Document ID: SEC-2010-1706-0001
Agency: sec
Document Type: Notice
Title: Allocation of Regulatory Responsibilities: BATS Exchange, Inc., BATS Y-Exchange, Inc., et al
Posted Date: 2010-11-08T05:00Z

[Federal Register Volume 75, Number 215 (Monday, November 8, 2010)]
[Notices]
[Pages 68632-68636]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-28185]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-63230; File No. 4-618]

Program for Allocation of Regulatory Responsibilities Pursuant to 
Rule 17d-2; Notice of Filing of Proposed Plan for the Allocation of 
Regulatory Responsibilities Between BATS Exchange, Inc., BATS Y-
Exchange, Inc., Chicago Board Options Exchange, Inc., Chicago Stock 
Exchange, Inc., EDGA Exchange, Inc., EDGX Exchange, Inc., Financial 
Industry Regulatory Authority, Inc., The NASDAQ Stock Market LLC, 
NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC, National Stock Exchange, 
Inc., New York Stock Exchange LLC, NYSE Amex LLC, and NYSE Arca, Inc. 
Relating to Regulation NMS Rules

November 2, 2010.
    Pursuant to Section 17(d) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 17d-2 thereunder,\2\ notice is hereby given that 
on October 15, 2010, BATS Exchange, Inc. (``BATS''), BATS Y-Exchange, 
Inc. (``BATS Y''), Chicago Board Options Exchange, Inc. (``CBOE'') \3\, 
Chicago Stock Exchange, Inc. (``CHX''), EDGA Exchange, Inc. (``EDGA''), 
EDGX Exchange, Inc. (``EDGX''), Financial Industry Regulatory 
Authority, Inc. (``FINRA''), The NASDAQ Stock Market LLC (``NASDAQ''), 
NASDAQ OMX BX, Inc., NASDAQ OMX PHLX LLC (``PHLX''), National Stock 
Exchange, Inc. (``NSX''), New York Stock Exchange LLC (``NYSE''), NYSE 
Amex LLC (``NYSE Amex''), and NYSE Arca, Inc. (``NYSE Arca'') 
(together, the ``Participating Organizations'' or the ``Parties'') 
filed with the Securities and Exchange Commission (``Commission'' or 
``SEC'') a plan for the allocation of regulatory responsibilities with 
respect to certain Regulation NMS Rules listed in Exhibit A to the Plan 
(``17d-2 Plan'' or the ``Plan''). The Commission is publishing this 
notice to solicit comments on the 17d-2 Plan from interested persons.
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    \1\ 15 U.S.C. 78q(d).
    \2\ 17 CFR 240.17d-2.
    \3\ CBOE's allocation of certain regulatory responsibilities 
under this Agreement is limited to the activities of the CBOE Stock 
Exchange, LLC, a facility of CBOE.

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[[Page 68633]]

I. Introduction

    Section 19(g)(1) of the Act,\4\ among other things, requires every 
self-regulatory organization (``SRO'') registered as either a national 
securities exchange or national securities association to examine for, 
and enforce compliance by, its members and persons associated with its 
members with the Act, the rules and regulations thereunder, and the 
SRO's own rules, unless the SRO is relieved of this responsibility 
pursuant to Section 17(d) or Section 19(g)(2) of the Act.\5\ Without 
this relief, the statutory obligation of each individual SRO could 
result in a pattern of multiple examinations of broker-dealers that 
maintain memberships in more than one SRO (``common members''). Such 
regulatory duplication would add unnecessary expenses for common 
members and their SROs.
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    \4\ 15 U.S.C. 78s(g)(1).
    \5\ 15 U.S.C. 78q(d) and 15 U.S.C. 78s(g)(2), respectively.
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    Section 17(d)(1) of the Act \6\ was intended, in part, to eliminate 
unnecessary multiple examinations and regulatory duplication.\7\ With 
respect to a common member, Section 17(d)(1) authorizes the Commission, 
by rule or order, to relieve an SRO of the responsibility to receive 
regulatory reports, to examine for and enforce compliance with 
applicable statutes, rules, and regulations, or to perform other 
specified regulatory functions.
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    \6\ 15 U.S.C. 78q(d)(1).
    \7\ See Securities Act Amendments of 1975, Report of the Senate 
Committee on Banking, Housing, and Urban Affairs to Accompany S. 
249, S. Rep. No. 94-75, 94th Cong., 1st Session 32 (1975).
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    To implement Section 17(d)(1), the Commission adopted two rules: 
Rule 17d-1 and Rule 17d-2 under the Act.\8\ Rule 17d-1 authorizes the 
Commission to name a single SRO as the designated examining authority 
(``DEA'') to examine common members for compliance with the financial 
responsibility requirements imposed by the Act, or by Commission or SRO 
rules.\9\ When an SRO has been named as a common member's DEA, all 
other SROs to which the common member belongs are relieved of the 
responsibility to examine the firm for compliance with the applicable 
financial responsibility rules. On its face, Rule 17d-1 deals only with 
an SRO's obligations to enforce member compliance with financial 
responsibility requirements. Rule 17d-1 does not relieve an SRO from 
its obligation to examine a common member for compliance with its own 
rules and provisions of the federal securities laws governing matters 
other than financial responsibility, including sales practices and 
trading activities and practices.
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    \8\ 17 CFR 240.17d-1 and 17 CFR 240.17d-2, respectively.
    \9\ See Securities Exchange Act Release No. 12352 (April 20, 
1976), 41 FR 18808 (May 7, 1976).
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    To address regulatory duplication in these and other areas, the 
Commission adopted Rule 17d-2 under the Act.\10\ Rule 17d-2 permits 
SROs to propose joint plans for the allocation of regulatory 
responsibilities with respect to their common members. Under paragraph 
(c) of Rule 17d-2, the Commission may declare such a plan effective if, 
after providing for appropriate notice and comment, it determines that 
the plan is necessary or appropriate in the public interest and for the 
protection of investors; to foster cooperation and coordination among 
the SROs; to remove impediments to, and foster the development of, a 
national market system and a national clearance and settlement system; 
and is in conformity with the factors set forth in Section 17(d) of the 
Act. Commission approval of a plan filed pursuant to Rule 17d-2 
relieves an SRO of those regulatory responsibilities allocated by the 
plan to another SRO.
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    \10\ See Securities Exchange Act Release No. 12935 (October 28, 
1976), 41 FR 49091 (November 8, 1976).
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II. Proposed Plan

    The proposed 17d-2 Plan is intended to reduce regulatory 
duplication for firms that are common members of both FINRA and one or 
more exchanges that are a Party to the proposed 17d-2 Plan. Pursuant to 
the proposed 17d-2 Plan, FINRA would assume certain examination and 
enforcement responsibilities for common members with respect to certain 
applicable laws, rules, and regulations.
    The text of the Plan delineates the proposed regulatory 
responsibilities with respect to the Parties. Included in the proposed 
Plan is an exhibit (the ``Covered Regulation NMS Rules'') that lists 
the Federal securities laws, rules, and regulations, for which FINRA 
would bear responsibility under the Plan for overseeing and enforcing 
with respect to members of a Participating Organization that are also 
members of FINRA and the associated persons therewith (``Dual 
Members'').
    Specifically, under the 17d-2 Plan, FINRA would assume examination 
and enforcement responsibility relating to compliance by Dual Members 
with the Covered Regulation NMS Rules. Covered Regulation NMS Rules 
would not include the application of any rule of a Participating 
Organization, or any rule or regulation under the Act, to the extent 
that it pertains to violations of insider trading activities, because 
such matters are covered by a separate multiparty agreement under Rule 
17d-2.\11\ Under the Plan, the Participating Organizations would retain 
full responsibility for surveillance and enforcement with respect to 
trading activities or practices involving its own marketplace.\12\
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    \11\ See Securities Exchange Act Release No. 58350 (August 13, 
2008), 73 FR 48247 (August 18, 2008) (File No. 4-566) (notice of 
filing of proposed plan). See also Securities Exchange Act Release 
No. 58536 (September 12, 2008) (File No. 4-566) (order approving and 
declaring effective the plan). The Certification identifies several 
Common Rules that may also be addressed in the context of regulating 
insider trading activities pursuant to the proposed separate 
multiparty agreement.
    \12\ See paragraph 1 of the proposed 17d-2 Plan.
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    The text of the proposed 17d-2 Plan is as follows:

Agreement for the Allocation of Regulatory Responsibility for the 
Covered Regulation NMS Rules pursuant to Sec.  17(d) of the Securities 
Exchange Act of 1934, 15 U.S.C. Sec.  78q(d), and Rule 17d-2 Thereunder

    This agreement (the ``Agreement'') by and among BATS Exchange, Inc. 
(``BATS''), BATS Y-Exchange, Inc. (``BATS Y''), Chicago Board Options 
Exchange, Inc. (``CBOE'') \13\, Chicago Stock Exchange, Inc. (``CHX''), 
EDGA Exchange, Inc. (``EDGA''), EDGX Exchange, Inc. (``EDGX''), 
Financial Industry Regulatory Authority, Inc. (``FINRA''), The NASDAQ 
Stock Market LLC (``NASDAQ''), NASDAQ OMX BX, Inc., NASDAQ OMX PHLX, 
Inc., National Stock Exchange, Inc. (``NSX''), New York Stock Exchange 
LLC (``NYSE''), NYSE Amex LLC (``NYSE Amex''), and NYSE Arca, Inc. 
(``NYSE Arca'') (together, the ``Participating Organizations''), is 
made pursuant to Sec.  17(d) of the Securities Exchange Act of 1934 
(the ``Act'' or ``SEA''), 15 U.S.C. Sec.  78q(d), and Rule 17d-2 
thereunder, which allow for plans to allocate regulatory responsibility 
among self-regulatory organizations (``SROs'').
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    \13\ CBOE's allocation of certain regulatory responsibilities 
under this Agreement is limited to the activities of the CBOE Stock 
Exchange, LLC, a facility of CBOE.
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    WHEREAS, the Participating Organizations desire to: (a) foster 
cooperation and coordination among the SROs; (b) remove impediments to, 
and foster the development of, a national market system; (c) strive to 
protect the interest of investors; and (d) eliminate duplication in 
their examination and enforcement of SEA Rules 611(a) and (b) and 612 
(the ``Covered Regulation NMS Rules'');
    WHEREAS, the Participating Organizations are interested in

[[Page 68634]]

allocating regulatory responsibilities with respect to broker-dealers 
that are members of more than one Participating Organization (the 
``Common Members'') relating to the examination and enforcement of the 
Covered Regulation NMS Rules; and
    WHEREAS, the Participating Organizations will request regulatory 
allocation of these regulatory responsibilities by executing and filing 
with the Securities and Exchange Commission (``Commission'' or ``SEC'') 
a plan for the above stated purposes (this Agreement) pursuant to the 
provisions of Sec.  17(d) of the Act, and Rule 17d-2 thereunder, as 
described below.
    NOW, THEREFORE, in consideration of the mutual covenants contained 
hereafter, and other valuable consideration to be mutually exchanged, 
the Participating Organizations hereby agree as follows:
    1. Assumption of Regulatory Responsibility. The Designated 
Regulation NMS Examining Authority (the ``DREA'') shall assume 
examination and enforcement responsibilities relating to compliance by 
Common Members with the Covered Regulation NMS Rules (``Regulatory 
Responsibility''). A list of the Covered Regulation NMS Rules is 
attached hereto as Exhibit A. FINRA shall serve as DREA for Common 
Members that are members of FINRA. The Designated Examining Authority 
pursuant to SEA Rule 17d-1 (``DEA'') shall serve as DREA for Common 
Members that are not members of FINRA. Notwithstanding anything herein 
to the contrary, it is explicitly understood that the term ``Regulatory 
Responsibility'' does not include, and each of the Participating 
Organizations shall retain full responsibility for examination, 
surveillance and enforcement with respect to trading activities or 
practices involving its own marketplace unless otherwise allocated 
pursuant to a separate Rule 17d-2 Agreement. Whenever a Common Member 
ceases to be a member of its DREA, the DREA shall promptly inform the 
Common Member's DEA, which will become such Common Member's new DREA.
    2. No Retention of Regulatory Responsibility. The Participating 
Organizations do not contemplate the retention of any responsibilities 
with respect to the regulatory activities being assumed by the DREA 
under the terms of this Agreement. Nothing in this Agreement will be 
interpreted to prevent a DREA from entering into Regulatory Services 
Agreement(s) to perform its Regulatory Responsibility.
    3. No Charge. A DREA shall not charge Participating Organizations 
for performing the Regulatory Responsibility under this Agreement.
    4. Applicability of Certain Laws, Rules, Regulations or Orders. 
Notwithstanding any provision hereof, this Agreement shall be subject 
to any statute, or any rule or order of the SEC. To the extent such 
statute, rule, or order is inconsistent with one or more provisions of 
this Agreement, the statute, rule, or order shall supersede the 
provision(s) hereof to the extent necessary to be properly effectuated 
and the provision(s) hereof in that respect shall be null and void.
    5. Customer Complaints. If a Participating Organization receives a 
copy of a customer complaint relating to a DREA's Regulatory 
Responsibility as set forth in this Agreement, the Participating 
Organization shall promptly forward to such DREA a copy of such 
customer complaint. It shall be such DREA's responsibility to review 
and take appropriate action in respect to such complaint.
    6. Parties to Make Personnel Available as Witnesses. Each 
Participating Organization shall make its personnel available to the 
DREA to serve as testimonial or non-testimonial witnesses as necessary 
to assist the DREA in fulfilling the Regulatory Responsibility 
allocated under this Agreement. The DREA shall provide reasonable 
advance notice when practicable and shall work with a Participating 
Organization to accommodate reasonable scheduling conflicts within the 
context and demands as the entity with ultimate regulatory 
responsibility. The Participating Organization shall pay all reasonable 
travel and other expenses incurred by its employees to the extent that 
the DREA requires such employees to serve as witnesses, and provide 
information or other assistance pursuant to this Agreement.
    7. Sharing of Work-Papers, Data and Related Information.
    a. Sharing. A Participating Organization shall make available to 
the DREA information necessary to assist the DREA in fulfilling the 
Regulatory Responsibility assumed under the terms of this Agreement. 
Such information shall include any information collected by a 
Participating Organization in the course of performing its regulatory 
obligations under the Act, including information relating to an on-
going disciplinary investigation or action against a member, the amount 
of a fine imposed on a member, financial information, or information 
regarding proprietary trading systems gained in the course of examining 
a member (``Regulatory Information''). This Regulatory Information 
shall be used by the DREA solely for the purposes of fulfilling the 
DREA's Regulatory Responsibility.
    b. No Waiver of Privilege. The sharing of documents or information 
between the parties pursuant to this Agreement shall not be deemed a 
waiver as against third parties of regulatory or other privileges 
relating to the discovery of documents or information.
    8. Special or Cause Examinations and Enforcement Proceedings. 
Nothing in this Agreement shall restrict or in any way encumber the 
right of a Participating Organization to conduct special or cause 
examinations of a Common Member, or take enforcement proceedings 
against a Common Member as a Participating Organization, in its sole 
discretion, shall deem appropriate or necessary.
    9. Dispute Resolution Under this Agreement.
    a. Negotiation. The Participating Organizations will attempt to 
resolve any disputes through good faith negotiation and discussion, 
escalating such discussion up through the appropriate management levels 
until reaching the executive management level. In the event a dispute 
cannot be settled through these means, the Participating Organizations 
shall refer the dispute to binding arbitration.
    b. Binding Arbitration. All claims, disputes, controversies, and 
other matters in question between the Participating Organizations to 
this Agreement arising out of or relating to this Agreement or the 
breach thereof that cannot be resolved by the Participating 
Organizations will be resolved through binding arbitration. Unless 
otherwise agreed by the Participating Organizations, a dispute 
submitted to binding arbitration pursuant to this paragraph shall be 
resolved using the following procedures:
    (i) The arbitration shall be conducted in a city selected by the 
DREA in which it maintains a principal office or where otherwise agreed 
to by the Participating Organizations in accordance with the Commercial 
Arbitration Rules of the American Arbitration Association and judgment 
upon the award rendered by the arbitrator may be entered in any court 
having jurisdiction thereof; and
    (ii) There shall be three arbitrators, and the chairperson of the 
arbitration panel shall be an attorney.
    10. Limitation of Liability. As between the Participating 
Organizations, no Participating Organization, including its respective 
directors, governors, officers, employees and agents, will be liable to 
any other Participating Organization, or its directors, governors, 
officers,

[[Page 68635]]

employees and agents, for any liability, loss or damage resulting from 
any delays, inaccuracies, errors or omissions with respect to its 
performing or failing to perform regulatory responsibilities, 
obligations, or functions, except (a) as otherwise provided for under 
the Act, (b) in instances of a Participating Organization's gross 
negligence, willful misconduct or reckless disregard with respect to 
another Participating Organization, or (c) in instances of a breach of 
confidentiality obligations owed to another Participating Organization. 
The Participating Organizations understand and agree that the 
regulatory responsibilities are being performed on a good faith and 
best effort basis and no warranties, express or implied, are made by 
any Participating Organization to any other Participating Organization 
with respect to any of the responsibilities to be performed hereunder. 
This paragraph is not intended to create liability of any Participating 
Organization to any third party.
    11. SEC Approval.
    a. The Participating Organizations agree to file promptly this 
Agreement with the SEC for its review and approval. FINRA shall file 
this Agreement on behalf, and with the explicit consent, of all 
Participating Organizations.
    b. If approved by the SEC, the Participating Organizations will 
notify their members of the general terms of the Agreement and of its 
impact on their members.
    12. Subsequent Parties; Limited Relationship. This Agreement shall 
inure to the benefit of and shall be binding upon the Participating 
Organizations hereto and their respective legal representatives, 
successors, and assigns. Nothing in this Agreement, expressed or 
implied, is intended or shall: (a) Confer on any person other than the 
Participating Organizations hereto, or their respective legal 
representatives, successors, and assigns, any rights, remedies, 
obligations or liabilities under or by reason of this Agreement, (b) 
constitute the Participating Organizations hereto partners or 
participants in a joint venture, or (c) appoint one Participating 
Organization the agent of the other.
    13. Assignment. No Participating Organization may assign this 
Agreement without the prior written consent of the DREAs performing 
Regulatory Responsibility on behalf of such Participating Organization, 
which consent shall not be unreasonably withheld, conditioned or 
delayed; provided, however, that any Participating Organization may 
assign the Agreement to a corporation controlling, controlled by or 
under common control with the Participating Organization without the 
prior written consent of such Participating Organization's DREAs. No 
assignment shall be effective without Commission approval.
    14. Severability. Any term or provision of this Agreement that is 
invalid or unenforceable in any jurisdiction shall, as to such 
jurisdiction, be ineffective to the extent of such invalidity or 
unenforceability without rendering invalid or unenforceable the 
remaining terms and provisions of this Agreement or affecting the 
validity or enforceability of any of the terms or provisions of this 
Agreement in any other jurisdiction.
    15. Termination. Any Participating Organization may cancel its 
participation in the Agreement at any time upon the approval of the 
Commission after 180 days written notice to the other Participating 
Organizations (or in the case of a change of control in ownership of a 
Participating Organization, such other notice time period as that 
Participating Organization may choose). The cancellation of its 
participation in this Agreement by any Participating Organization shall 
not terminate this Agreement as to the remaining Participating 
Organizations.
    16. General. The Participating Organizations agree to perform all 
acts and execute all supplementary instruments or documents that may be 
reasonably necessary or desirable to carry out the provisions of this 
Agreement.
    17. Written Notice. Any written notice required or permitted to be 
given under this Agreement shall be deemed given if sent by certified 
mail, return receipt requested, or by a comparable means of electronic 
communication to each Participating Organization entitled to receipt 
thereof, to the attention of the Participating Organization's 
representative at the Participating Organization's then principal 
office or by e-mail.
    18. Confidentiality. The Participating Organizations agree that 
documents or information shared shall be held in confidence, and used 
only for the purposes of carrying out their respective regulatory 
obligations under this Agreement, provided, however, that each 
Participating Organization may disclose such documents or information 
as may be required to comply with applicable regulatory requirements or 
requests for information from the SEC. Any Participating Organization 
disclosing confidential documents or information in compliance with 
applicable regulatory or oversight requirements will request 
confidential treatment of such information. No Participating 
Organization shall assert regulatory or other privileges as against the 
other with respect to Regulatory Information that is required to be 
shared pursuant to this Agreement.
    19. Regulatory Responsibility. Pursuant to Section 17(d)(1)(A) of 
the Act, and Rule 17d-2 thereunder, the Participating Organizations 
request the SEC, upon its approval of this Agreement, to relieve the 
Participating Organizations which are participants in this Agreement 
that are not the DREA as to a Common Member of any and all 
responsibilities with respect to the matters allocated to the DREA 
pursuant to this Agreement for purposes of Sec. Sec.  17(d) and 19(g) 
of the Act.
    20. Governing Law. This Agreement shall be deemed to have been made 
in the State of New York, and shall be construed and enforced in 
accordance with the law of the State of New York, without reference to 
principles of conflicts of laws thereof. Each of the Participating 
Organizations hereby consents to submit to the jurisdiction of the 
courts of the State of New York in connection with any action or 
proceeding relating to this Agreement.
    21. Survival of Provisions. Provisions intended by their terms or 
context to survive and continue notwithstanding delivery of the 
regulatory services by the DREA and any expiration of this Agreement 
shall survive and continue.
    22. Amendment.
    a. This Agreement may be amended to add a new Participating 
Organization, provided that such Participating Organization does not 
assume regulatory responsibility, solely by an amendment executed by 
all applicable DREAs and such new Participating Organization. All other 
Participating Organizations expressly consent to allow such DREAs to 
jointly add new Participating Organizations to the Agreement as 
provided above. Such DREAs will promptly notify all Participating 
Organizations of any such amendments to add a new Participating 
Organization.
    b. All other amendments must be made approved by each Participating 
Organization. All amendments, including adding a new Participating 
Organization, must be filed with and approved by the Commission before 
they become effective.
    23. Effective Date. The Effective Date of this Agreement will be 
the date the SEC declares this Agreement to be effective pursuant to 
authority conferred

[[Page 68636]]

by Sec.  17(d) of the Act, and Rule 17d-2 thereunder.
    24. Counterparts. This Agreement may be executed in any number of 
counterparts, including facsimile, each of which will be deemed an 
original, but all of which taken together shall constitute one single 
agreement among the Participating Organizations.
* * * * *

EXHIBIT A

COVERED REGULATION NMS RULES

SEA Rule 611(a)--Order Protection Rule.--Reasonable Policies and 
Procedures.
SEA Rule 611(b)--Order Protection Rule.--Exceptions.
SEA Rule 612--Minimum Pricing Increment.

III. Date of Effectiveness of the Proposed Plan and Timing for 
Commission Action

    Pursuant to Section 17(d)(1) of the Act \14\ and Rule 17d-2 
thereunder,\15\ after November 29, 2010, the Commission may, by written 
notice, declare the proposed Plan, File No. 4-618, to be effective if 
the Commission finds that the plan is necessary or appropriate in the 
public interest and for the protection of investors, to foster 
cooperation and coordination among self-regulatory organizations, or to 
remove impediments to and foster the development of the national market 
system and a national system for the clearance and settlement of 
securities transactions and in conformity with the factors set forth in 
Section 17(d) of the Act.
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    \14\ 15 U.S.C. 78q(d)(1).
    \15\ 17 CFR 240.17d-2.
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IV. Solicitation of Comments

    In order to assist the Commission in determining whether to approve 
the proposed 17d-2 Plan and to relieve the Participating Organizations 
of the responsibilities which would be assigned to FINRA, interested 
persons are invited to submit written data, views, and arguments 
concerning the foregoing. Comments may be submitted by any of the 
following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/other.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number 4-618 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number 4-618. This file number 
should be included on the subject line if e-mail 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/other.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed plan that are filed with the 
Commission, and all written communications relating to the proposed 
plan 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, on official business days between 
the hours of 10 a.m. and 3 p.m. Copies of the plan also will be 
available for inspection and copying at the principal offices of the 
Participating Organizations. 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 4-618 and should be submitted on or before November 29, 
2010.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
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    \16\ 17 CFR 200.30-3(a)(34).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-28185 Filed 11-5-10; 8:45 am]
BILLING CODE 8011-01-P