‘‘Trade Nullification and
Price Adjustment Procedure,’’ which
would: (a) Allow for any trades on the
3 The Exchange notes that this proposal is only
intended to be effective until the joint efforts by the
exchanges to create uniform trade nullification and
adjustment rules are approved and in effect. Once
the uniform rule has been approved and is effective,
the Exchange will amend its rules appropriately.
4 The Exchange notes that, as proposed, Rule 6.19
will only apply to trades that were executed on the
Exchange and, as such, any orders that were either
fully or partially routed to, or executed, on another
Exchange will not be subject to the proposed Rule
6.19.
5 See Exchange Rule 6.25(a)(1)(i) which allows
executions that are erroneous to be adjusted to an
agreed upon price within ten (10) minutes where
no party to the transaction is a non-broker-dealer
customer. See also 6.25(a)(1)(ii) which allows
parties to adjust an erroneous transaction to a
mutually agreed upon price within thirty (30)
minutes where at least one party is a non-brokerdealer customer.
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Agencies
[Federal Register Volume 79, Number 174 (Tuesday, September 9, 2014)]
[Notices]
[Pages 53496-53498]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-21391]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-72973; File No. SR-NYSE-2014-45]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Amending Its Price List 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 21, 2014, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') 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 its Price List 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,
[[Page 53497]]
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 its Price List 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, the term ``member'' refers
to ``member organization'' as defined in NYSE Rule 2(b).
\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 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
Price List 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 Price
List 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) 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:
[[Page 53498]]
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-NYSE-2014-45 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-NYSE-2014-45. 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-NYSE-2014-45,
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\
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\17\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-21391 Filed 9-8-14; 8:45 am]
BILLING CODE 8011-01-P