4598 Federal Register / Vol. 80, No. 18 / Wednesday, January 28, 2015 / Notices 

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). 

with filing Form N–CSR is addressed in 

the submission related to that form. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Written comments are invited on: (a) 

Whether the collection of information is 

necessary for the proper performance of 

the functions of the Commission, 

including whether the information has 

practical utility; (b) the accuracy of the 

Commission’s estimate of the burden of 

the collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted in 

writing within 60 days of this 

publication. 

Please direct your written comments 

to Pamela Dyson, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, C/O Remi 

Pavlik-Simon, 100 F Street NE., 

Washington, DC 20549; or send an email 

to: PRA_Mailbox@sec.gov. 

Dated: January 22, 2015. 

Brent Fields, 

Secretary. 

[FR Doc. 2015–01512 Filed 1–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies 

Available From: Securities and 

Exchange Commission, Office of FOIA 

Services, Washington, DC 20549–2736. 

Extension: 

Rule 17Ac2–1, SEC File No. 270–95, OMB 

Control No. 3235–0084. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 

1995(‘‘PRA’’) (44 U.S.C. 3501 et seq.), 

the Securities and Exchange 

Commission (‘‘Commission’’) has 

submitted to the Office of Management 

and Budget (‘‘OMB’’) a request for 

approval of extension of the existing 

collection of information provided for in 

Rule 17Ac2–1 (17 CFR 240.17Ac2–1) 

under the Securities Exchange Act of 

1934 (15 U.S.C. 78a et seq.) (‘‘Exchange 

Act’’). 

Rule 17Ac2–1, pursuant to Section 

17A(c) of the Exchange Act, generally 

requires transfer agents for whom the 

Commission is the transfer agent’s 

Appropriate Regulatory Agency 

(‘‘ARA’’), to file an application for 

registration with the Commission on 

Form TA–1 and to amend their 

registrations under certain 

circumstances. 

Specifically, Rule 17Ac2–1 requires 

transfer agents to file a Form TA–1 

application for registration with the 

Commission where the Commission is 

their ARA. Such transfer agents must 

also amend their Form TA–1 if the 

existing information on their Form TA– 

1 becomes inaccurate, misleading, or 

incomplete within 60 days following the 

date the information became inaccurate, 

misleading or incomplete. Registration 

filings on Form TA–1 and amendments 

thereto must be filed with the 

Commission electronically, absent an 

exemption, on EDGAR pursuant to 

Regulation S–T (17 CFR 232). 

The Commission annually receives 

approximately 174 filings on Form TA– 

1 from transfer agents required to 

register as such with the Commission. 

Included in this figure are 

approximately 164 amendments made 

annually by transfer agents to their 

Form TA–1 as required by Rule 17Ac2– 

1(c) to address information that has 

become inaccurate, misleading, or 

incomplete and approximately 10 new 

applications by transfer agents for 

registration on Form TA–1 as required 

by Rule 17Ac2–1(a). Based on past 

submissions, the staff estimates that on 

average approximately twelve hours are 

required for initial completion of Form 

TA–1 and that on average one and onehalf hours are required for an 

amendment to Form TA–1 by each such 

firm. Thus, the subtotal burden for new 

applications for registration filed on 

Form TA–1 each year is 120 hours (12 

hours times 10 filers) and the subtotal 

burden for amendments to Form TA–1 

filed each year is 246 hours (1.5 hours 

times 164 filers). The cumulative total is 

366 burden hours per year (120 hours 

plus 246 hours). 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

The public may view background 

documentation for this information 

collection at the following Web site: 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503 

or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or by sending an email to: 

PRA_Mailbox@sec.gov. Comments must 

be submitted to OMB within 30 days of 

this notice. 

Dated: January 22, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01511 Filed 1–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74111; File No. SR–BYX– 

2015–05] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Pilot 

Period for BATS Y-Exchange, Inc.’s 

Retail Price Improvement (‘‘RPI’’) 

Program for 12 Months, To Expire on 

January 31, 2016 

January 22, 2015. 

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 January 

16, 2015, BATS Y-Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BYX’’) 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 ‘‘noncontroversial’’ 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange filed a proposal to 

extend the pilot period for the 

Exchange’s Retail Price Improvement 

(‘‘RPI’’) Program (the ‘‘Program’’), which 

is currently set to expire on January 31, 

2015, for 12 months, to expire on 

January 31, 2016. 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 18 / Wednesday, January 28, 2015 / Notices 4599 

5See Securities Exchange Act Release No. 68303 

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

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

6A ‘‘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. 

7A ‘‘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). 

8The 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. 

9See RPI Approval Order, supra note 5 at 71652. 

10 Id. 

11See Securities Exchange Act Release No. 71249 

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

(SR–BYX–2014–001) (Notice of Filing and 

Immediate Effectiveness of Proposal Extending Pilot 

Period Until January 31, 2015). 

12A ‘‘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). 

13See RPI Approval Order, supra note 5 at 71655. 

14Concurrently with this filing, the Exchange has 

submitted a request for an extension of the 

exemption under Regulation NMS Rule 612 

previously granted by the Commission that permits 

it to accept and rank the RPI orders in sub-penny 

increments. See Letter from Eric Swanson, EVP, 

General Counsel, BATS Global Markets, Inc. to 

Elizabeth M. Murphy, Secretary, Securities and 

Exchange Commission dated January 16, 2015. 

15 15 U.S.C. 78f(b). 

16 15 U.S.C. 78f(b)(5). 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at http://www.directedge.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 

Background 

In November 2012, the Commission 

approved the RPI Program on a pilot 

basis.5 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 6 are 

permitted to provide potential price 

improvement for Retail Orders 7 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’’).8

The Program was approved by the 

Commission on a pilot basis running 

one-year from the date of 

implementation.9 The Commission 

approved the Program on November 27, 

2012.10 The Exchange implemented the 

Program on January 11, 2013, and has 

extended the pilot period one time.11

The pilot period for the Program is 

scheduled to end on January 31, 2015. 

Proposal To Extend the Operation of the 

Program 

The Exchange established the RPI 

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’’) 12 to interact with Retail 

Orders. Such competition has the ability 

to promote efficiency by facilitating the 

price discovery process and generating 

additional investor interest in trading 

securities, thereby promoting capital 

formation. The Exchange believes that 

extending the pilot is appropriate 

because it will allow the Exchange and 

the Commission additional time to 

analyze data regarding the Program that 

the Exchange has committed to 

provide.13 As such, the Exchange 

believes that it is appropriate to extend 

the current operation of the Program.14

Through this filing, the Exchange seeks 

to extend the current pilot period of the 

Program until January 31, 2016. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with the 

requirements of the Act and the rules 

and regulations thereunder that are 

applicable to a national securities 

exchange, and, in particular, with the 

requirements of Section 6(b) of the 

Act.15 In particular, the Exchange 

believes the proposed change furthers 

the objectives of Section 6(b)(5) of the 

Act,16 in that it is designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in facilitating transactions in securities, 

and to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. The Exchange believes that 

extending the pilot period for the RPI 

Program is consistent with these 

principles because the Program is 

reasonably designed to attract retail 

order flow to the exchange environment, 

while helping to ensure that retail 

investors benefit from the better price 

that liquidity providers are willing to 

give their orders. Additionally, as 

previously stated, the competition 

promoted by the Program may facilitate 

the price discovery process and 

potentially generate additional investor 

interest in trading securities. The 

extension of the pilot period will allow 

the Commission and the Exchange to 

continue to monitor the Program for its 

potential effects on public price 

discovery, and on the broader market 

structure. 

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 

proposed rule change extends an 

established pilot program for slightly 

more than 12 months, thus allowing the 

RPI Program to enhance competition for 

retail order flow and contribute to the 

public price discovery process. 

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. 

mstockstill on DSK4VPTVN1PROD with NOTICES

4600 Federal Register / Vol. 80, No. 18 / Wednesday, January 28, 2015 / Notices 

17 15 U.S.C. 78s(b)(3)(A). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

19 15 U.S.C. 78s(b)(3)(A). 

20 17 CFR 240.19b–4(f)(6). 

21 17 CFR 240.19b–4(f)(6)(iii). 

22 Id. 

23For 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). 

24 15 U.S.C. 78s(b)(3)(C). 25 Id. 

26 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 17 and Rule 19b– 

4(f)(6) 18 thereunder. 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 19 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.20

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of filing.21 However, Rule 19b– 

4(f)(6)(iii) permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest.22 The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because such waiver 

would allow the pilot program to 

continue uninterrupted. Accordingly, 

the Commission hereby grants the 

Exchange’s request and designates the 

proposal operative upon filing.23

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act.24

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved.25

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– 

BYX–2015–05 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 SR–BYX–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 

a.m. and 3 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–BYX– 

2015–05, and should be submitted on or 

before February 18, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01506 Filed 1–27–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74117; File No. SR–ISE– 

2015–03] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend the Schedule of 

Fees 

January 22, 2015. 

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 January 8, 

2015, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission the proposed 

rule change, as 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The ISE proposes to amend the 

Schedule of Fees to (1) increase the 

route-out fee applicable to Priority 

Customer orders routed to away 

markets, (2) adopt a stock handling fee 

for stock-option orders executed against 

other stock-option orders in the 

complex order book, (3) increase the 

Crossing Fee Cap subject to a discount 

for members that agree in advance to 

pay the full amount regardless of actual 

trading volume, and (4) remove certain 

obsolete text related to PrecISE fees. The 

text of the proposed rule change is 

available on the Exchange’s Web site 

(http://www.ise.com), at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

mstockstill on DSK4VPTVN1PROD with NOTICES