Document ID: SEC-2015-0214-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Options Exchange, LLC
Posted Date: 2015-02-04T05:00Z

[Federal Register Volume 80, Number 23 (Wednesday, February 4, 2015)]
[Notices]
[Pages 6153-6155]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-02106]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74171; File No. SR-BOX-2015-05]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Extend the Deadline for the VPR Program to January 14, 2015

January 29, 2015.
    Pursuant to Section 19(b)(1) under the Securities Exchange Act of 
1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby 
given that on January 16, 2015, BOX Options Exchange LLC (the 
``Exchange'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I, II, 
and III below, which Items have been prepared by the Exchange. The 
Exchange filed the proposed rule change pursuant to Section 
19(b)(3)(A)(ii) of the Act,\3\ and Rule 19b-4(f)(2) thereunder,\4\ 
which renders the proposal effective upon filing with the Commission. 
The Commission is publishing this notice to solicit comments on the 
proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \4\ 17 CFR 240.19b-4(f)(2).

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[[Page 6154]]

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange is filing with the Securities and Exchange Commission 
(``Commission'') a proposed rule change to extend the deadline for the 
VPR Program to January 14, 2015. There are no proposed changes to any 
rule text.

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
    On January 9, 2015, the Exchange filed a rule change on Form 19b-4 
to implement an equity rights program (the ``VPR Program''), to be 
effective January 12, 2015 (the ``VPR Filing'').\5\ As provided on page 
13 of 49 in the VPR Filing, applicants to participate in the VPR 
Program were required to make a nominal cash payment of $85 per VPR by 
January 12, 2015. Also, as provided on page 15 of 49 in the VPR Filing, 
applicants to participate in the VPR Program were required to sign the 
applicable subscription documents by January 12, 2015.
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    \5\ See SR-BOX-2015-03.
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    Because all prospective Subscribers to the VPR Program were unable 
to sign the required documents and make the associated payment by the 
January 12, 2015 deadline, BOX proposes to make a reasonable 
accommodation to all prospective Subscribers. Accordingly, BOX proposes 
to extend the deadline, by which subscription documents and payments 
must be submitted to BOX, by two days to January 14, 2015 (the 
``Extension Period''). This extension would allow all parties desiring 
to participate in the VPR Program to subscribe. In making such 
accommodation, no prospective Subscribers to the VPR Program would be 
impaired in their ability to participate in the VPR Program.
    Further, as provided on pages 4, 15 and 17 of 49 in the VPR Filing, 
BOX expected to begin measuring order flow volume for the VPR Program 
on January 12, 2015. In connection with the extension of time afforded 
prospective Subscribers, BOX proposes to begin measuring order flow 
volume upon effectiveness of this rule filing with respect to any 
Subscriber that signed the subscription documents and made the cash 
payment during the Extension Period.

2. Statutory Basis

    The Exchange believes that the proposal is consistent with the 
requirements of Section 6(b) of the Act, in general, and Section 
6(b)(4) and 6(b)(5)of the Act,\6\ in particular, in that it provides 
for the equitable allocation of reasonable dues, fees, and other 
charges among BOX Participants and other persons using its facilities 
and does not unfairly discriminate between customers, issuers, brokers 
or dealers. In particular, the proposed rule change is reasonable, 
equitable and not unfairly discriminatory because it proposes to make a 
reasonable accommodation to all prospective Subscribers who wish to 
participate in the VPR Program. This will ensure that no prospective 
Subscribers to the VPR Program would be impaired in their ability to 
participate in the VPR Program.
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    \6\ 15 U.S.C. 78f(b)(4) and (5).
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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 believes that 
the proposed rule change will improve competition by allowing all 
market participants to subscribe to the VPR Program.

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

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Exchange Act \7\ and Rule 19b-4(f)(2) 
thereunder,\8\ because it establishes or changes a due, or fee.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend the rule 
change if it appears to the Commission that the action is necessary or 
appropriate in the public interest, for the protection of investors, or 
would otherwise further 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-BOX-2015-05 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-2015-05. 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

[[Page 6155]]

submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-BOX-
2015-05, and should be submitted on or before February 25, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
Jill M. Peterson,
Assistant Secretary.
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    \9\ 17 CFR 200.30-3(a)(12).
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[FR Doc. 2015-02106 Filed 2-3-15; 8:45 am]
BILLING CODE 8011-01-P