Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 4321 

1The Commission notes that AMSE’s application 

only seeks a limited volume exemption under 

Section 5 of the Exchange Act from registration as 

a national securities exchange under Section 6 of 

the Exchange Act. AMSE’s application does not 

seek to register as a national securities exchange. 

2See Securities Exchange Act Release No. 72661 

(July 23, 2014), 79 FR 44070 (‘‘Notice’’). 

3See Securities Exchange Act Release No. 73419 

(October 23, 2014), 79 FR 64421 (October 29, 2014) 

(‘‘Order Instituting Proceedings’’). 

4See Securities Exchange Act Release No. 73991 

(December 22, 2014), 79 FR 78507 (action by 

delegated authority) (‘‘Amendment Notice’’). 

5AMSE’s exemption application has been filed 

pursuant to Section 5 of the Exchange Act. The 

Commission is affording AMSE’s exemption 

application a process similar to that for exchange 

registration applications under Section 19(a) of the 

Exchange Act. 

6See id. and Section 19(a) of the Exchange Act. 

7 Id. 

8See supra note 4. 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3See Letter from Christopher B. Stone, Vice 

President, FINRA, to Brent Fields, Secretary, 

Commission, dated December 24, 2014 

(‘‘Transmittal Letter’’). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74116; File No. 10–214] 

Automated Matching Systems 

Exchange, LLC; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Grant or Deny a Limited 

Volume Exemption From Registration 

as a National Securities Exchange 

Under Section 5 of the Securities 

Exchange Act of 1934 

January 22, 2015. 

On July 7, 2014, Automated Matching 

Systems Exchange, LLC (‘‘AMSE’’) 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’) 

an application seeking a limited volume 

exemption under Section 5 of the 

Securities Exchange Act (‘‘Exchange 

Act’’) from registration as a national 

securities exchange under Section 6 of 

the Exchange Act.1 Notice of AMSE’s 

exemption application was published 

for comment in the Federal Register on 

July 29, 2014.2 On October 23, 2014, the 

Commission issued an order instituting 

proceedings to determine whether to 

grant or deny AMSE’s exemption 

application.3 On November 10, 2014, 

AMSE submitted Amendment No. 1 to 

its exemption application. Notice of 

Amendment No. 1 to AMSE’s 

exemption application was published 

for comment in the Federal Register on 

December 30, 2014.4

Section 19(a) of the Exchange Act 

provides that the Commission shall, 

upon the filing of an application for 

registration as a national securities 

exchange pursuant to Section 6 of the 

Exchange Act,5 publish notice of such 

filing and afford interested persons an 

opportunity to submit written data, 

views, and arguments concerning such 

application, and within 90 days of the 

date of publication of such notice (or 

within such longer period as to which 

the applicant consents), by order grant 

such registration or institute 

proceedings to determine whether such 

registration should be denied. Such 

proceedings must be concluded within 

180 days of the date of a publication of 

notice of the filing of the application for 

registration.6 However, the Commission 

may extend the time for conclusion of 

such proceedings for up to 90 days if it 

finds good cause for such extension and 

publishes its reasons for so finding or 

for such longer period as to which the 

applicant consents. AMSE’s exemption 

application was published for notice 

and comment in the Federal Register on 

July 29, 2014.7 The 180th day after 

publication of the notice of AMSE’s 

exemption application in the Federal 

Register is January 25, 2014, and the 

270th day after publication of the notice 

of AMSE’s exemption application in the 

Federal Register is April 25, 2015. 

The Commission finds that good 

cause exists to extend the time for 

conclusion of the proceedings to 

determine whether to grant or deny 

AMSE’s exemption application in order 

for the Commission to have sufficient 

time to consider AMSE’s amended 

exemption application, including any 

comment letters received on AMSE’s 

amended exemption application.8

Accordingly, pursuant to Section 

19(a)(1)(B) of the Exchange Act, the 

Commission extends the time for 

conclusion of the proceedings to 

determine whether to grant or deny 

AMSE’s exemption application to April 

24, 2015. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01426 Filed 1–26–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74110; File No. 4–631] 

Joint Industry Plan; Notice of Filing of 

the Eighth Amendment to the National 

Market System Plan To Address 

Extraordinary Market Volatility by 

BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board 

Options Exchange, Inc., Chicago Stock 

Exchange, Inc., EDGA Exchange, Inc., 

EDGX Exchange, Inc., Financial 

Industry Regulatory Authority, Inc., 

NASDAQ OMX BX, Inc., NASDAQ OMX 

PHLX LLC, The Nasdaq Stock Market 

LLC, National Stock Exchange, Inc., 

New York Stock Exchange LLC, NYSE 

MKT LLC, and NYSE Arca, Inc. 

January 21, 2015. 

I. Introduction 

On December 24, 2014, Financial 

Industry Regulatory Authority, Inc. 

(‘‘FINRA’’), on behalf of the following 

parties to the National Market System 

Plan: BATS Exchange, Inc., BATS YExchange, Inc., Chicago Board Options 

Exchange, Incorporated, Chicago Stock 

Exchange, Inc., EDGA Exchange, Inc., 

EDGX Exchange, Inc., NASDAQ OMX 

BX, Inc., NASDAQ OMX PHLX LLC, the 

Nasdaq Stock Market LLC, and National 

Stock Exchange, Inc., New York Stock 

Exchange LLC, NYSE MKT LLC, and 

NYSE Arca, Inc. (collectively with 

FINRA, the ‘‘Participants’’), filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) pursuant 

to Section 11A of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

608 thereunder,2 a proposal to amend 

the Plan to Address Extraordinary 

Market Volatility (‘‘Plan’’).3 The 

proposal represents the eighth 

amendment to the Plan (‘‘Eighth 

Amendment’’), and reflects changes 

unanimously approved by the 

Participants. The Eighth Amendment to 

the Plan proposes to: (i) Establish a 

requirement for the Participants to 

submit a supplemental joint assessment 

to the Commission by May 29, 2015; 

and (ii) extend the end date of the pilot 

period of the Plan from February 20, 

2015 to October 23, 2015. A copy of the 

Plan, as proposed to be amended is 

attached as Exhibit A hereto. The 

Commission is publishing this notice to 

solicit comments from interested 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
4322 Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 

4 ‘‘Any two or more self-regulatory organizations, 

acting jointly, . . . may propose an amendment to 

an effective national market system plan [] by 

submitting the text of the plan or amendment to the 

Secretary of the Commission, together with a 

statement of the purpose of such plan or 

amendment . . .’’ 17 CFR 242.608(a)(1) The 

Commission is required to publish notice of the 

filing of any proposed amendment to any effective 

national market system plan, together with the 

terms of substance of the filing or a description of 

the subjects and issues involved, and shall provide 

interested persons an opportunity to submit written 

comments. See 17 CFR 242.608(b)(1). No 

amendment to a national market system plan shall 

become effective unless approved by the 

Commission or otherwise permitted in accordance 

with Rule 608(b)(3). See id. 

5 17 CFR 242.600(b)(47). See also Section I(H) of 

the Plan. 

6See Section V of the Plan. 

7Capitalized terms used herein but not otherwise 

defined shall have the meaning ascribed to such 

terms in the Plan. See Exhibit A, infra. 

8 17 CFR 242.603(b). The Plan refers to this entity 

as the Processor. 

9See Section I(T) of the Plan. 

10As initially proposed by the Participants, the 

Percentage Parameters for Tier 1 NMS Stocks (i.e., 

stocks in the S&P 500 Index or Russell 1000 Index 

and certain ETPs) with a Reference Price of $1.00 

or more would be five percent and less than $1.00 

would be the lesser of (a) $0.15 or (b) 75 percent. 

The Percentage Parameters for Tier 2 NMS Stocks 

(i.e., all NMS Stocks other than those in Tier 1) with 

a Reference Price of $1.00 or more would be 10 

percent and less than $1.00 would be the lesser of 

(a) $0.15 or (b) 75 percent. The Percentage 

Parameters for a Tier 2 NMS Stock that is a 

leveraged ETP would be the applicable Percentage 

Parameter set forth above multiplied by the leverage 

ratio of such product. On May 24, 2012, the 

Participants amended the Plan to create a 20% price 

band for Tier 1 and Tier 2 stocks with a Reference 

Price of $0.75 or more and up to and including 

$3.00. The Percentage Parameter for stocks with a 

Reference Price below $0.75 would be the lesser of 

(a) $0.15 or (b) 75 percent. See Letter from Janet M. 

McGinness, Senior Vice President, Legal and 

Corporate Secretary, NYSE Euronext, to Elizabeth 

M. Murphy, Secretary, Commission, dated May 24, 

2012. 

11 17 CFR 242.600(b)(42). See also Section I(G) of 

the Plan. 

12 Id. 

13A stock enters the Limit State if the National 

Best Offer equals the Lower Price Band and does 

not cross the National Best Bid, or the National Best 

Bid equals the Upper Price Band and does not cross 

the National Best Offer. See Section VI(B) of the 

Plan. 

14See Section I(D) of the Plan. 

15The primary listing market declares a Trading 

Pause in an NMS Stock; upon notification by the 

primary listing market, the Processor disseminates 

this information to the public. No trades in that 

NMS Stock could occur during the Trading Pause, 

but all bids and offers may be displayed. See 

Section VII(A) of the Plan. 

16As defined in Section I(X) of the Plan, a trading 

center shall have the meaning provided in Rule 

600(b)(78) of Regulation NMS under the Act. 

persons on the Eighth Amendment to 

the Plan.4

II. Description of the Proposal 

A. Purpose of the Plan 

The Participants filed the Plan in 

order to create a market-wide limit uplimit down mechanism that is intended 

to address extraordinary market 

volatility in ‘‘NMS Stocks,’’ as defined 

in Rule 600(b)(47) of Regulation NMS 

under the Act.5 The Plan sets forth 

procedures that provide for market-wide 

limit up-limit down requirements that 

are designed to prevent trades in 

individual NMS Stocks from occurring 

outside of the specified price bands.6

These limit up-limit down requirements 

are coupled with Trading Pauses, as 

defined in Section I(Y) of the Plan, to 

accommodate more fundamental price 

moves (as opposed to erroneous trades 

or momentary gaps in liquidity). 

As set forth in Section V of the Plan, 

the price bands consist of a Lower Price 

Band and an Upper Price Band for each 

NMS Stock.7 The price bands are 

calculated by the Securities Information 

Processors (‘‘SIPs’’ or ‘‘Processors’’) 

responsible for consolidation of 

information for an NMS Stock pursuant 

to Rule 603(b) of Regulation NMS under 

the Act.8 Those price bands are based 

on a Reference Price 9 for each NMS 

Stock that equals the arithmetic mean 

price of Eligible Reported Transactions 

for the NMS Stock over the immediately 

preceding five-minute period. The price 

bands for an NMS Stock are calculated 

by applying the Percentage Parameter 

for such NMS Stock to the Reference 

Price, with the Lower Price Band being 

a Percentage Parameter 10 below the 

Reference Price, and the Upper Price 

Band being a Percentage Parameter 

above the Reference Price. Between 9:30 

a.m. and 9:45 a.m. ET and 3:35 p.m. and 

4:00 p.m. ET, the price bands are 

calculated by applying double the 

Percentage Parameters as set forth in 

Appendix A of the Plan. 

The Processors also calculate a ProForma Reference Price for each NMS 

Stock on a continuous basis during 

Regular Trading Hours. If a Pro-Forma 

Reference Price does not move by one 

percent or more from the Reference 

Price in effect, no new price bands are 

disseminated, and the current Reference 

Price remains the effective Reference 

Price. If the Pro-Forma Reference Price 

moves by one percent or more from the 

Reference Price in effect, the Pro-Forma 

Reference Price becomes the Reference 

Price, and the Processors disseminate 

new price bands based on the new 

Reference Price. Each new Reference 

Price remains in effect for at least 30 

seconds. 

When one side of the market for an 

individual security is outside the 

applicable price band, the Processors 

are required to disseminate such 

National Best Bid 11 or National Best 

Offer 12 with an appropriate flag 

identifying it as non-executable. When 

the other side of the market reaches the 

applicable price band, the market for an 

individual security enters a Limit 

State,13 and the Processors are required 

to disseminate such National Best Offer 

or National Best Bid with an appropriate 

flag identifying it as a Limit State 

Quotation.14 All trading immediately 

enters a Limit State if the National Best 

Offer equals the Lower Limit Band and 

does not cross the National Best Bid, or 

the National Best Bid equals the Upper 

Limit Band and does not cross the 

National Best Offer. Trading for an NMS 

Stock exits a Limit State if, within 15 

seconds of entering the Limit State, all 

Limit State Quotations are executed or 

canceled in their entirety. If the market 

does not exit a Limit State within 15 

seconds, then the Primary Listing 

Exchange declares a five-minute 

Trading Pause, which is applicable to 

all markets trading the security. 

These limit up-limit down 

requirements are coupled with Trading 

Pauses 15 to accommodate more 

fundamental price moves (as opposed to 

erroneous trades or momentary gaps in 

liquidity). As set forth in more detail in 

the Plan, all trading centers 16 in NMS 

Stocks, including both those operated 

by Participants and those operated by 

members of Participants, are required to 

establish, maintain, and enforce written 

policies and procedures that are 

reasonably designed to comply with the 

limit up-limit down and Trading Pause 

requirements specified in the Plan. 

Under the Plan, all trading centers are 

required to establish, maintain, and 

enforce written policies and procedures 

reasonably designed to prevent the 

display of offers below the Lower Price 

Band and bids above the Upper Price 

Band for an NMS Stock. The Processors 

disseminate an offer below the Lower 

Price Band or bid above the Upper Price 

Band that nevertheless inadvertently 

may be submitted despite such 

reasonable policies and procedures, but 

with an appropriate flag identifying it as 

non-executable; such bid or offer would 

not be included in National Best Bid or 

National Best Offer calculations. In 

addition, all trading centers are required 

to develop, maintain, and enforce 

policies and procedures reasonably 

designed to prevent trades at prices 

outside the price bands, with the 

exception of single-priced opening, 

reopening, and closing transactions on 

the Primary Listing Exchange. 

As stated by the Participants in the 

Plan, the limit up-limit down 

mechanism is intended to reduce the 

negative impacts of sudden, 

unanticipated price movements in NMS 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 4323 

17 17 CFR 242.600(b)(47). 

18See Transmittal Letter, supra note 3. 

19The limit up-limit down mechanism set forth 

in the Plan replaces the existing single-stock circuit 

breaker pilot. See e.g., Securities Exchange Act 

Release Nos. 62251 (June 10, 2010), 75 FR 34183 

(June 16, 2010) (SR–FINRA–2010–025); 62883 

(September 10, 2010), 75 FR 56608 (September 16, 

2010) (SR–FINRA–2010–033). 

20See Securities Exchange Act Release No. 68953 

(February 20, 2013), 78 FR 13113 (February 26, 

2013). 

21See Letter from Participants to Brent J. Fields, 

Secretary, Commission, dated September 29, 2014 

(‘‘Participant Impact Assessment’’). 

22See Securities Exchange Act Release No. 67091 

(May 31, 2012), 77 FR 33498 at 33508 (June 6, 

2012). 

Stocks,17 thereby protecting investors 

and promoting a fair and orderly 

market.18 In particular, the Plan is 

designed to address the type of sudden 

price movements that the market 

experienced on the afternoon of May 6, 

2010.19 The initial date of Plan 

operations was April 8, 2013.20

The following summarizes the Eighth 

Amendment to the Plan and the 

rationale behind those changes: 

Proposed Amendment 

The Eighth Amendment proposes two 

changes to the Plan. First, the 

Participants propose to amend 

Appendix B of the Plan to state that, by 

May 29, 2015, the Participants shall 

provide to the Commission a 

supplemental joint assessment relating 

to the impact of the Plan. On September 

29, 2014, the Participants submitted a 

Participant Impact Assessment,21 which 

provided the Commission with the 

Participants’ initial observations in each 

area required to be addressed under 

Appendix B to the Plan. Though the 

Participants have submitted the 

Participant Impact Assessment, they 

believe that a supplemental joint 

assessment is appropriate. The 

supplemental joint assessment would 

evaluate the impact of the Plan using 

the measures set forth in Appendix B, 

but would be an extensive assessment 

based upon a data-driven analysis 

across trading centers using 

methodology agreed upon by the 

Participants, which would allow the 

Participants to make unified 

recommendations, where appropriate, 

that would be of greater value to the 

Commission and the public than 

separate submissions. The Participants 

also state that they intend to make the 

supplemental joint assessment publicly 

available. 

The Participants intend to engage a 

third-party consultant to assist in 

conducting the cross-market analysis 

and preparing the supplemental joint 

assessment. The Participants believe 

that the process of selecting, engaging, 

meeting with, and providing required 

data to the ultimate third-party 

consultant will be time consuming, but 

beneficial in that it would facilitate the 

development of a joint assessment that, 

unlike individual Participant 

submissions, would not need to be 

compared and reconciled. 

Second, the Participants propose to 

amend Section VIII.C the Plan to extend 

the pilot period of the Plan from 

February 20, 2015 through October 23, 

2015. The Participants believe that 

extension of the pilot period is 

necessary and appropriate in the 

interest of the public, including because 

additional time will: (i) Provide a 

reasonable period of time for the public 

to comment on the supplemental joint 

assessment and recommendations; (ii) 

provide Participants time to use the 

information collected during the 

operation of the Plan to perform further 

analysis and recommend amendments 

to the Plan; and (iii) allow the 

Commission adequate time to review 

the supplemental joint assessment and 

recommendations provided by the 

Participants, and determine if any 

modifications to the Plan are 

appropriate. The Participants also 

believe that the proposed amendment is 

consistent with the approval order for 

the Plan, in which the Commission 

stated that having a pilot period would 

allow ‘‘the public, the Participants, and 

the Commission to assess the operation 

of the Plan and whether the Plan should 

be modified prior to approval on a 

permanent basis.’’ 22 Finally, the 

Participants believe that the proposed 

amendment, which provides for 

additional time to observe the operation 

of the Pilot, as well as to prepare and 

submit a supplemental joint assessment, 

will facilitate the development of better 

recommendations and will allow the 

Participants to make unified 

recommendations, where appropriate, 

regarding the operation of the Plan. 

The Participants note that the 

amended version of the Plan also 

includes the revised Appendix A— 

Schedule 1, which was updated for 

trading beginning July 1, 2014. As set 

forth in Appendix A—Percentage 

Parameters, the Primary Listing 

Exchange updates Schedule 1 to 

Appendix A semi-annually based on the 

fiscal year and such updates do not 

require a Plan amendment. 

B. Governing or Constituent Documents 

The governing documents of the 

Processor, as defined in Section I(P) of 

the Plan, will not be affected by the 

Plan, but once the Plan is implemented, 

the Processor’s obligations will change, 

as set forth in detail in the Plan. 

C. Implementation of Plan 

The initial date of the Plan operations 

was April 8, 2013. 

D. Development and Implementation 

Phases 

The Plan was initially implemented 

as a one-year pilot program in two 

Phases, consistent with Section VIII of 

the Plan: Phase I of Plan 

implementation began on April 8, 2013 

and was completed on May 3, 2013. 

Implementation of Phase II of the Plan 

began on August 5, 2013 and was 

completed on February 24, 2014. 

Pursuant to this proposed amendment, 

the Participants propose to extend the 

pilot period so that it is set to end 

October 23, 2015. 

E. Analysis of Impact on Competition 

The proposed Plan does not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act. 

The Participants do not believe that the 

proposed Plan introduces terms that are 

unreasonably discriminatory for the 

purposes of Section 11A(c)(1)(D) of the 

Exchange Act. 

F. Written Understanding or Agreements 

relating to Interpretation of, or 

Participation in the Plan 

The Participants have no written 

understandings or agreements relating 

to interpretation of the Plan. Section 

II(C) of the Plan sets forth how any 

entity registered as a national securities 

exchange or national securities 

association may become a Participant. 

G. Approval of Amendment of the Plan 

Each of the Plan’s Participants has 

executed a written amended Plan. 

H. Terms and Conditions of Access 

Section II(C) of the Plan provides that 

any entity registered as a national 

securities exchange or national 

securities association under the 

Exchange Act may become a Participant 

by: (1) Becoming a participant in the 

applicable Market Data Plans, as defined 

in Section I(F) of the Plan; (2) executing 

a copy of the Plan, as then in effect; (3) 

providing each then-current Participant 

with a copy of such executed Plan; and 

(4) effecting an amendment to the Plan 

as specified in Section III(B) of the Plan. 

I. Method of Determination and 

Imposition, and Amount of, Fees and 

Charges 

Not applicable. 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
4324 Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 

1 17 CFR 242.612(c). 

2See Securities Exchange Act Release No. 68303 

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

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

3See Securities Exchange Act Release No. 71249 

(January 7, 2014), 79 FR 2229 (January 13, 2012) 

(SR–BYX–2014–001) (extending the pilot period); 

Securities Exchange Act Release No. 71250 (January 

7, 2014), 79 FR 2234 (January 13, 2012) (Order 

Granting an Extension to Limited Exemption From 

Rule 612(c) of Regulation NMS in Connection With 

the Exchange’s Retail Price Improvement Program). 

4See letter from Eric Swanson, Senior Vice 

President and General Counsel, BYX, to Elizabeth 

M. Murphy, Secretary, Commission, dated January 

16, 2015. 

J. Method and Frequency of Processor 

Evaluation 

Not applicable. 

K. Dispute Resolution 

Section III(C) of the Plan provides for 

each Participant to designate an 

individual to represent the Participant 

as a member of an Operating Committee. 

No later than the initial date of the Plan, 

the Operating Committee shall designate 

one member of the Operating Committee 

to act as the Chair of the Operating 

Committee. Any recommendation for an 

amendment to the Plan from the 

Operating Committee that receives an 

affirmative vote of at least two-thirds of 

the Participants, but is less than 

unanimous, shall be submitted to the 

Commission as a request for an 

amendment to the Plan initiated by the 

Commission under Rule 608. 

On September 18, 2014, the Operating 

Committee, duly constituted and 

chaired by Mr. Christopher B. Stone of 

FINRA, met and voted to amend the 

Plan as set forth herein in accordance 

with Section III(C) of the Plan. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed Eighth 

Amendment 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 4– 

631 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number 4–631. 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 Plan that 

are filed with the Commission, and all 

written communications relating to the 

Plan 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 the 

filing also will be available for 

inspection and copying at the 

Participants’ principal offices. 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 4–631 and should be submitted 

on or before February 17, 2015. 

By the Commission. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01384 Filed 1–26–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, January 29, 2015 at 2:00 

p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Piwowar, as duty 

officer, voted to consider the items 

listed for the Closed Meeting in closed 

session. 

The subject matter of the Closed 

Meeting will be: 

Institution and settlement of injunctive 

actions; 

Institution and settlement of 

administrative proceedings; 

Consideration of amicus participation; 

and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

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: January 22, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01519 Filed 1–23–15; 11:15 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74115; File No. SR–BYX– 

2012–019] 

Self-Regulatory Organization; BATS YExchange, Inc.; Order Granting an 

Extension to Limited Exemption From 

Rule 612(c) of Regulation NMS in 

Connection With the Exchange’s Retail 

Price Improvement Program 

January 22, 2015. 

On November 27, 2012, the Securities 

and Exchange Commission 

(‘‘Commission’’) issued an order 

pursuant to its authority under Rule 

612(c) of Regulation NMS (‘‘Sub-Penny 

Rule) 1 that granted the BATS YExchange, Inc. (‘‘BYX’’ or the 

‘‘Exchange’’) a limited exemption from 

the Sub-Penny Rule in connection with 

the operation of the Exchange’s Retail 

Price Improvement (‘‘RPI’’) Program (the 

‘‘Program’’). The limited exemption was 

granted concurrently with the 

Commission’s approval of the 

Exchange’s proposal to adopt the 

Program for a one-year pilot term.2 The 

exemption was granted coterminous 

with the effectiveness of the pilot 

Program and has been extended once; 3

both the pilot Program and exemption 

are scheduled to expire on January 31, 

2015. 

The Exchange now seeks to extend 

the exemption until January 31, 2016.4

The Exchange’s request was made in 

conjunction with an immediately 

effective filing that extends the 

operation of the Program until January 


asabaliauskas on DSK5VPTVN1PROD with NOTICES