Self-Regulatory Organizations; BOX Options Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Make Non-Substantive Clerical Amendments, 39092-39094 [2016-14083]
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39092
Federal Register / Vol. 81, No. 115 / Wednesday, June 15, 2016 / Notices
unreasonable, unfairly discriminatory,
imposing an unnecessary or
inappropriate burden on competition, or
otherwise inconsistent with the Act;
• Whether transaction fees that
exceed half of the minimum trading
increment in Penny classes make
participation uneconomical for potential
auction responders, given that they may
not be able to compete with the
Initiating Participant at the same trading
increment due to the impact of such
fees;
• Whether there should be a specific
auction response fee level that, for NonPenny classes, should be viewed as
presumptively inconsistent with the Act
and, if so, what that fee level should be;
• Whether the Commission should
view a specific differential in the net
fees imposed by an exchange on
Initiating Participants and potential
auction responders as presumptively
inconsistent with the Act and, if so,
what that differential should be; and
• Whether the Commission should
view break-up credits, which are paid to
Initiating Participants for not executing
a transaction, as presumptively
inconsistent with the Act.
Interested persons are invited to
submit written data, views, and
arguments concerning the proposed rule
change, including whether the proposed
rule change is consistent with the Act.
Comments may be submitted by any of
the following methods:
ehiers on DSK5VPTVN1PROD 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–
NYSEMKT–2016–45 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Brent J. Fields, Secretary, Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
All submissions should refer to File
Number SR–NYSEMKT–2016–45. 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
VerDate Sep<11>2014
15:15 Jun 14, 2016
Jkt 238001
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–
NYSEMKT–2016–45 and should be
submitted on or before July 5, 2016.
Rebuttal comments should be submitted
by July 19, 2016.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(3)(C) of the Act,33 that File
No. SR–NYSEMKT–2016–45 be and
hereby is, temporarily suspended. In
addition, the Commission is instituting
proceedings to determine whether the
proposed rule change should be
approved or disapproved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–14086 Filed 6–14–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78024; File No. SR–BOX–
2016–23]
Self-Regulatory Organizations; BOX
Options Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Amend
the Fee Schedule To Make NonSubstantive Clerical Amendments
June 9, 2016.
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 May 31,
2016, BOX Options Exchange LLC (the
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
33 15
U.S.C. 78s(b)(3)(C).
CFR 200.30–3(a)(57) and (58).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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 make
non-substantive clerical amendments.
While changes to the fee schedule
pursuant to this proposal will be
effective upon filing, the changes will
become operative on June 1, 2016. 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
Non-Auction Transactions
The Exchange proposes to amend
Section I (Non-Auction Transactions) of
the BOX Fee Schedule to clarify what
volume on BOX will count towards the
monthly volume tier in Section I.A.1 of
the Box Fee Schedule. The Exchange
proposes to add language to the first
paragraph of Section I.A.1 to clarify that
percentage thresholds will be calculated
on a monthly basis by totaling the
Market Maker or Public Customer’s
executed Auction and Non-Auction
34 17
PO 00000
Frm 00072
Fmt 4703
Sfmt 4703
3 15
4 17
E:\FR\FM\15JNN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
15JNN1
Federal Register / Vol. 81, No. 115 / Wednesday, June 15, 2016 / Notices
transaction volume on BOX, relative to
the total national Market Maker or
Customer volume in multiply-listed
options classes.
The Tiered Volume Rebate for NonAuction Transactions has been in place
since November 2014 5 and was
amended in November 2015 6 to
calculate percentage thresholds on a
monthly basis by totaling the Market
Maker or Public Customer’s executed
volume on BOX, relative to the total
national Market Maker or Customer
volume in multiply-listed options
classes. The Exchange believes this
additional language will reduce investor
confusion about how the percentage
thresholds are calculated with respect to
non-auction transactions.
ehiers on DSK5VPTVN1PROD with NOTICES
Liquidity Fees and Credits
The Exchange also proposes to amend
Section II (Liquidity Fees and Credits) of
the BOX Fee Schedule to make nonsubstantive clerical changes.
Specifically, in Section II of the Fee
Schedule, the Exchange proposes to
delete the second and third paragraphs
that detail which non-auction orders
will be considered to add or remove
liquidity with regard to fees and credits.
The Exchange believes this text is now
obsolete, as non-auction transactions are
no longer subject to Liquidity Fees and
Credits and removing the language will
reduce investor confusion about the
applicable fees for non-auction
transactions.7
Liquidity Fees and Credits have been
in place on BOX since its inception in
2012. For non-auction transactions,
these fees and credits were applied to
any order, including an order with a Fill
and Kill designation and were in
addition to the Exchange fees in Section
I of the BOX Fee Schedule. Orders
which executed against an order that
was being exposed before being placed
on the BOX Book were considered to
add liquidity. On the contrary, any
order, including an order with a Fill and
Kill designation, that removed liquidity
by trading immediately upon entry to
the BOX Book or following its exposure
as part of NBBO filtering, received a
credit.8 However, with the adoption of
the new exchange fee pricing structure
5 See Securities Exchange Act Release No. 73547
(November 6, 2014), 79 FR 67520 (November 13,
2014) (Notice of Filing and Immediate Effectiveness
SR–BOX–2014–25).
6 See Securities Exchange Act Release No. 76447
(November 16, 2015), 80 FR 72758 (November 20,
2015) (Notice of Filing and Immediate Effectiveness
SR–BOX–2015–36).
7 See supra note 1 [sic].
8 See Securities Exchange Act Release No. 66979
(May 14, 2012), 77 FR 29740 (May 18, 2012) (Notice
of Filing and Immediate Effectiveness SR–BOX–
2012–002).
VerDate Sep<11>2014
15:15 Jun 14, 2016
Jkt 238001
for non-auction transactions in 2014,9
the Exchange removed all liquidity fees
and credits for non-auction transactions.
The Exchange believes that deleting
these paragraphs will provide clarity
and will also eliminate confusion
among market participants, which is in
the interest of all investors and the
general public.
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,10 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. In
particular, the Exchange believes it is
reasonable and appropriate to add
language to Section I.A.1 and remove
language from Section II because doing
so will eliminate any potential for
investor confusion. The Exchange
believes that the proposed changes are
reasonable, equitable and not unfairly
discriminatory because it treats all
market participants equally and will not
have an adverse impact on any
particular market participant.
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
proposed change is not designed to
address any competitive issue but rather
to make non-substantive changes to the
BOX Fee Schedule, thereby reducing
confusion and making the Exchange’s
Fee Schedule easier to understand. The
Exchange believes that the proposed
rule change will serve to promote
regulatory clarity and consistency,
thereby reducing burdens on the
marketplace and facilitating investor
protection.
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.
9 See
10 15
PO 00000
supra note 1 [sic].
U.S.C. 78f(b)(4) and (5).
Frm 00073
Fmt 4703
Sfmt 4703
39093
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 11
and Rule 19b–4(f)(2) thereunder,12
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:
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–2016–23 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–2016–23. 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
11 15
12 17
E:\FR\FM\15JNN1.SGM
U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).
15JNN1
39094
Federal Register / Vol. 81, No. 115 / Wednesday, June 15, 2016 / Notices
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–
2016–23, and should be submitted on or
before July 6, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–14083 Filed 6–14–16; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[Disaster Declaration #14742 and #14743]
Louisiana Disaster #LA–00064
U.S. Small Business
Administration.
ACTION: Notice.
AGENCY:
This is a notice of an
Administrative declaration of a disaster
for the State of Louisiana dated 06/09/
2016.
Incident: Severe Weather and
Straight-line Winds.
Incident Period: 05/19/2016.
Effective Date: 06/09/2016.
Physical Loan Application Deadline
Date: 08/08/2016.
Economic Injury (EIDL) Loan
Application Deadline Date: 03/09/2017.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
ehiers on DSK5VPTVN1PROD with NOTICES
SUMMARY:
13 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
15:15 Jun 14, 2016
Jkt 238001
components of the Automated
Commercial Environment (ACE). The
U.S. Customs and Border Protection
(CBP) and OES/OMC have developed a
pilot plan to test and assess the
electronic transmission of import data
for shrimp and shrimp products. The
pilot test will involve using the ACE,
the OMC PGA Message Set, the DIS and
the Automated Broker Interface (ABI) to
Percent
transmit the data required for
admissibility determinations for entries
of shrimp and product of shrimp. ABI
3.250 is the electronic data interchange that
enables participants to file
1.625 electronically required import data with
CBP and transfers that data into ACE.
6.250 Initially, under this test, OMC PGA
Message Set data may be submitted only
4.000 for formal and informal consumption
entries (entry types 01 and 11), filed at
2.625
certain ports.
The following areas have been
determined to be adversely affected by
the disaster:
Primary Parish: Assumption.
Contiguous Parishes:
Louisiana: Ascension, Iberia, Iberville,
Lafourche, Saint James, Saint
Martin, Saint Mary, Terrebonne.
The Interest Rates are:
For Physical Damage:
Homeowners with Credit Available Elsewhere ......................
Homeowners without Credit
Available Elsewhere ..............
Businesses with Credit Available Elsewhere ......................
Businesses
without
Credit
Available Elsewhere ..............
Non-Profit Organizations with
Credit Available Elsewhere ...
Non-Profit Organizations without Credit Available Elsewhere .....................................
For Economic Injury:
Businesses & Small Agricultural
Cooperatives without Credit
Available Elsewhere ..............
Non-Profit Organizations without Credit Available Elsewhere .....................................
The test will commence after
July 25, 2016, and will continue until
concluded by publication of a notice in
the Federal Register ending the test.
4.000 Participants should consult the
following Web site for additional
information regarding pilot status:
2.625 https://www.cbp.gov/trade/ace/features
(see the PGA Integration tab). Comments
The number assigned to this disaster
will be accepted through the duration of
for physical damage is 14742 B and for
the test.
economic injury is 14743 0.
ADDRESSES: To submit comments
The State which received an EIDL
concerning this test program, send an
Declaration # is Louisiana.
email to Josephine Baiamonte
(Catalog of Federal Domestic Assistance
(Josephine.Baiamonte@dhs.gov),
Number 59008)
Director, Business Transformation, ACE
Dated: June 9, 2016.
Business Office (ABO), Office of
Maria Contreras-Sweet,
International Trade. In the subject line
Administrator.
of the message, please use ‘‘Comment on
[FR Doc. 2016–14131 Filed 6–14–16; 8:45 am]
PGA Message Set Test FRN’’. Any party
BILLING CODE 8025–01–P
seeking to participate in the PGA
Message Set test should contact their
client representative. Interested parties
DEPARTMENT OF STATE
without an assigned client
representative should submit an email
[Public Notice: 9603]
to Steven Zaccaro at steven.j.zaccaro@
Pilot Test of DS–2031 Into International cbp.dhs.gov with the subject ‘‘PGA
Trade Data System
Message Set Test FRN-Request to
Participate’’.
AGENCY: Bureau of Oceans and
International Environmental and
FOR FURTHER INFORMATION CONTACT: For
Scientific Affairs, Office of Marine
technical questions related to ACE or
Conservation (OES/OMC), Department
ABI transmissions, contact your
of State.
assigned client representative.
ACTION: Notice of request for public
Interested parties without an assigned
comment.
client representative should direct their
questions to Steven Zaccaro at
SUMMARY: OES/OMC announces a pilot
steven.j.zaccaro@cbp.dhs.gov. For PGA
test of the International Trade Data
related questions, contact Emi Wallace
System (ITDS) involving the electronic
(CBP) at emi.r.wallace@cbp.dhs.gov and
submission of forms and/or data related
for OMC-related questions contact the
to importations of shrimp and shrimp
Section 609 Program Manager at
products using the Partner Government
DS2031@state.gov.
Agency (PGA) Message Set and
Document Image System (DIS)
SUPPLEMENTARY INFORMATION:
PO 00000
Frm 00074
Fmt 4703
Sfmt 4703
2.625
DATES:
E:\FR\FM\15JNN1.SGM
15JNN1
]]>Agencies
[Federal Register Volume 81, Number 115 (Wednesday, June 15, 2016)]
[Notices]
[Pages 39092-39094]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-14083]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78024; File No. SR-BOX-2016-23]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Amend the Fee Schedule To Make Non-Substantive Clerical Amendments
June 9, 2016.
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 May 31, 2016, BOX Options Exchange LLC (the ``Exchange'') 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 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
make non-substantive clerical amendments. While changes to the fee
schedule pursuant to this proposal will be effective upon filing, the
changes will become operative on June 1, 2016. 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
Non-Auction Transactions
The Exchange proposes to amend Section I (Non-Auction Transactions)
of the BOX Fee Schedule to clarify what volume on BOX will count
towards the monthly volume tier in Section I.A.1 of the Box Fee
Schedule. The Exchange proposes to add language to the first paragraph
of Section I.A.1 to clarify that percentage thresholds will be
calculated on a monthly basis by totaling the Market Maker or Public
Customer's executed Auction and Non-Auction
[[Page 39093]]
transaction volume on BOX, relative to the total national Market Maker
or Customer volume in multiply-listed options classes.
The Tiered Volume Rebate for Non-Auction Transactions has been in
place since November 2014 \5\ and was amended in November 2015 \6\ to
calculate percentage thresholds on a monthly basis by totaling the
Market Maker or Public Customer's executed volume on BOX, relative to
the total national Market Maker or Customer volume in multiply-listed
options classes. The Exchange believes this additional language will
reduce investor confusion about how the percentage thresholds are
calculated with respect to non-auction transactions.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 73547 (November 6,
2014), 79 FR 67520 (November 13, 2014) (Notice of Filing and
Immediate Effectiveness SR-BOX-2014-25).
\6\ See Securities Exchange Act Release No. 76447 (November 16,
2015), 80 FR 72758 (November 20, 2015) (Notice of Filing and
Immediate Effectiveness SR-BOX-2015-36).
---------------------------------------------------------------------------
Liquidity Fees and Credits
The Exchange also proposes to amend Section II (Liquidity Fees and
Credits) of the BOX Fee Schedule to make non-substantive clerical
changes. Specifically, in Section II of the Fee Schedule, the Exchange
proposes to delete the second and third paragraphs that detail which
non-auction orders will be considered to add or remove liquidity with
regard to fees and credits. The Exchange believes this text is now
obsolete, as non-auction transactions are no longer subject to
Liquidity Fees and Credits and removing the language will reduce
investor confusion about the applicable fees for non-auction
transactions.\7\
---------------------------------------------------------------------------
\7\ See supra note 1 [sic].
---------------------------------------------------------------------------
Liquidity Fees and Credits have been in place on BOX since its
inception in 2012. For non-auction transactions, these fees and credits
were applied to any order, including an order with a Fill and Kill
designation and were in addition to the Exchange fees in Section I of
the BOX Fee Schedule. Orders which executed against an order that was
being exposed before being placed on the BOX Book were considered to
add liquidity. On the contrary, any order, including an order with a
Fill and Kill designation, that removed liquidity by trading
immediately upon entry to the BOX Book or following its exposure as
part of NBBO filtering, received a credit.\8\ However, with the
adoption of the new exchange fee pricing structure for non-auction
transactions in 2014,\9\ the Exchange removed all liquidity fees and
credits for non-auction transactions. The Exchange believes that
deleting these paragraphs will provide clarity and will also eliminate
confusion among market participants, which is in the interest of all
investors and the general public.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 66979 (May 14,
2012), 77 FR 29740 (May 18, 2012) (Notice of Filing and Immediate
Effectiveness SR-BOX-2012-002).
\9\ See supra note 1 [sic].
---------------------------------------------------------------------------
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,\10\ 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. In particular, the Exchange believes it is reasonable and
appropriate to add language to Section I.A.1 and remove language from
Section II because doing so will eliminate any potential for investor
confusion. The Exchange believes that the proposed changes are
reasonable, equitable and not unfairly discriminatory because it treats
all market participants equally and will not have an adverse impact on
any particular market participant.
---------------------------------------------------------------------------
\10\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
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 proposed change is not
designed to address any competitive issue but rather to make non-
substantive changes to the BOX Fee Schedule, thereby reducing confusion
and making the Exchange's Fee Schedule easier to understand. The
Exchange believes that the proposed rule change will serve to promote
regulatory clarity and consistency, thereby reducing burdens on the
marketplace and facilitating investor protection.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \11\ and Rule 19b-4(f)(2)
thereunder,\12\ because it establishes or changes a due, or fee.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78s(b)(3)(A)(ii).
\12\ 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-2016-23 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-2016-23. 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
[[Page 39094]]
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-2016-23, and should be submitted on or before July
6, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14083 Filed 6-14-16; 8:45 am]
BILLING CODE 8011-01-P
