Page 1 of SECURITIES AND EXCHANGE COMMISSION File No. SR -

WASHINGTON, D.C. 20549

Form 19b-7 Amendment No.

-

Proposed Rule Change by Select SRO 

Pursuant to Rule 19b-7 under the Securities Exchange Act of 1934

Initial Amendment Withdrawal

Exhibit 2 Sent As Paper Document Exhibit 3 Sent As Paper Document

Description

Provide a brief description of the proposed rule change (limit 250 characters).

Contact Information

Provide the name, telephone number and e-mail address of the person on the staff of the self-regulatory organization

prepared to respond to questions and comments on the proposed rule change.

First Name 

Title

E-mail

Telephone

Last Name

Fax

SRO Governing Body Action

Describe action on the proposed rule change taken by the members or board of directors or other governing body of the SRO

(limit 250 characters).

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934,

has duly caused this filing to be signed on its behalf by the undersigned thereunto duly authorized officer.

Date

By

(Name)

(Title)

NOTE: Clicking the button at right will digitally sign and lock

this form. A digital signature is as legally binding as a physical Digitally Sign and Lock Form

signature, and once signed, this form cannot be changed.

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OMB APPROVAL
SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

For complete Form 19b-7 instructions please refer to the EFFS website.

Exhibit 1- Notice of Proposed Rule The self-regulatory organization must provide all required information, presented in a

Change clear and comprehensible manner, to enable the public to provide meaningful

comment on the proposal.

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The Notice section of this Form 19b-7 must comply with the guidelines for publication

in the Federal Register, as well as any requirements for electronic filing as published

by the Commission (if applicable). The Office of the Federal Register (OFR) offers

guidance on Federal Register publication requirements in the Federal Register

Document Drafting Handbook, October 1998 Revision. For example, all references to

the federal securities laws must include the corresponding cite to the United States

Code in a footnote. All references to SEC and CFTC rules must include the

corresponding cite to the Code of Federal Regulations in a footnote. All references to

Securities Exchange Act Releases and Commodities Exchange Act Releases must

include the release number, release date, Federal Register cite, Federal Register

date, and corresponding file number (e.g., SR-[SRO]-xx-xx). A material failure to

comply with these guidelines will result in the proposed rule change being deemed

not properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3)

Exhibit 2- Notices, Written Comments, Copies of notices, written comments, transcripts, other communications. If such

Transcripts, Other Communications documents cannot be filed electronically in accordance with Instruction E, they shall

be filed in accordance with Instruction F.

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Exhibit Sent As Paper Document

Exhibit 3 - Form, Report, or Questionnaire Copies of any form, report, or questionnaire that the self-regulatory organization

proposes to use to help implement or operate the proposed rule change, or that is

Add Remove View referred to by the proposed rule change. If such documents cannot be filed

electronically in accordance with Instruction E, they shall be filed in accordance with

Exhibit Sent As Paper Document Instruction F.

Exhibit 4 - Proposed Rule Text

The self-regulatory organization must attach as Exhibit 4 proposed changes to rule

text. Exhibit 4 shall be considered part of the proposed rule change.

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Exhibit 5 - Date of Effectiveness of The self-regulatory ogranization must attach one of the following:

Proposed Rule Change

CFTC Certification

CFTC Request that Review of Proposed Rule Change is not Necessary 

Request for CFTC Approval of Proposed Rule Change

CFTC Determination that Review of Proposed Rule Change is not Necessary 

Indication of CFTC Approval of Proposed Rule Change

Exhibit Sent As Paper Document

If the self-regulatory organization is amending only part of the text of a lengthy proposed rule

Partial Amendment change, it may, with the Commission staff's permission, file only those portions of the text of

the proposed rule change in which changes are being made if the filing (i.e. partial

Add Remove View amendment) is clearly understandable on its face. Such partial amendment shall be clearly

identified and marked to show deletions and additions.
GENERAL INSTRUCTIONS FOR FORM 19b-7

A. Use of the Form

All self-regulatory organization proposed rule changes submitted pursuant to 

Section 19(b)(7) of the Securities Exchange Act of 1934 (“Act”), shall be filed 

electronically through the Electronic Form Filing System (“EFFS”), a secure Web site 

operated by the Commission. This form shall be used for filings of proposed rule 

changes by all self-regulatory organizations pursuant to Section 19(b)(7) of the Act.

National securities exchanges registered pursuant to Section 6(g) of the Act and limited 

purpose national securities associations registered pursuant to Section 15A(k) of the Act 

are self-regulatory organizations for purposes of this form.

B. Need for Careful Preparation of the Completed Form, Including Exhibits

This form, including the exhibits, is intended to elicit information necessary for 

the public to provide meaningful comment on the proposed rule change and for the 

Commission to determine whether abrogation of the proposal is appropriate because it 

unduly burdens competition or efficiency, conflicts with the securities laws, or is 

inconsistent with the public interest and the protection of investors. The self-regulatory 

organization must provide all the information called for by the form, including the 

exhibits, and must present the information in a clear and comprehensible manner.

The proposed rule change shall be considered filed with the Commission on the 

date on which the Commission receives the proposed rule change if the filing complies 

with all requirements of this form. Any filing that does not comply with the requirements 

of this form may be returned to the self-regulatory organization at any time before the 

issuance of the notice of filing. Any filing so returned shall for all purposes be deemed
2

not to have been filed with the Commission. See also Rule 0-3 under the Act (17 CFR 

240.0-3).

C. Documents Comprising the Completed Form

The completed form filed with the Commission shall consist of the Form 19b-7 

Page 1, numbers and captions for all items, responses to all items, and exhibits required 

in Instruction H. In responding to an item, the completed form may omit the text of the 

item as contained herein if the response is prepared to indicate to the reader the coverage 

of the item without the reader having to refer to the text of the item or its instructions.

Each filing shall be marked on the Form 19b-7 with the initials of the self-regulatory 

organization, the four-digit year, and the number of the filing for the year (i.e., SROYYYY-XX). If the self-regulatory organization is filing Exhibit 2 or 3 via paper, the 

exhibits must be filed within 5 business days of the electronic submission of all other 

required documents.

D. Amendments

If information on this form or exhibit thereto is or becomes inaccurate before the 

proposed rule change becomes effective, the self-regulatory organization shall file 

amendments correcting any such inaccuracy. Amendments shall be filed as specified in 

Instruction E.

Amendments to a filing shall include the Form 19b-7 Page 1 marked to number 

consecutively the amendments, numbers and captions for each amended item, amended 

response to the item, and required exhibits. The amended description in Section II. A. 1. 

of Exhibit 1 shall explain the purpose of the amendment and, if the amendment changes 

the purpose of or basis for the proposed rule change, the amended response shall also
3

provide a revised purpose and basis statement for the proposed rule change. Exhibit 1 

shall be re-filed if there is a material change from the immediately preceding filing in the 

language of the proposed rule change or in the information provided.

If the amendment alters the text of an existing rule, the amendment shall include 

the text of the existing rule, marked in the manner described in Section I. of Exhibit 1 

using brackets to indicate words to be deleted from the existing rule and underscoring to 

indicate words to be added. The purpose of this marking requirement is to maintain a 

current copy of how the text of the existing rule is being changed.

If the self-regulatory organization is amending only part of the text of a lengthy 

proposed rule change, it may, with the Commission staff’s permission, file only those 

portions of the text of the proposed rule change in which changes are being made if the 

filing (i.e., partial amendment) is clearly understandable on its face. Such partial 

amendment shall be clearly identified and marked to show deletions and additions.

If, after the rule change is filed but before it becomes effective, the self-regulatory 

organization receives or prepares any correspondence or other communications reduced 

to writing (including comment letters) to and from such self-regulatory organization 

concerning the proposed rule change, the communications shall be filed as Exhibit 2. If 

information in the communication makes the rule change filing inaccurate, the filing shall 

be amended to correct the inaccuracy. If such communications cannot be filed 

electronically in accordance with Instruction E, the communications shall be filed in 

accordance with Instruction F.
4

E. Signature and Filing of the Completed Form

All proposed rule changes, amendments, extensions, and withdrawals of proposed 

rule changes shall be filed through the EFFS. In order to file Form 19b-7 through EFFS, 

self-regulatory organizations must request access to the SEC’s External Application 

Server by completing a request for an external account user ID and password for the use 

of the External Application User Authentication Form.

Initial requests will be received by contacting the Division of Trading and 

Markets Administrator located on our Web site (http://www.sec.gov). An e-mail will be 

sent to the requestor that will provide a link to a secure Web site where basic profile 

information will be requested.

A duly authorized officer of the self-regulatory organization shall electronically 

sign the completed Form 19b-7 as indicated on Page 1 of the Form. In addition, a duly 

authorized officer of the self-regulatory organization shall manually sign one copy of the 

completed Form 19b-7, and the manually signed signature page shall be maintained 

pursuant to Section 17 of the Act.

F. Procedures for Submission of Paper Documents for Exhibits 2 and 3

To the extent that Exhibit 2 or 3 cannot be filed electronically in accordance with 

Instruction E, four copies of Exhibit 2 or 3 shall be filed with the Division of Trading and 

Markets, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 

20549-6628. Page 1 of the electronic Form 19b-7 shall accompany paper submissions of 

Exhibit 2 or 3. If the self-regulatory organization is filing Exhibit 2 or 3 via paper, they 

must be filed within five days of the electronic filing of all other required documents.
5

G. Withdrawals of Proposed Rule Changes

If a self-regulatory organization determines to withdraw a proposed rule change, it 

must complete Page 1 of the Form 19b-7 and indicate by selecting the appropriate check 

box to withdraw the filing.

H. Exhibits

List of exhibits to be filed, as specified in Instructions C and D:

Exhibit 1. Completed Notice of Proposed Rule Change for publication in the 

Federal Register. It is the responsibility of the self-regulatory organization to prepare 

Items I, II and III of the notice. Leave a 1-inch margin at the top, bottom, and right hand 

side, and a 1 1⁄2 inch margin at the left hand side. Number all pages consecutively.

Double space all primary text and single space lists of items, quoted material when set 

apart from primary text, footnotes, and notes to tables. Amendments to Exhibit 1 should 

be filed in accordance with Instructions D and E.

Exhibit 2. (a) Copies of notices issued by the self-regulatory organization 

soliciting comment on the proposed rule change and copies of all written comments on 

the proposed rule change received by the self-regulatory organization (whether or not 

comments were solicited), presented in alphabetical order, together with an alphabetical 

listing of such comments. If such notices and comments cannot be filed electronically in 

accordance with Instruction E, the notices and comments shall be filed in accordance 

with Instruction F.

(b) Copies of any transcript of comments on the proposed rule change made at 

any public meeting or, if a transcript is not available, a copy of the summary of comments 

on the proposed rule change made at such meeting. If such transcript of comments or
6

summary of comments cannot be filed electronically in accordance with Instruction E, 

the transcript of comments or summary of comments shall be filed in accordance with 

Instruction F.

(c) Any correspondence or other communications reduced to writing 

(including comment letters and e-mails) concerning the proposed rule change prepared or 

received by the self-regulatory organization. All correspondence or other 

communications should be presented in alphabetical order together with an alphabetical 

listing of the authors, and shall be filed in accordance with Instruction E. If such 

communications cannot be filed electronically in accordance with Instruction E, the 

communications shall be filed in accordance with Instruction F.

(d) If after the proposed rule change is filed but before it becomes effective, 

the self-regulatory organization prepares or receives any correspondence or other 

communications reduced to writing (including comment letters and e-mails) to and from 

such self-regulatory organization concerning the proposed rule change, the 

communications shall be filed in accordance with Instruction E. All correspondence or 

other communications should be presented in alphabetical order together with an 

alphabetical listing of the authors. If such communications cannot be filed electronically 

in accordance with Instruction E, the communications shall be filed in accordance with 

Instruction F.

Exhibit 3. If any form, report, or questionnaire is

(a) proposed to be used in connection with the implementation or operation of 

the proposed rule change, or

(b) prescribed or referred to in the proposed rule change,
7

then the form, report, or questionnaire must be attached and shall be considered as part of 

the proposed rule change. If completion of the form, report or questionnaire is voluntary 

or is required pursuant to an existing rule of the self-regulatory organization, then the 

form, report, or questionnaire, together with a statement identifying any existing rule that 

requires completion of the form, report, or questionnaire, shall be attached as Exhibit 3.

If the form, report, or questionnaire cannot be filed electronically in accordance with 

Instruction E, the documents shall be filed in accordance with Instruction F.

Exhibit 4. The self-regulatory organization must attach as Exhibit 4 proposed 

changes to its rule text. Changes in, additions to, or deletions from, any existing rule 

shall be set forth with brackets used to indicate words to be deleted and underscoring 

used to indicate words to be added. Exhibit 4 shall be considered part of the proposed 

rule change.

Exhibit 5. The self-regulatory organization must attach one of the following:

Certificate of Effectiveness of Proposed Rule Change: Attach a copy of the 

certification submitted to the CFTC pursuant to Section 5c(c) of the Commodity 

Exchange Act.

CFTC Request or Determination that Review of the Proposed Rule Change is Not 

Necessary: Attach a copy of any request submitted to the CFTC for determination that 

review of the proposed rule change is not necessary and any indication from the CFTC 

that it has determined that review of the proposed rule change is not necessary.

Request for CFTC Approval of Proposed Rule Change: Attach a copy of any 

request submitted to the CFTC for approval of the proposed rule change and any 

indication received from the CFTC that the proposed rule change has been approved.
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Information To Be Included in the Completed Exhibit 1

SECURITIES AND EXCHANGE COMMISSION

(Release No. 34- ; File No. SR-[SRO Name]-[YYYY]-[XX])

SELF-REGULATORY ORGANIZATIONS; [SRO Name]; Proposed Rule Change 

Relating to [brief description of the subject matter of the proposed rule change].

Pursuant to Section 19(b)(7) of the Securities Exchange Act of 1934 (“Act”),1

notice is hereby given that on [date2], the [name of self-regulatory organization] filed

with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed 

rule change described in Items I, II, and III below, which Items have been prepared by

the self-regulatory organization. The Commission is publishing this notice to solicit 

comments on the proposed rule change from interested persons. [Name of self-regulatory 

organization] also has filed this proposed rule change concurrently with the Commodity 

Futures Trading Commission (“CFTC”). [Section 19(b)(7)(B) provides that a proposed 

rule change may take effect upon the occurrence of one of three events. The selfregulatory organization should include one of the following sentences, whichever is 

applicable:]

The [name of self-regulatory organization] filed a written certification with the CFTC 

under Section 5c(c) of the Commodity Exchange Act on [date]; or

The [name of self-regulatory organization] on [date], has requested that the CFTC make a 

determination that review of the proposed rule change of the [self-regulatory

1

15 U.S.C. 78s(b)(7).

2 To be completed by the Commission. This date will be the date on which the 

Commission receives the proposed rule change filing if the filing complies with 

all requirements of this form. See General Instructions for Form 19b-7.
9

organization] is not necessary. The CFTC has [made such determination on [date]]; or 

[has not made such determination]; or

The [name of self-regulatory organization] on [date] submitted the proposed rule change 

to the CFTC for approval. The CFTC [approved the proposed rule change on [date]]; or 

[has not approved the proposed rule change].

I. Self-Regulatory Organization's Description and Text of the Proposed Rule 

Change

[Supply a brief statement of the terms of substance of the proposed rule change.

If the proposed rule change is relatively brief, a separate statement need not be prepared, 

and the text of the proposed rule change may be inserted in lieu of the statement of the 

terms of substance. If the proposed rule change amends an existing rule, indicate the 

changes in the rule by brackets for words to be deleted and underscoring for words to be 

added.]

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 self-regulatory organization 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 selfregulatory organization 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
10

1. Purpose

[Provide a statement of the purpose of the proposed rule change. The statement must 

describe the text of the proposed rule change in a sufficiently detailed and specific 

manner as to enable the public to provide meaningful comment on the proposal. At a 

minimum, the statement should:]

(a) [Describe the reasons for adopting the proposed rule change, any problems the 

proposed rule change is intended to address, the manner in which the proposed rule 

change will resolve those problems, the manner in which the proposed rule change will 

affect various persons (e.g. brokers, dealers, issuers, and investors), and any significant 

problems known to the self-regulatory organization that persons affected are likely to 

have in complying with the proposed rule change; and]

(b) [Describe how the proposed rule change relates to existing rules of the selfregulatory organization. If the self-regulatory organization reasonably expects that the 

proposed rule change will have any direct effect, or significant indirect effect, on the 

application of any other rule of the self-regulatory organization, set forth the designation 

or title of any such rule and describe the anticipated effect of the proposed rule change on 

the application of such other rule. Include the file numbers for prior filings with respect 

to any existing rule specified.]

2. Statutory Basis

[Explain why the proposed rule change is consistent with the requirements of the Act and 

the rules and regulations thereunder applicable to the self-regulatory organization. A 

mere assertion that the proposed rule change is consistent with those requirements is not
11

sufficient. Certain limitations that the Act imposes on self-regulatory organizations are 

summarized in the notes that follow.

NOTE 1. National Securities Exchanges. Under Section 6 of the Act, rules of a 

national securities exchange may not permit unfair discrimination between customers, 

issuers, brokers, or dealers, and may not regulate, by virtue of any authority conferred by 

the Act, matters not related to the purposes of the Act or the administration of the selfregulatory organization.

NOTE 2. Limited Purpose National Securities Associations. Under Section 

15A(k) of the Act, rules of a national securities association registered for the limited 

purpose of regulating the activities of members who are registered as brokers or dealers 

in security futures products must be designed to prevent fraudulent and manipulative acts 

and practices, to promote just and equitable principles of trade, and, in general to protect 

investors and the public interest, including rules governing sales practices and the 

advertising of security futures products reasonably comparable to those of other national 

securities associations registered pursuant to Section 15A(a) that are applicable to 

security futures products. The rules may not be designed to regulate, by virtue of any 

authority conferred by the Act, matters not related to the purposes of the Act or the 

administration of the association.]

B. Self-Regulatory Organization's Statement on Burden on Competition

[The information required by this section must be sufficiently detailed and specific to 

support the premise that the proposed rule change does not unduly burden competition. 

In responding to this section, the self-regulatory organization must:

• State whether the proposed rule change will have an impact on competition and, if so
12

(i) state whether the proposed rule change will impose any burden on 

competition or whether it will relieve any burden on, or otherwise 

promote, competition, and

(ii) specify the particular categories of persons and kinds of businesses on 

which any burden will be imposed and the ways in which the proposed 

rule change will affect them.

• Explain why any burden on competition is not undue; or, if the self-regulatory 

organization does not believe that the burden on competition is significant, 

explain why.

In providing those explanations, set forth and respond in detail to written comments as to 

any significant impact or burden on competition perceived by any person who has made 

comments on the proposed rule change to the self-regulatory organization.]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 

Rule Change Received from Members, Participants, or Others

[If written comments were received (whether or not comments were solicited) 

from members of or participants in the self-regulatory organization or others, summarize 

the substance of all such comments received and respond in detail to any significant 

issues that those comments raised about the proposed rule change.

If an issue is summarized and responded to in detail under Section II.A.1. or 

Section II.B. of this Form 19b-7 Notice, that response need not be duplicated if 

appropriate cross-reference is made to the place where the response can be found. If 

comments were not or are not to be solicited, so state.]
13

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

Commission Action

[The self-regulatory organization shall include the following with the applicable 

phrase on the proposed rule change’s effectiveness:]

The proposed rule change has become effective on [insert date of filing of written 

certification with the CFTC under Section 5c(c) of the Commodity Exchange Act; or the 

date of determination by the CFTC that review of the proposed rule change is not 

necessary; or the date of approval of the proposed rule change by the CFTC]. [or]

The proposed rule change is not effective because the CFTC [has not determined 

that review of the proposed rule changes is not necessary or has not approved the 

proposed rule change].

At any time within 60 days of the date of effectiveness of the proposed rule 

change, the Commission, after consultation with the CFTC, may summarily abrogate the 

proposed rule change and require that the proposed rule change be refiled in accordance 

with the provisions of Section 19(b)(1) of the Act.

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
14

• Send an e-mail to rule-comments@sec.gov. Please include File Number SR-

[SRO]-[YYYY]-[XX] on the subject line.

Paper comments:

• Send paper comments in triplicate to Nancy M. Morris, Secretary, Securities and 

Exchange Commission, Station Place, 100 F Street, NE, Washington, DC 20549-

1090.

All submissions should refer to File Number SR-[SRO]-[YYYY]-[XX]. This file number 

should be included on the subject line if e-mail 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 

inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE, 

Washington, DC 20549, on official business days between the hours of 10:00 am and

3:00 pm. Copies of such filing also will be available for inspection and copying at the 

principal office of the [SRO]. 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 publicly available. All
15

submissions should refer to File Number SR-[SRO]-[YYYY]-[XX] and should be 

submitted on or before [insert date 21 days from publication in the Federal Register].

For the Commission, by the Division of Trading and Markets, pursuant to 

delegated authority.1

Secretary

1

17 CFR 200.30-3(a)(73).