[Federal Register Volume 82, Number 227 (Tuesday, November 28, 2017)]
[Notices]
[Pages 56287-56288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25604]



[[Page 56287]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82135; File Nos. SR-BatsBZX-2017-37; SR-BatsEDGX-2017-
23; SR-BOX-2017-17; SR-C2-2017-018; SR-CBOE-2017-041; SR-FINRA-2017-
013; SR-ISE-2017-46; SR-IEX-2017-18; SR-MIAX-2017-20; SR-PEARL-2017-23; 
SR-NASDAQ-2017-055; SR-BX-2017-027; SR-Phlx-2017-43; SR-NYSE-2017-23; 
SR-NYSEArca-2017-57; SR-NYSEArca-2017-59; SR-NYSEMKT-2017-29; SR-
NYSEMKT-2017-30]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Bats EDGX 
Exchange, Inc.; BOX Options Exchange LLC; C2 Options Exchange, 
Incorporated; Chicago Board Options Exchange, Incorporated; Financial 
Industry Regulatory Authority, Inc.; International Securities Exchange, 
LLC; Investors Exchange LLC; Miami International Securities Exchange 
LLC; MIAX PEARL, LLC; The NASDAQ Stock Market LLC; NASDAQ BX, Inc.; 
NASDAQ PHLX LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE MKT 
LLC; Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove the Proposed 
Rule Changes, as Modified by Amendments Thereto, To Eliminate 
Requirements That Will Be Duplicative of CAT

November 21, 2017.
    On May 15, 2017, Bats BZX Exchange, Inc. (``Bats BZX'') (n/k/a Cboe 
BZX Exchange, Inc.); \1\ Bats EDGX Exchange, Inc. (``Bats EDGX'') (n/k/
a Cboe EDGX Exchange, Inc.); \2\ BOX Options Exchange LLC (``BOX''); C2 
Options Exchange, Incorporated (``C2'') (n/k/a Cboe C2 Exchange, Inc.); 
\3\ Chicago Board Options Exchange, Incorporated (``CBOE'') (n/k/a Cboe 
Exchange, Inc.); \4\ Financial Industry Regulatory Authority, Inc. 
(``FINRA''); International Securities Exchange, LLC (``ISE''); 
Investors Exchange LLC (``IEX''); Miami International Securities 
Exchange LLC (``MIAX''); MIAX PEARL, LLC (``PEARL''); NYSE Arca, Inc. 
(``NYSE Arca''); and NYSE MKT LLC (``NYSE MKT'') (n/k/a NYSE American 
LLC) \5\ filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \6\ and Rule 19b-4 thereunder,\7\ 
proposed rule changes to eliminate or modify certain rules that require 
the collection or reporting of information that is duplicative of the 
information that will be collected by the Consolidated Audit Trail 
(``CAT'') established pursuant to the National Market System Plan 
contemplated by Rule 613 of Regulation NMS.\8\ On May 22, 2017, the New 
York Stock Exchange LLC (``NYSE'') filed with the Commission a proposed 
rule change for the same purpose, and each of NYSE Arca and NYSE MKT 
filed an additional proposed rule change for the same purpose. On May 
26, 2017, the NASDAQ Stock Market LLC (``NASDAQ'') and NASDAQ PHLX LLC 
(``Phlx'') filed with the Commission proposed rule changes for the same 
purpose.\9\ On May 30, 2017, NASDAQ BX, Inc. (``BX'') filed with the 
Commission a proposed rule change for the same purpose.\10\ In this 
notice, all of these proposed rule changes are referred to collectively 
as the ``Systems Retirement Proposals.''
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    \1\ See Securities Exchange Act Release No. 81962 (October 26, 
2017), 82 FR 50711 (November 1, 2017) (SR-BatsBZX-2017-70). The name 
change was not yet effective when Bats BZX filed SR-BatsBZX-2017-37.
    \2\ See Securities Exchange Act Release No. 81963 (October 26, 
2017), 82 FR 50697 (November 1, 2017) (SR-BatsEDGX-2017-41). The 
name change was not yet effective when Bats EDGX filed SR-BatsEDGX-
2017-23.
    \3\ See Securities Exchange Act Release No. 81979 (October 30, 
2017), 82 FR 51317 (November 3, 2017) (SR-C2-2017-028). The name 
change was not yet effective when C2 filed SR-C2-2017-018.
    \4\ See Securities Exchange Act Release No. 81981 (October 30, 
2017), 82 FR 51309 (November 3, 2017) (SR-CBOE-2017-066). The name 
change was not yet effective when CBOE filed SR-CBOE-2017-041.
    \5\ See Securities Exchange Act Release No. 80283 (March 21, 
2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14). The name 
change was not yet effective when NYSE MKT filed SR-NYSEMKT-2017-29 
and SR-NYSEMKT-2017-30.
    \6\ 15 U.S.C. 78s(b)(1).
    \7\ 17 CFR 240.19b-4.
    \8\ 17 CFR 242.613.
    \9\ NASDAQ and Phlx initially filed proposed rule changes on May 
15, 2017 (SR-NASDAQ-2017-050 and SR-PHLX-2017-38). On May 26, 2017, 
NASDAQ and Phlx withdrew these filings and submitted new proposed 
rule changes (SR-NASDAQ-2017-055 and SR-PHLX-2017-43).
    \10\ BX initially filed a proposed rule change on May 15, 2017 
(SR-BX-2017-025). On May 30, 2017, BX withdrew that initial filing 
and submitted a new proposed rule change (SR-BX-2017-027).
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    On June 1, 2017, the proposed rule changes submitted by Bats BZX, 
Bats EDGX, BOX, C2, CBOE, FINRA, IEX, ISE, MIAX, and PEARL; both 
proposed rule changes submitted by NYSE MKT; and one of the proposed 
rule changes submitted by NYSE Arca were published for comment in the 
Federal Register.\11\ On June 2, 2017, the proposed rule change 
submitted by NYSE and the other proposed rule change submitted by NYSE 
Arca were published for comment in the Federal Register.\12\ On June 5, 
2017, the proposed rule changes submitted by NASDAQ, BX, and Phlx were 
published for comment in the Federal Register.\13\
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    \11\ See Securities Exchange Act Release No. 80796 (May 26, 
2017), 82 FR 25374 (SR-BatsBZX-2017-37); Securities Exchange Act 
Release No. 80795 (May 26, 2017), 82 FR 25358 (SR-BatsEDGX-2017-23); 
Securities Exchange Act Release No. 80789 (May 26, 2017), 82 FR 
25492 (SR-BOX-2017-17); Securities Exchange Act Release No. 80798 
(May 26, 2017), 82 FR 25385 (SR-C2-2017-018); Securities Exchange 
Act Release No. 80797 (May 26, 2017), 82 FR 25429 (SR-CBOE-2017-
041); Securities Exchange Act Release No. 80783 (May 26, 2017), 82 
FR 25423 (SR-FINRA-2017-013); Securities Exchange Act Release No. 
80788 (May 26, 2017), 82 FR 25400 (SR-IEX-2017-18); Securities 
Exchange Act Release No. 80787 (May 26, 2017), 82 FR 25469 (SR-ISE-
2017-46); Securities Exchange Act Release No. 80790 (May 26, 2017), 
82 FR 25366 (SR-MIAX-2017-20); Securities Exchange Act Release No. 
80792 (May 26, 2017), 82 FR 25436 (SR-PEARL-2017-23); Securities 
Exchange Act Release No. 80791 (May 26, 2017), 82 FR 25362 (SR-
NYSEArca-2017-59); Securities Exchange Act Release No. 80793 (May 
26, 2017), 82 FR 25443 (SR-NYSEMKT-2017-29); Securities Exchange Act 
Release No. 80794 (May 26, 2017), 82 FR 25439 (SR-NYSEMKT-2017-30).
    \12\ See Securities Exchange Act Release No. 80799 (May 26, 
2017), 82 FR 25635 (SR-NYSE-2017-23); Securities Exchange Act 
Release No. 80800 (May 26, 2017), 82 FR 25639 (SR-NYSEArca-2017-57).
    \13\ See Securities Exchange Act Release No. 80813 (May 30, 
2017), 82 FR 25820 (SR-NASDAQ-2017-055); Securities Exchange Act 
Release No. 80814 (May 30, 2017), 82 FR 25872 (SR-BX-2017-027); 
Securities Exchange Act Release No. 80811 (May 30, 2017), 82 FR 
25863 (SR-Phlx-2017-43).
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    Four comments were submitted to File Number SR-FINRA-2017-013.\14\
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    \14\ See letters from William H. Herbert, Managing Director, 
Financial Information Forum (``FIF''), dated June 22, 2017; Manisha 
Kimmel, Chief Regulatory Officer, Wealth Management, Thomson 
Reuters, dated June 22, 2017; Marc R. Bryant, Senior Vice President, 
Deputy General Counsel, Fidelity Investments, dated June 22, 2017; 
and Ellen Greene, Managing Director and Theodore R. Lazo, Managing 
Director and Associate General Counsel, Securities Industry and 
Financial Markets Association (``SIFMA''), dated June 23, 2017.
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    On June 22, 2017, each of NASDAQ, BX, ISE, and Phlx filed an 
amendment to its proposed rule change. On July 14, 2017, the Commission 
extended the time period for Commission action on all of the Systems 
Retirement Proposals to August 30, 2017.\15\
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    \15\ See Securities Exchange Act Release No. 81145, 82 FR 33533 
(July 20, 2017).
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    On August 24, 2017, BOX submitted Amendment No. 1 to its proposed 
rule change, IEX submitted Amendment No. 1 to its proposed rule change, 
PEARL submitted Amendment No. 2 to its proposed rule change,\16\ and 
MIAX submitted Amendment No. 3 to its proposed rule change.\17\ On 
August 25, 2017, Bats BZX submitted Amendment No. 1 to its proposed 
rule change, Bats EDGX submitted Amendment No. 1 to its proposed rule 
change, BX submitted Amendment No. 2 to its proposed rule

[[Page 56288]]

change, C2 submitted Amendment No. 1 to its proposed rule change, CBOE 
submitted Amendment No. 1 to its proposed rule change, FINRA submitted 
Amendment No. 1 to its proposed rule change, ISE submitted Amendment 
No. 2 to its proposed rule change, NASDAQ submitted Amendment No. 2 to 
its proposed rule change, NYSE submitted Amendment No. 1 to its 
proposed rule change, NYSE Arca submitted Amendment No. 1 to each of 
its proposed rule changes, NYSE MKT submitted Amendment No. 1 to each 
of its proposed rule changes, and Phlx submitted Amendment No. 2 to its 
proposed rule change.
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    \16\ PEARL filed Amendment No. 1 to its proposed rule change on 
August 22, 2017. On August 24, 2017, PEARL withdrew Amendment No. 1 
and replaced it with Amendment No. 2.
    \17\ MIAX filed Amendment No. 1 to its proposed rule change on 
August 22, 2017 and withdrew and replaced it with Amendment No. 2 on 
the same day. On August 24, 2017, MIAX withdrew Amendment No. 2 and 
replaced it with Amendment No. 3.
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    On August 30, 2017, the Commission instituted proceedings under 
Section 19(b)(2)(B) of the Act \18\ to determine whether to approve or 
disapprove the proposed rule changes, as modified by the respective 
amendments thereto.\19\ Since then, the Commission has received eight 
additional comment letters on the proposed rule changes, including a 
response from FINRA and a response from the CAT NMS Plan Operating 
Committee Chair on behalf of Bats BZX, Bats EDGX, BOX, C2, CBOE, IEX, 
ISE, MIAX, NASDAQ, BX, Phlx, NYSE, NYSE Arca, NYSE MKT, and PEARL.\20\
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    \18\ 15 U.S.C. 78s(b)(2)(B).
    \19\ See Securities Exchange Act Release No. 81499, 82 FR 42168 
(September 6, 2017) (``OIP'').
    \20\ Six substantive comment letters were submitted in response 
to the OIP. See letters from Manisha Kimmel, Chief Regulatory 
Officer, Wealth Management, Thomson Reuters, dated September 27, 
2017; William H. Herbert, Managing Director, FIF, dated September 
29, 2017; Ellen Greene, Managing Director and Theodore R. Lazo, 
Managing Director and Associate General Counsel, SIFMA, dated 
September 29, 2017; Brant K. Brown, Associate General Counsel, 
FINRA, dated October 11, 2017; William H. Herbert, Managing 
Director, FIF, dated November 2, 2017; and Michael Simon, CAT NMS 
Plan Operating Committee Chair, dated November 2, 2017. A seventh 
letter in response to the OIP requested additional time to submit 
comments on the proposed rule changes. See letter from William H. 
Herbert, Managing Director, FIF, dated September 27, 2017. The 
eighth comment letter was submitted solely to File Number SR-Phlx-
2017-43. See letter from Michael Kitlas, dated November 14, 2017.
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    Section 19(b)(2) of the Act \21\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving a proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may, however, extend the period for issuing an order 
approving or disapproving the proposed rule change by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
changes submitted by Bats BZX, Bats EDGX, BOX, C2, CBOE, FINRA, IEX, 
ISE, MIAX, and PEARL; both proposed rule changes submitted by NYSE MKT; 
and one of the proposed rule changes submitted by NYSE Arca were 
published for comment in the Federal Register on June 1, 2017. November 
28, 2017, is 180 days from that date, and January 27, 2018, is 240 days 
from that date. The proposed rule change submitted by NYSE and the 
other proposed rule change submitted by NYSE Arca were published for 
comment in the Federal Register on June 2, 2017. November 29, 2017, is 
180 days from that date, and January 28, 2018, is 240 days from that 
date. The proposed rule changes submitted by NASDAQ, BX, and Phlx were 
published for comment in the Federal Register on June 5, 2017. December 
2, 2017, is 180 days from that date, and January 31, 2018, is 240 days 
from that date.
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    \21\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to issue an order approving or disapproving the Systems 
Retirement Proposals so that it has sufficient time to consider the 
Systems Retirement Proposals, as modified by the respective amendments 
thereto, the issues raised in the comment letters that have been 
submitted in connection therewith, and FINRA's response to the 
comments. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\1\ designates January 27, 2018, as the date by which the 
Commission should either approve or disapprove the proposed rule 
changes, as modified by the respective amendments thereto (File Numbers 
SR-BatsBZX-2017-37; SR-BatsEDGX-2017-23; SR-BOX-2017-17; SR-C2-2017-
018; SR-CBOE-2017-041; SR-FINRA-2017-013; SR-ISE-2017-46; SR-IEX-2017-
18; SR-MIAX-2017-20; SR-PEARL-2017-23; SR-NASDAQ-2017-055; SR-BX-2017-
027; SR-PHLX-2017-43; SR-NYSE-2017-23; SR-NYSEArca-017-57; SR-NYSEArca-
2017-59; SR-NYSEMKT-2017-29; and SR-NYSEMKT-2017-30).


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\22\
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    \22\ 17 CFR 200.30-3(a)(12); 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-25604 Filed 11-27-17; 8:45 am]
 BILLING CODE 8011-01-P