61682 Federal Register / Vol. 79, No. 198 / Tuesday, October 14, 2014 / Notices 

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

2 17 CFR 240.19b–4. 

3The PIP Pilot Program is currently set to expire 

on October 18, 2014. See Securities Exchange Act 

Release Nos. 66871 (April 27, 2012) 77 FR 26323 

(May 3, 2012) (File No. 10–206, In the Matter of the 

Application of BOX Options Exchange LLC for 

Registration as a National Securities Exchange 

Findings, Opinion, and Order of the Commission), 

67255 (June 26, 2012) 77 FR 39315 (July 2, 2013) 

(SR–BOX–2012–009) (Notice of Filing and 

Immediate Effectiveness of a Proposal To Extend a 

Pilot Program That Permits BOX to Have No 

Minimum Size Requirement for Orders Entered Into 

the Price Improvement Period), 69846 (June 25, 

2013) 78 FR 39365 (July 1, 2013) (SR–BOX–2013– 

33) (Notice of Filing and Immediate Effectiveness of 

a Proposal To Extend a Pilot Program That Permits 

BOX to Have No Minimum Size Requirement for 

Orders Entered Into the Price Improvement Period), 

and 72545 (July 7, 2014) 79 FR 40182 (July 11, 

2014) (SR–BOX–2014–19) (Notice of Filing and 

Immediate Effectiveness of a Proposed Rule Change 

to amend Interpretive Material to Rule 7150 (Price 

Improvement Period ‘‘PIP’’) and Interpretive 

Material to Rule 7245 (Complex Order Price 

Improvement Period ‘‘COPIP’’). 

4The COPIP Pilot Program is currently set to 

expire on October 18, 2014. See Securities 

Exchange Act Release Nos. 71148 (December 19, 

2013) 78 FR 78437 (December 26, 2013) (Notice of 

Filing of Amendment Nos. 1 and 2 and Order 

Granting Accelerated Approval of a Proposed Rule 

Change, as Modified by Amendment Nos. 1 and 2, 

to Permit Complex Orders to Participate in Price 

Improvement Periods) and 72545 (July 7, 2014) 79 

FR 40182 (July 11, 2014) (SR–BOX–2014–19) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change to amend Interpretive 

Material to Rule 7150 (Price Improvement Period 

‘‘PIP’’) and Interpretive Material to Rule 7245 

(Complex Order Price Improvement Period 

‘‘COPIP’’). 

5See supra note 3 at 26334 and note 4 at 78441. 

6As defined in BOX Rule 7240(a)(3), the term 

‘‘cNBBO’’ means the best net bid and offer price for 

a Complex Order Strategy based on the NBBO for 

the individual options components of such 

Strategy. 

7As defined in BOX Rule 7240(a)(1), the term 

‘‘cBBO’’ means the best net bid and offer price for 

a Complex Order Strategy based on the BBO on the 

BOX Book for the individual options components 

of such Strategy. 

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

9 15 U.S.C. 78f(b)(5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73314; File No. SR–BOX– 

2014–23] 

Self-Regulatory Organizations; BOX 

Options Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Extend 

the Pilot Programs That Permit the 

Exchange To Have No Minimum Size 

Requirement for Orders Entered Into 

the PIP (‘‘PIP Pilot Program’’) and 

COPIP (‘‘COPIP Pilot Program’’) Until 

December 18, 2014 

October 7, 2014. 

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 October 

3, 2014, BOX Options Exchange LLC 

(‘‘Exchange’’) 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 self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to extend the 

pilot programs that permit the Exchange 

to have no minimum size requirement 

for orders entered into the PIP (‘‘PIP 

Pilot Program’’) and COPIP (‘‘COPIP 

Pilot Program’’). The text of the 

proposed rule change is available from 

the principal office of the Exchange, at 

the Commission’s Public Reference 

Room and also on the Exchange’s 

Internet Web site at http://

boxexchange.com. 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 purpose of the proposed rule 

change is to extend the PIP and COPIP 

Pilot Programs for two additional 

months. The PIP and COPIP Pilot 

Programs allow the Exchange to have no 

minimum size requirement for orders 

entered into the PIP 3 and the COPIP.4

The Exchange has committed to provide 

certain data to the Commission during 

the PIP and COPIP Pilot Programs.5 The 

proposed rule change retains the text of 

IM–7150–1 to Rule 7150 and IM–7245– 

1 to Rule 7245; and seeks to extend the 

operation of the PIP and COPIP Pilot 

Programs until December 18, 2014. 

The Exchange notes that the PIP and 

COPIP Pilot Programs permit 

Participants to trade with their customer 

orders that are less than 50 contracts. In 

particular, any order entered into the 

PIP is guaranteed an execution at the 

end of the auction at a price at least 

equal to the national best bid or offer. 

Any order entered into the COPIP is 

guaranteed an execution at the end of 

the auction at a price at least equal to 

or better than the cNBBO,6 cBBO 7 and 

BBO on the Complex Order Book for the 

Strategy at the time of commencement. 

In further support of this proposed rule 

change, the Exchange will submit to the 

Commission monthly a PIP Pilot 

Program Report and a COPIP Pilot 

Program Report, offering detailed data 

from, and analysis of, the PIP Pilot 

Program and COPIP Pilot Program. 

The Exchange believes that, by 

extending the expiration of the PIP and 

COPIP Pilot Programs, the proposed rule 

change will allow for further analysis of 

the PIP and COPIP Pilot Programs and 

a determination of how the PIP and 

COPIP Pilot Programs shall be 

structured in the future. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with the 

requirements of Section 6(b) of the Act,8

in general, and Section 6(b)(5) of the 

Act,9 in particular, in that it is designed 

to foster cooperation and coordination 

with persons engaged in regulating, 

clearing, settling, processing 

information with respect to, and 

facilitating transactions in securities, to 

remove impediments to and perfect the 

mechanism for 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 data demonstrates that there is 

sufficient investor interest and demand 

to extend the PIP and COPIP Pilot 

Programs for an additional two months. 

The Exchange represents that the PIP 

and COPIP Pilot Programs are designed 

to create tighter markets and ensure that 

each order receives the best possible 

price. 

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. Specifically, 

the Exchange believes that, by extending 

the expiration of the PIP and COPIP 

Pilot Programs, the proposed rule 

change will allow for further analysis of 

the PIP and COPIP Pilot Programs and 

a determination of how the PIP and 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 79, No. 198 / Tuesday, October 14, 2014 / Notices 61683 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f)(6). 

12 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. 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the operative 

delay for this proposal, the Commission has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

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

COPIP Pilot Programs shall be 

structured in the future. In doing so, the 

proposed rule change will also serve to 

promote regulatory clarity and 

consistency, thereby reducing burdens 

on the marketplace and facilitating 

investor protection. 

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 comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 10 and Rule 19b–4(f)(6) 11

thereunder because the proposal does 

not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) by its 

terms, become operative for 30 days 

from the date on which it was filed, or 

such shorter time as the Commission 

may designate if consistent with the 

protection of investors and the public 

interest.12

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b– 

4(f)(6)(iii) 13 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 requested that the 

Commission waive the 30-day operative 

delay period so the pilot programs can 

continue without interruption. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest, as it will allow the pilot 

programs to continue uninterrupted, 

thereby avoiding any potential investor 

confusion that could result from a 

temporary interruption in the pilot 

programs. Further, the Commission 

notes that, because the filing was 

submitted for immediate effectiveness 

on October 3, 2014, the fact that the 

current rule provision does not expire 

until October 18, 2013 will afford 

interested parties the opportunity to 

comment on the proposal before the 

Exchange requires it to become 

operative. For these reasons, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest, and designates the 

proposed rule change to be operative on 

October 18, 2014.14

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.15

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– 

BOX–2014–23 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–BOX–2014–23. 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 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–BOX– 

2014–23 and should be submitted on or 

before November 4, 2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–24303 Filed 10–10–14; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Surrender of License of Small 

Business Investment Company 

Pursuant to the authority granted to 

the United States Small Business 

Administration (‘‘SBA’’) under Section 

309 of the Small Business Investment 

Act of 1958, as amended and Section 

107.1900 of the SBA Rules and 

Regulations, SBA by this notice declares 

null and void the license to function as 

a small business investment company 

under Small Business Investment 

Company License No. 03/03–0247 

issued to Solutions Capital I, L.P. 

effective September 19, 2014. 

Dated: October 2, 2014. 

United States Small Business 

Administration. 

Javier E. Saade, 

Associate Administrator for Investment and 

Innovation. 

[FR Doc. 2014–23951 Filed 10–10–14; 8:45 am] 

BILLING CODE 8025–01–P 

SUSQUEHANNA RIVER BASIN 

COMMISSION 

Public Hearing 

AGENCY: Susquehanna River Basin 

Commission. 

ACTION: Notice. 

SUMMARY: The Susquehanna River Basin 

Commission will hold a public hearing 

mstockstill on DSK4VPTVN1PROD with NOTICES