[Federal Register Volume 80, Number 23 (Wednesday, February 4, 2015)]
[Notices]
[Pages 6153-6155]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02106]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74171; File No. SR-BOX-2015-05]
Self-Regulatory Organizations; BOX Options Exchange LLC; Notice
of Filing and Immediate Effectiveness of a Proposed Rule Change To
Extend the Deadline for the VPR Program to January 14, 2015
January 29, 2015.
Pursuant to Section 19(b)(1) under the Securities Exchange Act of
1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that on January 16, 2015, BOX Options Exchange LLC (the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Exchange filed the proposed rule change pursuant to Section
19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\
which renders the proposal 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)(ii).
\4\ 17 CFR 240.19b-4(f)(2).
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[[Page 6154]]
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange is filing with the Securities and Exchange Commission
(``Commission'') a proposed rule change to extend the deadline for the
VPR Program to January 14, 2015. There are no proposed changes to any
rule text.
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
On January 9, 2015, the Exchange filed a rule change on Form 19b-4
to implement an equity rights program (the ``VPR Program''), to be
effective January 12, 2015 (the ``VPR Filing'').\5\ As provided on page
13 of 49 in the VPR Filing, applicants to participate in the VPR
Program were required to make a nominal cash payment of $85 per VPR by
January 12, 2015. Also, as provided on page 15 of 49 in the VPR Filing,
applicants to participate in the VPR Program were required to sign the
applicable subscription documents by January 12, 2015.
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\5\ See SR-BOX-2015-03.
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Because all prospective Subscribers to the VPR Program were unable
to sign the required documents and make the associated payment by the
January 12, 2015 deadline, BOX proposes to make a reasonable
accommodation to all prospective Subscribers. Accordingly, BOX proposes
to extend the deadline, by which subscription documents and payments
must be submitted to BOX, by two days to January 14, 2015 (the
``Extension Period''). This extension would allow all parties desiring
to participate in the VPR Program to subscribe. In making such
accommodation, no prospective Subscribers to the VPR Program would be
impaired in their ability to participate in the VPR Program.
Further, as provided on pages 4, 15 and 17 of 49 in the VPR Filing,
BOX expected to begin measuring order flow volume for the VPR Program
on January 12, 2015. In connection with the extension of time afforded
prospective Subscribers, BOX proposes to begin measuring order flow
volume upon effectiveness of this rule filing with respect to any
Subscriber that signed the subscription documents and made the cash
payment during the Extension Period.
2. Statutory Basis
The Exchange believes that the proposal is consistent with the
requirements of Section 6(b) of the Act, in general, and Section
6(b)(4) and 6(b)(5)of the Act,\6\ in particular, in that it provides
for the equitable allocation of reasonable dues, fees, and other
charges among BOX Participants and other persons using its facilities
and does not unfairly discriminate between customers, issuers, brokers
or dealers. In particular, the proposed rule change is reasonable,
equitable and not unfairly discriminatory because it proposes to make a
reasonable accommodation to all prospective Subscribers who wish to
participate in the VPR Program. This will ensure that no prospective
Subscribers to the VPR Program would be impaired in their ability to
participate in the VPR Program.
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\6\ 15 U.S.C. 78f(b)(4) and (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 will
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 will improve competition by allowing all
market participants to subscribe to the VPR Program.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Exchange Act \7\ and Rule 19b-4(f)(2)
thereunder,\8\ because it establishes or changes a due, or fee.
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\7\ 15 U.S.C. 78s(b)(3)(A)(ii).
\8\ 17 CFR 240.19b-4(f)(2).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend the rule
change if it appears to the Commission that the action is necessary or
appropriate in the public interest, for the protection of investors, or
would otherwise further 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-BOX-2015-05 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-BOX-2015-05. 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 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
[[Page 6155]]
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-BOX-
2015-05, and should be submitted on or before February 25, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Jill M. Peterson,
Assistant Secretary.
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\9\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2015-02106 Filed 2-3-15; 8:45 am]
BILLING CODE 8011-01-P