Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices 49905 

20 15 U.S.C. 78s(b)(3)(A)(iii). 

21 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. 

22 17 CFR 240.19b–4(f)(6)(iii). 

23For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

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

24 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). 

rules amongst the Exchange and its 

affiliates. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

The proposed amendment to paragraph 

(e)(3) of Rule 11.10 would not have any 

impact on competition as it simply 

clarifies the rule by removing language 

that reflects functionality not offered by 

the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No comments were solicited or 

received on the proposed rule change. 

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)(iii) of the Act 20 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.21

A proposed rule change filed under 

Rule 19b–4(f)(6) normally does not 

become operative for 30 days after the 

date of its filing. However, Rule 19b– 

4(f)(6)(iii) 22 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 so that the proposed rule change 

will become operative upon filing. The 

Exchange stated that such waiver would 

enable the Exchange to immediately 

clarify its rule by removing language 

that reflects functionality not offered by 

the Exchange, and thereby avoid any 

potential investor confusion. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because it would enable 

the Exchange to update its rule without 

delay. Therefore, the Commission 

hereby waives the operative delay and 

designates the proposed rule change 

operative upon filing.23

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 

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– 

BatsEDGX–2017–38 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–BatsEDGX–2017–38. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–BatsEDGX–2017–38, and 

should be submitted on or before 

November 17, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23376 Filed 10–26–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81919; File No. SRBatsBZX–2017–68] 

Self-Regulatory Organizations; Bats 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change to Rule 21.1, 

Definitions, To Modify Stop Orders and 

Stop Limit Orders Applicable to the 

Exchange’s Equity Options Platform in 

Preparation for the C2 Options 

Exchange, Incorporated Technology 

Migration 

October 23, 2017. 

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 October 

10, 2017, Bats BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) 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) 


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4 17 CFR 240.19b–4(f)(6)(iii). 

5See Securities Exchange Act Release No. 79585 

(December 16, 2016), 81 FR 93988 (December 22, 

2016) (SR–BatsBZX–2016–68; SR–BatsBYX–2016– 

29; SR–BatsEDGA–2016–24; SR–BatsEDGX–2016– 

60). 

6 ‘‘Market Orders’’ are orders to buy or sell at the 

best price available at the time of execution. Market 

Orders to buy or sell an option traded on are 

rejected if they are received when the underlying 

security is subject to a ‘‘Limit State’’ or ‘‘Straddle 

State’’ as defined in the Plan to Address 

Extraordinary Market Volatility Pursuant to Rule 

608 of Regulation NMS under the Act (the ‘‘Limit 

Up-Limit Down Plan’’). Any portion of a Market 

Order that would execute at a price more than $0.50 

or 5 percent worse than the NBBO at the time the 

order initially reaches BZX Options, whichever is 

greater, will be cancelled. 

7 ‘‘Limit Orders’’ orders to buy or sell an option 

at a specified price or better. A limit order is 

marketable when, for a limit order to buy, at the 

time it is entered into the System, the order is 

priced at the current inside offer or higher, or for 

a limit order to sell, at the time it is entered into 

the System, the order is priced at the inside bid or 

lower. 

8See CBOE Rules 6.53(c)(iii) and (c)(iv) and C2 

Rules 6.10(c)(3) and (c)(4). 

9See CBOE Rule 6.53, Interpretation and Policy 

.01C. 

10See C2 Rule 6.10, Interpretation and Policy 

.01C. 

11See Exchange Rule 21.1(d)(5). 

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 

update Rule 21.1 to make modifications 

to the Exchange’s rules and 

functionality applicable to the 

Exchange’s options platform (‘‘BZX 

Options’’) in preparation for the 

technology migration of the Exchange’s 

affiliated options exchange, C2 Options 

Exchange, Incorporated (‘‘C2’’), onto the 

same technology as the Exchange. 

The text of the proposed rule change 

is available at the Exchange’s Web site 

at www.bats.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 

In 2016, the Exchange and its 

affiliates Bats BYX Exchange, Inc. 

(‘‘BYX’’), Bats EDGA Exchange, Inc. 

(‘‘EDGA’’), and Bats EDGX Exchange, 

Inc. (‘‘EDGX’’) received approval to 

affect a merger (the ‘‘Merger’’) of the 

Exchange’s indirect parent company, 

Bats Global Markets, Inc. (‘‘BGM’’), with 

CBOE Holdings, Inc. (‘‘CBOE 

Holdings’’), the direct parent of Chicago 

Board Options Exchange, Incorporated 

(‘‘CBOE’’) and C2 Options Exchange, 

Incorporated (‘‘C2’’, and together with 

the Exchange, BYX, EDGA, EDGX, and 

CBOE the ‘‘CBOE Affiliated 

Exchanges’’).5 The CBOE Affiliated 

Exchanges are working to align certain 

system functionality, retaining only 

intended differences between the CBOE 

Affiliated Exchanges, in the context of a 

technology migration. Thus, the 

proposals set forth below are intended 

to add certain system functionality that 

is more similar to functionality offered 

by CBOE and C2 in order to ultimately 

provide a consistent technology offering 

for market participants who interact 

with the CBOE Affiliated Exchanges. 

Although the Exchange intentionally 

offers certain features that differ from 

those offered by its affiliates and will 

continue to do so, the Exchange believes 

that offering similar functionality to the 

extent practicable will reduce potential 

confusion for Users. 

The Exchange proposes to modify its 

rules regarding Stop Orders and Stop 

Limit Orders, as defined in Rules 

21.1(d)(11) and (d)(12), respectively. 

Stop Orders are currently defined in 

Rule 21.1(d)(11) as an order that 

becomes a Market Order 6 when the stop 

price is elected. A Stop Order to buy is 

elected when the consolidated last sale 

in the option occurs at, or above, the 

specified stop price. A Stop Order to 

sell is elected when the consolidated 

last sale in the option occurs at, or 

below, the specified stop price. Stop 

Limit Orders are currently defined in 

Rule 21.1(d)(12) as an order that 

becomes a limit order 7 when the stop 

price is elected. A Stop Limit Order to 

buy is elected when the consolidated 

last sale in the option occurs at, or 

above, the specified stop price. A Stop 

Limit Order to sell becomes a sell limit 

order when the consolidated last sale in 

the option occurs at, or below, the 

specified stop price. 

The Exchange proposes to modify 

Stop Orders and Stop Limit Orders to 

add that such orders will be elected 

based on quotations as well. 

Specifically, in addition to electing a 

Stop Order or Stop Limit Order to buy 

(sell) when the consolidated last sale in 

the option occurs at or above (below), 

the specified stop price, the Exchange 

proposes to elect such an order when 

the NBB (NBO) is equal to or higher 

(lower) than the stop price. The 

Exchange notes that CBOE and C2 also 

trigger stop orders based on quotations.8

The Exchange further notes that it has 

proposed to elect Stop Orders and Stop 

Limit Orders based on consolidated 

quotations (the NBB and NBO) rather 

than quotations only on the Exchange. 

The Exchange believes that this is more 

consistent with its current functionality 

for Stop Orders and Stop Limit Orders, 

which are elected based on the 

consolidated last sale in the option. 

The Exchange also proposes a minor 

change to the definition of Stop Limit 

Orders to ensure that there is consistent 

language between Stop Limit Orders to 

buy and Stop Limit Orders to sell. The 

current language related to Stop Limit 

Orders to buy focuses on the election of 

such orders whereas the current 

language related to Stop Limit Orders to 

sell focuses on the conversion of such 

orders to limit orders. The Exchange 

proposes to include language related 

both election and conversion to limit 

orders with respect to both Stop Limit 

Orders to buy and Stop Limit Orders to 

sell. 

In addition, the Exchange proposes to 

restrict Stop Orders, which, as described 

above are converted to Market Orders 

when elected, from being elected when 

the underlying security is in a Limit 

State, as defined in the Limit Up-Limit 

Down Plan. Such an order would be 

held until the end of the Limit State, at 

which point the order would again 

become eligible to be elected. This 

aspect of the proposal is also based on 

the rules of CBOE 9 and C2 10 and is 

consistent with the Exchange’s current 

handling of Market Orders, which are 

not accepted when the underlying 

security is in a Limit State.11 As Stop 

Orders become Market Orders when 

elected, the Exchange believes that this 

change is merely an extension of its 

existing functionality. 

Below are examples of the current and 

proposed functionality for Stop Orders 

and Stop Limit Orders. 

Example 1A—Stop Order is Triggered 

(Current Functionality) 

Assume the NBBO is 7.80 x 8.00. 

Assume that a User submits a Stop 


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Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices 49907 

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

13 15 U.S.C. 78f(b)(5). 

14The Exchange notes that its affiliate, EDGX, 

also intends to adopt Stop Orders and Stop Limit 

Orders that would function identical to Stop Orders 

and Stop Limit Orders on the Exchange, as 

amended by this proposal. In addition, as CBOE 

and C2 migrate to the same technology platform as 

the Exchange, CBOE and C2 intend to modify rules 

and functionality to be consistent with the 

Exchange and EDGX, unless the retention of 

differences is intended. 

15See supra, notes 8–10. 

16 15 U.S.C. 78s(b)(3)(A). 

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

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

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. 

18 17 CFR 240.19b–4(f)(6). 

19 17 CFR 240.19b–4(f)(6)(iii). 

Order to buy 500 shares with a stop 

price of 8.05. 

• Assume the NBBO updates to 8.00 

by 8.05. An execution reported by 

another exchange at 8.05 will trigger the 

stop price of the Stop Order, which will 

convert into a Market Order to buy. 

• Note: this example would still be 

accurate under the proposed 

functionality, however, there is an 

additional way that a Stop Order could 

be elected, a change to the NBBO, as set 

forth in Example 1B below. 

Example 1B—Stop Order is Triggered 

(Proposed Functionality) 

Assume the NBBO is 7.80 x 8.00. 

Assume that a User submits a Stop 

Order to buy 500 shares with a stop 

price of 8.05. 

• Assume the NBBO updates to 8.05 

by 8.10. The NBB equal to the stop price 

of the order will trigger the stop price 

of the Stop Order, which will convert 

into a Market Order to buy. The result 

would be the same if the NBB were 

instead higher than the stop price, such 

as with an NBBO of 8.10 by 8.15. 

Example 2A—Stop Limit Order is 

Triggered (Current Functionality) 

Assume the NBBO is 7.80 x 8.00. 

Assume that a User submits a Stop 

Limit Order to buy 500 shares at 8.04 

with stop limit price of 8.05. 

• Assume the NBBO updates to 8.03 

by 8.05. An execution reported by 

another exchange at 8.05 will trigger the 

stop price of the Stop Limit Order, 

which will convert into a limit order to 

buy at 8.04. 

• Note: this example would still be 

accurate under the proposed 

functionality, however, there is an 

additional way that a Stop Limit Order 

could be elected, a change to the NBBO, 

as set forth in Example 2B. 

Example 2B—Stop Limit Order is 

Triggered (Proposed Functionality) 

Assume the NBBO is 7.80 x 8.00. 

Assume that a User submits a Stop 

Limit Order to buy 500 shares at 8.04 

with stop limit price of 8.05. 

Assume the NBBO updates to 8.05 by 

8.10. The NBB equal to the stop price 

of the order will trigger the stop price 

of the Stop Limit Order, which will 

convert into a limit order to buy at 8.04. 

The result would be the same if the NBB 

were instead higher than the stop price, 

such as with an NBBO of 8.10 by 8.15. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act 12 in general, and furthers the 

objectives of Section 6(b)(5) of the Act 13

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 

particular, consistent rules and 

functionality between the Exchange and 

its affiliated exchanges will reduce 

complexity and help avoid potential 

confusion by the Users of the Exchange 

that are also participants on other CBOE 

Affiliated Exchanges.14

The Exchange believes the proposed 

amendment will reduce complexity and 

increase the understanding of the 

Exchange’s operations for all Users of 

the Exchange. In particular, by 

triggering Stop Orders and Stop Limit 

Orders based on quotations, in addition 

to trades, the Exchange’s functionality 

will be more similar to that of CBOE and 

C2. In turn, when CBOE and C2 are 

migrated to the same technology as that 

of the Exchange, Users of the Exchange 

and other CBOE Affiliated Exchanges 

will have access to similar functionality 

on all CBOE Affiliated Exchanges. As 

such, the proposed rule change would 

foster cooperation and coordination 

with persons engaged in facilitating 

transactions in securities and would 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

With respect to Stop Orders not being 

elected when the underlying security is 

in a Limit State, this proposal is based 

on the rules of CBOE and C2 and is also 

consistent with the Exchange’s current 

handling of Market Orders, which are 

not accepted when the underlying 

security is in a Limit State.15 As Stop 

Orders become Market Orders when 

elected, the Exchange believes that this 

change is merely an extension of its 

existing functionality. 

(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 

Exchange notes that the proposal will 

further promote consistency between 

the Exchange and its affiliated 

exchanges, and is part of a larger 

technology integration that will 

ultimately reduce complexity for Users 

of the Exchange that are also 

participants on other CBOE Affiliated 

Exchanges. The Exchange does not 

believe that the proposed changes will 

have any direct impact on competition. 

Thus, the Exchange does not believe 

that the proposal creates any significant 

impact on competition. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (A) Significantly affect 

the protection of investors or the public 

interest; (B) impose any significant 

burden on competition; and (C) 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 it has become effective 

pursuant to Section 19(b)(3)(A) of the 

Act 16 and paragraph (f)(6) of Rule 19b– 

4 thereunder,17 the Exchange has 

designated this rule filing as noncontroversial. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 18 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 19 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 proposed 

rule change may become operative 

immediately upon filing. The Exchange 

notes that the proposed rule change will 

promote consistency between the 

Exchange and CBOE Affiliated 

Exchanges, and is part of a larger 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
49908 Federal Register / Vol. 82, No. 207 / Friday, October 27, 2017 / Notices 

20For 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). 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3Form G–45 is an electronic form on which 

submissions of the information required by Rule G– 

45 are made to the MSRB. 

4The ABLE Act was enacted on December 19, 

2014 as part of The Tax Increase Prevention Act of 

2014 (Pub. L. 113–295). 

5As noted under ‘‘Self-Regulatory Organization’s 

Statement of the Purpose of, and Statutory Basis for, 

the Proposed Rule Change’’ below, the proposed 

rule change does not alter the date that 

underwriters to ABLE programs must submit data 

under Rule G–45 to the MSRB. 

technology integration that will 

ultimately reduce complexity for Users 

of the Exchange that are also 

participants on other CBOE Affiliated 

Exchanges. 

The Commission believes that waiver 

of the 30-day operative delay is 

consistent with the protection of 

investor and the public interest. The 

Commission notes that the proposed 

rule change is based on rules of its 

affiliated exchanges, CBOE and C2, and 

thus does not raise any new or novel 

issues. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change as operative upon filing.20

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: (1) Necessary or appropriate in 

the public interest; (2) for the protection 

of investors; or (3) 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– 

BatsBZX–2017–68 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–BatsBZX–2017–68. 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. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–BatsBZX–2017–68 and 

should be submitted on or before 

November 17, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–23372 Filed 10–26–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81921; File No. SR–MSRB– 

2017–08] 

Self-Regulatory Organizations; 

Municipal Securities Rulemaking 

Board; Notice of Filing of a Proposed 

Rule Change To Amend MSRB Form 

G–45 To Collect Additional Data About 

the Transactional Fees Primarily 

Assessed by Programs Established To 

Implement the ABLE Act 

October 23, 2017. 

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

Securities Exchange Act of 1934 (the 

‘‘Exchange Act’’ or ‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 notice is hereby 

given that on October 13, 2017 the 

Municipal Securities Rulemaking Board 

(the ‘‘MSRB’’ or ‘‘Board’’) filed with the 

Securities and Exchange Commission 

(the ‘‘SEC’’ or ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the MSRB. 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 MSRB filed with the Commission 

a proposed rule change to amend Form 

G–45 under MSRB Rule G–45, on 

reporting of information on municipal 

fund securities,3 to collect additional 

data about the transactional fees 

primarily assessed by programs 

established to implement the Stephen 

Beck, Jr., Achieving a Better Life 

Experience Act of 2014 (the ‘‘ABLE Act’’ 

and an ‘‘ABLE program’’) (the 

‘‘proposed rule change’’).4 The MSRB 

requests that the proposed rule change 

become effective on June 30, 2018.5

The text of the proposed rule change 

is available on the MSRB’s Web site at 

www.msrb.org/Rules-andInterpretations/SEC-Filings/2017- 

Filings.aspx, at the MSRB’s principal 

office, 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 

MSRB 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 MSRB 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 ABLE Act added Section 529A to 

the Internal Revenue Code of 1986, as 

amended (the ‘‘Code’’), to permit a state, 

or an agency or instrumentality thereof, 

to establish and maintain a new type of 

tax-advantaged savings program to help 

support individuals with disabilities in 


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