65768 Federal Register / Vol. 83, No. 245 / Friday, December 21, 2018 / Notices 

19 Id. 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(6). 22 17 CFR 200.30–3(a)(12). 

regarding the material functionality and 

operations of the EMMA system. As the 

EMMA system disseminates information 

about transactions occurring in the 

municipal securities market, any 

improvement with respect to the 

understanding of how the EMMA 

system operates will further perfect the 

mechanism of a free and open market in 

municipal securities. In addition, the 

clarifying amendments to the EMMA IF 

serve to foster the cooperation and 

coordination with persons engaged in 

regulating, clearing, settling, processing 

information with respect to, and 

facilitating transactions in municipal 

securities and municipal financial 

products, by making it more likely that 

the market is promptly provided with 

the latest information. 

Specifically, the proposed 

amendments would increase the clarity 

and precision with respect to the 

description of basic EMMA system 

functionality and the high-level 

parameters by which the MSRB operates 

the EMMA system. The MSRB believes 

that issuers, obligated persons, dealers, 

other submitters and subscribers will 

benefit from a clearer understanding of 

this information. While additional 

technical information regarding the 

EMMA system is set forth in the EMMA 

Reporting Specifications, the EMMA 

Subscription Services Specifications, 

and other similar documents that the 

MSRB maintains, the MSRB believes 

that it is important that material 

information regarding the EMMA 

system be clearly described in the 

EMMA IF. The proposed rule change 

serves this purpose. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Section 15B(b)(2)(C) of the Act 19

requires that MSRB rules not be 

designed to impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed rule 

change consists of revisions to the 

EMMA IF to better align the language of 

the information facility to the MSRB’s 

administration of the EMMA system. 

The proposed rule change seeks to 

clarify existing services and make minor 

changes of a technical nature to the 

information facility, including certain 

revisions resulting from recent 

amendments to Rule 15c2–12. The 

proposed rule change will not 

substantively modify the manner in 

which the MSRB administers the 

EMMA system in collecting and 

disseminating information about 

municipal securities. Accordingly, the 

MSRB does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Board did not solicit comment on 

the proposed change. Therefore, there 

are no comments on the proposed rule 

change received from members, 

participants or others. 

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) of the Act 20 and Rule 19b– 

4(f)(6) thereunder.21

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 necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes 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 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

MSRB–2018–09 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–MSRB–2018–09. 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 website (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 website 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 MSRB. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–MSRB–2018–09 and should 

be submitted on or before January 11, 

2019. 

For the Commission, pursuant to delegated 

authority.22

Eduardo A. Aleman, 

Deputy Secretary. 

[FR Doc. 2018–27615 Filed 12–20–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meetings 

FEDERAL REGISTER CITATION OF PREVIOUS

ANNOUNCEMENT: 83 FR 64630, 17 

December 2018. 

PREVIOUSLY ANNOUNCED TIME AND DATE OF

THE MEETING: Wednesday, December 19, 

2018 at 10:00 a.m. 

CHANGES IN THE MEETING: The following 

item will not be considered during the 

Open Meeting on Wednesday, December 

19, 2018: 

• Whether to adopt rules to 

implement Section 955 of the DoddFrank Wall Street Reform and Consumer 

Protection Act by requiring disclosure 

about the ability of a company’s 

employees or directors to hedge or offset 


amozie on DSK3GDR082PROD with NOTICES1
Federal Register / Vol. 83, No. 245 / Friday, December 21, 2018 / Notices 65769 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A)(iii). 

4 17 CFR 240.19b–4(f)(6). 

5The Exchange has filed to make the pilot 

program permanent. See Securities Exchange Act 

Release No. 83831 (August 13, 2018), 83 FR 41128 

(August 17, 2018) (SR–CboeBYX–2018–014). 

6See Securities Exchange Act Release No. 68303 

(November 27, 2012), 77 FR 71652 (December 3, 

2012) (‘‘RPI Approval Order’’) (SR–BYX–2012–019). 

7A ‘‘User’’ is defined in BYX Rule 1.5(cc) as any 

member or sponsored participant of the Exchange 

who is authorized to obtain access to the System. 

8A ‘‘Retail Order’’ is defined in Rule 11.24(a)(2) 

as an agency order that originates from a natural 

person and is submitted to the Exchange by a RMO, 

provided that no change is made to the terms of the 

order with respect to price or side of market and 

the order does not originate from a trading 

algorithm or any computerized methodology. See 

Rule 11.24(a)(2). 

9The term Protected Quotation is defined in BYX 

Rule 1.5(t) and has the same meaning as is set forth 

in Regulation NMS Rule 600(b)(58). The terms 

Protected NBB and Protected NBO are defined in 

BYX Rule 1.5(s). The Protected NBB is the bestpriced protected bid and the Protected NBO is the 

best-priced protected offer. Generally, the Protected 

NBB and Protected NBO and the national best bid 

(‘‘NBB’’) and national best offer (‘‘NBO’’, together 

with the NBB, the ‘‘NBBO’’) will be the same. 

However, a market center is not required to route 

to the NBB or NBO if that market center is subject 

to an exception under Regulation NMS Rule 

611(b)(1) or if such NBB or NBO is otherwise not 

available for an automatic execution. In such case, 

the Protected NBB or Protected NBO would be the 

best-priced protected bid or offer to which a market 

center must route interest pursuant to Regulation 

NMS Rule 611. 

10See RPI Approval Order, supra note 6 at 71652. 

11 Id. 

12See Securities Exchange Act Release Nos. 

71249 (January 7, 2014), 79 FR 2229 (January 13, 

2014) (SR–BYX–2014–001); 74111 (January 22, 

2015), 80 FR 4598 (January 28, 2015) (SR–BYX– 

2015–05); 76965 (January 22, 2016), 81 FR 4682 

(January 27, 2016) (SR–BYX–2016–01); 78180 (June 

28, 2016), 81 FR 43306 (July 1, 2016) (SR–BatsBYX– 

2016–15); 81368 (August 10, 2017), 82 FR 38960 

(August 16, 2017) (SR–BatsBYX–2017–18); 83758 

(August 1, 2018), 83 FR 38757 (August 7, 2018) 

(SR–CboeBYX–2018–015). 

13A ‘‘Retail Price Improvement Order’’ is defined 

in Rule 11.24(a)(3) as an order that consists of nondisplayed interest on the Exchange that is priced 

better than the Protected NBB or Protected NBO by 

at least $0.001 and that is identified as such. See 

Rule 11.24(a)(3). 

any decrease in the market value of 

equity securities granted as 

compensation to, or held directly or 

indirectly by, an employee or director. 

CONTACT PERSON FOR MORE INFORMATION: 

For further information and to ascertain 

what, if any, matters have been added, 

deleted or postponed, please contact the 

Office of the Secretary at (202) 551– 

5400. 

Dated: December 18, 2018. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–27829 Filed 12–19–18; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–84830; File No. SR– 

CboeBYX–2018–025] 

Self-Regulatory Organizations; Cboe 

BYX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Extend the 

Pilot Period for the Exchange’s Retail 

Price Improvement Program 

December 17, 2018. 

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 December 

11, 2018, Cboe BYX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe BYX Exchange, Inc. (‘‘BYX’’ or 

the ‘‘Exchange’’) is filing with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) a proposed rule 

change to extend the pilot period for the 

Exchange’s Retail Price Improvement 

Program. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/CBOELegalRegulatory 

Home.aspx), at the Exchange’s Office of 

the Secretary, 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 proposed rule 

change is to extend the pilot period for 

the Exchange’s Retail Price 

Improvement Program (the ‘‘Program’’). 

The Program is currently set to expire 

on the earlier of approval of the filing 

to make the Program permanent or 

December 31, 2018.5 The Exchange now 

proposes to extend the Program until 

the earlier of approval of the filing to 

make the Program permanent or June 

30, 2019. 

Background 

In November 2012, the Commission 

approved the Program on a pilot basis.6

The Program is designed to attract retail 

order flow to the Exchange, and allows 

such order flow to receive potential 

price improvement. The Program is 

currently limited to trades occurring at 

prices equal to or greater than $1.00 per 

share. Under the Program, all Exchange 

Users 7 are permitted to provide 

potential price improvement for Retail 

Orders 8 in the form of non-displayed 

interest that is better than the national 

best bid that is a Protected Quotation 

(‘‘Protected NBB’’) or the national best 

offer that is a Protected Quotation 

(‘‘Protected NBO’’, and together with the 

Protected NBB, the ‘‘Protected NBBO’’).9

The Program was approved by the 

Commission on a pilot basis running 

one year from the date of 

implementation.10 The Commission 

approved the Program on November 27, 

2012.11 The Exchange implemented the 

Program on January 11, 2013, and has 

extended the pilot period six times.12

The pilot period for the Program is 

currently set to expire on the earlier of 

approval of the filing to make this rule 

permanent or December 31, 2018. This 

filing seeks to extend the pilot until the 

earlier of approval of the filing to make 

the Program permanent or June 30, 

2019. 

Proposal To Extend the Operation of the 

Program 

The Exchange established the 

Program in an attempt to attract retail 

order flow to the Exchange by 

potentially providing price 

improvement to such order flow. The 

Exchange believes that the Program 

promotes competition for retail order 

flow by allowing Exchange members to 

submit Retail Price Improvement Orders 

(‘‘RPI Orders’’) 13 to interact with Retail 

Orders. Such competition has the ability 

to promote efficiency by facilitating the 

price discovery process and generating 


amozie on DSK3GDR082PROD with NOTICES1