12240 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

underlying company. Specifically, rule 

30e–2 requires that the report contain 

all the applicable information and 

financial statements or their equivalent, 

required by rule 30e–1 under the 

Investment Company Act (17 CFR 

270.30e–1) to be included in reports of 

the underlying fund for the same fiscal 

period. Rule 30e–1 requires that the 

underlying fund’s report contain, among 

other things, the information that is 

required to be included in such reports 

by the fund’s registration statement form 

under the Investment Company Act. 

The purpose of this requirement is to 

apprise current shareholders of the 

operational and financial condition of 

the UIT. Absent the requirement to 

disclose all material information in 

reports, investors would be unable to 

obtain accurate information upon which 

to base investment decisions and 

consumer confidence in the securities 

industry might be adversely affected. 

Requiring the submission of these 

reports to the Commission permits us to 

verify compliance with securities law 

requirements. 

Rule 30e–2, however, permits, under 

certain conditions, delivery of a single 

shareholder report to investors who 

share an address (‘‘householding’’). 

Specifically, rule 30e–2 permits 

householding of annual and semiannual reports by UITs to satisfy the 

delivery requirements of rule 30e–2 if, 

in addition to the other conditions set 

forth in the rule, the UIT has obtained 

from each applicable investor written or 

implied consent to the householding of 

shareholder reports at such address. The 

rule requires UITs that wish to 

household shareholder reports with 

implied consent to send a notice to each 

applicable investor stating that the 

investors in the household will receive 

one report in the future unless the 

investors provide contrary instructions. 

In addition, at least once a year, UITs 

relying on the rule for householding 

must explain to investors who have 

provided written or implied consent 

how they can revoke their consent. The 

purpose of the notice and annual 

explanation requirements associated 

with the householding provisions of the 

rule is to ensure that investors who wish 

to receive individual copies of 

shareholder reports are able to do so. 

The Commission estimates that the 

annual burden associated with rule 30e– 

2 is 121 hours per respondent, including 

an estimated 20 hours associated with 

the notice requirement for householding 

and an estimated 1 hour associated with 

the explanation of the right to revoke 

consent to householding. The 

Commission estimates that there are 

currently approximately 700 UITs. 

Therefore, the Commission estimates 

that the total hour burden is 

approximately 84,700 hours. In addition 

to the burden hours, the Commission 

estimates that the annual cost of 

contracting for outside services 

associated with rule 30e–2 is $20,000 

per respondent, for a total annual cost 

of approximately $14,000,000. 

Estimates of average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

representative survey or study of the 

costs of Commission rules and forms. 

The collection of information under rule 

30e–2 is mandatory. The information 

provided under rule 30e–2 will not be 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information will have practical utility; 

(b) the accuracy of the agency’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, 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: March 2, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05219 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74410; File No. SR–NYSE– 

2015–09] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Specifying in 

Exchange Rules the Exchange’s Use of 

Certain Data Feeds for Order Handling 

and Execution, Order Routing, and 

Regulatory Compliance 

March 2, 2015. 

Pursuant to section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on February 

24, 2015, New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) 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 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 Exchange proposes to specify in 

Exchange rules the Exchange’s use of 

certain data feeds for order handling 

and execution, order routing, and 

regulatory compliance. The text of the 

proposed rule change is available on the 

Exchange’s Web site at www.nyse.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 

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 those 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. 

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Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 12241 

4See Mary Jo White, Chair, Securities and 

Exchange Commission, Speech at the Sandler, 

O’Neill & Partners, L.P. Global Exchange and 

Brokerage Conference (June 5, 2014) (available at 

www.sec.gov/News/Speech/Detail/Speech/1370542

004312#.U5HI-fmwJiw). 

5See Letter from James Burns, Deputy Director, 

Division of Trading and Markets, Securities and 

Exchange Commission, to Jeffrey C. Sprecher, Chief 

Executive Officer, Intercontinental Exchange, Inc., 

dated June 20, 2014. 

6See Securities Exchange Act Release No. 72710 

(July 29, 2014), 79 FR 45511 (Aug. 5, 2014) (SR– 

NYSE–2014–38) (‘‘July 2014 Data Feed Filing’’). 

7The SIP feeds are disseminated pursuant to 

effective joint-industry plans as required by Rule 

603(b) of Regulation NMS. 17 CFR 242.603(b). The 

three joint-industry plans are: (1) The CTA Plan, 

which is operated by the Consolidated Tape 

Association and disseminates transaction 

information for securities with the primary listing 

market on exchanges other than NASDAQ Stock 

Market LLC (‘‘Nasdaq’’): (2) The CQ Plan, which 

disseminates consolidated quotation information 

for securities with their primary listing on 

exchanges other than Nasdaq; and (3) the Nasdaq 

UTP Plan, which disseminates consolidated 

transaction and quotation information for securities 

with their primary listing on Nasdaq. 

8The Exchange notes that because the FINRA 

Alternate Display Facility (‘‘ADF’’) does not 

currently display any quotations, the Exchange does 

not need any data feeds to provide it with ADF 

quotes. 

9The NBBO is defined as the best bid and best 

offer of an NMS security. 17 CFR 242.600(b)(3). The 

Exchange notes that the NBBO may differ from the 

PBBO because the NBBO includes Manual 

Quotations, which are defined as any quotation 

other than an automated quotation. 17 CFR 

242.600(b)(37). By contrast, a protected quotation is 

an automated quotation that is the best bid or offer 

of a national securities exchange. 17 CFR 

242.60(b)(57)(iii). 

10NYSE Rule 440B(b) requires that Exchange 

systems not execute or display a short sale order 

with respect to a covered security at a price that is 

less than or equal to the current NBB if the price 

of that security decreases by 10% or more, as 

determined by the Exchange, from the security’s 

closing price on the Exchange at the end of regular 

trading hours on the prior day. 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(5). 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On June 5, 2014, in a speech entitled 

‘‘Enhancing Our Market Equity 

Structure,’’ Mary Jo White, Chair of the 

Securities and Exchange Commission 

(‘‘SEC’’ or the ‘‘Commission’’) requested 

the equity exchanges to file with the 

Commission the data feeds used for 

purposes of (1) order handling and 

execution (e.g., with pegged or midpoint 

orders); (2) order routing, and (3) 

regulatory compliance, if applicable.4

Subsequent to the Chair’s speech, the 

Division of Trading and Markets stated 

that it ‘‘believes there is a need for 

clarity regarding whether (1) the SIP 

data feeds, (2) proprietary data feeds, or 

(3) a combination thereof,’’ are used for 

these purposes and requested that 

proposed rule changes be filed that 

disclose such information.5 The stated 

goal of disclosing this information was 

to provide broker-dealers and investors 

with enhanced transparency to better 

assess the quality of an exchange’s 

execution and routing services. 

On July 18, 2014, in response to the 

above request, the Exchange filed a 

proposed rule change that clarified the 

Exchange’s use of certain data feeds for 

order handling and execution, order 

routing, and regulatory compliance.6 As 

noted in that filing, the data feeds 

available for the purposes of order 

handling and execution, order routing, 

and regulatory compliance at the 

Exchange include the exclusive 

securities information processor (‘‘SIP’’) 

data feeds.7

SEC staff has requested that the 

Exchange file a supplemental proposed 

rule change to specify in Exchange rules 

which data feeds the Exchange uses for 

the above-described purposes. 

Accordingly, the Exchange is filing this 

proposed rule change. 

As set forth in its July 2014 Data Feed 

Filing, the Exchange uses only the SIP 

data feeds to determine protected 

quotations on markets other than the 

Exchange 8 for purposes of compliance 

with Rule 611 and Rule 610(d), 

including identifying where to route 

ISOs, to calculate the protected best bid 

or offer (‘‘PBBO’’) for purposes of order 

types that are priced based on the 

PBBO, and to determine the national 

best bid (‘‘NBB’’) 9 for purposes of 

compliance with Rule 201 of Regulation 

SHO and Rule 440B.10 The Exchange 

notes that when it routes interest to a 

protected quotation, the Exchange 

adjusts the PBBO. 

The Exchange proposes to add new 

Supplementary Material .01 to Rule 19, 

which would state the following: 

.01 The Exchange uses the following 

data feeds for the handing, execution, 

and routing of orders, as well as for 

regulatory compliance: 

Market center Primary source Secondary 

source 

BATS Exchange, Inc. ................................................................................................... SIP Data Feed .......................................... n/a 

BATS Y-Exchange, Inc. ............................................................................................... SIP Data Feed .......................................... n/a 

Chicago Stock Exchange, Inc. ..................................................................................... SIP Data Feed .......................................... n/a 

EDGA Exchange, Inc. .................................................................................................. SIP Data Feed .......................................... n/a 

EDGX Exchange, Inc. .................................................................................................. SIP Data Feed .......................................... n/a 

NASDAQ OMX BX LLC ............................................................................................... SIP Data Feed .......................................... n/a 

NASDAQ OMX PHLX LLC ........................................................................................... SIP Data Feed .......................................... n/a 

NASDAQ Stock Market LLC ........................................................................................ SIP Data Feed .......................................... n/a 

NYSE Arca Equities, Inc. ............................................................................................. SIP Data Feed .......................................... n/a 

The Exchange notes that it does not 

trade any securities listed on the NYSE 

MKT LLC. 

2. Statutory Basis 

The proposed rule change is 

consistent with section 6(b) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),11 in general, and furthers the 

objectives of section 6(b)(5),12 in 

particular, because 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, to remove 

impediments to, and perfect the 

mechanism of, a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. The Exchange believes 

that the proposed rule change removes 

impediments to and perfects the 

mechanism of a free and open market 

because it provides enhanced 

transparency to better assess the quality 

of an exchange’s execution and routing 

services. 

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 change is not designed to 

mstockstill on DSK4VPTVN1PROD with NOTICES

12242 Federal Register / Vol. 80, No. 44 / Friday, March 6, 2015 / Notices 

13 15 U.S.C. 78s(b)(3)(A). 

14 17 CFR 240.19b–4(f)(6). As required under Rule 

19b–4(f)(6)(iii), the Exchange provided the 

Commission with written notice of its intent to file 

the proposed rule change, along with a brief 

description and the 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. 

15 17 CFR 240.19b–4(f)(6). 

16 17 CFR 240.19b–4(f)(6)(iii). 

17For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

18 17 CFR 200.30–3(a)(12). 

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). 

address any competitive issue but rather 

would provide the public and investors 

with information about which data 

feeds the Exchange uses for execution 

and routing decisions. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the 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, the 

proposed rule change has become 

effective pursuant to section 19(b)(3)(A) 

of the Act 13 and Rule 19b–4(f)(6) 

thereunder.14

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 15 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 16

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange stated that waiver 

of the operative delay will permit the 

Exchange to immediately provide the 

enhanced transparency in Exchange 

rules. The Commission believes the 

waiver of the operative delay is 

consistent with the protection of 

investors and the public interest. 

Therefore, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.17

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2015–09 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2015–09. 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 Web site (http://www.sec.gov/

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE., 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

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–NYSE– 

2015–09 and should be submitted on or 

before March 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05164 Filed 3–5–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74402; File No. SR–BYX– 

2015–12] 

Self-Regulatory Organizations; BATS 

Y-Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Rule 11.22 To 

Update the Names of Certain Market 

Data Products 

March 2, 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 February 

18, 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 Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend Rule 11.22, Data Products, to 

update the names of certain products to 

align with recent changes made to the 

names of the same products in the 

Exchange’s fee schedule. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.batstrading.com, at the 

principal office of the Exchange, and at 

the Commission’s Public Reference 

Room. 

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