Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Options Regulatory Fee, 7512-7514 [2015-02642]
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rljohnson on DSK3VPTVN1PROD with NOTICES
7512
Federal Register / Vol. 80, No. 27 / Tuesday, February 10, 2015 / Notices
submission of the PCAOB budget and
for Commission actions related to each
budget, a description of the information
that should be included in each budget
submission, limits on the PCAOB’s
ability to incur expenses and obligations
except as provided in the approved
budget, procedures relating to
supplemental budget requests,
requirements for the PCAOB to furnish
on a quarterly basis certain budgetrelated information, and a list of
definitions that apply to the rule and to
general discussions of PCAOB budget
matters.
In accordance with the budget rule, in
March 2014 the PCAOB provided the
Commission with a narrative
description of its program issues and
outlook for the 2015 budget year. In
response, the Commission provided the
PCAOB with economic assumptions and
budgetary guidance for the 2015 budget
year. The PCAOB subsequently
delivered a preliminary budget and
budget justification to the Commission.
Staff from the Commission’s Offices of
the Chief Accountant and Financial
Management dedicated a substantial
amount of time to the review and
analysis of the PCAOB’s programs,
projects and budget estimates; reviewed
the PCAOB’s estimates of 2014 actual
spending; and attended several meetings
with management and staff of the
PCAOB to further develop its
understanding of the PCAOB’s budget
and operations. During the course of
this review, Commission staff relied
upon representations and supporting
documentation from the PCAOB. Based
on this review, the Commission issued
a ‘‘pass back’’ letter to the PCAOB. On
November 25, 2014, the PCAOB
approved its 2015 budget during an
open meeting, and subsequently
submitted that budget to the
Commission for approval.
After considering the above, the
Commission did not identify any
proposed disbursements in the 2015
budget adopted by the PCAOB that are
not properly recoverable through the
annual accounting support fee, and the
Commission believes that the aggregate
proposed 2015 annual accounting
support fee does not exceed the
PCAOB’s aggregate recoverable budget
expenses for 2015. The Commission also
acknowledges the PCAOB’s updated
strategic plan and encourages the
PCAOB to continue keeping the
Commission and its staff apprised of
developments throughout the PCAOB’s
implementation of its near-term priority
projects. The Commission looks forward
to providing views to the PCAOB as
future updates are made to the plan.
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The Commission is aware that some
of the projects on the PCAOB’s standard
setting agenda to update auditing and
quality control standards have been
slow to advance. The Commission also
understands that the Board intends to
undertake a review of performance and
management of the standard setting
agenda. The Commission directs the
PCAOB during 2015 to provide timely
updates to the Commission’s staff on the
Board’s evaluation of all aspects of its
standard setting process including
performance and management of the
process and the potential actions being
considered by the Board for process
improvements. The Commission also
directs the PCAOB, upon its finalization
of a process improvement plan for the
standard setting agenda, to include in its
quarterly reports to the Commission
updates on the Board’s assessment of
the improvements in the performance
and management of the standard setting
agenda.
Similarly, as part of its review of the
2015 budget, the Commission notes that
the Center for Economic Analysis
(‘‘Center’’), established in 2014, requires
continued Board oversight to align its
activities with the PCAOB’s mission.
The Commission directs the PCAOB
during 2015 to provide timely updates
to the Commission’s staff on the
activities of the Center, including with
respect to defining its role and aligning
its activities with the Board’s mission.
The Commission also directs the
PCAOB to include in its quarterly
reports to the Commission, updates on
the Board’s assessment of the
performance of the Center.
The Commission understands that in
recent years the PCAOB has taken
significant and productive steps to
improve its information technology
(‘‘IT’’) program. These steps include IT
staffing changes, implementing stronger
IT governance structures, and
strengthening Board oversight of its IT
program. Based upon updates provided
by the PCAOB, the Commission also
understands that these efforts are
ongoing; and directs the Board to
continue to provide in its quarterly
reports to the Commission detailed
information about the state of the
PCAOB’s IT program, including
planned, estimated, and actual costs for
IT projects, and the level of involvement
of consultants. These reports also
should continue to include: (a) A
discussion of the Board’s assessment of
the progress and implementation of the
Board actions mentioned above; and (b)
the quarterly IT report that is prepared
by PCAOB staff and submitted to the
Board.
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The Commission also directs the
PCAOB during 2015 to continue to
include in its quarterly reports to the
Commission information about the
PCAOB’s inspections program. Such
information is to include: (a) Statistics
relative to the numbers and types of
firms budgeted and expected to be
inspected in 2015, including by location
and by year the inspections are required
to be conducted in accordance with the
Sarbanes-Oxley Act and PCAOB rules;
(b) information about the timing of the
issuance of inspections reports for
domestic and non-U.S. inspections; and
(c) updates on the PCAOB’s efforts to
establish cooperative arrangements with
respective non-U.S. authorities for
inspections required in those countries.
The Commission understands that the
Office of Management and Budget
(‘‘OMB’’) has determined the 2015
budget of the PCAOB to be sequestrable
under the Budget Control Act of 2011.4
Unless legislation occurs that avoids
sequestration, we expect the PCAOB
will have approximately $1 million in
excess funds available from the 2014
sequestration for spending in 2015. As
such, the PCAOB has reduced its
accounting support fee for 2015 by
approximately $1 million.
The Commission has determined that
the PCAOB’s 2015 budget and annual
accounting support fee are consistent
with Section 109 of the Sarbanes-Oxley
Act. Accordingly,
It is ordered, pursuant to Section 109
of the Sarbanes-Oxley Act, that the
PCAOB budget and annual accounting
support fee for calendar year 2015 are
approved.
By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2015–02637 Filed 2–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74201; File No. SR–BOX–
2015–08]
Self-Regulatory Organizations; BOX
Options Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change Relating to
the Options Regulatory Fee
February 4, 2015.
Pursuant to Section 19(b)(1) under the
Securities Exchange Act of 1934 (the
4 See ‘‘OMB Report to the Congress on the Joint
Committee Reductions for Fiscal Year 2015’’,
Appendix page 17 of 17 at: https://
www.whitehouse.gov/sites/default/files/omb/assets/
legislative_reports/sequestration_order_report_
march2014.pdf
E:\FR\FM\10FEN1.SGM
10FEN1
Federal Register / Vol. 80, No. 27 / Tuesday, February 10, 2015 / Notices
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
28, 2015, BOX Options Exchange LLC
(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 Exchange. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A)(ii) of the
Act,3 and Rule 19b–4(f)(2) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to amend the Fee Schedule to increase
the ORF from $0.0030 per contract to
$0.0038 per contract. While changes to
the fee schedule pursuant to this
proposal will be effective upon filing,
the changes will become operative on
February 2, 2015. The text of the
proposed rule change is available from
the principal office of the Exchange, at
the Commission’s Public Reference
Room and also on the Exchange’s
Internet Web site at https://
boxexchange.com.
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.
rljohnson on DSK3VPTVN1PROD with NOTICES
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend the
Fee Schedule to increase the ORF from
$0.0030 per contract to $0.0038 per
contract. The Exchange proposes to
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
2 17
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increase the ORF in light of increased
regulatory costs and expected volume
levels in 2015. The filing is based on the
substantially similar filings filed by
Miami International Securities
Exchange, LLC. The proposed fee
change would be operative on February
2, 2015.
The Exchange proposes to increase
the ORF from $0.0030 per contract to
$0.0038 per contract in light of
increased regulatory costs and expected
volume levels in 2015. The ORF is
assessed by the Exchange on each
Participant for all options transactions
executed or cleared by the Participant
that are cleared by The Options Clearing
Corporation (‘‘OCC’’) in the customer
range (i.e., transactions that clear in the
customer account of the Participant’s
clearing firm at OCC) regardless of the
exchange on which the transaction
occurs. The fee is collected indirectly
from Participants through their clearing
firms by OCC on behalf of the Exchange.
The dues and fees paid by Participants
go into the general funds of the
Exchange, a portion of which is used to
help pay the costs of regulation. The
ORF is designed to recover a material
portion of the costs to the Exchange of
the supervision and regulation of
Participant customer options business,
including performing routine
surveillances, investigations,
examinations, financial monitoring, as
well as policy, rulemaking, interpretive
and enforcement activities. The
Exchange believes that revenue
generated from the ORF, when
combined with all of the Exchange’s
other regulatory fees and fines, will
cover a material portion, but not all, of
the Exchange’s regulatory costs. The
Exchange notes that its regulatory
responsibilities with respect to
Participant compliance with options
sales practice rules have largely been
allocated to FINRA under a 17d–2
agreement. The ORF is not designed to
cover the cost of that options sales
practice regulation. The Exchange will
continue to monitor the amount of
revenue collected from the ORF to
ensure that it, in combination with its
other regulatory fees and fines, does not
exceed the Exchange’s total regulatory
costs. If the Exchange determines
regulatory revenues exceed regulatory
costs, the Exchange will adjust the ORF
by submitting a fee change filing to the
Commission, as set forth in the BOX Fee
Schedule.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with the
requirements of Section 6(b) of the Act,
in general, and Section 6(b)(4) and
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7513
6(b)(5)of the Act, in particular, in that it
provides for the equitable allocation of
reasonable dues, fees, and other charges
among BOX Participants and other
persons using its facilities and does not
unfairly discriminate between
customers, issuers, brokers or dealers.
The Exchange believes the proposed
fee change is reasonable because it
would help the Exchange offset
increased regulatory expenses, but
would not result in total regulatory
revenue exceeding total regulatory costs.
Moreover, the Exchange believes the
ORF ensures fairness by assessing
higher fees to those Participants that
require more Exchange regulatory
services based on the amount of
customer options business they
conduct. Regulating customer trading
activity is much more labor intensive
and requires greater expenditure of
human and technical resources than
regulating non-customer trading
activity, which tends to be more
automated and less labor intensive. As
a result, the costs associated with
administering the customer component
of the Exchange’s overall regulatory
program are materially higher than the
costs associated with administering the
noncustomer component—Participant
proprietary transactions) of its
regulatory program. The Exchange
believes that the proposed change is
equitable and not unfairly
discriminatory because it will apply in
the same manner to all Participants that
are subject to the ORF.
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
of the purposes of the Act. Because
competitors are free to modify their own
fees and credits in response, and
because market participants may readily
adjust their trading practices, the
Exchange believes that the degree to
which fee or credit changes in this
market may impose any burden on
competition is extremely limited. As a
result of all of these considerations, the
Exchange does not believe that the
proposed change will impair the ability
of Participants or competing order
execution venues to maintain their
competitive standing in the financial
markets.
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.
E:\FR\FM\10FEN1.SGM
10FEN1
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Federal Register / Vol. 80, No. 27 / Tuesday, February 10, 2015 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act 5 and
Rule 19b–4(f)(2) thereunder,6 because it
establishes or changes a due, or fee.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend the rule change if
it appears to the Commission that the
action is necessary or appropriate in the
public interest, for the protection of
investors, or would otherwise further
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:
rljohnson on DSK3VPTVN1PROD with NOTICES
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–
BOX–2015–08 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–BOX–2015–08. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for Web site viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE.,
Washington, DC 20549 on official
business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–BOX–
2015–08, and should be submitted on or
before March 3, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015–02642 Filed 2–9–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74205; File No. SR–ISE
Gemini–2015–03]
Self-Regulatory Organizations; ISE
Gemini, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the Schedule
of Fees
February 4, 2015.
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 January
23, 2015, ISE Gemini, LLC (the
‘‘Exchange’’ or ‘‘ISE Gemini’’) filed with
the Securities and Exchange
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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE Gemini proposes to amend the
Schedule of Fees to eliminate fees and
rebates for Mini Options, which were
delisted on the Exchange as of the close
of business on December 17, 2014. The
text of the proposed rule change is
available on the Exchange’s Internet
Web site at https://www.ise.com, at the
principal office of the Exchange, and at
7 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
5 15
U.S.C. 78s(b)(3)(A)(ii).
6 17 CFR 240.19b–4(f)(2).
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1 15
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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
self-regulatory organization 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 permitted to list Mini
Option contracts overlying ten shares of
the following five symbols: SPY, AAPL,
GLD, GOOGL, and AMZN, pursuant to
Supplementary Material .13 to Rule 504.
Due to the smaller exercise and
assignment value of Mini Options
contracts, the Exchange charges fees and
provides rebates in these Mini Option
classes at a rate that is 1/10th the rate
of fees and rebates the Exchange
provides for trading in Standard
Options. As the Exchange has delisted
all Mini Options as of the close of
business on December 17, 2014, the
Exchange now proposes to eliminate
fees and rebates for Mini Options in the
Schedule of Fees. In particular, the
Exchange also proposes to remove
language related to Mini Options in the
following sections of the Schedule of
Fees:
1. Sections II, which contains tables
on Regular Order Fees and Rebates for
Mini Options, including Qualifying Tier
Thresholds. This section will be
eliminated in its entirety.3
2. The definition of Mini Options in
the Preface.
3. Language related to basing volume
thresholds on both Standard and Mini
Option volume in the footnotes to the
Qualifying Tier Thresholds of section I.
4. Route-out fees for Mini Options in
section III, A.
5. Language related to charging the
Options Regulatory Fee for options
transactions in Mini Options in section
IV, A.
3 The Exchange proposes to update section
references to take into account the new section
numbers when this section is removed. Section
references in this proposed rule change are to the
current section numbers.
E:\FR\FM\10FEN1.SGM
10FEN1
]]>Agencies
[Federal Register Volume 80, Number 27 (Tuesday, February 10, 2015)]
[Notices]
[Pages 7512-7514]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02642]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74201; File No. SR-BOX-2015-08]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Options Regulatory Fee
February 4, 2015.
Pursuant to Section 19(b)(1) under the Securities Exchange Act of
1934 (the
[[Page 7513]]
``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 28, 2015, BOX Options Exchange LLC (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 Exchange. The Exchange filed the
proposed rule change pursuant to Section 19(b)(3)(A)(ii) of the Act,\3\
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal
effective upon filing with the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to amend the Fee Schedule to
increase the ORF from $0.0030 per contract to $0.0038 per contract.
While changes to the fee schedule pursuant to this proposal will be
effective upon filing, the changes will become operative on February 2,
2015. The text of the proposed rule change is available from the
principal office of the Exchange, at the Commission's Public Reference
Room and also on the Exchange's Internet Web site at https://boxexchange.com.
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 proposes to amend the Fee Schedule to increase the ORF
from $0.0030 per contract to $0.0038 per contract. The Exchange
proposes to increase the ORF in light of increased regulatory costs and
expected volume levels in 2015. The filing is based on the
substantially similar filings filed by Miami International Securities
Exchange, LLC. The proposed fee change would be operative on February
2, 2015.
The Exchange proposes to increase the ORF from $0.0030 per contract
to $0.0038 per contract in light of increased regulatory costs and
expected volume levels in 2015. The ORF is assessed by the Exchange on
each Participant for all options transactions executed or cleared by
the Participant that are cleared by The Options Clearing Corporation
(``OCC'') in the customer range (i.e., transactions that clear in the
customer account of the Participant's clearing firm at OCC) regardless
of the exchange on which the transaction occurs. The fee is collected
indirectly from Participants through their clearing firms by OCC on
behalf of the Exchange. The dues and fees paid by Participants go into
the general funds of the Exchange, a portion of which is used to help
pay the costs of regulation. The ORF is designed to recover a material
portion of the costs to the Exchange of the supervision and regulation
of Participant customer options business, including performing routine
surveillances, investigations, examinations, financial monitoring, as
well as policy, rulemaking, interpretive and enforcement activities.
The Exchange believes that revenue generated from the ORF, when
combined with all of the Exchange's other regulatory fees and fines,
will cover a material portion, but not all, of the Exchange's
regulatory costs. The Exchange notes that its regulatory
responsibilities with respect to Participant compliance with options
sales practice rules have largely been allocated to FINRA under a 17d-2
agreement. The ORF is not designed to cover the cost of that options
sales practice regulation. The Exchange will continue to monitor the
amount of revenue collected from the ORF to ensure that it, in
combination with its other regulatory fees and fines, does not exceed
the Exchange's total regulatory costs. If the Exchange determines
regulatory revenues exceed regulatory costs, the Exchange will adjust
the ORF by submitting a fee change filing to the Commission, as set
forth in the BOX Fee Schedule.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5)of the Act, in particular, in that it provides for
the equitable allocation of reasonable dues, fees, and other charges
among BOX Participants and other persons using its facilities and does
not unfairly discriminate between customers, issuers, brokers or
dealers.
The Exchange believes the proposed fee change is reasonable because
it would help the Exchange offset increased regulatory expenses, but
would not result in total regulatory revenue exceeding total regulatory
costs. Moreover, the Exchange believes the ORF ensures fairness by
assessing higher fees to those Participants that require more Exchange
regulatory services based on the amount of customer options business
they conduct. Regulating customer trading activity is much more labor
intensive and requires greater expenditure of human and technical
resources than regulating non-customer trading activity, which tends to
be more automated and less labor intensive. As a result, the costs
associated with administering the customer component of the Exchange's
overall regulatory program are materially higher than the costs
associated with administering the noncustomer component--Participant
proprietary transactions) of its regulatory program. The Exchange
believes that the proposed change is equitable and not unfairly
discriminatory because it will apply in the same manner to all
Participants that are subject to the ORF.
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 of the purposes of the Act. Because competitors are free
to modify their own fees and credits in response, and because market
participants may readily adjust their trading practices, the Exchange
believes that the degree to which fee or credit changes in this market
may impose any burden on competition is extremely limited. As a result
of all of these considerations, the Exchange does not believe that the
proposed change will impair the ability of Participants or competing
order execution venues to maintain their competitive standing in the
financial markets.
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.
[[Page 7514]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \5\ and Rule 19b-4(f)(2)
thereunder,\6\ because it establishes or changes a due, or fee.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(3)(A)(ii).
\6\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-BOX-2015-08 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-BOX-2015-08. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 100 F Street NE.,
Washington, DC 20549 on official business days between the hours of
10:00 a.m. and 3:00 p.m. Copies of such filing also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-BOX-2015-08, and should be
submitted on or before March 3, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-02642 Filed 2-9-15; 8:45 am]
BILLING CODE 8011-01-P
