[Federal Register Volume 80, Number 77 (Wednesday, April 22, 2015)]
[Notices]
[Pages 22594-22598]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-09269]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74740; File No. SR-BYX-2015-23]
Self-Regulatory Organizations; BATS Y-Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
Exchange Rule 3.5 (Advertising Practices) and Repeal Exchange Rule 3.20
(Initial or Partial Payments)
April 16, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on April 1, 2015, BATS Y-Exchange, Inc. (``Exchange'' or ``BYX'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially 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) 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.
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\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).
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange filed a proposal to: (i) Amend Exchange Rule 3.5
(Advertising Practices); and (ii) repeal Exchange Rule 3.20 (Initial or
Partial Payments) to conform with the rules of the Financial Industry
Regulatory Authority, Inc. (``FINRA'') for purposes of an agreement
between the Exchange and FINRA pursuant to Rule 17d-2 under the Act.\5\
The proposed rule change is identical to proposed rule changes
submitted by the EDGX Exchange, Inc. (``EDGX'') and the EDGA Exchange,
Inc. (``EDGA'') that were published by the Commission.\6\
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\5\ 17 CFR 240.17d-2.
\6\ See Securities Exchange Act Release Nos. 70837 (Nov. 8,
2013), 78 FR 68889 (Nov. 15, 2013) (SR-EDGA-2013-32) (Notice of
Filing and Immediate Effectiveness of Proposed Rule Change to Amend
EDGA Rule 3.5 (Advertising Practices) and to Repeal Rule 3.20
(Initial or Partial Payments) to Conform with the Rules of the
Financial Industry Regulatory Authority); and 70836 (Nov. 8, 2013),
78 FR 68897 (Nov. 15, 2013) (SR-EDGX-2013-40) (Notice of Filing and
Immediate Effectiveness of Proposed Rule Change to Amend EDGX Rule
3.5 (Advertising Practices) and to Repeal Rule 3.20 (Initial or
Partial Payments) to Conform with the Rules of the Financial
Industry Regulatory Authority).
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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
Pursuant to Rule 17d-2 under the Act,\7\ the Exchange and FINRA
entered into an agreement to allocate regulatory responsibility for
common rules (``17d-2 Agreement''). The 17d-2 Agreement covers common
members of the Exchange and FINRA (``Common Members'') and allocates to
FINRA regulatory responsibility, with respect to Common Members, for
the following: (i) Examination of Common Members for compliance with
federal securities laws, rules, and regulations, and rules of the
Exchange that the Exchange has certified as identical or substantially
similar to FINRA rules; (ii) investigation of Common Members for
violations of federal securities laws, rules, and regulations, and
Exchange rules that the Exchange has certified as identical or
substantially identical to FINRA rules; and (iii) enforcement of
compliance by Common Members with the federal securities laws, rules,
and regulations, and the rules of the Exchange that the Exchange has
certified as identical or substantially similar to FINRA rules.\8\
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\7\ 17 CFR 240.17d-2.
\8\ See Securities and Exchange Release No. 61698 (March 12,
2010), 75 FR 13151 (March 18, 2010) (approving File No. 10-196).
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The 17d-2 Agreement included a certification by the Exchange that
states that the requirements contained in certain Exchange rules are
identical to, or substantially similar to, certain
[[Page 22595]]
FINRA rules that have been identified as comparable. To conform with
comparable FINRA rules for purposes of the 17d-2 Agreement, the
Exchange proposes to: (i) Amend Exchange Rule 3.5 (Advertising
Practices); and (ii) repeal Exchange Rule 3.20 (Initial or Partial
Payments).
Rule 3.5 (Advertising Practices)
The Exchange proposes to delete the current text of Rule 3.5 and
adopt text that would require Exchange members \9\ (``Members'') to
comply with FINRA Rule 2210 as if this Rule was part of the Exchange's
rules and to rename Rule 3.5 ``Communications with the Public.'' \10\
The proposed rule text is substantially the same as Rule 2210(a) of the
Nasdaq Stock Market LLC (``Nasdaq''), which has been approved by the
Commission.\11\
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\9\ ``Member'' is defined as ``any registered broker or dealer,
or any person associated with a registered broker or dealer, that
has been admitted to membership in the Exchange. A Member will have
the status of a `member' of the Exchange as that term is defined in
Section 3(a)(3) of the Act.'' Exchange Rule 1.5(n).
\10\ The Exchange does not propose to require that Members
comply with FINRA Rule 2210(c). FINRA Rule 2210(c) generally
requires that FINRA members file certain communications with FINRA.
The Exchange believes that it is inappropriate for its rules to
require Members to file certain communications with FINRA as such
filing requirements under FINRA rules are between FINRA and its
members.
\11\ See Securities Exchange Act Release No. 53128 (Jan. 13,
2006), 71 FR 3550 (Jan. 23, 2006) (order approving Nasdaq's
application for registration as a national securities exchange); see
also Securities Exchange Act Release No. 58069 (June 30, 2008), 73
FR 39360 (July 9, 2008) (SR-Nasdaq-2008-054) (Notice of Filing and
Immediate Effectiveness).
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Currently, Exchange Rule 3.5(d) and (f) are excluded from the 17d-2
Agreement because they are not are identical to, or substantially
similar to, certain FINRA rules. First, Exchange Rule 3.5(d) requires
that advertising and sales literature be pre-approved and signed or
initialed by a supervisor while FINRA Rule 2210(b) only requires
supervisory pre-approval for retail communication, and different
supervisory review standards for institutional communication, and
correspondence. Second, Rule 3.5(f) and FINRA Rule 2210(d)(6) also
contain different content requirements for testimonials. Exchange Rule
3.5(d) and (f) were, therefore, excluded from the 17d-2 Agreement
because their requirements were not identical or substantially similar
to those required under FINRA Rule 2210(b) and (d)(6) respectively. To
harmonize its rules with FINRA, the Exchange proposes to delete the
current text of Rule 3.5 and adopt text that would require Members to
comply with FINRA Rule 2210 as if such Rule were part of the Exchange's
rules so that Rule 3.5 may be incorporated into the 17d-2 Agreement in
its entirety.
The Exchange believes that these changes would help to avoid
confusion among Common Members by further aligning Exchange Rules 3.5
with FINRA Rule 2210. The proposed changes to Rule 3.5 are designed to
enable the Exchange to incorporate Rule 3.5 into the 17d-2 Agreement,
further reducing duplicative regulation of Common Members.
Summary of FINRA Rule 2210
FINRA Rule 2210 generally sets forth the content, filing,
supervisory review, and record retention requirements for FINRA
member's communications with the public. A summary of FINRA Rule 2210
is below. A more complete description of FINRA Rule 2210 is provided in
FINRA's Regulatory Notice 12-29 \12\ and Regulatory Notice 14-30.\13\
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\12\ See FINRA Regulatory Notice 12-29 (June 2012) available at
http://finra.complinet.com/net_file_store/new_rulebooks/f/i/FINRANotice12_29.pdf.
\13\ See FINRA Regulatory Notice 14-30 (July 2014) available at
http://finra.complinet.com/net_file_store/new_rulebooks/f/i/FINRANotice_14_30.pdf.
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FINRA Rule 2210 divides a Member's communications with the public
into the following three categories:
Institutional communication. FINRA Rule 2210(a)(3) defines
``institutional communication'' as ``any written (including electronic)
communication that is distributed or made available only to
institutional investors, but does not include a member's internal
communications.''
Retail communication. FINRA Rule 2210(a)(5) defines
``retail communication'' as ``any written (including electronic)
communication that is distributed or made available to more than 25
retail investors within any 30-day calendar period.'' FINRA Rule
2210(a)(6) defines ``Retail investor'' as ``any person other than an
institutional investor, regardless of whether the person has an account
with the member.'' Communications that are considered advertisements
and sales literature fall under the definition of ``retail
communication.''
Correspondence. FINRA Rule 2210(a)(2) defines
``correspondence'' as ``any written (including electronic)
communication that is distributed or made available to fewer than 25
retail investors within any 30-day calendar period.''
Supervisory Review. To comply with the supervisory requirements of
FINRA Rule 2210(b), Common Members must obtain supervisory pre-approval
of all retail communications, while institutional communications and
correspondence would be subject to supervisory review, but not pre-
approval.
Under FINRA Rule 2210(b)(1), all retail communications must be
approved by a supervisor prior to their first use or filing with FINRA
under FINRA Rule 2210(c). FINRA's Rule 2210(b)(1)'s supervisory
requirements do not apply to a retail communication if, at the time
that a member intends to publish or distribute it: (i) Another member
has filed it with FINRA and has received a letter from FINRA stating
that it appears to be consistent with applicable standards; and (ii)
the member has not materially altered it and will not use it in a
manner that is inconsistent with the conditions of FINRA's letter. The
rule's supervisory review requirements also do not apply to the
following retail communications, provided that the member supervises
and reviews such communications in the same manner as required for
supervising and reviewing correspondence pursuant to FINRA Rule 3110(b)
and Supplemental Material 3110.06 through .09: (i) Any retail
communication that is excepted from the definition of ``research
report'' pursuant to NASD Rule 2711(a)(9)(A), unless the communication
makes any financial or investment recommendation; (ii) any retail
communication that is posted on an online interactive electronic forum;
and (iii) any retail communication that does not make any financial or
investment recommendation or otherwise promote a product or service of
the member.
For institutional communications, FINRA Rule 2210(b)(3) requires
that members establish written procedures that are appropriate to its
business, size, structure, and customers for the review by an
appropriately qualified registered principal of institutional
communications used by the member and its associated persons. These
procedures must be reasonably designed to ensure that institutional
communications comply with applicable standards. When these procedures
do not require review of all institutional communications prior to
first use or distribution, they must include provisions for: (i) The
education and training of associated persons as to the firm's
procedures governing institutional communications; (ii) the
documentation of their education and training; and (iii) surveillance
and follow-up to ensure that these procedures are implemented and
adhered to. Evidence that these supervisory procedures have been
[[Page 22596]]
implemented and carried out must be maintained and made available to
FINRA upon request.
FINRA Rule 2210(b)(2) states that correspondence is subject to the
supervision and review requirements of FINRA Rule 3110(b) and
Supplemental Material 3110.06 through .09. Under FINRA Rule 3110(b)(4),
each member shall develop written procedures that are appropriate to
its business, size, structure, and customers for reviewing incoming and
outgoing written (including electronic) correspondence with the public
relating to its investment banking or securities business, including
procedures for reviewing incoming written correspondence directed to
registered representatives, and related to the member's investment
banking or securities business, to properly identify and handle
customer complaints and to ensure that customer funds and securities
are handled in accordance with firm procedures. Where these procedures
for the review of correspondence do not require review of all
correspondence prior to use or distribution, they must include
provisions for: (i) The education and training of associated persons as
to the firm's procedures governing correspondence; (ii) the
documentation of their education and training; and (iii) surveillance
and follow-up to ensure that these procedures are implemented and
adhered to.
Record Retention. Under FINRA Rule 2210(b)(4)(A), members must
maintain all retail communications and institutional communications for
the retention period required by Rule 17a-4(b) under the Act and in a
format and media that comply with Rule 17a-4 under the Act. The records
must include:
A copy of the communication and the dates of first and (if
applicable) last use of such communication;
the name of any registered principal who approved the
communication and the date that approval was given;
in the case of a retail communication or an institutional
communication that is not approved prior to first use by a registered
principal, the name of the person who prepared or distributed the
communication;
information concerning the source of any statistical
table, chart, graph, or other illustration used in the communication;
and
for any retail communication for which principal approval
is not required pursuant to FINRA Rule (b)(1)(C), the name of the
member that filed the retail communication with the FINRA Advertising
Regulation Department, and a copy of the corresponding review letter
from the Department.
Filing Requirements. Like Nasdaq Rule 2210(a), Exchange Rule 3.5
would expressly state that Members would not be required to comply with
FINRA Rule 2210(c). FINRA Rule 2210(c) generally requires FINRA members
to file certain retail communications with FINRA prior to first use.
Exchange members who are also FINRA members would continue to be
subject to FINRA Rule 2210(c).
Content Standards. FINRA Rule 2210(d) sets forth general content
standards for all communications. All member communications must be
based on principles of fair dealing and good faith, must be fair and
balanced, and must provide a sound basis for evaluating the facts in
regard to any particular security or type of security, industry, or
service. No member may omit any material fact or qualification if the
omission, in light of the context of the material presented, would
cause the communications to be misleading. No member may make any
false, exaggerated, unwarranted, promissory, or misleading statement or
claim in any communication. No member may publish, circulate, or
distribute any communication that the member knows or has reason to
know contains any untrue statement of a material fact or is otherwise
false or misleading. Information may be placed in a legend or footnote
only in the event that such placement would not inhibit an investor's
understanding of the communication. Members must ensure that statements
are clear and not misleading within the context in which they are made,
and that they provide balanced treatment of risks and potential
benefits. Communications must be consistent with the risks of
fluctuating prices and the uncertainty of dividends, rates of return,
and yield inherent to investments. Members must consider the nature of
the audience to which the communication will be directed and must
provide details and explanations appropriate to the audience.
Communications may also not predict or project performance, imply
that past performance will recur, or make any exaggerated or
unwarranted claim, opinion, or forecast; provided, however,
communications may include: (i) A hypothetical illustration of
mathematical principles, provided that it does not predict or project
the performance of an investment or investment strategy; (ii) an
investment analysis tool, or a written report produced by an investment
analysis tool, that meets the requirements of FINRA Rule 2214; and
(iii) a price target contained in a research report on debt or equity
securities, provided that the price target has a reasonable basis, the
report discloses the valuation methods used to determine the price
target, and the price target is accompanied by disclosure concerning
the risks that may impede achievement of the price target.
Testimonials. To comply with FINRA Rule 2210(d)(6): (i) If a
testimonial includes a technical aspect of investing, the person making
the testimonial must have the knowledge and expertise to form a valid
opinion; and (ii) retail communications or correspondence providing any
testimonial concerning the investment advice or investment performance
of a member or its products must prominently disclose that the
testimonial: (a) May not be representative of the experience of other
customers; (b) is no guarantee of future performance or success; and
(c) is a paid testimonial, if more than $100 in value has been paid.
Recommendations. FINRA Rule 2210(d)(7)(A) requires that retail
communications that include a recommendation of securities must have a
reasonable basis for the recommendation and must disclose, if
applicable, the following: (i) That at the time the communication was
published or distributed, the member was making a market in the
security being recommended, or in the underlying security if the
recommended security is an option or security future, or that the
member or associated persons will sell to or buy from customers on a
principal basis; (ii) that the member or any associated person that is
directly and materially involved in the preparation of the content of
the communication has a financial interest in any of the securities of
the issuer whose securities are recommended, and the nature of the
financial interest (including, without limitation, whether it consists
of any option, right, warrant, future, long or short position), unless
the extent of the financial interest is nominal; and (iii) that the
member was manager or co-manager of a public offering of any securities
of the issuer whose securities are recommended within the past 12
months. Members must provide, or offer to furnish upon request,
available investment information supporting the recommendation. When a
member recommends a corporate equity security, the member must provide
the price at the time the recommendation is made.
Retail communication or correspondence may not refer, directly or
indirectly, to past specific
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recommendations of the member that were or would have been profitable
to any person; provided, however, that a retail communication or
correspondence may set out or offer to furnish a list of all
recommendations as to the same type, kind, grade, or classification of
securities made by the member within the immediately preceding period
of not less than one year, if the communication or list: (i) States the
name of each security recommended, the date and nature of each
recommendation (e.g., whether to buy, sell, or hold), the market price
at that time, the price at which the recommendation was to be acted
upon, and the market price of each security as of the most recent
practicable date; and (ii) contains the following cautionary legend,
which must appear prominently within the communication or list: ``It
should not be assumed that recommendations made in the future will be
profitable or will equal the performance of the securities in this
list.''
Rule 3.20 (Initial or Partial Payments)
The Exchange also proposes to delete Exchange Rule 3.20 (Initial or
Partial Payments). In January 2010, FINRA repealed NASD Rule 2450
(Initial or Partial Payments) and does not currently include a
comparable rule in its rule book.\14\ Like NASD Rule 2450, Exchange
Rule 3.20 prohibits any arrangement whereby the customer of a Member
submits partial or installment payments for the purchase of a security
with the following exceptions: (i) If a Member is acting as agent or
broker in the transaction, then the Member must immediately make an
actual purchase of the security for the account of the customer, and
immediately take possession or control of the security and maintain
possession or control of the security as long as the Member is under
the obligation to deliver the security to the customer; (ii) if a
Member is acting as principal in the transaction, the Member must, at
the time of the transaction, own the security and maintain possession
or control of the security as long as the Member is under the
obligation to deliver the security to the customer; and (iii) if
applicable to a Member, the provisions of Regulation T of the Federal
Reserve Board \15\ are satisfied. The rule also prohibits a Member,
whether acting as principal or agent, in connection with any
installment or partial sales transaction, from making any agreement
with the customer whereby the Member would be allowed to pledge or
hypothecate any security involved in such transaction for any amount in
excess of the indebtedness of the customer to the Member.
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\14\ See Securities Exchange Act Release No. 61542 (Feb. 18,
2010), 75 FR 8768 (Feb. 25, 2010) (SR-FINRA-2009-093) (order
approving proposal to repeal NASD Rule 2450).
\15\ Federal Reserve Board, Regulation T (Credit by Brokers and
Dealers), 12 CFR 220 et seq.
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Section 220.8 of Regulation T permits the purchase of a security in
a cash account predicated on either: (i) There being sufficient funds
in the account; or (ii) the Member accepts in good faith the customer's
agreement that full cash payment will be made.\16\ The rule further
stipulates that payment must be made within a specified payment
period.\17\ Regulation T also allows the purchase of a security in a
margin account, whereby a customer must deposit an initial requirement,
based upon the amount of the transaction, within the specified payment
period.
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\16\ See Section 220.8(a)(1) of Regulation T.
\17\ According to Section 220.2 of Regulation T, ``payment
period'' means the number of business days in the standard
securities settlement cycle in the United States, as defined in Rule
15c6-1(a) under the Act (17 CFR 240.15c6-1(a)), plus two business
days.
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The Exchange proposes to repeal Exchange Rule 3.20 in light of the
explicit provisions in Regulation T requiring the deposit of sufficient
funds within the specified payment period. The Exchange also believes
that the hypothecation prohibition in Exchange Rule 3.20 would no
longer be relevant because it is predicated on a partial or installment
payment under the rule. The Exchange notes that, notwithstanding the
repeal of Exchange Rule 3.20, Members are required to comply with all
applicable federal securities laws, including Regulation T.
2. Statutory Basis
The Exchange believes that proposed rule change is consistent with
Section 6(b)(5) of the Act,\18\ which requires, among other things,
that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanism of a free and open
market and a national market system. The Exchange believes that the
proposed rule change would further these requirements by eliminating
duplicative and unnecessary rules and advancing the development of a
more efficient and effective Exchange Rulebook. The Exchange believes
that the proposed rule change would provide greater harmonization
between Exchange and FINRA rules of similar purpose, resulting in
greater uniformity and less burdensome and more efficient regulatory
compliance. Accordingly, the Exchange believes that the proposed rule
change would foster cooperation and coordination with persons engaged
in facilitating transactions in securities and would remove impediments
to and perfect the mechanism of a free and open market and a national
market system.
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\18\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange believes that
the proposed rule change is not designed to address any competitive
issues but rather is designed to provide greater harmonization among
Exchange and FINRA rules of similar purpose, resulting in less
burdensome and more efficient regulatory compliance for Common Members
and facilitating FINRA's performance of its regulatory functions under
the 17d-2 Agreement.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange has neither solicited nor received written comments on
the proposal.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has designated the proposed rule change as non-
controversial under Section 19(b)(3)(A) of the Act \19\ and Rule 19b-
4(f)(6) \20\ thereunder. Because the 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 after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
and Rule 19b-4(f)(6) thereunder.\21\
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\19\ 15 U.S.C. 78s(b)(3)(A).
\20\ 17 CFR 240.19b-4.
\21\ Rule 19b-4(f)(6) also requires that the Exchange give 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. The Exchange satisfied this requirement.
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[[Page 22598]]
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily temporarily suspend the proposed
rule change if it appears to the Commission that this 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 this action, it shall
institute proceedings under Section 19(b)(2)(B) of the Act \22\ to
determine whether the proposed rule change should be approved or
disapproved.
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\22\ 15 U.S.C. 78s(b)(2)(B).
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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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File No. SR-BYX-2015-23 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 No. SR-BYX-2015-23. 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 (http://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 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-BYX-2015-23 and should be
submitted on or before May 13, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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\23\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-09269 Filed 4-21-15; 8:45 am]
BILLING CODE 8011-01-P