Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange's Retail Price Improvement Program, 38733 [2017-17162]

Download as PDF Federal Register / Vol. 82, No. 156 / Tuesday, August 15, 2017 / Notices submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Phlx– 2017–61 and should be submitted on or before September 5, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–17170 Filed 8–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81364; File No. SR–BYX– 2012–019] Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program August 9, 2017. On November 27, 2012, the Securities and Exchange Commission (‘‘Commission’’) issued an order pursuant to its authority under Rule 612(c) of Regulation NMS (‘‘Sub-Penny Rule) 1 that granted the BATS BYXExchange, Inc. (‘‘BYX’’ or the ‘‘Exchange’’) a limited exemption from the Sub-Penny Rule in connection with the operation of the Exchange’s Retail Price Improvement (‘‘RPI’’) Program (the ‘‘Program’’). The limited exemption was granted concurrently with the Commission’s approval of the Exchange’s proposal to adopt the Program for a one-year pilot term.2 The exemption was granted coterminous with the effectiveness of the pilot Program and has been extended four times; 3 both the pilot Program and 15 17 CFR 200.30–3(a)(12). CFR 242.612(c). 2 See Securities Exchange Act Release No. 68303 (November 27, 2012), 77 FR 71652 (December 3, 2012) (‘‘RPI Approval Order’’) (SR–BXY–2012–019). 3 See Securities Exchange Act Release Nos. 71249 (January 7, 2014), 79 FR 2229 (January 13, 2012) (SR–BYX–2014–001) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the RPI); 71250 (January 7, 2014), 79 FR 2234 (January 13, 2012) (Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program); 74111 (January 22, 2015), 80 FR 4598 (January 28, 2015) (SR–BYX–2015–05) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the RPI); and 74115 (January 22, 2015), 80 FR 4324 (January 27, 2015) (Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program); 76965 (January 22, 2016), 81 FR 4682 (January 27, 2016) (SR–BYX–2016– mstockstill on DSK30JT082PROD with NOTICES 1 17 VerDate Sep<11>2014 17:15 Aug 14, 2017 Jkt 241001 exemption are scheduled to expired on July 31, 2017. The Exchange now seeks to extend the exemption until July 31, 2018.4 The Exchange’s request was made in conjunction with an immediately effective filing that extends the operation of the Program until July 31, 2018.5 In its request to extend the exemption, the Exchange notes that the Program was implemented gradually over time. Accordingly, the Exchange has asked for additional time to allow itself and the Commission to analyze data concerning the Program, which the Exchange committed to provide to the Commission, as well as to allow additional opportunities for greater participation in the Program.6 For this reason and the reasons stated in the Order originally granting the limited exemption, the Commission finds that extending the exemption, pursuant to its authority under Rule 612(c) of Regulation NMS, is appropriate in the public interest and consistent with the protection of investors. Therefore, it is hereby ordered, that, pursuant to Rule 612(c) of Regulation NMS, the Exchange is granted a limited exemption from Rule 612(c) of Regulation NMS that allows it to accept and rank orders priced equal to or greater than $1.00 per share in increments of $0.001, in connection with the operation of its RPI Program. The limited and temporary exemption extended by this Order is subject to modification or revocation if at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Securities Exchange Act of 1934. Responsibility for compliance with any applicable provisions of the federal securities laws must rest with the persons relying on the exemptions that are the subject of this Order. 01)(Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the RPI); 76953 (January 21, 2016), 81 FR 4728 (January 27, 2016)(Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program); 78180 (June 28, 2016), 81 FR 43306 (July 1, 2016) (SR–BYX–2016–15) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the RPI); 78178 (July 5, 2016), 81 FR 43689 (July 5, 2016)(Order Granting an Extension to Limited Exemption From Rule 612(c) of Regulation NMS in Connection With the Exchange’s Retail Price Improvement Program). 4 See letter from Anders Franzon, Senior Vice President and Associate General Counsel, BYX, to Brent J. Fields, Secretary, Commission, dated August 7, 2017. 5 See SR-BatsBYX–2017–18. 6 See RPI Approval Order, supra note 2, at 77 FR at 71657. PO 00000 Frm 00065 Fmt 4703 Sfmt 4703 38733 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.7 Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017–17162 Filed 8–14–17; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–81358; File No. 265–29] Equity Market Structure Advisory Committee Securities and Exchange Commission. ACTION: Notice of Federal Advisory Committee Renewal. AGENCY: The Securities and Exchange Commission is publishing this notice to announce that the Chairman of the Commission, with the concurrence of the other Commissioners, has approved the renewal of the Securities and Exchange Commission Equity Market Structure Advisory Committee. FOR FURTHER INFORMATION CONTACT: Arisa Kettig, Senior Special Counsel, Division of Trading and Markets, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549, (202) 551–5676. SUPPLEMENTARY INFORMATION: In accordance with the requirements of the Federal Advisory Committee Act, 5 U.S.C. App., the Commission is publishing this notice that the Chairman of the Commission, with the concurrence of the other Commissioners, has approved the renewal of the Securities and Exchange Commission Equity Market Structure Advisory Committee (the ‘‘Committee’’). The Chairman of the Commission affirms that the renewal of the Committee is necessary and in the public interest. The Committee’s objective is to provide the Commission with diverse perspectives on the structure and operations of the U.S. equities markets, as well as advice and recommendations on matters related to equity market structure. No more than seventeen voting members will be appointed to the Committee, representing a cross-section of those directly affected by, interested in, and/or qualified to provide advice to the Commission on matters related to equity market structure. The Committee’s membership will continue to be balanced fairly in terms of points SUMMARY: 7 17 E:\FR\FM\15AUN1.SGM CFR 200.30–3(a)(83). 15AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 82, Number 156 (Tuesday, August 15, 2017)]
[Notices]
[Page 38733]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17162]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81364; File No. SR-BYX-2012-019]


Self-Regulatory Organization; BATS BYX-Exchange, Inc.; Order 
Granting an Extension to Limited Exemption From Rule 612(c) of 
Regulation NMS in Connection With the Exchange's Retail Price 
Improvement Program

August 9, 2017.
    On November 27, 2012, the Securities and Exchange Commission 
(``Commission'') issued an order pursuant to its authority under Rule 
612(c) of Regulation NMS (``Sub-Penny Rule) \1\ that granted the BATS 
BYX-Exchange, Inc. (``BYX'' or the ``Exchange'') a limited exemption 
from the Sub-Penny Rule in connection with the operation of the 
Exchange's Retail Price Improvement (``RPI'') Program (the 
``Program''). The limited exemption was granted concurrently with the 
Commission's approval of the Exchange's proposal to adopt the Program 
for a one-year pilot term.\2\ The exemption was granted coterminous 
with the effectiveness of the pilot Program and has been extended four 
times; \3\ both the pilot Program and exemption are scheduled to 
expired on July 31, 2017.
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    \1\ 17 CFR 242.612(c).
    \2\ See Securities Exchange Act Release No. 68303 (November 27, 
2012), 77 FR 71652 (December 3, 2012) (``RPI Approval Order'') (SR-
BXY-2012-019).
    \3\ See Securities Exchange Act Release Nos. 71249 (January 7, 
2014), 79 FR 2229 (January 13, 2012) (SR-BYX-2014-001) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); 71250 (January 7, 2014), 79 FR 
2234 (January 13, 2012) (Order Granting an Extension to Limited 
Exemption From Rule 612(c) of Regulation NMS in Connection With the 
Exchange's Retail Price Improvement Program); 74111 (January 22, 
2015), 80 FR 4598 (January 28, 2015) (SR-BYX-2015-05) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); and 74115 (January 22, 2015), 
80 FR 4324 (January 27, 2015) (Order Granting an Extension to 
Limited Exemption From Rule 612(c) of Regulation NMS in Connection 
With the Exchange's Retail Price Improvement Program); 76965 
(January 22, 2016), 81 FR 4682 (January 27, 2016) (SR-BYX-2016-
01)(Notice of Filing and Immediate Effectiveness of a Proposed Rule 
Change to Extend the Pilot Period for the RPI); 76953 (January 21, 
2016), 81 FR 4728 (January 27, 2016)(Order Granting an Extension to 
Limited Exemption From Rule 612(c) of Regulation NMS in Connection 
With the Exchange's Retail Price Improvement Program); 78180 (June 
28, 2016), 81 FR 43306 (July 1, 2016) (SR-BYX-2016-15) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); 78178 (July 5, 2016), 81 FR 
43689 (July 5, 2016)(Order Granting an Extension to Limited 
Exemption From Rule 612(c) of Regulation NMS in Connection With the 
Exchange's Retail Price Improvement Program).
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    The Exchange now seeks to extend the exemption until July 31, 
2018.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Program 
until July 31, 2018.\5\ In its request to extend the exemption, the 
Exchange notes that the Program was implemented gradually over time. 
Accordingly, the Exchange has asked for additional time to allow itself 
and the Commission to analyze data concerning the Program, which the 
Exchange committed to provide to the Commission, as well as to allow 
additional opportunities for greater participation in the Program.\6\ 
For this reason and the reasons stated in the Order originally granting 
the limited exemption, the Commission finds that extending the 
exemption, pursuant to its authority under Rule 612(c) of Regulation 
NMS, is appropriate in the public interest and consistent with the 
protection of investors.
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    \4\ See letter from Anders Franzon, Senior Vice President and 
Associate General Counsel, BYX, to Brent J. Fields, Secretary, 
Commission, dated August 7, 2017.
    \5\ See SR-BatsBYX-2017-18.
    \6\ See RPI Approval Order, supra note 2, at 77 FR at 71657.
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    Therefore, it is hereby ordered, that, pursuant to Rule 612(c) of 
Regulation NMS, the Exchange is granted a limited exemption from Rule 
612(c) of Regulation NMS that allows it to accept and rank orders 
priced equal to or greater than $1.00 per share in increments of 
$0.001, in connection with the operation of its RPI Program.
    The limited and temporary exemption extended by this Order is 
subject to modification or revocation if at any time the Commission 
determines that such action is necessary or appropriate in furtherance 
of the purposes of the Securities Exchange Act of 1934. Responsibility 
for compliance with any applicable provisions of the federal securities 
laws must rest with the persons relying on the exemptions that are the 
subject of this Order.

    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)(83).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-17162 Filed 8-14-17; 8:45 am]
 BILLING CODE 8011-01-P

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