[Federal Register Volume 80, Number 225 (Monday, November 23, 2015)]
[Notices]
[Pages 73019-73024]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-29707]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76452; File No. SR-Phlx-2015-93]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating to 
Sponsored Access

November 17, 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 November 4, 2015, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') 
filed with the Securities and Exchange Commission (``SEC'' or 
``Commission'') the proposed rule change as described in Items I, II,

[[Page 73020]]

and III, below, which Items have been prepared by the Exchange. 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to amend Rule 1094, entitled ``Sponsored 
Participants'' (1) define the term ``Sponsored Access'' and ``Customer 
Agreement;'' (2) specify the requirements to comply with Rule 15c3-5 
under the Securities Exchange Act of 1934 (``Market Access Rule''); (3) 
remove the requirement that each Sponsored Participant and each 
Sponsoring Member Organization must enter into certain agreements with 
the Exchange; and (4) remove PSX Rule 3211 as well as certain 
definitions.
    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.cchwallstreet.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 aspects 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 the filing is to amend Rule 1094 entitled, 
``Sponsored Participants'' to: (1) Define the term ``Sponsored 
Access,'' and specifically stating that compliance with the Market 
Access Rule is required, and defining ``Customer Agreement'' to refer 
to the agreement that must be executed between the Sponsoring 
Participant and the Sponsoring Member Organization; (2) specify the 
requirements to comply with the Market Access Rule; (3) remove the 
requirement that each Sponsored Participant and each Sponsoring Member 
Organization must enter into certain agreements with the Exchange to 
streamline its rule and remove unnecessarily burdensome notice 
requirements to the Exchange; and (4) remove PSX Rule 3211, entitled 
``Application of Other Rules of the Exchange,'' because Phlx Rule 1094 
will be applicable to market participants trading on PSX, and remove 
the definitions of Sponsored Participant and Sponsoring Member 
Organization in Rule 1, which relate to PSX Rules.
Defining Sponsored Access
    A Sponsored Participant may be a member or a non-member of the 
Exchange, such as an institutional investor, that gains access to the 
Exchange \3\ and trades under a Sponsoring Member Organization's 
execution and clearing identity pursuant to sponsorship arrangements 
currently set forth in Phlx Rule 1094. The Exchange is proposing to 
define the term ``Sponsored Access'' to clarify the type of market 
access arrangement that is subject to Phlx Rule 1094. The Exchange 
proposes to amend Phlx Rule 1094(a) to add the following definition, 
``Sponsored Access shall mean an arrangement whereby a member 
organization permits its customers to enter orders into the Exchange's 
trading system that bypass the member organization's trading system and 
are routed directly to the Exchange, including routing through a 
service bureau or other third party technology provider.'' This 
definition was derived from the Commission's description of Sponsored 
Access used in the release approving the Market Access Rule.\4\ The 
Exchange believes that defining Sponsored Access in Phlx Rule 1094 will 
provide market participants with greater clarity concerning Sponsored 
Access and their obligations with respect to this type of access 
arrangement.
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    \3\ For example, a broker-dealer may allow its customer--whether 
an institution such as a hedge fund, mutual fund, bank or insurance 
company, an individual, or another broker-dealer--to use the broker-
dealer's MPID, account or other mechanism or mnemonic used to 
identify a market participant for the purposes of electronically 
accessing the Exchange.
    \4\ The Market Access Rule, among other things, requires broker-
dealers providing others with access to an exchange or alternative 
trading system to establish, document, and maintain a system of risk 
management controls and supervisory procedures reasonably designed 
to manage the financial, regulatory, and other risks of providing 
such access. See Securities Exchange Act Release No. 63241 (November 
3, 2010), 75 FR 69792 (November 15, 2010).
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Defining Customer Agreement
    The Exchange proposes to amend Phlx Rule 1094(b)(i) to define the 
agreement that Sponsored Participants must enter into and maintain with 
one or more Sponsoring Member Organizations to establish proper 
relationship(s) and account(s) through which the Sponsored Participant 
may trade on the Exchange, as a ``Customer Agreement.''
Market Access Rule
    Pursuant to Phlx Rule 1094, the Sponsoring Member Organization is 
responsible for the activities of the Sponsored Participant. Sponsored 
Participants are required to have procedures in place to comply with 
Exchange rules, and the Sponsoring Member Organization takes 
responsibility for the Sponsored Participant's activity on the 
Exchange. Members may have multiple Sponsored Access relationships in 
place at a given time. The Exchange's examination program assesses 
compliance with Phlx Rule 1094, among other rules.\5\ The Exchange 
proposes to specifically enumerate within Phlx Rule 1094 the member's 
obligation to comply with the Market Access Rule, which members are 
currently required to comply with respecting market access. The 
Exchange believes that specifying the obligation to comply with the 
Market Access Rule specifically will reinforce that Phlx Rule 1094 
presupposes member compliance with the Market Access Rule.
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    \5\ The Exchange has a Regulatory Services Agreement with 
Financial Industry Regulatory Authority (``FINRA'') to conduct 
regulatory examinations, among other obligations.
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Elimination of Certain Contract Requirements
    At this time, the Exchange proposes to remove requirements to 
submit certain forms to the Exchange. There are three forms that are 
currently required by Phlx Rule 1094: (1) An agreement between the 
Sponsored Participant and the Exchange (``Exchange Agreement''); (2) an 
Access Agreement between the Sponsored Participant and its Sponsoring 
Member Organization that is provided to the Exchange; and (3) a 
Sponsored Participant Addendum to its Access Agrement (hereinafter 
``addendum'') provided to the Exchange by the Sponsoring Member 
Organization. Phlx Rule 1094 will continue to require that each 
Sponsored Participants enter into a Customer Agreement with each 
Sponsoring member to establish proper relationship(s) and account(s) 
through which the Sponsored Participant may trade on the Exchange. 
These Customer Agreement(s) must incorporate the Sponsorship Provisions 
set forth in

[[Page 73021]]

paragraph (ii) in Phlx Rule 1094.\6\ The Customer Agreement remains 
unaffected by this rule proposal. Also, the Exchange is proposing to 
amend Phlx Rule 1094 to identify the aforementioned agreement as the 
``Customer Agreement.''
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    \6\ The Customer Agreement is required to include, among other 
language, all orders entered by the Sponsored Participants and any 
person acting on behalf of or in the name of such Sponsored 
Participant and any executions occurring as a result of such orders 
are binding in all respects on the Sponsoring Member Organization 
and, also, Sponsoring Member Organization is responsible for any and 
all actions taken by such Sponsored Participant and any person 
acting on behalf of or in the name of such Sponsored Participant.
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    Today, only members may request connectivity to the Exchange. A 
member may obtain one or more ports for the purpose of providing 
Sponsored Access. If separate ports are requested by a member for the 
purpose of providing Sponsored Access, the member must request those 
ports from the Exchange and the member is responsible for the Sponsored 
Participant's activity on the Exchange. In all circumstances, the 
Exchange will only permit members to request connectivity to the market 
and the member is responsible for all customer orders submitted through 
the member's port.
    First, the Exchange believes that completing and submitting the 
Exchange Agreement, Access Agreement and Addendum is unnecessarily 
burdensome in light of the current structure in place at the Exchange. 
Only members may request connectivity to the Exchange by contacting 
Phlx Subscriber Services. Such connection by the member requires 
approval by the Exchange for the purpose of testing as well as other 
relevant information sharing with the Exchange by the member to obtain 
a port. The Exchange is aware of the member responsible for each of its 
ports, however the Exchange may not be aware of the member's Sponsored 
Access arrangements due to varied ways that a member may utilize a 
port. The Exchange believes the requirement to also complete and submit 
an Exchange Agreement, Access Agreement and Addendum with our Phlx 
Membership Department is viewed as unnecessarily burdensome by members 
because of the multitude of relationships the member has with various 
customers. Members have expressed to the Exchange that they have 
multiple relationships with customers, which customer relationships 
change over time.\7\ Members have indicated that the necessity to 
continuously disclose the updated customer relationships to the 
Exchange is burdensome and unnecessary as they remain responsible for 
all activity conducted on the Exchange through a port assigned to the 
member. Further such information is available to the Exchange upon 
Exchange request from its regulatory group.\8\
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    \7\ For example, a broker-dealer's customers, which could 
include hedge funds, institutional investors, individual investors, 
and other broker-dealers.
    \8\ See Phlx Rule 960.2.
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    Second, the Exchange believes that the Exchange Agreement between 
the Sponsored Participant and the Exchange is also unnecessarily 
burdensome. The requirement to provide this form was intended to give 
the Exchange notification that such a relationship existed and to 
ensure that the Sponsored Participant was informed of the Exchange's 
Limited Liability Company Agreement, By-Laws, Rules and procedures. The 
agreements also provided the Exchange with contractual privity, which 
would no longer exist with the removal of the Exchange Agreement. The 
Exchange does not believe the loss of privity with the Sponsored 
Participant creates a concern as the Exchange has the ability to remove 
access to the port \9\ at any time if the activity of the Sponsored 
Participant warrants such removal. In addition, as discussed below, the 
Sponsored Participant will be made aware of its obligations through the 
Customer Agreement that it executed with the Sponsoring Member. As 
noted above, the Exchange only permits its members to request 
connectivity to the Exchange's System and members responsible for all 
trades submitted through such ports. Pursuant to Phlx Rule 1094 the 
trading activity of a Sponsored Participant must be monitored by the 
Sponsoring Member Organization for compliance with the terms of the 
Customer Agreement with the Sponsoring Participant.\10\ Finally, the 
member continues to be obligated to comply with Phlx Rule 1094 and the 
Market Access Rule. The Sponsoring Member Organiztion is responsible 
for any and all actions taken by such Sponsored Participant and any 
person acting on behalf of or in the name of such Sponsored 
Participant.
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    \9\ Phlx Rule 911, entitled ``Member and Member Organization 
Participation'' permits the Exchange to impose upon any member or 
member organization such temporary restrictions upon the automated 
entry or updating of orders or quotes/orders as the Exchange may 
determine to be necessary to protect the integrity of Exchange's 
systems.
    \10\ See Phlx Rule 1094(b)(ii)(G).
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    Phlx Rule 1094 requires that the Sponsored Participant and the 
Sponsored Member Organization maintain a Customer Agreement to ensure 
compliance with the Exchange's Rules and obligations related to 
security, among other things.\11\ Phlx Rule 1094 requires that the 
Customer Agreement specify that the Sponsored Participant shall 
maintain, keep current and provide to the Sponsoring Member a list of 
individuals authorized to obtain access to the Exchange on behalf of 
the Sponsored Participant and provide appropriate training. In 
addition, pursuant to the Customer Agreement provisions, the Sponsored 
Participant is required to take reasonable security precautions to 
prevent unauthorized use or access to the Exchange, including 
unauthorized entry of information into the Exchange, or the information 
and data made available therein. Finally, the Customer Agreement must 
provide that the Sponsored Participant is responsible for any and all 
orders, trades and other messages and instructions entered, transmitted 
or received under identifiers, passwords and security codes of 
authorized individuals, and for the trading and other consequences 
thereof, including granting unauthorized access to the Exchange. The 
contents and the requirement for a Customer Agreement are unchanged.
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    \11\ See Phlx Rule 1094(b)(ii)(B).
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    Pursuant to Phlx Rule 1094 the Sponsoring Member Organization must 
provide an Addendum to the Exchange. The Exchange believes that the 
Addendum provided to the Exchange by the Sponsoring Member Organization 
is also unnecessarily burdensome. The Addendum notifies the Exchange of 
the relationship between the Sponsoring Member Organization and the 
Sponsored Participant. However, as noted above, the Exchange's 
regulatory group may request information about a particular customer 
relationship as it deems necessary.\12\ Further, the Exchange is made 
aware of the existence of ports when the Sponsoring Member Organization 
requests connectivity to the Exchange and the Members are responsible 
for all trading activity by its Sponsored Participant. In addition, the 
Exchange, through its Regulatory Services Agreement with the Financial 
Industry Regulatory Authority (FINRA), reviews for member compliance 
with Phlx Rule 1094 and the Market Access Rule. The Exchange has the 
ability to remove access to the port \13\ at any time if the activity 
of the Sponsored Participant would warrant such removal.
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    \12\ See Phlx Rule 960.2.
    \13\ See note 9.
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    In light of the foregoing, the requirement to complete and submit 
an

[[Page 73022]]

Exchange Agreement and Addendum with the Phlx Membership Department is 
viewed as unnecessarily burdensome by members, who must update their 
customer relationships internally and provides such information upon 
Exchange request.
PSX Rules
    The Exchange proposes to remove PSX Rule 3211, entitled 
``Application of Other Rules of the Exchange,'' because Phlx Rule 1094 
will be applicable to market participants trading on PSX. The Exchange 
is adding Phlx Rule 1094 to the list of Phlx Rules for which PSX are 
responsible for compliance. Finally, the Exchange is removing the 
definitions of Sponsored Participant and Sponsoring Member Organization 
in Rule 1, which relate to PSX Rules.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \14\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \15\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest, by enhancing the risk protections available to Exchange 
members.
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    \14\ 15 U.S.C. 78f(b).
    \15\ 15 U.S.C. 78f(b)(5).
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Defining Sponsored Access
    Adding a definition of Sponsored Access will assist market 
participants to understand the type of arrangements that are subject to 
Phlx Rule 1094 and such clarity will serve to promote just and 
equitable principles of trade. Members have indicated, and the Exchange 
believes, that adding the Sponsored Access definition will provide 
members with additional guidance with respect to Phlx Rule 1094.
Defining Customer Agreement
    Defining the agreement that Sponsored Participants must enter into 
and maintain with one or more Sponsoring Member Organizations to 
establish proper relationship(s) and account(s) through which the 
Sponsored Participant may trade on the Exchange, as a ``Customer 
Agreement'' will also serve to provide members with clarity on the 
agreement that the Exchange will continue to require and the 
obligations that are contained within the Customer Agreement. This 
amendment is non-substantive.
Market Access Rule
    Members continue to be required to comply with Phlx Rule 1094 and 
the Market Access Rule. The Exchange believes that specifically 
enumerating the member's responsibility to comply with the Market 
Access Rule will provide member's with additional guidance concerning 
the application of the Rule. This change is non-substantive as members 
are currently responsible to comply with the Market Access Rule.
Elimination of Certain Contract Requirements
    Removing the requirement to submit and complete an Exchange 
Agreement, Access Agreement and Addendum will remove impediments to and 
perfect the mechanism of a free and open market by removing a 
burdensome and time-consuming requirement for members. While 
elimination of the Exchange Agreement requirement will also eliminate 
the Exchange's contractual privity with the Sponsored Participant, he 
Exchange notes that any potential concerns to the loss of privity are 
mitigated by the Exchange's ability to restrict the Sponsored 
Participant's access to a port \16\ at any time it is warranted by the 
Sponsored Participant's trading activity. Also, members have indicated 
that customer relationships must be frequently updated and it is 
unnecessarily burdensome to continuously update the Exchange with this 
information that is available upon request. Connectivity to the 
Exchange is authorized by the Exchange and must be requested by a 
member of the Exchange. Such connection requires approval by the 
Exchange, testing and other security features as well as information 
sharing with the Exchange by the member. In addition, Phlx Rule 1064 
delineates the terms of the required contractual relationship between 
the Sponsoring Member Organization and the Sponsored Participant in the 
Customer Agreement, which remains in effect. The Exchange believes that 
the Addendum is unnecessary as Sponsoring Member Organizations must 
request connectivity to the Exchange as well as enter into a Customer 
Agreement with the Sponsored Participant. Finally, as is the case with 
other Exchange Rules, the Exchange examines for compliance with Phlx 
Rule 1064 and may request information about any customer relationship 
which concerns the Exchange.
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    \16\ See note 9.
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    The requirement to also complete and submit an Exchange Agreement, 
Access Agreement and Addendum with our Phlx Membership Department is 
viewed as unnecessarily burdensome by members, who must update their 
customer relationships internally.
PSX Rules
    The Exchange's proposal to remove PSX Rule 3211, entitled 
``Application of Other Rules of the Exchange,'' and add Phlx Rule 1094 
to the list of Phlx Rules for which PSX are responsible for compliance 
will continue to treat both Phlx equities and options members in a 
similar manner, pursuant to the same rule. Eliminating the definitions 
of Sponsored Participant and Sponsoring Member Organization in Rule 1 
will avoid confusion.

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 not necessary or appropriate in 
furtherance of the purposes of the Act for the reasons below.
Defining Sponsored Access
    The addition of a definition for Sponsored Access will assist 
market participants to understand the type of arrangement subject to 
Phlx Rule 1094 and such clarity will serve to promote just and 
equitable principles of trade.
Defining Customer Agreement
    Defining the agreement that Sponsored Participants must enter into 
and maintain with one or more Sponsoring Member Organizations to 
establish proper relationship(s) and account(s) through which the 
Sponsored Participant may trade on the Exchange, as a ``Customer 
Agreement'' does not create an undue burden on competition as this 
amendment is non-substantive and the Exchange believes that providing 
guidance concerning the type of arrangement subject to Phlx Rule 1094 
will facilitate member compliance and does not unduly burden 
competition.
Market Access Rule
    In addition, the Exchange believes that specifically enumerating 
the member's obligation to comply with the Market Access Rule does not 
create an undue burden on competition, but rather reinforces the 
application of the Rule. This change is non-substantive as members are 
currently responsible to comply with the Market Access Rule.

[[Page 73023]]

Elimination of Certain Contract Requirements
    Removing the requirement to complete an Exchange Agreement, Access 
Agreement and Addendum under Phlx Rule 1094 does not create an undue 
burden on competition. The Exchange believes that this requirement is 
unnecessarily burdensome as the Exchange's regulatory group may request 
information about a particular customer relationship as it deems 
necessary.\17\ Further, the Exchange is made aware of the existence of 
ports when the Sponsoring Member Organization requests connectivity to 
the Exchange and the Members are responsible for all trading activity 
by its Sponsored Participant. In order to obtain connectivity to the 
Exchange, members are required to contact Phlx Subscriber Services and 
request a connection to the market. Such connection requires approval 
by the Exchange, testing and other security features as well as 
information sharing with the Exchange by the member. Only members are 
permitted to request connectivity to the Exchange. The requirement to 
also complete and submit an Exchange Agreement, Access Agreement and 
Addendum with our Phlx Membership Department is viewed as unnecessarily 
burdensome by members, who must update their customer relationships 
internally. Additionally, the Exchange examines for compliance with 
Phlx Rule 960.2 and may request information about any customer 
relationship which concerns the Exchange.
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    \17\ See Phlx Rule 960.2.
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    The Sponsoring Member Organization remains responsible for customer 
activity conducted on the Exchange through the Customer Agreement, 
among other obligations. Additionally, Sponsored Participants that 
obtain access to the Exchange's trading system are required to take 
reasonable security precautions and prevent unauthorized use or access 
the Exchange, including unauthorized entry of information to the 
Exchange,\18\ pursuant to the Customer Agreement. Further, the 
Sponsored Participants is responsible to establish adequate procedures 
and controls that permit it to effectively monitor its employees', 
agents' and customers' use and access to the Exchange for compliance 
with the terms of this agreement.\19\ In addition, the Exchange, 
through its Regulatory Services Agreement with FINRA conducts reviews 
of members for compliance with Phlx Rule 1094 and the Market Access 
Rule. The Exchange has the ability to remove access to the port \20\ at 
any time if the activity of the Sponsored Participant would warrant 
such removal. Finally, Phlx Rule 1094 is currently applicable to all 
Phlx members that desire to sponsor access for its customers and 
applies to trading in all securities on the Exchange.
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    \18\ See Phlx Rule 1094(b)(ii)(G).
    \19\ See Phlx Rule 1094(b)(ii)(H).
    \20\ See note 9.
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PSX Rules
    The Exchange's proposal to remove PSX Rule 3211, entitled 
``Application of Other Rules of the Exchange,'' and add Phlx Rule 1094 
to the list of Phlx Rules for which PSX are responsible for compliance 
does not create an undue burden on competition because both Phlx 
equities and options members will be obligated similarly to Rule 1094. 
Eliminating the definitions of Sponsored Participant and Sponsoring 
Member Organization in Rule 1 does not create an undue burden on 
competition because it will avoid confusion.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing 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 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)(iii) of the Act \21\ and 
subparagraph (f)(6) of Rule 19b-4 thereunder.\22\
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    \21\ 15 U.S.C. 78s(b)(3)(a)(iii).
    \22\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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 has satisfied this requirement.
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    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: (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 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 proposed rule 
change 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 Number SR-Phlx-2015-93 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 Number SR-Phlx-2015-93. 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 also will 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 Number SR-Phlx-2015-93 and should be 
submitted on or before December 14, 2015.


[[Page 73024]]


    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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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-29707 Filed 11-20-15; 8:45 am]
BILLING CODE 8011-01-P