20544 Federal Register / Vol. 80, No. 73 / Thursday, April 16, 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). 

5As defined in BATS Rule 11.23(a)(23). 

6As defined in BATS Rule 11.23(a)(9). 

7As defined in BATS Rule 11.23(a)(20). 

8As defined in BATS Rule 11.23(a)(11). 

9As defined in BATS Rule 11.23(a)(12). 

10As defined in BATS Rule 11.23(a)(24). 

11 Id. 

12 Id. 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Form 10–Q. SEC File No. 270–49, OMB 

Control No. 3235–0070. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.), the Securities 

and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget this 

request for extension of the previously 

approved collection of information 

discussed below. 

Form 10–Q (17 CFR 249.308a) is filed 

by issuers of securities to satisfy their 

quarterly reporting obligations pursuant 

to Sections 13(a) or 15(d) of the 

Exchange Act (‘‘Exchange Act’’)(15 

U.S.C. 78m and 78o(d)). The 

information provided by Form 10–Q is 

intended to help ensure the adequacy of 

information available to investors about 

an issuer. Form 10–Q takes 

approximately 187.43 hours per 

response to prepare. Approximately 

22,907 Forms 10–Q are filed with the 

Commission annually. We estimate that 

75% of the approximately 187.43 hours 

per response (140.57 hours) is prepared 

by the company for an annual reporting 

burden of 3,220,037 hours (140.57 hours 

per response × 22,907 responses). 

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 

control number. 

The public may view the 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, 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. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: April 10, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08694 Filed 4–15–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74702; File No. SR–BATS– 

2015–31] 

Self-Regulatory Organizations; BATS 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change to Amend Rule 11.23, 

‘‘Auctions’’ 

April 10, 2015. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on April 1, 

2015, BATS Exchange, Inc. (the 

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

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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 ‘‘non-controversial’’ proposed rule 

change pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(6) 

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 11.23, entitled ‘‘Auctions.’’ 

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. 

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 

The Exchange proposes to make 

several changes to Rule 11.23 in order 

to improve the Exchange auction 

process. Specifically, the Exchange is 

proposing to make several minor 

changes to Rule 11.23, which include: 

(i) To eliminate from each of the 

Opening Auction, Closing Auction, IPO 

and Halt Auction, and Volatility Closing 

Auction the language stating that an 

auction will occur at the price of the 

Volume Based Tie Breaker (or 

‘‘VBTB’’),5 Final Last Sale Eligible 

Trade,6 or issuing price, as applicable, 

where no limit orders from one or both 

sides would participate in the auction; 

(ii) to amend the definition of Volume 

Based Tie Breaker; (iii) to amend the 

definition of Reference Price Range; 7

(iv) to amend the definition of LateLimit-On-Close 8 (‘‘LLOC’’) and LateLimit-On-Open 9 (‘‘LLOO’’); and (v) to 

make a non-substantive change to delete 

the definitions of ZBB,10 ZBO,11 and 

ZBBO.12

Limit Order Participation 

Currently, each of Rules 

11.23(b)(2)(B), (c)(2)(B), (d)(2)(C), and 

(e)(2)(B) contain language that provides 

an alternate price at which an auction 

will occur where no limit orders from 

one or both sides (the buy side, the sell 

side, or both the buy and sell side) 

would otherwise participate in an 

auction (an ‘‘Alternate Price’’). For 

Opening and Closing Auctions the 

Alternate Price is the Volume Based Tie 

Breaker; for Halt and Volatility Closing 

Auctions the Alternate Price is the Final 

Last Sale Eligible Trade; and for IPO 

Auctions the Alternate Price is the 

issuing price. While the Exchange 

added the Alternate Price requirement 

in order to ensure that, for auctions with 

minimal liquidity, either limit orders 

were participating in the auction and 

would aid in price discovery or that the 

auction would occur at a predetermined price, this protection has, 


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