Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Billing Policy, 65279-65280 [2014-26012]

Download as PDF Federal Register / Vol. 79, No. 212 / Monday, November 3, 2014 / Notices 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 OCC and on OCC’s Web site at http://www.theocc.com/components/ docs/legal/rules_and_bylaws/sr_occ_14_ 19.pdf. 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–OCC–2014–19 and should be submitted on or before November 24, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26009 Filed 10–31–14; 8:45 am] SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73452; File No. SR–BX– 2014–054] Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Billing Policy mstockstill on DSK4VPTVN1PROD with NOTICES October 28, 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 October 24, 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. 1. Purpose The purpose of the proposed rule change is to amend Rule 7011, which was recently filed,3 to require all pricing disputes to be submitted to the Exchange in writing 4 and accompanied by supporting documentation within sixty days of receipt of an invoice. The Exchange believes that this practice will conserve Exchange resources which are expended when untimely billing disputes require staff to research applicable fees and order information beyond two months after the transaction occurred. The sixty days would first apply to invoices related to transactional billing in December 2014 and would apply thereafter.5 The Exchange proposes to apply the billing policy in Rule 7011 to the following 7000 series Rules: 7001 (Membership Fees), 7015 (Access Services), 7016 (BX Pre-Trade Risk Management), 7018 (NASDAQ OMX BX Equities System Order Execution and Routing), 7021 (BX Trading and 3 See SR–BX–2014–050. Exchange invoice specifies the Exchange contact persons with whom to dispute the invoice. 5 This proposal would not apply to invoices related to November 2014 billing. Compliance Data Package Fee), 7027 (Aggregation of Activity of Affiliated Members), 7029 (Installation, Removal or Relocation), 7030 (Other Services), 7034 (Co-Location Services), 7051 (Direct Connectivity to BX), 7055 (Short Sale Monitor), 7058 (QView). Further, this proposal would provide a cost savings to the Exchange in that it would alleviate administrative processes related to the untimely review of billing disputes which divert staff resources away from the Exchange’s regulatory and business purposes. In addition, the Exchange proposes to amend the title of Exchange Rule 7011 from ‘‘Collection of Exchange Fees and Other Claims’’ to ‘‘Collection of Exchange Fees and Other Claims and Billing Policy.’’ The Exchange believes that the proposed title provides a more specific description of Rule 7011. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act 6 in general, and furthers the objectives of Section 6(b)(5) of the Act 7 in particular, in that 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, by providing a uniform practice for disputing fees. The Exchange believes the requirement that all pricing disputes, for certain specified fees and rebates, must be submitted to the Exchange within sixty days from receipt of the invoice will provide its members with guidance on disputing pricing. The proposal equally applies to all BX members. Also, the Exchange’s administrative costs would be lowered as a result of this policy because staff resources would not be diverted to review untimely requests regarding billing. The Exchange believes that sixty days is ample time to review an invoice and dispute any pricing related to the transactions for that time period. This policy applies today with respect to BX Options billing.8 The Exchange is seeking to apply this policy to all BX members alike in the same manner. 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 that is not necessary or appropriate in furtherance 4 The 10 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 17:37 Oct 31, 2014 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 BILLING CODE 8011–01–P VerDate Sep<11>2014 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Exchange Rule 7011, and re-title it ‘‘Collection of Exchange Fees and Other Claims and Billing Policy,’’ and to require BX members to submit billing disputes within a certain time period. The text of the proposed rule change is available on the Exchange’s Web site at http://nasdaqomxbx. cchwallstreet.com, at the principal office of the Exchange, and at the Commission’s Public Reference Room. 65279 Jkt 235001 PO 00000 Frm 00105 Fmt 4703 Sfmt 4703 6 15 U.S.C. 78f(b). U.S.C. 78f(b)(5). 8 See Chapter XV, Section 7 in the BX Rules. 7 15 E:\FR\FM\03NON1.SGM 03NON1 65280 Federal Register / Vol. 79, No. 212 / Monday, November 3, 2014 / Notices of the purposes of the Act. The billing policy would apply uniformly to all BX equity members as it does today with all Options Participants. All BX members would be subject to this policy. Further, this proposal would provide a cost savings to the Exchange in that it would alleviate administrative processes related to the untimely review of billing disputes which divert staff resources away from the Exchange’s regulatory and business purposes. 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 significantly affect the protection of investors or the public interest; does not impose any significant burden on competition; and by its terms does not 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) 9 of the Act and Rule 19b–4(f)(6) thereunder.10 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 shall institute proceedings to determine whether the proposed rule 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: 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–BX–2014–054. 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 (http://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–BX– 2014–054, and should be submitted on or before November 24, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–26012 Filed 10–31–14; 8:45 am] mstockstill on DSK4VPTVN1PROD with NOTICES • Use the Commission’s Internet comment form (http://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– BX–2014–054 on the subject line. U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). 17:37 Oct 31, 2014 Self-Regulatory Organizations; ICE Clear Credit LLC; Notice of Filing of Proposed Rule Change To Revise ICC End-of-Day Price Discovery Policies and Procedures October 28, 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 October 17, 2014, ICE Clear Credit LLC (‘‘ICC’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared primarily by ICC. 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 principal purpose of the proposed rule change is to revise the ICC End-of-Day Price Discovery Policies and Procedures to incorporate enhancements to its price discovery process. This revision does not require any changes to the ICC Clearing Rules (‘‘Rules’’). II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, ICC 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. ICC has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of these statements. 1 15 10 17 VerDate Sep<11>2014 [Release No. 34–73451; File No. SR–ICC– 2014–17] A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change ICC proposes revising the ICC End-ofDay Price Discovery Policies and Procedures to incorporate enhancements to its price discovery process. ICC believes such revisions will facilitate the prompt and accurate BILLING CODE 8011–01–P Electronic Comments 9 15 SECURITIES AND EXCHANGE COMMISSION 11 17 Jkt 235001 PO 00000 CFR 200.30–3(a)(12). Frm 00106 Fmt 4703 Sfmt 4703 2 17 E:\FR\FM\03NON1.SGM U.S.C. 78s(b)(1). CFR 240.19b–4. 03NON1

Agencies

[Federal Register Volume 79, Number 212 (Monday, November 3, 2014)]
[Notices]
[Pages 65279-65280]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-26012]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73452; File No. SR-BX-2014-054]


Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Billing Policy

October 28, 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 October 24, 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Exchange Rule 7011, and re-title it 
``Collection of Exchange Fees and Other Claims and Billing Policy,'' 
and to require BX members to submit billing disputes within a certain 
time period.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxbx.cchwallstreet.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 aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend Rule 7011, 
which was recently filed,\3\ to require all pricing disputes to be 
submitted to the Exchange in writing \4\ and accompanied by supporting 
documentation within sixty days of receipt of an invoice. The Exchange 
believes that this practice will conserve Exchange resources which are 
expended when untimely billing disputes require staff to research 
applicable fees and order information beyond two months after the 
transaction occurred.
---------------------------------------------------------------------------

    \3\ See SR-BX-2014-050.
    \4\ The Exchange invoice specifies the Exchange contact persons 
with whom to dispute the invoice.
---------------------------------------------------------------------------

    The sixty days would first apply to invoices related to 
transactional billing in December 2014 and would apply thereafter.\5\ 
The Exchange proposes to apply the billing policy in Rule 7011 to the 
following 7000 series Rules: 7001 (Membership Fees), 7015 (Access 
Services), 7016 (BX Pre-Trade Risk Management), 7018 (NASDAQ OMX BX 
Equities System Order Execution and Routing), 7021 (BX Trading and 
Compliance Data Package Fee), 7027 (Aggregation of Activity of 
Affiliated Members), 7029 (Installation, Removal or Relocation), 7030 
(Other Services), 7034 (Co-Location Services), 7051 (Direct 
Connectivity to BX), 7055 (Short Sale Monitor), 7058 (QView).
---------------------------------------------------------------------------

    \5\ This proposal would not apply to invoices related to 
November 2014 billing.
---------------------------------------------------------------------------

    Further, this proposal would provide a cost savings to the Exchange 
in that it would alleviate administrative processes related to the 
untimely review of billing disputes which divert staff resources away 
from the Exchange's regulatory and business purposes.
    In addition, the Exchange proposes to amend the title of Exchange 
Rule 7011 from ``Collection of Exchange Fees and Other Claims'' to 
``Collection of Exchange Fees and Other Claims and Billing Policy.'' 
The Exchange believes that the proposed title provides a more specific 
description of Rule 7011.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \6\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \7\ in particular, in that 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, 
by providing a uniform practice for disputing fees.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes the requirement that all pricing disputes, 
for certain specified fees and rebates, must be submitted to the 
Exchange within sixty days from receipt of the invoice will provide its 
members with guidance on disputing pricing. The proposal equally 
applies to all BX members. Also, the Exchange's administrative costs 
would be lowered as a result of this policy because staff resources 
would not be diverted to review untimely requests regarding billing.
    The Exchange believes that sixty days is ample time to review an 
invoice and dispute any pricing related to the transactions for that 
time period. This policy applies today with respect to BX Options 
billing.\8\ The Exchange is seeking to apply this policy to all BX 
members alike in the same manner.
---------------------------------------------------------------------------

    \8\ See Chapter XV, Section 7 in the BX Rules.
---------------------------------------------------------------------------

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 that is not necessary or appropriate 
in furtherance

[[Page 65280]]

of the purposes of the Act. The billing policy would apply uniformly to 
all BX equity members as it does today with all Options Participants. 
All BX members would be subject to this policy.
    Further, this proposal would provide a cost savings to the Exchange 
in that it would alleviate administrative processes related to the 
untimely review of billing disputes which divert staff resources away 
from the Exchange's regulatory and business purposes.

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 significantly 
affect the protection of investors or the public interest; does not 
impose any significant burden on competition; and by its terms does not 
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) \9\ of the Act and Rule 19b-
4(f)(6) thereunder.\10\
---------------------------------------------------------------------------

    \9\ 15 U.S.C. 78s(b)(3)(A).
    \10\ 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 shall institute 
proceedings to determine whether the proposed rule 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-BX-2014-054 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-BX-2014-054. 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 (http://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-BX-2014-054, 
and should be submitted on or before November 24, 2014.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-26012 Filed 10-31-14; 8:45 am]
BILLING CODE 8011-01-P