[Federal Register Volume 78, Number 165 (Monday, August 26, 2013)]
[Notices]
[Pages 52814-52818]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-20746]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-70237; File No. SR-BATS-2013-046]
Self-Regulatory Organizations; BATS Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Modify
BATS Registration and Continuing Education Requirements
August 20, 2013.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 15, 2013, BATS Exchange, Inc. (the ``Exchange'' or
``BATS'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been 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)(iii) 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)(iii).
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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 amend BATS Rule 2.5, entitled
``Restrictions,'' and BATS Rule 11.4, entitled ``Authorized Traders,''
to recognize a new category of limited representative registration for
proprietary traders and Proprietary Trader Principals and clarify the
qualification and continuing education requirements necessary or
acceptable for different registration categories.
The text of the proposed rule change is available at the Exchange's
Web site at http://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
Proprietary Trader Registration
The Exchange proposes to amend Rules 2.5 and 11.4 to recognize a
new category of limited representative registration for proprietary
traders. The Exchange will also expand its registration requirements to
include the Proprietary Traders Qualification Examination (``Series
56'') among the applicable qualification examinations as determined by
the Exchange. Further, the Exchange proposes to permit Authorized
Traders \5\ of Members who engage solely in proprietary trading to
obtain the Series 56 license in order to effect transactions on the
Exchange.
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\5\ An ``Authorized Trader'' is a person who may submit orders
(or who supervises a routing engine that may automatically submit
orders) to the Exchange's trading facilities on behalf of his or her
Member or Sponsored Participant. BATS Rule 1.5(d).
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The Series 56 was developed by a number of self-regulatory
organizations (``SROs'') to test a candidate's knowledge of proprietary
trading generally and the industry rules applicable to the trading of
equity securities and listed options contracts.\6\ The Series 56
covers, among other things, recordkeeping and recording requirements,
types and characteristics of securities and investments, trading
practices, display, execution, and trading systems. While the Series 56
is primarily dedicated to topics related to proprietary trading, it
also covers some general concepts relating to customers.
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\6\ See Securities Exchange Act Release No. 64699 (June 17,
2011), 76 FR 36945 (June 23, 2011) (SR-CBOE-2011-056) (explaining
the development of the Series 56 examination and the examination's
content). The Series 56 examination program was developed in
conjunction with FINRA, and is shared by the Boston Options
Exchange, C2 Options Exchange, Inc.; Chicago Board Options Exchange,
Inc.; Chicago Stock Exchange, Inc.; International Securities
Exchange, LLC; NASDAQ OMX BX, Inc.; NASDAQ OMX PHLX LLC; NASDAQ
Stock Market LLC; National Stock Exchange, Inc.; New York Stock
Exchange, LLC; NYSE Amex, Inc.; and NYSE Arca, Inc.
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The qualification examination consists of 100 multiple choice
questions, which candidates have 150 minutes to complete. The content
outline describes the following topical sections comprising the
examination: Personnel, Business Conduct, Recordkeeping and Reporting
Requirements--9 questions; Markets, Market Participants, Exchanges, and
Self-Regulatory Organizations--8 questions; Types and Characteristics
of Securities and Investments--20 questions; Trading Practices and
Prohibited Acts--50 questions; and Display, Execution, and Trading
Systems, 13 questions. The examination is already available in the
Central Registration Depository (Web CRD), and thus, the rule change
can be implemented immediately upon filing the proposed rule changes.
The Exchange believes that acceptance of the Series 56
qualification examination will benefit both the Exchange and the
applicable proprietary traders affected by the proposal because the
examination would allow an individual who wishes to transact business
on BATS in a limited capacity to qualify by passing an examination
tailored to that limited capacity. The Series 56 specifically addresses
industry topics that establish the appropriate regulatory and
procedural knowledge base necessary for individuals required to
register as a Proprietary Trader. As such, the Exchange proposes to
modify Interpretation and Policy .01(c) of Rule 2.5 to include the
Series 56 examination among the examinations accepted by the Exchange.
The Exchange also proposes to replace existing Interpretation and
Policy .01(f) of Rule 2.5 to set forth the registration requirements
for a Proprietary Trader and modify Interpretation and Policy .01(g) to
include a cross-reference to this new provision. Further, the Exchange
proposes to modify Interpretation and Policy .02(a) of Rule 2.5 to
clarify that persons registered as Proprietary Traders must comply with
the continuing education requirements applicable to the Series 56
license,
[[Page 52815]]
while other Registered Representatives must comply with the continuing
education requirements applicable to their particular registration and
license. These continuing education requirements are listed in proposed
Interpretation and Policy .02(e) to Rule 2.5. Finally, the Exchange
also proposes to amend Rule 11.4(e) to include Series 56 among the
examinations necessary for an individual to be eligible for
registration as an Authorized Trader.
Interpretation and Policy .01(f) of Rule 2.5 currently sets forth a
date by which Members were to comply with previous changes to the Rule,
which date has already long since passed. The Exchange proposes to
eliminate this text and replace it with new text as described below.
Under proposed Interpretation and Policy .01(f) of Rule 2.5, an
Authorized Trader that is considered to be a proprietary trader can
qualify for limited representative registration. An Authorized Trader
will be considered to be a proprietary trader if: (1) The Authorized
Trader's activities in the investment banking or securities business
are limited solely to proprietary trading; (2) the Authorized Trader
passes the Series 56; and (3) the Authorized Trader is an associated
person of a proprietary trading firm. Under paragraph (g) of this
provision, a ``proprietary trading firm'' is a Member that trades its
own capital, does not have customers, and is not a member of the
Financial Industry Regulatory Authority (FINRA). In addition, to
qualify for this definition, the funds used by a proprietary trading
firm must be exclusively firm funds, all trading must be in the firm's
accounts, and traders must be owners of, employees of, or contractors
to the firm.\7\ Thus, the Proprietary Trader registration expressly
excludes associated persons that deal with the public.\8\
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\7\ BATS Rule 2.5, Interpretation and Policy .01(g).
\8\ Authorized Traders that deal with the public should continue
to register as General Securities Representatives after obtaining
the Series 7 license. An Authorized Trader who is qualified as a
General Securities Representative by passing the Series 7 may
function as a proprietary trader; however, such person should
register as a General Securities Representative rather than a
Proprietary Trader.
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Principal Registration
The Exchange proposes to amend Interpretation and Policy .01(d) of
Rule 2.5 to state that the Exchange will accept the New York Stock
Exchange (``NYSE'') Series 14 Compliance Official Examination (``Series
14'') in lieu of the Series 24 General Securities Principal Examination
(``Series 24'') to satisfy the registration requirement for Principals
that have been designated Chief Compliance Officers on Schedule A of
Form BD. This examination is designed to establish that the applicant
has the knowledge and skill necessary for compliance officials.\9\ The
Exchange notes that acceptance of this alternative examination is
consistent with other SROs' registration requirements \10\ and will
provide an alternate, appropriate examination requirement for certain
individuals associated with Exchange Members.
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\9\ For details about the Series 14, see Financial Industry
Regulatory Authority, Compliance Official Qualification Examination
(Test Series 14): Content Outline, (2012), available at http://www.finra.org/web/groups/industry/@ip/@comp/@regis/documents/industry/p117564.pdf.
\10\ See, e.g., CBOE Rule 3.6A.08(b); NASD Notice to Members 01-
51 (August 2001), available at http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p003809.pdf; Chicago
Stock Exchange, Inc. Member Regulation Department Information
Memorandum (May 8, 2013), available at http://www.chx.com/content/Participant_Information/Downloadable_Docs/MarketRegulation/1_InformationMemoranda/2013/MR-13-04_New_Registration_ Categories_
and_Related_Qualification_Exams.pdf; NYSE Information Memo 07-43
(May 9, 2007), available at http://www.nyse.com/nysenotices/nyse/information-memos/pdf?memo_id=07-43.
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In addition, to accommodate the new Proprietary Trader registration
category, the Exchange proposes to add language to Interpretation and
Policy .01(d) of Rule 2.5 that will create a new category of limited
representative Principal--the Proprietary Trader Principal--and clarify
the prerequisites necessary for Proprietary Trader Principals as
opposed to General Securities Principals. Registration as a Proprietary
Trader Principal will be restricted to individuals whose supervisory
responsibilities are limited to proprietary traders, as defined in
amended Interpretation and Policy .01(f) of Rule 2.5. The Exchange will
permit the Series 56 as a prerequisite to the General Securities
Principal Examination (``Series 24'') or Compliance Official
Examination (``Series 14'').\11\
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\11\ As noted, the Exchange will only permit the Series 14 for
those designated as Chief Compliance Officers on Schedule A of Form
BD.
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The Exchange also proposes to add language to Interpretation and
Policy .01(d) of Rule 2.5 to clarify the appropriate prerequisites for
registration as a General Securities Principals.\12\ The Exchange will
continue to require General Securities Principals to successfully
complete the General Securities Representative Registration (``Series
7'') or an equivalent foreign examination module (``Series 17'' or
``Series 37/38'').
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\12\ General Securities Principals are individuals that
supervise the activities of General Securities Representatives.
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The Exchange believes that the prerequisite examination requirement
for registration as a Proprietary Trader Principal is appropriate
because, as noted above, the Series 56 is specifically designed to
address industry topics and establish the appropriate regulatory and
procedural knowledge base relevant to proprietary trading. Moreover,
the Exchange will continue to require successful completion of either
the Series 24 or Series 14 for both Proprietary Trader Principals and
General Securities Principals, thereby ensuring that all Principals
have the necessary knowledge and skill to act in a supervisory
capacity. Additionally, the Exchange notes that creating the
registration category of Proprietary Trader Principal is consistent
with registration requirements of other national securities
exchanges.\13\
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\13\ See, e.g., BOX Rule 2020(c)(2); CBOE Rule 3.6A.08; NASDAQ
OMX BX Rule 1022(h); NASDAQ OMX PHLX Rule 612(e).
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Acceptable Qualification Examinations
The Exchange proposes to add Interpretation and Policy .01(h) of
Rule 2.5, which will include a chart that sets forth the relevant
qualification requirements for each registration category described in
the rule. This chart will not change the qualification requirements in
any way. It will merely clarify the requirements described in the Rule,
thereby avoiding any confusion regarding qualification examinations the
Exchange deems acceptable for each registration category.
Acceptable Continuing Education Programs
The Exchange also proposes to add language to Interpretation and
Policy .02(e) to Rule 2.5 that will clarify the different continuing
education (``CE'') requirements for registered persons based upon their
registration with the Exchange. Specifically, the Exchange proposes to
introduce a chart that enumerates the Regulatory Element programs
necessary for each registration category and introduce a new Regulatory
Element program for those persons registered as Proprietary Traders.
Existing Interpretation and Policy .02(a) of Rule 2.5 requires all
registered representatives to complete the Regulatory Element of the
continuing education program at specified intervals and states that the
content of the Regulatory Element shall be determined by the Exchange
for each registration category of persons subject to the Rule. The
Regulatory Element is a computer-based education program administered
[[Page 52816]]
by the Financial Industry Regulatory Authority (``FINRA'') to help
ensure that registered persons are kept up to date on regulatory,
compliance and sales practice matters in the industry. Currently, there
are there two Regulatory Element programs: The S201 Supervisor Program
for registered principals and supervisors and the S101 General Program
for Series 7 and all other registered persons.\14\ The Exchange is
proposing to enumerate these existing programs in Interpretation and
Policy .02(e) to Rule 2.5, as well as the new S501 Series 56
Proprietary Trader Continuing Education Program for those persons
registered as Proprietary Traders.
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\14\ The Commission notes that there are three Regulatory
Element programs. The S106 is the Regulatory Element program for
persons who are Series 6 qualified.
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The Exchange is also proposing to introduce a new CE program for
persons registered with the Exchange solely as Proprietary Traders by
passing the Series 56. Proposed Interpretation and Policy .01(f) to
Rule 2.5 outlines the registration and qualification requirements for
those wishing to register with the Exchange as a Proprietary Trader,
making clear that the Series 56 is a prerequisite for this registration
category.
The Proprietary Trader Continuing Education Program (S501) is a
computer-based education program developed by many of the self-
regulatory organizations that worked to develop the Series 56
(``Participating SROs'') \15\ and administered by FINRA to ensure that
registered persons are kept current on regulatory, compliance, and
trading practice matters in the industry. Unlike the other offered CE
programs, the S501 is not part of the Uniform Continuing Education
Program, which is developed and maintained by the Securities Industry
Regulatory Council on Continuing Education.
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\15\ The Participating SROs that have assisted with the
development of, and plan to administer, the Series 56 and S501 are
the Exchange, Chicago Board Options Exchange, C2 Options Inc., the
Chicago Stock Exchange, Inc., the New York Stock Exchange, LLC, NYSE
Arca, Inc., NYSE Amex, LLC, the NASDAQ Stock Market LLC, the
National Stock Exchange, Inc., NASDAQ OMX BX, Inc., NASDAQ OMX PHLX,
LLC, EDGA Exchange, Inc., EDGX Exchange, Inc., International
Securities Exchange, LLC, and BOX Options Exchange, LLC.
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The S501 will logistically operate as the currently offered CE
programs do. Specifically, registered persons will be required, through
CRD, to complete the Regulatory Element of the CE on the second
anniversary of the base date and then every three years thereafter.
While creating the S501, the Participating SROs believe that the
current procedures of the other CE programs work well. The Securities
Industry Regulatory Council on Continuing Education has tailored the
process of the other CE programs since its inception and made it
successful. Thus, as proposed, the S501 will work in the same manner.
In addition, consistency between the different programs will avoid
creating confusion among registered persons and FINRA.
The S501 is required for registrants who are registered as
Proprietary Traders and do not maintain any other registration through
CRD.\16\ Individuals that are registered under any other registration
are required to maintain the CE obligations associated with such
registrations. For example, an individual that engages solely in
proprietary trading activities yet continues to maintain a Series 7
registration will be required to continue taking the Series 7
Continuing Education Program (S101).\17\ Although such an individual
may be engaging in the same activities as an individual registered as a
Proprietary Trader, the Series 7 Examination is more comprehensive and
covers topics that the Series 56 does not. Thus, the Exchange believes
that this individual should complete the CE associated with the Series
7 because this covers all aspects of the individual's registration.
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\16\ Any registered person who receives a waiver of the Series
56 under Rule 2.5.01(b), and does not maintain any other
registrations in CRD, will be required to complete the Proprietary
Trader Continuing Education Program (S501).
\17\ See id. If a registered person has received a Series 56
waiver under Rule 2.5.01(b) but continues to maintain a Series 7
registration (that predates the introduction of the Series 56 on the
Exchange), that registered individual will only be required to take
the Series 7 CE Program (S101). Through CRD, FINRA will recognize
the Series 56 as waived while still requiring the Series 7 CE
completion.
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The introduction of the S501 allows the Exchange to tailor its CE
requirements more closely to the duties of individuals who have
registered with the Exchange as Proprietary Traders after passing the
Series 56. More specifically, the Exchange believes allowing
individuals engaging in proprietary trading and registered under the
Series 56 to complete a separate CE program than those maintaining a
Series 7 registration is appropriate given that all individuals have
the option of taking either test. In comparison to the more
comprehensive Series 7, the Series 56 Examination is more closely
tailored to the practice of proprietary trading. As such, the Exchange
believes a Series 56 CE program should be tailored as well. At the same
time, if an individual would like to retain a Series 7 license, the
Exchange believes it is appropriate they continue to be required to
complete the broader CE program, which covers all aspects of this
registration.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\18\ in general, and furthers the objectives of Section
6(c)(3)(B) of the Act in particular.\19\ Under Section 6(c)(3)(B), it
is the Exchange's responsibility to prescribe standards of training,
experience, and competence for Exchange Members and their associated
persons.\20\ The Exchange proposes to recognize a new category of
limited representative registration for proprietary traders and to
permit Authorized Traders of Members who engage solely in proprietary
trading to obtain the Series 56 license in lieu of the more general
Series 7 license. The Exchange believes the Series 56 establishes that
Authorized Traders of Members have attained specified levels of
competence and knowledge generally applicable to proprietary trading.
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\18\ 15 U.S.C. 78f(b).
\19\ 15 U.S.C. 78(c)(3)(B).
\20\ Id.
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Additionally, the Exchange is offering an alternative qualification
examination, the Series 14, for Principals designated as Chief
Compliance Officers. The Exchange believes this examination establishes
the skill and knowledge base necessary for a compliance official.
Moreover, acceptance of this alternative examination will provide an
alternate, appropriate examination requirement for certain individuals
associated with Exchange Members.
To accommodate recognition of limited representative registration
as proprietary Traders, the Exchange proposes to recognize a new
category of limited representative principal registration for
individuals whose supervisory responsibilities are restricted to
proprietary traders. The Exchange will accept the Series 56 as a
prerequisite to the successful completion of a permissible Principal
Examination. The Exchange will continue to require successful
completion of either the Series 24 or Series 14 examination for all
Principals because the Exchange believes that these examinations
establish the skill and knowledge base appropriate for individuals
responsible for supervising the activities of a member's Authorized
Traders.
Finally, the Exchange proposes to codify existing CE requirements
for persons registered with the Exchange, while also introducing a new
CE program that prescribes a standard for
[[Page 52817]]
Series 56 registered persons. The Exchange believes the proposed
changes are reasonable and set forth the appropriate CE requirements
for an individual required to register under Rule 2.5.
The Exchange believes the proposed changes are also consistent with
Section 6(b)(5) of the Act \21\ because they would promote just and
equitable principles of trade, remove impediments to, and perfect the
mechanism of, a free and open market and a national market system and,
in general, protect investors and the public interest. The Exchange
believes the rule changes accomplish these objectives by enabling
individuals to qualify for registration with the Exchange by passing a
qualification examination that specifically addresses industry topics
that establish the foundation for the regulatory and procedural
knowledge necessary for such persons electing to register as
Proprietary Traders and/or Proprietary Trader Principals. Furthermore,
the Exchange is clarifying the continuing education requirements
necessary for individuals that choose to register as Proprietary
Traders, as well as the basic qualification requirements necessary for
all categories of registration, thereby avoiding any unnecessary
investor with regard to such requirements.
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\21\ 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 changes will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The Exchange notes that the
proposed rule changes related to registration requirements will align
Exchange Rules with those of many other national securities
exchanges.\22\ Unifying the qualification requirements for registration
as a Proprietary Trader and Proprietary Trader Principal across
exchanges promotes clarity for investors and promotes competition among
exchanges for trading volume. Similarly, accepting an alternative
examination for Principals designated as Chief Compliance Officers on
Form BD will avoid duplicative examination requirements among
exchanges, thereby furthering competition among these exchanges and
reducing the burden on individuals that are well-qualified to act in a
supervisory capacity.
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\22\ See, e.g., BOX Rule 2020(b)(2), (c)(2); CBOE Rule 3.6A.08;
NASDAQ OMX BX Rules 1022(h), 1032(b); NASDAQ OMX PHLX Rules 612(e),
613(f); NYSE Arca Options Rule 2.23(b)(2); EDGX Rule 2.5.06; see
also NASD Notice to Members 01-51 (August 2001), available at http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p003809.pdf; Chicago Stock Exchange, Inc. Member Regulation
Department Information Memorandum (May 8, 2013), available at http://www.chx.com/content/Participant_Information/Downloadable_Docs/MarketRegulation/1_InformationMemoranda/2013/MR-13-04_New_Registration_Categories_and_Related_Qualification_Exams.pdf;
NYSE Information Memo 07-43 (May 9, 2007), available at http://www.nyse.com/nysenotices/nyse/information-memos/pdf?memo_id=07-43.
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In addition, the proposed rule change clarifying the specific CE
requirements for all registration categories will align Exchange Rules
with those of the Chicago Board Option Exchange (``CBOE'').\23\ The
Exchange does not believe that these proposed rule changes will affect
intermarket competition because the Exchange believes that all
exchanges that impose the same CE requirements will file similar rule
changes addressing these CE programs. Furthermore, the Exchange does
not believe the proposed change will affect intramarket competition
because all similarly situated registered persons (e.g. registered
persons maintaining the same registrations) are required to complete
the same CE requirements. For example, all individuals maintaining a
Series 7 registration will be required to complete the Series 7 CE,
while all individuals maintaining a Series 56 registration (and no
other registrations) will be required to complete the new Series 56 CE.
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\23\ See Securities Exchange Act Release No. 70027 (July 23,
2013), 78 FR 45584 (July 29, 2013) (SR-CBOE-2013-076).
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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 proposed rule change.
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, the proposed rule
change has become effective pursuant to Section 19(b)(3)(A) of the Act
\24\ and Rule 19b-4(f)(6) thereunder.
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\24\ 15 U.S.C. 78s(b)(3)(A).
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The Exchange has requested that the Commission waive the 30-day
operative delay. The proposed rule change will allow the Exchange to
formally recognize a new category of limited representative
registration for Proprietary Traders and Proprietary Trader Principals,
as well as the Series 56 examination. The proposed rule change also
aligns the Exchange's registration and examination requirements for
Proprietary Traders and Chief Compliance Officers with those of other
exchanges, and specifies the qualification examinations and continuing
education requirements for the different registration categories.
Waiver of the operative delay would allow the Exchange to implement the
proposed rule change without delay, enabling the Authorized Traders of
its Members to comply with their registration, examination and
continuing education requirements in a timely manner, and thus is
consistent with the protection of investors and the public interest.
Therefore, the Commission designates the proposal operative upon
filing.\25\
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\25\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of this proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change 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-BATS-2013-046 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-BATS-2013-046. This file
[[Page 52818]]
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 such 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-BATS-2013-046 and should be
submitted on or before September 16, 2013.
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\26\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2013-20746 Filed 8-23-13; 8:45 am]
BILLING CODE 8011-01-P