Self-Regulatory Organization; Cboe 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, 38748 [2018-16798]

Download as PDF 38748 Federal Register / Vol. 83, No. 152 / Tuesday, August 7, 2018 / Notices inspection and copying at the principal office of OCC and on OCC’s website at https://www.theocc.com/about/ publications/bylaws.jsp. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal or identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–OCC–2017–809 and should be submitted on or before August 22, 2018. By the Commission. Brent J. Fields, Secretary. [FR Doc. 2018–16824 Filed 8–6–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83756; File No. SR–BYX– 2012–019] Self-Regulatory Organization; Cboe 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 1, 2018. 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. (nka ‘‘Cboe 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 five times; 3 both the pilot Program and 1 17 CFR 242.612(c). 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 daltland on DSKBBV9HB2PROD with NOTICES 2 See VerDate Sep<11>2014 16:54 Aug 06, 2018 Jkt 244001 exemption are scheduled to expire on July 31, 2018. The Exchange now seeks to extend the exemption until December 31, 2018.4 The Exchange’s request was made in conjunction with an immediately effective filing that extends the operation of the Program until December 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 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); 81368 (August 10, 2017), 82 FR 38960 (August 16, 2017) (SR–BatsBYX–2017–18) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Extend the Pilot Period for the RPI); 81364 (August 8, 2018), 82 FR 38733 (August 15, 2017) (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, Cboe BYX, to Brent J. Fields, Secretary, Commission, dated July 30, 2018. 5 See SR–CboeBYX–2018–015. 6 See RPI Approval Order, supra note 2, at 77 FR at 71657. PO 00000 Frm 00072 Fmt 4703 Sfmt 4703 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 Brent J. Fields, Secretary. [FR Doc. 2018–16798 Filed 8–6–18; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–83757] Order Granting Applications by Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq PHLX LLC for Exemption Pursuant to Section 36(a) of the Exchange Act From the Rule Filing Requirements of Section 19(b) of the Exchange Act With Respect to Certain CAT Rules Incorporated by Reference August 1, 2018. Nasdaq BX, Inc. (‘‘BX’’), Nasdaq GEMX, LLC (‘‘GEMX’’), Nasdaq ISE, LLC (‘‘ISE’’), Nasdaq MRX, LLC (‘‘MRX’’), and Nasdaq PHLX LLC (‘‘Phlx’’) (each the ‘‘Exchange’’ and collectively, the ‘‘Exchanges’’) have filed with the Securities and Exchange Commission (the ‘‘Commission’’) an application for an exemption from the rule filing requirements of Section 19(b) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) 1 with respect to certain rules of The Nasdaq Stock Market LLC (the ‘‘Nasdaq Market’’) that the Exchanges seek to incorporate by reference. Section 36(a)(1) of the Exchange Act,2 subject to certain limitations, authorizes the Commission to conditionally or unconditionally exempt any person, security, or transaction, or any class thereof, from any provision of the Exchange Act or rule thereunder, if necessary or appropriate in the public interest and consistent with the protection of investors. 7 17 CFR 200.30–3(a)(83). U.S.C. 78s(b). 2 15 U.S.C. 78mm(a)(1). 1 15 E:\FR\FM\07AUN1.SGM 07AUN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 83, Number 152 (Tuesday, August 7, 2018)]
[Notices]
[Page 38748]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-16798]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83756; File No. SR-BYX-2012-019]


Self-Regulatory Organization; Cboe 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 1, 2018.
    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. (nka ``Cboe 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 five 
times; \3\ both the pilot Program and exemption are scheduled to expire 
on July 31, 2018.
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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); 81368 (August 10, 
2017), 82 FR 38960 (August 16, 2017) (SR-BatsBYX-2017-18) (Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change to 
Extend the Pilot Period for the RPI); 81364 (August 8, 2018), 82 FR 
38733 (August 15, 2017) (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 December 31, 
2018.\4\ The Exchange's request was made in conjunction with an 
immediately effective filing that extends the operation of the Program 
until December 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, Cboe BYX, to Brent J. Fields, Secretary, 
Commission, dated July 30, 2018.
    \5\ See SR-CboeBYX-2018-015.
    \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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Brent J. Fields,
Secretary.
[FR Doc. 2018-16798 Filed 8-6-18; 8:45 am]
BILLING CODE 8011-01-P

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