Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices 60883 

11 15 U.S.C. 78f(b)(4) and (5). 

12 15 U.S.C. 78f(b)(8). 

13See supra note 5 [sic]. 

14 15 U.S.C. 78s(b)(3)(A). 

15 17 CFR 240.19b–4(f)(2). 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,11 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Exchange believes that the 

proposed changes to routing fees are 

reasonable because the Exchange’s fees 

for routing orders to the NYSE are 

closely related to the NYSE’s fees for its 

members for taking liquidity, and the 

fee increases are consistent with the 

NYSE’s recent increase for its fees for 

taking liquidity. The proposed changes 

will result in maintaining the existing 

relationship between the two sets of 

fees. In addition, the Exchange believes 

that the proposed rule change is 

reasonable, equitable, and not unfairly 

discriminatory because it would result 

in an increase in the per share fee for 

orders, Primary Sweep Orders, and PO+ 

Orders routed to the NYSE, thereby 

aligning the rate that the Exchange 

charges to ETP Holders with the rate 

that the Exchange is charged by the 

NYSE. Accordingly, the Exchange is 

proposing this increase so that the rate 

it charges to ETP Holders reflects the 

rate that the Exchange is charged by the 

NYSE. In addition, the proposed 

changes are equitable and not unfairly 

discriminatory because the fee increases 

apply uniformly across pricing tiers and 

all similarly situated ETP Holders 

would be subject to the same fee 

structure. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. For these 

reasons, the Exchange believes that the 

proposal is consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,12 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. 

In particular, the proposed routing fee 

changes would not place a burden on 

competition because the Exchange is 

seeking to align its fees with the fees 

charged by the NYSE.13

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues. In such an 

environment, the Exchange must 

continually review, and consider 

adjusting, its fees and credits to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed 

rule change promotes a competitive 

environment. 

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 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 14 of the Act and 

subparagraph (f)(2) of Rule 19b–4 15

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 16 of the Act to 

determine whether the proposed rule 

change 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– 

NYSEArca–2014–109 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–NYSEArca–2014–109. 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 20549–1090, on official 

business days between the hours of 

10:00 a.m. and 3:00 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– 

NYSEArca–2014–109, and should be 

submitted on or before October 29, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–23981 Filed 10–7–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73286; File No. SR–PHLX– 

2014–63] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Rule 60 

October 2, 2014. 

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

Securities Exchange Act of 1934 


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

2 17 CFR 240.19b–4. 

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

notice is hereby given that on 

September 19, 2014, NASDAQ OMX 

PHLX LLC (‘‘Phlx’’ or ‘‘Exchange’’) 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 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 [sic] to correct an 

inconsistency in the Exchange’s 

Rulebook related to Rule 60 entitled 

‘‘Sanctions for Breach of Regulations.’’ 

A notice of the proposed rule change 

for publication in the Federal Register 

is attached hereto as Exhibit 1 [sic]. The 

text of the proposed rule change is set 

forth below. Proposed new language is 

italicized; deleted text is in brackets. 

* * * * * 

NASDAQ OMX PHLX Rules 

* * * * * 

Rule 60. Sanctions for Breach of Regulations 

(a)(i) An Options Exchange Official may 

impose on members, member organizations, 

participants, participant organizations and 

their associated persons, fines for breaches of 

regulations that relate to administration of 

order, decorum, health, safety and welfare on 

the Exchange or an Options Exchange 

Official may refer the matter to the Business 

Conduct Committee where it shall proceed in 

accordance with Rules 960.1–960.12. 

(ii) Exchange Staff may impose on 

members, member organizations, 

participants, participant organizations and 

their associated persons, fines for breaches of 

regulations that relate to administration of 

order, decorum, health, safety and welfare on 

the Exchange or Exchange Staff may refer the 

matter to the Business Conduct Committee 

where it shall proceed in accordance with 

Rules 960.1–960.12. 

(b)(i) An Options Exchange Official and an 

officer of the Exchange may exclude a 

member, participant, and any associated 

person of member organizations and 

participant organizations (‘‘member’’) from 

the trading floor for breaches of regulations 

that relate to administration of order, 

decorum, health, safety and welfare on the 

Exchange that occurred on the trading floor 

or on the premises immediately adjacent to 

the trading floor. Specifically, members shall 

be excluded if they pose an immediate threat 

to the safety of persons or property, are 

seriously disrupting Exchange operations, or 

are in possession of a firearm. Members so 

excluded [are excluded for the remainder of 

the trading day.] may be excluded for a 

period of up to five business days. 

(c) If a member shall be excluded for a 

period exceeding forty-eight hours, an 

expedited hearing (‘‘Expedited Hearing’’) will 

be held before the Chair of the Business 

Conduct Committee or a member of the 

Committee designated by the Chair 

(‘‘Expedited Hearing Officer’’) within fortyeight business hours after the members’ 

exclusion from the trading floor. Written 

notice will be provided to the member of the 

date, time and place of the hearing. The 

member may be represented by counsel. The 

Expedited Hearing Officer or his or her 

designee shall conduct an Expedited 

Hearing. The Expedited Hearing Officer shall 

allow both the member or his or her 

representative and Exchange staff to present 

arguments. The Expedited Hearing Officer 

shall make a determination of whether to 

continue the member’s exclusion from the 

trading floor for a period of up to five 

business days. The determination shall be 

based on the severity of the threat posed to 

persons on the trading floor, the 

disruptiveness caused by the actor and the 

safety and welfare of persons on the trading 

floor. The Expedited Hearing Officer shall 

make a ruling at the time of the hearing and 

a written decision will be provided to the 

member following the hearing. Members shall 

not be excluded from electronic trading, but 

will be not be permitted to be physically 

present on the trading floor for the duration 

of any exclusion. 

(ii) For purposes of this Rule, an ‘‘officer 

of the Exchange’’ shall refer to an officer who 

is a vice president or higher. 

(iii) For purposes of this Rule and the 

Regulations promulgated thereunder, the 

‘‘premises immediately adjacent to the 

trading floor’’ shall include the following: (1) 

All premises other than the trading floor that 

are under Exchange control, and (2) premises 

in the building where the Exchange 

maintains its principal office and place of 

business, namely 1900 Market Street, 

Philadelphia, Pennsylvania. 

(iv) Exclusion from the floor may not be 

the exclusive sanction for breaches of this 

Rule and the regulations thereunder. In 

addition to exclusion, a member may also be 

subject to a fine or the matter may be referred 

to the Business Conduct Committee where it 

shall proceed in accordance with Rules 

960.1–960.12. 

••• Commentary (a)— 

The procedure to be followed in cases 

where a pre-set fine of up to $[5]10,000.00 is 

summarily assessed is as follows: 

.01 Notice of Fine. Notice of fine for 

breach of such regulations shall be given by 

the issuance of a written citation. Exchange 

Staff shall serve the written citations that are 

issued by the Options Exchange Official. The 

cited party may accept or contest the written 

citation. 

.02 Time and Place of Hearing. If the 

written citation is contested, the Exchange 

shall fix a mutually convenient time and 

place of hearing, notice of which must be 

given in advance and may be given orally. 

.03 Record. An appropriate record shall 

be kept. The costs of the making of such a 

transcript, including, but not limited to, the 

costs for the court reporter, reproduction of 

the transcript and producing copies thereof, 

shall be equally borne by the Exchange and 

by the cited party. 

.04 Procedure. The hearing shall be 

conducted by a Hearing Director appointed 

by the Chair of the Business Conduct 

Committee, and will be conducted in 

whatever manner will permit full 

presentation of the evidence. 

.05 Finding. The finding of the Hearing 

Director shall be rendered at the close of the 

hearing. The Hearing Director may decide 

that: (i) the citation should be overturned; (ii) 

the citation is valid as issued; or (iii) the 

citation as issued should be modified to 

specify either a higher or lower fine than the 

one on the notice as issued. 

.06 Forum Fee. If a person contests a 

citation imposed under Rule 60 and the 

citation is upheld by the reviewing body, the 

reviewing body will impose a forum fee 

against the person in the amount of $100. 

.0[6]7 No Right of Appeal. The finding of 

the Hearing Director shall be final. There 

shall be no appeal from such finding. 

.0[7]8 Report to Securities and Exchange 

Commission (SEC). A report in appropriate 

form shall be made to the SEC. However, no 

report shall be made in the case of citations 

for breaches of regulations relating to order, 

decorum, health, safety and welfare or 

administration of the Exchange if a citation 

is not contested and the fine is $1,000 or less, 

or if the Hearing Director finds in favor of the 

appellant. 

••• Commentary (b)— 

The procedure to be followed when a 

member is to be excluded from the trading 

floor is as follows: 

[.01 Ruling. After an Options Exchange 

Official and an officer of the Exchange 

determine that a member shall be excluded, 

a member of the Exchange’s security staff 

shall escort the member off the trading floor. 

The member shall remain off the trading floor 

for the remainder of the trading day. 

Exchange staff shall thereafter memorialize 

the exclusion in the form of a written 

citation.] 

.0[2]1 No Further Right of Appeal. The 

determination that a member shall be 

excluded is final. There shall be no appeal 

from such determination. 

.0[3]2 Report to the SEC. A report in 

appropriate form shall be made to the SEC. 

However, no report shall be made in a case 

where a clerical employee is excluded for a 

breach of regulations relating to order, 

decorum, health, safety and welfare or 

administration of the Exchange. 

RULE 60—REGULATION AND FINE 

SCHEDULE 

(ORDER AND DECORUM CODE) 

In most cases, the PHLX will enforce 

compliance with Order and Decorum Code 

pursuant to Rule 60. While ordinarily a 

finding of a violation will result in the 

appropriate pre-set fine and/or sanction, an 

Options Exchange Official or Exchange Staff 

may refer the matter to the Business Conduct 

Committee where it shall proceed in 

accordance with Rules 960.1–960.12. In the 

case of repeat violations of a regulation by 

the same individual, the amount of the fine 

is determined by the number of such 

violations which have occurred within the 


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year immediately preceding the current 

violation. 

* * * * * 

OPTION FLOOR PROCEDURE ADVICES 

AND ORDER & DECORUM REGULATIONS 

* * * * * 

H. REGULATIONS Pursuant to Rule 60 

[Rule 60. Sanctions for Breach of 

Regulations 

(a)(i) An Options Exchange Official may 

impose on members, member organizations 

and their associated persons, fines for 

breaches of regulations that relate to 

administration of order, decorum, health, 

safety and welfare on the Exchange or an 

Options Exchange Official may refer the 

matter to the Business Conduct Committee 

where it shall proceed in accordance with 

Rules 960.1–960.12. 

(ii) Exchange Staff may impose on 

members, member organizations and their 

associated persons, fines for breaches of 

regulations that relate to administration of 

order, decorum, health, safety and welfare on 

the Exchange, or Exchange Staff may refer the 

matter to the Business Conduct Committee 

where it shall proceed in accordance with 

Rules 960.1–960.12. 

(b)(i) An Options Exchange Official and an 

officer of the Exchange may exclude a 

member, and any associated person of 

member organizations (‘‘member’’) from the 

trading floor for breaches of regulations that 

relate to administration of order, decorum, 

health, safety and welfare on the Exchange 

that occurred on the trading floor or on the 

premises immediately adjacent to the trading 

floor. Specifically, members shall be 

excluded if they pose an immediate threat to 

the safety of persons or property, are 

seriously disrupting Exchange operations, or 

are in possession of a firearm. Members so 

excluded may be excluded for a period of up 

to five (5) business days. 

(c) If a member shall be excluded for a 

period exceeding forty-eight hours, an 

expedited hearing (‘‘Expedited Hearing’’) will 

be held before the Chair of the Business 

Conduct Committee or a member of the 

Committee designated by the Chair 

(‘‘Expedited Hearing Officer’’) within fortyeight (48) business hours after the members’ 

exclusion from the trading floor. Written 

notice will be provided to the member of the 

date, time and place of the hearing. The 

member may be represented by counsel. The 

Expedited Hearing Officer or his or her 

designee shall conduct an Expedited Hearing. 

The Expedited Hearing Officer shall allow 

both the member or his or her representative 

and Exchange staff to present arguments. The 

Expedited Hearing Officer shall make a 

determination of whether to continue the 

member’s exclusion from the trading floor for 

a period of up to five (5) business days. The 

determination shall be based on the severity 

of the threat posed to persons on the trading 

floor, the disruptiveness caused by the actor 

and the safety and welfare of persons on the 

trading floor. The Expedited Hearing Officer 

shall make a ruling at the time of the hearing 

and a written decision will be provided to 

the member following the hearing. Members 

shall not be excluded from electronic trading, 

but will not be permitted to be physically 

present on the trading floor for the duration 

of any exclusion 

(ii) For purposes of this Rule, an ‘‘officer 

of the Exchange’’ shall refer to an officer who 

is a vice president or higher. 

(iii) For purposes of this Rule and the 

Regulations promulgated thereunder, the 

‘‘premises immediately adjacent to the 

trading floor’’ shall include the following: (1) 

all premises other than the trading floor that 

are under Exchange control, and (2) premises 

in the building where the Exchange 

maintains its principal office and place of 

business, namely 1900 Market Street, 

Philadelphia, Pennsylvania. 

(iv) Exclusion from the floor may not be 

the exclusive sanction for breaches of this 

Rule and the regulations thereunder. In 

addition to exclusion, a member may also be 

subject to a fine or the matter may be referred 

to the Business Conduct Committee where it 

shall proceed in accordance with Rules 

960.1–960.12. 

••• Commentary (a)— 

The procedure to be followed in cases 

where a pre-set fine of up to $10,000.00 is 

summarily assessed is as follows: 

.01 Notice of Fine. Notice of fine for 

breach of such regulations shall be given by 

the issuance of a written citation. Exchange 

Staff shall serve the written citations that are 

issued by the Options Exchange Official. The 

cited party may accept or contest the written 

citation. 

.02 Time and Place of Hearing. If the 

written citation is contested, the Exchange 

shall fix a mutually convenient time and 

place of hearing, notice of which must be 

given in advance and may be given orally. 

.03 Record. An appropriate record shall 

be kept. The costs of the making of such a 

transcript, including, but not limited to, the 

costs for the court reporter, reproduction of 

the transcript and producing copies thereof, 

shall be equally borne by the Exchange and 

by the cited party. 

.04 Procedure. The hearing shall be 

conducted by a Hearing Director appointed 

by the Chair of the Business Conduct 

Committee, and will be conducted in 

whatever manner will permit full 

presentation of the evidence. 

.05 Finding. The finding of the Hearing 

Director shall be rendered at the close of the 

hearing. The Hearing Director may decide 

that: (i) the citation should be overturned; (ii) 

the citation is valid as issued; or (iii) the 

citation as issued should be modified to 

specify either a higher or lower fine than the 

one on the notice as issued. 

.06 Forum Fee. If a person contests a 

citation imposed under Rule 60 and the 

citation is upheld by the reviewing body, the 

reviewing body will impose a forum fee 

against the person in the amount of $100. 

.07 No Right of Appeal. The finding of 

the Hearing Director shall be final. There 

shall be no appeal from such finding. 

.08 Report to Securities and Exchange 

Commission (SEC). A report in appropriate 

form shall be made to the SEC. However, no 

report shall be made in the case of citations 

for breaches of regulations relating to order, 

decorum, health, safety and welfare or 

administration of the Exchange if a citation 

is not contested and the fine is $1,000 or less, 

or if the Hearing Director finds in favor of the 

appellant. 

••• Commentary (b)— 

The procedure to be followed when a 

member is to be excluded from the trading 

floor is as follows: 

.01 No Further Right of Appeal. The 

determination that a member shall be 

excluded is final. There shall be no appeal 

from such determination. 

.02 Report to the SEC. A report in 

appropriate form shall be made to the SEC. 

However, no report shall be made in a case 

where a clerical employee is excluded for a 

breach of regulations relating to order, 

decorum, health, safety and welfare or 

administration of the Exchange. 

RULE 60—REGULATION AND FINE 

SCHEDULE 

(ORDER AND DECORUM CODE) 

In most cases, the Exchange will enforce 

compliance with Order and Decorum Code 

pursuant to Rule 60. While ordinarily a 

finding of a violation will result in the 

appropriate pre-set fine and/or sanction, an 

Options Exchange Official or Exchange Staff 

may refer the matter to the Business Conduct 

Committee where it shall proceed in 

accordance with Rules 960.1–960.12. 

In the case of repeat violations of a 

regulation by the same individual, the 

amount of the fine is determined by the 

number of such violations which have 

occurred within the year immediately 

preceding the current violation.] 

* * * * * 

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 Exchange’s Rulebook contains 

Rule 60, Sanctions for Breach of 

Regulations, in the Rules of the 

Exchange. This rule is also repeated in 

the section of the Rulebook entitled 

‘‘Regulations’’ which appears prior to 

the listing of the various regulations. 

The Exchange repeated the rule in this 

section for ease of reference as the 

regulations were adopted pursuant to 


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3See Securities Exchange Act Release No. 61207 

(December 18, 2009), 74 FR 69185 (December 30, 

2009) (SR–Phlx–2009–84). 

4 15 U.S.C. 78f(b). 

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

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). 

10For 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). 

11 15 U.S.C. 78s(b)(2)(B). 

Rule 60. In 2009, the Exchange filed a 

rule proposal which, among other 

things, amended Rule 60.3 The rule text 

specifically amended Rule 60 in the 

section of the Rulebook entitled 

Regulations, as evidenced from the text 

in Exhibit 5 of that filing. At that time, 

the Exchange did not also amend the 

rule text of Rule 60 in the main rules. 

The rule text was updated in both 

places in the Rulebook in 2009 because 

the error in not amending both rules 

was not realized at the time the filing 

was approved. The rule text is currently 

identical in both Rule 60 versions at this 

time. There is no inconsistency as 

between the two versions of Rule 60 as 

displayed in the Rulebook. 

The Exchange is seeking to properly 

amend Rule 60 in the main Rules at this 

time by restating the amendments that 

were requested in 2009 in this filing. 

The Exchange also proposes to delete 

the duplicate version of Rule 60 in the 

Regulations section to avoid further 

confusion in the future. In order that 

members and member organizations 

may understand that the Regulations are 

adopted pursuant to Rule 60, the 

Exchange proposes to amend the title of 

the Regulations section to state, 

‘‘Regulations Pursuant to Rule 60.’’ 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 4 in general, and furthers the 

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

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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, in that 

the proposal will correct an error in the 

Exchange’s Rulebook with respect to the 

text of Rule 60. The Exchange is seeking 

to correct the error so that Rule 60, as 

reflected in the main rules, is properly 

amended. An accurate and up-to-date 

Rulebook will avoid confusion for 

market participants. The proposals are 

not substantive, rather, the proposals 

seek to update the rules to reflect the 

current operation of the Exchange. 

Also, to avoid future confusion among 

its marker participants, the Exchange 

proposes to eliminate the Rule 60 

version of the rule text which appears 

in the Regulations section. The 

Regulations govern conduct on the 

Exchange’s trading floor. The Exchange 

believes that noting that the Regulations 

are pursuant to Rule 60 will avoid 

confusion to members and member 

organizations subject to these rules 

because the cross-reference to Rule 60 

will be apparent without the need to 

restate the rule within the Regulations. 

The Exchange believes this rule change 

will bring accuracy and clarity to the 

Rulebook. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange is merely seeking to correct an 

inadvertent error in the Rule text and 

proposes other changes to avoid 

confusion in the future and prevent the 

possibility of this error occurring again. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 6 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.7

A proposed rule change filed under 

Rule 19b–4(f)(6) 8 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),9 the Commission 

may 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 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. The proposed rule 

change amends Rule 60 in the 

Exchange’s Rulebook so that the Rule 

properly reflects changes made in SR– 

Phlx–2009–84, and removes duplicate 

language from another section of the 

Exchange’s Rulebook. The proposed 

rule change ensures that Rule 60 is 

accurate, and is intended to eliminate 

confusion that was caused by having a 

duplicate version of Rule 60 in another 

section of the Rulebook. The 

Commission believes it is in the interest 

of investors to implement these 

amendments immediately. Therefore, 

the Commission hereby waives the 30- 

day operative delay and designates the 

proposal operative upon filing.10

At any time within 60 days of the 

filing of such 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 

under Section 19(b)(2)(B) 11 of the Act to 

determine whether the proposed rule 

change 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– 

PHLX–2014–63 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–PHLX–2014–63. 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 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices 60887 

12 17 CFR 200.30–3(a)(12). 

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 such 

filing also will be available for 

inspection and copying at the principal 

offices 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–PHLX– 

2014–63, and should be submitted on or 

before October 29, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–23979 Filed 10–7–14; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF TRANSPORTATION 

Office of the Secretary of 

Transportation 

Requirements for the Recognizing 

Aviation and Aerospace Innovation in 

Science and Engineering Awards; 

Deadline Extension 

AGENCY: Office of the Secretary of 

Transportation, U.S. Department of 

Transportation. 

ACTION: Notice. 

SUMMARY: Pursuant to a 

recommendation by the Future of 

Aviation Advisory Committee, the 

Secretary of Transportation is 

announcing the third-annual 

competition to recognize students with 

the ability to demonstrate unique, 

innovative thinking in aerospace 

science and engineering. In its third 

year, the Secretary has decided to create 

two divisions within the award: A high 

school division and a university 

division (both undergraduate and 

graduate). The Secretary of 

Transportation intends to use the 

awards to incentivize students at high 

schools and universities to think 

creatively in developing innovative 

solutions to aviation and aerospace 

issues, and to share those innovations 

with the broader community. This 

notice extends the deadline for 

submitting proposals for the RAISE 

Award and makes other small changes 

to the prior notices issued in April (79 

FR 19167) and May (79 FR 29476) 2014. 

The Department of Transportation has 

decided that interested students could 

benefit from more time to develop 

proposals for the 2014 competition. 

Thus, we are extending the dates for 

submitting expressions of interest to 

November 14, 2014, and for submitting 

final packages to 3:00 p.m. Eastern 

Standard Time on December 30, 2014. 

DATES: Effective on April 01, 2014 to 

December 30, 2014. 

FOR FURTHER INFORMATION CONTACT: 

Patricia Watts, Ph.D., Federal Aviation 

Administration, (609) 485–5043, 

patricia.watts@faa.gov, or James Brough, 

Federal Aviation Administration, (781) 

238–7027, james.brough@faa.gov. 

SUPPLEMENTARY INFORMATION: 

Subject of Challenge Competition: 

The Secretary’s RAISE (Recognizing 

Aviation & Aerospace Innovation in 

Science and Engineering) Award will 

recognize innovative scientific and 

engineering achievements that will have 

a significant impact on the future of 

aerospace or aviation. Following an 

open solicitation by the United States 

Department of Transportation (‘‘the 

Department’’), the Secretary of 

Transportation (‘‘the Secretary’’) will 

designate an Award Review Board 

Chair, who will submit nominations to 

the Secretary for final consideration. 

The rules for this competition are 

available at http://www.challenge.gov. 

Award Approving Official: Anthony 

Foxx, Secretary of Transportation. 

Eligibility 

To be eligible to participate in the 

Secretary’s RAISE Award competition, 

students must be U.S. citizens or 

permanent residents. For the high 

school division, the students must have 

been enrolled in at least one semester 

(or quarterly equivalent) at a U.S. high 

school (or equivalent approved home 

school program) in 2014. For the 

University division, the student must 

have been enrolled in a U.S.-based 

college or university for at least one 

semester (or quarterly equivalent) in 

2014. Students may participate and be 

recognized as individuals or in teams. 

Each member of a team must meet the 

eligibility criteria. An individual may 

join more than one team. There is no 

charge to enter the competition. 

The following additional rules apply: 

1. Candidates shall submit a project in 

the competition under the rules 

promulgated by the Department; 

2. Candidates shall agree to execute 

indemnifications and waivers of claims 

against the Federal government as 

provided in this Notice; 

3. Candidates may not be a Federal 

entity or Federal employee acting 

within the scope of employment; 

4. Candidates may not be an employee 

of the Department, including but not 

limited to the Federal Aviation 

Administration, or the Research and 

Innovative Technology Administration; 

5. Candidates shall not be deemed 

ineligible because an individual used 

Federal facilities or consulted with 

Federal employees during a 

competition, if the facilities and 

employees are made available to all 

individuals participating in the 

competition on an equitable basis; 

6. The competition is subject to all 

applicable Federal laws and regulations. 

Participation constitutes the Candidates’ 

full and unconditional agreement to 

these rules and to the Secretary’s 

decisions, which are final and binding 

in all matters related to this 

competition; 

7. Submissions which in the 

Secretary’s sole discretion are 

determined to be substantially similar to 

a prior submitted entry may be 

disqualified; 

8. Submissions must be original, be 

the work of the Candidates, and must 

not violate the rights of other parties. 

All submissions remain the property of 

the applicants. Each Candidate 

represents and warrants that he, she, or 

the team, is the sole author and owner 

of the submission, that the submission 

is wholly original, that it does not 

infringe any copyright or any other 

rights of any third party of which the 

Candidate is aware, and, if submitted in 

electronic form, is free of malware; 

9. By submitting an entry in this 

contest, contestants and entrants agree 

to assume any and all risks and waive 

any claims against the Federal 

Government and its related entities 

(except in the case of willful 

misconduct) for any injury, death, 

damage, or loss of property, revenue or 

profits, whether direct, indirect, or 

consequential, arising from their 

participation in this contest, whether 

the injury, death, damage, or loss arises 

through negligence of otherwise. 

Provided, however, that by registering 

or submitting an entry, contestants and 

entrants do not waive claims against the 

Department arising out of the 


asabaliauskas on DSK5VPTVN1PROD with NOTICES