Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change to Bats BZX Rule 14.13, Company Listing Fees, and to the Bats BZX Fee Schedule, 23893-23894 [2017-10582]

Download as PDF Federal Register / Vol. 82, No. 99 / Wednesday, May 24, 2017 / Notices OPRA is a securities information processor that disseminates last sale reports and quotations, as well as the number of options contracts traded, open interest and end-of-day summaries. Many customers that obtain information from OPRA do not also purchase proprietary data, but in cases in which customers buy both products, they may shift purchasing decisions based on price changes. OPRA constrains the price of proprietary data products on options exchanges because no customer would pay an excessive price for these products when they already have data from OPRA. Similarly, no customer would pay an excessive price for Exchange data when they have the ability to obtain similar proprietary data from other exchanges. It is not necessary that products be identical in order to be reasonable substitutes for each other. For these reasons, the competition for order flow and the existence of multiple substitutes will constrain prices for the GEMX Trade Profile product. Accordingly, the Exchange does not believe that the proposed changes will impair the ability of members 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. asabaliauskas on DSK3SPTVN1PROD with NOTICES 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)(iii) of the Act 16 and subparagraph (f)(6) of Rule 19b–4 thereunder.17 A proposed rule change filed under Rule 19b–4(f)(6) 18 normally does not become operative for 30 days after the date of filing. However, Rule 19b– 16 15 U.S.C. 78s(b)(3)(A)(iii). 17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement. 18 17 CFR 240.19b–4(f)(6). VerDate Sep<11>2014 19:43 May 23, 2017 Jkt 241001 23893 4(f)(6)(iii) 19 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has requested that the Commission waive the 30-day operative delay so that the Exchange can immediately offer subscribers the historical GEMX Open/Close Trade Profile. The Exchange represents that waiver of the 30-day operative delay would allow it to provide data to customers who have expressed a specific interest in purchasing it. The Exchange also represents that the data is purely historical and only of use to create and test trading models and analytical strategies, similar data is already being provided by the ISE, and the purchase of such data is purely optional. The Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.20 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 the public interest; (ii) for the protection of investors; or (iii) 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. Commission, 100 F Street NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–GEMX–2017–13. 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–GEMX– 2017–13 and should be submitted on or before June 14, 2017. IV. Solicitation of Comments For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.21 Eduardo A. Aleman, Assistant Secretary. 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– GEMX–2017–13 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange [FR Doc. 2017–10590 Filed 5–23–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–80714; File No. SR– BatsBZX–2016–60] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change to Bats BZX Rule 14.13, Company Listing Fees, and to the Bats BZX Fee Schedule May 18, 2017. 19 17 CFR 240.19b–4(f)(6)(iii). 20 For purposes only of waiving the 30-day operative delay, the Commission also has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00122 Fmt 4703 Sfmt 4703 On September 29, 2016, Bats BZX Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) filed with the Securities and Exchange 21 17 E:\FR\FM\24MYN1.SGM CFR 200.30–3(a)(12). 24MYN1 23894 Federal Register / Vol. 82, No. 99 / Wednesday, May 24, 2017 / Notices Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend (1) the fees set forth in BZX Rule 14.13 applicable to securities listed on the Exchange, and (2) the fee schedule applicable to Members 3 and non-Members of the Exchange pursuant to Exchange Rules 15.1(a) and (c). BZX designated the proposed rule change as immediately effective upon filing with the Commission pursuant to Section 19(b)(3)(A) of the Act.4 On October 14, 2016, the Commission published notice of filing of the proposed rule change and pursuant to Section 19(b)(3)(C) of the Act: (1) Temporarily suspended the proposed rule change; and (2) instituted proceedings to determine whether to approve or disapprove the proposal.5 On April 14, 2017, pursuant to Section 19(b)(2) of the Act,6 the Commission designated a longer period within which to approve or disapprove the proposed rule change.7 The Commission received three comment letters on the proposal.8 On May 17, 2017, the Exchange withdrew the proposed rule change (SR–BatsBZX–2016–60). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–10582 Filed 5–23–17; 8:45 am] BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 A Member is defined as ‘‘any registered broker or dealer that has been admitted to membership in the Exchange.’’ See BZX Rule 1.5(n). 4 15 U.S.C. 78s(b)(3)(A). 5 See Securities Exchange Act Release No. 79103, 81 FR 72624 (Oct. 20, 2016). 6 15 U.S.C. 78s(b)(2). 7 See Securities Exchange Act Release No. 80461, 82 FR 18681 (Apr. 20, 2017). The Commission designated June 17, 2017, as the date by which it should approve or disapprove the proposed rule change. 8 See letter to Brent J. Fields, Secretary, Commission, from Kyle Murray, Assistant General Counsel, Bats Global Markets, Inc., dated November 22, 2016; letter to Brent J. Fields, Secretary, Commission, from Douglas A. Cifu, Chief Executive Officer, Virtu Financial, Inc., dated December 20, 2016; and letter to Brent J. Fields, Secretary, Commission, from Andrew Madar, Senior Associate General Counsel, NASDAQ Stock Market LLC, dated January 27, 2017. Comment letters are available at: https://www.sec.gov/comments/srbatsbzx-2016-60/batsbzx201660.shtml. 9 17 CFR 200.30–3(a)(12). asabaliauskas on DSK3SPTVN1PROD with NOTICES 2 17 VerDate Sep<11>2014 19:43 May 23, 2017 Jkt 241001 SECURITIES AND EXCHANGE COMMISSION Proposed Collection; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736. Extension: Rule 17a–11. SEC File. No. 270–94, OMB Control No. 3235–0085. Notice is hereby given that pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) is soliciting comments on the existing collection of information provided for in Rule 17a–11 (17 CFR 240.17a–11) under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) (‘‘Exchange Act’’). The Commission plans to submit this existing collection of information to the Office of Management and Budget for extension and approval. In response to an operational crisis in the securities industry between 1967 and 1970, the Commission adopted Rule 17a–11 (17 CFR 240.17a–11) under the Exchange Act on July 11, 1971. The Rule requires broker-dealers that are experiencing financial or operational difficulties to provide notice to the Commission, the broker-dealer’s designated examining authority (‘‘DEA’’), and the Commodity Futures Trading Commission (‘‘CFTC’’) if the broker-dealer is registered with the CFTC as a futures commission merchant. Rule 17a–11 is an integral part of the Commission’s financial responsibility program which enables the Commission, a broker-dealer’s DEA, and the CFTC to increase surveillance of a broker-dealer experiencing difficulties and to obtain any additional information necessary to gauge the broker-dealer’s financial or operational condition. Rule 17a–11 also requires over-thecounter (‘‘OTC’’) derivatives dealers and broker-dealers that are permitted to compute net capital pursuant to Appendix E to Exchange Act Rule 15c3– 1 to notify the Commission when their tentative net capital drops below certain levels. To ensure the provision of these types of notices to the Commission, Rule 17a– 11 requires every national securities exchange or national securities association to notify the Commission when it learns that a member brokerdealer has failed to send a notice or transmit a report required under the Rule. PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 Compliance with the Rule is mandatory. The Commission will generally not publish or make available to any person notices or reports received pursuant to Rule 17a–11. The Commission believes that information obtained under Rule 17a–11 relates to a condition report prepared for the use of the Commission, other federal governmental authorities, and securities industry self-regulatory organizations responsible for the regulation or supervision of financial institutions. The Commission expects to receive 253 notices from broker-dealers whose capital declines below certain specified levels or who are otherwise experiencing financial or operational problems and ten notices each year from national securities exchange or national securities association notifying it that a member broker-dealer has failed to send the Commission a notice or transmit a report required under the Rule. The Commission expects that it will take approximately one hour to prepare and transmit each notice. Rule 17a–11 also requires brokerdealers engaged in securities lending or repurchase activities to either: (1) File a notice with the Commission and their DEA whenever the total money payable against all securities loaned, subject to a reverse repurchase agreement or the contract value of all securities borrowed or subject to a repurchase agreement, exceeds 2,500% of tentative net capital; or, alternatively, (2) report monthly their securities lending and repurchase activities to their DEA in a form acceptable to their DEA. The Commission estimates that, annually, six broker-dealers will submit the monthly stock loan/borrow report. The Commission estimates each firm will spend, on average, approximately one hour per month (or twelve hours per year) of employee resources to prepare and send the report or to prepare the information for the FOCUS report (as required by the firm’s DEA, if applicable). Therefore, the Commission estimates the total annual reporting burden arising from this section of the amendment will be approximately 72 hours.1 Therefore, the total annual reporting burden associated with Rule 17a–11 is approximately 335 hours.2 Written comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission’s 16 broker-dealers × 12 hours per year = 72 hours. + 10 + 72. 2 253 E:\FR\FM\24MYN1.SGM 24MYN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 99 (Wednesday, May 24, 2017)]
[Notices]
[Pages 23893-23894]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-10582]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80714; File No. SR-BatsBZX-2016-60]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Withdrawal of a Proposed Rule Change to Bats BZX Rule 14.13, Company 
Listing Fees, and to the Bats BZX Fee Schedule

May 18, 2017.
    On September 29, 2016, Bats BZX Exchange, Inc. (``Exchange'' or 
``BZX'') filed with the Securities and Exchange

[[Page 23894]]

Commission (``Commission''), pursuant to Section 19(b)(1) of the 
Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ a proposed rule change to amend (1) the fees set forth 
in BZX Rule 14.13 applicable to securities listed on the Exchange, and 
(2) the fee schedule applicable to Members \3\ and non-Members of the 
Exchange pursuant to Exchange Rules 15.1(a) and (c). BZX designated the 
proposed rule change as immediately effective upon filing with the 
Commission pursuant to Section 19(b)(3)(A) of the Act.\4\ On October 
14, 2016, the Commission published notice of filing of the proposed 
rule change and pursuant to Section 19(b)(3)(C) of the Act: (1) 
Temporarily suspended the proposed rule change; and (2) instituted 
proceedings to determine whether to approve or disapprove the 
proposal.\5\ On April 14, 2017, pursuant to Section 19(b)(2) of the 
Act,\6\ the Commission designated a longer period within which to 
approve or disapprove the proposed rule change.\7\ The Commission 
received three comment letters on the proposal.\8\ On May 17, 2017, the 
Exchange withdrew the proposed rule change (SR-BatsBZX-2016-60).
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ A Member is defined as ``any registered broker or dealer 
that has been admitted to membership in the Exchange.'' See BZX Rule 
1.5(n).
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ See Securities Exchange Act Release No. 79103, 81 FR 72624 
(Oct. 20, 2016).
    \6\ 15 U.S.C. 78s(b)(2).
    \7\ See Securities Exchange Act Release No. 80461, 82 FR 18681 
(Apr. 20, 2017). The Commission designated June 17, 2017, as the 
date by which it should approve or disapprove the proposed rule 
change.
    \8\ See letter to Brent J. Fields, Secretary, Commission, from 
Kyle Murray, Assistant General Counsel, Bats Global Markets, Inc., 
dated November 22, 2016; letter to Brent J. Fields, Secretary, 
Commission, from Douglas A. Cifu, Chief Executive Officer, Virtu 
Financial, Inc., dated December 20, 2016; and letter to Brent J. 
Fields, Secretary, Commission, from Andrew Madar, Senior Associate 
General Counsel, NASDAQ Stock Market LLC, dated January 27, 2017. 
Comment letters are available at: https://www.sec.gov/comments/sr-batsbzx-2016-60/batsbzx201660.shtml.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-10582 Filed 5-23-17; 8:45 am]
 BILLING CODE 8011-01-P

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