Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 21.5 of Bats BZX Exchange, Inc. To Extend Through December 31, 2017, the Penny Pilot Program in Options Classes in Certain Issues, 28198-28200 [2017-12768]
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<![CDATA[
28198
Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices
EQUITY EXECUTION VENUE RANK AND TIER—Continued
Market share
of share
volume 45
(%)
Market participant
FNC AG STOCK, LLC .................................................................................................................................
AX TRADING, LLC ......................................................................................................................................
PRO SECURITIES ATS ..............................................................................................................................
0.0000225
0.0000026
0.0000002
Rank
Tier
51
52
53
2
2
2
OPTIONS EXECUTION VENUE RANK AND TIER
Market share
of share
volume
(Options
contracts) 46
(%)
Market participant
NASDAQ PHLX LLC ...................................................................................................................................
Chicago Board Options Exchange, Incorporated ........................................................................................
Bats BZX Options Exchange, Inc. ...............................................................................................................
Nasdaq ISE, LLC .........................................................................................................................................
NYSE Arca, Inc. ...........................................................................................................................................
The NASDAQ Options Market LLC .............................................................................................................
NYSE MKT LLC ...........................................................................................................................................
Miami International Securities Exchange, LLC ...........................................................................................
Nasdaq GEMX, LLC ....................................................................................................................................
Chicago Board Options Exchange, Incorporated 2 .....................................................................................
BOX Options Exchange LLC .......................................................................................................................
Bats EDGX Options Exchange, Inc. ............................................................................................................
NASDAQ BX, Inc. ........................................................................................................................................
Nasdaq MRX, LLC .......................................................................................................................................
MIAX PEARL, LLC ......................................................................................................................................
[FR Doc. 2017–12771 Filed 6–19–17; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80927; File No. SR–
BatsBZX–2017–40]
Self-Regulatory Organizations; Bats
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change to Rule 21.5 of
Bats BZX Exchange, Inc. To Extend
Through December 31, 2017, the Penny
Pilot Program in Options Classes in
Certain Issues
sradovich on DSK3GMQ082PROD with NOTICES
June 14, 2017.
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 June 13,
2017, Bats BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
46 Based
on November 2016 through January 2017
volume sourced from Bats.
47 No market statistics as of January 2017.
Launched trading operations on February 6, 2017.
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
VerDate Sep<11>2014
18:01 Jun 19, 2017
Jkt 241001
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange has
designated this proposal as a ‘‘noncontroversial’’ proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6)(iii)
thereunder,4 which renders it 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 Substance of
the Proposed Rule Change
The Exchange filed a proposal to
extend through December 31, 2017, the
Penny Pilot Program (‘‘Penny Pilot’’) in
options classes in certain issues (‘‘Pilot
Program’’) previously approved by the
Commission.5
3 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6)(iii).
5 The rules of BZX Options, including rules
applicable to BZX Options’ participation in the
Penny Pilot, were approved on January 26, 2010.
See Securities Exchange Act Release No. 61419
(January 26, 2010), 75 FR 5157 (February 1, 2010)
(SR–BATS–2009–031). BZX Options commenced
operations on February 26, 2010. The Penny Pilot
was most recently extended for BZX Options
through June 30, 2017. See Securities Exchange Act
Release No. 34–79523 (December 9, 2016), 81 FR
90895 (December 16, 2016) (SR-BatsBZX–2016–84).
4 17
PO 00000
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16.08
11.53
10.63
9.52
9.01
8.01
5.84
4.16
3.33
3.02
1.31
0.67
0.21
N/A 47
Rank
Tier
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
The text of the proposed rule change
is available at the Exchange’s Web site
at www.batstrading.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 parts 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 this filing is to extend
the Penny Pilot, which was previously
approved by the Commission, through
December 31, 2017, and to provide
revised dates for adding replacement
E:\FR\FM\20JNN1.SGM
20JNN1
Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices
issues to the Pilot Program. The
Exchange proposes that any Pilot
Program issues that have been delisted
may be replaced on the second trading
day following July 1, 2017. The
replacement issues will be selected
based on trading activity for the most
recent six month period excluding the
month immediately preceding the
replacement (i.e., beginning December
1, 2016, and ending May 31, 2017).
The Exchange represents that the
Exchange has the necessary system
capacity to continue to support
operation of the Penny Pilot. The
Exchange believes the benefits to public
customers and other market participants
who will be able to express their true
prices to buy and sell options have been
demonstrated to outweigh the increase
in quote traffic.
sradovich on DSK3GMQ082PROD with NOTICES
2. Statutory Basis
The Exchange believes that its
proposal is consistent with the
requirements of the Act and the rules
and regulations thereunder that are
applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.6
In particular, the proposal is consistent
with Section 6(b)(5) of the Act 7 because
it would promote just and equitable
principles of trade, remove
impediments to, and perfect the
mechanism of, a free and open market
and a national market system. The
Exchange believes that the Pilot
Program promotes just and equitable
principles of trade by enabling public
customers and other market participants
to express their true prices to buy and
sell options. Accordingly, the Exchange
believes that the proposal is consistent
with the Act because it will allow the
Exchange to extend the Pilot Program
prior to its expiration on June 30, 2017.
The Exchange notes that this proposal
does not propose any new policies or
provisions that are unique or unproven,
but instead relates to the continuation of
an existing program that operates on a
pilot basis.
(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. In this
regard, the Exchange notes that the rule
change is being proposed in order to
continue the Pilot Program, which is a
competitive response to analogous
programs offered by other options
exchanges. The Exchange believes this
proposed rule change is necessary to
permit fair competition among the
options exchanges.
(C) Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
The Exchange has not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any written
comments from members or other
interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (A) Significantly affect
the protection of investors or the public
interest; (B) impose any significant
burden on competition; and (C) by its
terms, 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) of the
Act 8 and paragraph (f)(6) of Rule 19b–
4 thereunder,9 the Exchange has
designated this rule filing as noncontroversial. The Exchange has given
the Commission written notice of its
intent to file the proposed rule change,
along with a brief description and text
of 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.
A proposed rule change filed under
Rule 19b–4(f)(6) normally does not
become operative prior to 30 days after
the date of the filing.10 However,
pursuant to Rule 19b–4(f)(6)(iii),11 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. Without a waiver of the 30-day
operative delay, CBOE’s Pilot Program
will expire before the extension of the
Pilot Program is operative. The
Commission believes that waiving the
30-day operative delay for the instant
filing is consistent with the protection
of investors and the public interest
because doing so will allow the Pilot
Program to continue without
interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program and will allow the
Exchange and the Commission
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
9 17
6 15
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
VerDate Sep<11>2014
18:01 Jun 19, 2017
Jkt 241001
PO 00000
Frm 00157
Fmt 4703
Sfmt 4703
28199
additional time to analyze the impact of
the Pilot Program. Accordingly, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.12
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is: (1) Necessary or appropriate in
the public interest; (2) for the protection
of investors; or (3) 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 proposal 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 No. SRBatsBZX–2017–40 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 No.
SR-BatsBZX–2017–40. 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
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
E:\FR\FM\20JNN1.SGM
20JNN1
28200
Federal Register / Vol. 82, No. 117 / Tuesday, June 20, 2017 / Notices
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 will also 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 No. SR-BatsBZX–
2017–40 and should be submitted on or
before July 11, 2017.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–12768 Filed 6–19–17; 8:45 am]
BILLING CODE 8011–01–P
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–80933; File No. SR–NYSE–
2017–30]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing of Proposed Rule Change To
Amend Section 102.01B of the NYSE
Listed Company Manual To Provide for
the Listing of Companies That List
Without a Prior Exchange Act
Registration and That Are Not Listing
in Connection With an Underwritten
Initial Public Offering and Related
Changes to Rules 15, 104, and 123D
June 15, 2017.
sradovich on DSK3GMQ082PROD with NOTICES
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 13,
2017, New York Stock Exchange LLC
(‘‘NYSE’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II 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
The Exchange proposes to amend: (i)
Footnote (E) to Section 102.01B of the
CFR 200.30–3(a)(12).
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
18:01 Jun 19, 2017
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend: (i)
Footnote (E) to Section 102.01B of the
Manual to modify the provisions
relating to the qualification of
companies listing without a prior
Exchange Act registration; (ii) Rule 15 to
add a Reference Price for when a
security is listed under Footnote (E) to
Section 102.01B; (iii) Rule 104 to
specify DMM requirements when a
security is listed under Footnote (E) to
Section 102.10B and there has been no
trading in the private market for such
security; and (iv) Rule 123D to specify
that the Exchange may declare a
regulatory halt in a security that is the
subject of an IPO or initial listing on the
Exchange
Amendments to Footnote (E) to Section
102.01B
13 17
VerDate Sep<11>2014
NYSE Listed Company Manual (the
‘‘Manual’’) to modify the provisions
relating to the qualification of
companies listing without a prior
Exchange Act registration; (ii) Rule 15 to
add a Reference Price for when a
security is listed under Footnote (E) to
Section 102.01B; (iii) Rule 104 to
specify DMM requirements when a
security is listed under Footnote (E) to
Section 102.01B and there has been no
trading in the private market for such
security; and (iv) Rule 123D to specify
that the Exchange may declare a
regulatory halt in a security that is the
subject of an initial public offering
(‘‘IPO’’) or initial listing on the
Exchange. The proposed rule change is
available on the Exchange’s Web site at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
Generally, the Exchange expects to
list companies in connection with a firm
Jkt 241001
PO 00000
Frm 00158
Fmt 4703
Sfmt 4703
commitment underwritten IPO, upon
transfer from another market, or
pursuant to a spin-off. Companies
listing in connection with an IPO must
demonstrate that they have $40 million
in market value of publicly-held
shares,4 while companies that are listing
upon transfer from another exchange or
the over-the counter market or pursuant
to a spin-off must demonstrate that they
have $100 million in market value of
publicly-held shares.
Section 102.01B currently contains a
provision under which the Exchange
recognizes that some companies that
have not previously had their common
equity securities registered under the
Exchange Act, but which have sold
common equity securities in a private
placement, may wish to list their
common equity securities on the
Exchange at the time of effectiveness of
a registration statement filed solely for
the purpose of allowing existing
shareholders to sell their shares.
Footnote (E) to Section 102.01B
provides that the Exchange will, on a
case by case basis, exercise discretion to
list such companies. In exercising this
discretion, Footnote (E) provides that
the Exchange will determine that such
company has met the $100 million
aggregate market value of publicly-held
shares requirement based on a
combination of both (i) an independent
third-party valuation (a ‘‘Valuation’’) of
the company and (ii) the most recent
trading price for the company’s common
stock in a trading system for
unregistered securities operated by a
national securities exchange or a
registered broker-dealer (a ‘‘Private
Placement Market’’). The Exchange will
attribute a market value of publicly-held
shares to the company equal to the
lesser of (i) the value calculable based
on the Valuation and (ii) the value
calculable based on the most recent
trading price in a Private Placement
Market.
Any Valuation used for purposes of
Footnote (E) must be provided by an
entity that has significant experience
and demonstrable competence in the
provision of such valuations. The
Valuation must be of a recent date as of
the time of the approval of the company
for listing and the evaluator must have
considered, among other factors, the
annual financial statements required to
be included in the registration
statement, along with financial
statements for any completed fiscal
quarters subsequent to the end of the
4 Shares held by directors, officers, or their
immediate families and other concentrated holdings
of 10 percent or more are excluded in calculating
the number of publicly-held shares.
E:\FR\FM\20JNN1.SGM
20JNN1
]]>Agencies
[Federal Register Volume 82, Number 117 (Tuesday, June 20, 2017)]
[Notices]
[Pages 28198-28200]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-12768]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-80927; File No. SR-BatsBZX-2017-40]
Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change to Rule
21.5 of Bats BZX Exchange, Inc. To Extend Through December 31, 2017,
the Penny Pilot Program in Options Classes in Certain Issues
June 14, 2017.
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 June 13, 2017, Bats BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The Exchange
has designated this proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6)(iii) thereunder,\4\ which renders it 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).
\4\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange filed a proposal to extend through December 31, 2017,
the Penny Pilot Program (``Penny Pilot'') in options classes in certain
issues (``Pilot Program'') previously approved by the Commission.\5\
---------------------------------------------------------------------------
\5\ The rules of BZX Options, including rules applicable to BZX
Options' participation in the Penny Pilot, were approved on January
26, 2010. See Securities Exchange Act Release No. 61419 (January 26,
2010), 75 FR 5157 (February 1, 2010) (SR-BATS-2009-031). BZX Options
commenced operations on February 26, 2010. The Penny Pilot was most
recently extended for BZX Options through June 30, 2017. See
Securities Exchange Act Release No. 34-79523 (December 9, 2016), 81
FR 90895 (December 16, 2016) (SR-BatsBZX-2016-84).
---------------------------------------------------------------------------
The text of the proposed rule change is available at the Exchange's
Web site at www.batstrading.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 parts 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 this filing is to extend the Penny Pilot, which was
previously approved by the Commission, through December 31, 2017, and
to provide revised dates for adding replacement
[[Page 28199]]
issues to the Pilot Program. The Exchange proposes that any Pilot
Program issues that have been delisted may be replaced on the second
trading day following July 1, 2017. The replacement issues will be
selected based on trading activity for the most recent six month period
excluding the month immediately preceding the replacement (i.e.,
beginning December 1, 2016, and ending May 31, 2017).
The Exchange represents that the Exchange has the necessary system
capacity to continue to support operation of the Penny Pilot. The
Exchange believes the benefits to public customers and other market
participants who will be able to express their true prices to buy and
sell options have been demonstrated to outweigh the increase in quote
traffic.
2. Statutory Basis
The Exchange believes that its proposal is consistent with the
requirements of the Act and the rules and regulations thereunder that
are applicable to a national securities exchange, and, in particular,
with the requirements of Section 6(b) of the Act.\6\ In particular, the
proposal is consistent with Section 6(b)(5) of the Act \7\ because it
would promote just and equitable principles of trade, remove
impediments to, and perfect the mechanism of, a free and open market
and a national market system. The Exchange believes that the Pilot
Program promotes just and equitable principles of trade by enabling
public customers and other market participants to express their true
prices to buy and sell options. Accordingly, the Exchange believes that
the proposal is consistent with the Act because it will allow the
Exchange to extend the Pilot Program prior to its expiration on June
30, 2017. The Exchange notes that this proposal does not propose any
new policies or provisions that are unique or unproven, but instead
relates to the continuation of an existing program that operates on a
pilot basis.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b).
\7\ 15 U.S.C. 78f(b)(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 that is not necessary or appropriate
in furtherance of the purposes of the Act. In this regard, the Exchange
notes that the rule change is being proposed in order to continue the
Pilot Program, which is a competitive response to analogous programs
offered by other options exchanges. The Exchange believes this proposed
rule change is necessary to permit fair competition among the options
exchanges.
(C) Self-Regulatory Organization's Statement on Comments on the
Proposed Rule Change Received From Members, Participants or Others
The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any written comments from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (A)
Significantly affect the protection of investors or the public
interest; (B) impose any significant burden on competition; and (C) by
its terms, 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) of the Act \8\ and
paragraph (f)(6) of Rule 19b-4 thereunder,\9\ the Exchange has
designated this rule filing as non-controversial. The Exchange has
given the Commission written notice of its intent to file the proposed
rule change, along with a brief description and text of 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.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) normally does
not become operative prior to 30 days after the date of the filing.\10\
However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. Without a waiver of
the 30-day operative delay, CBOE's Pilot Program will expire before the
extension of the Pilot Program is operative. The Commission believes
that waiving the 30-day operative delay for the instant filing is
consistent with the protection of investors and the public interest
because doing so will allow the Pilot Program to continue without
interruption in a manner that is consistent with the Commission's prior
approval of the extension and expansion of the Pilot Program and will
allow the Exchange and the Commission additional time to analyze the
impact of the Pilot Program. Accordingly, the Commission designates the
proposed rule change as operative upon filing with the Commission.\12\
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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: (1)
Necessary or appropriate in the public interest; (2) for the protection
of investors; or (3) 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 proposal 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 No. SR-BatsBZX-2017-40 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 No. SR-BatsBZX-2017-40. 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
[[Page 28200]]
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 will also 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 No. SR-BatsBZX-2017-40 and should be submitted on or before July
11, 2017.
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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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-12768 Filed 6-19-17; 8:45 am]
BILLING CODE 8011-01-P
