[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

[[Page 22597]]

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