Document ID: SEC-2018-1377-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: BOX Options Exchange, LLC
Posted Date: 2018-08-30T04:00Z

[Federal Register Volume 83, Number 169 (Thursday, August 30, 2018)]
[Notices]
[Pages 44375-44377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-18826]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83949; File No. SR-BOX-2018-26]

Self-Regulatory Organizations; BOX Options Exchange LLC; Notice 
of Filing and Immediate Effectiveness of a Proposed Rule Change To 
Reflect a Non-Substantive Name Change in the Market's Governing 
Documents

August 27, 2018.
    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 August 15, 2018, BOX Options Exchange LLC (the ``Exchange'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change as described in Items I, II, and III 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to reflect a non-substantive name change in 
the Market's governing documents. 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 
website at http://boxoptions.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 this filing is to reflect a non-substantive name 
change in the Market's governing documents. On July 13, 2018, the BOX 
Market LLC Board of Directors approved that the name of BOX Market LLC 
be changed to ``BOX Options Market LLC'' and that each officer of the 
Company be, and hereby is, authorized and directed to undertake any 
actions required or advisable to carry out the name change, including 
with respect to the SEC and any governmental or third parties. The 
Exchange intends for these changes to be effective upon filing.
    As proposed, references to the Market's name will be deleted and 
revised to state the new name, as described more fully below. No other 
substantive changes are being proposed in this filing. The Exchange 
represents that these changes are concerned solely with the 
administration of the Market, a facility of the Exchange, and do not 
affect the meaning, administration, or enforcement of any rules of the 
Exchange or the rights, obligations, or privileges of Exchange members 
or their associated persons is any way. Accordingly, this filing is 
being submitted under Rule 19b-4(f)(3). In lieu of providing a copy of 
the marked name changes for all corporate documents, the Exchange 
represents that it will make the necessary non-substantive revisions 
described below to the applicable corporate governance documents and 
post updated versions of

[[Page 44376]]

each on the Exchange's website pursuant to Rule 19b-4(m)(2).
Market Name Change
    In connection with the name change of the Market, the Exchange is 
proposing to amend the Market's operative documents. Specifically, the 
Exchange proposes to amend the Market's Certificate of Amendment [sic], 
and the BOX Market LLC Agreement.\3\ Within these documents the 
Exchange proposes to delete all references to BOX Market LLC (``BOX 
Market'' or ``BOX'') and replace it with BOX Options Market LLC (``BOX 
Options Market'' or ``BOX Options'').
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    \3\ The Exchange is also proposing to delete obsolete references 
within the Market LLC Agreement. Specifically, the Exchange proposes 
to remove all references to the Boston Options Exchange Group LLC 
(``Old BOX''), which merged into what is now BOX Market LLC on May 
12, 2012. The Exchange believes references to the Old BOX within the 
Market LLC agreement are no longer necessary or appropriate within 
the BOX Options Market LLC Amended and Restated Agreement.
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    Additionally, in connection with the name change of the Market, the 
Exchange is proposing to make non-substantive conforming changes to the 
BOX Holdings LLC Agreement and the BOX Exchange LLC Agreement. 
Specifically, the Exchange proposes to delete all references to BOX 
Market LLC and replace it with ``BOX Options Market LLC'' in these 
documents.
2. Statutory Basis
    The Exchange believes the proposed rule change is consistent with 
the Securities Exchange Act of 1934 (the ``Act'') and the rules and 
regulations thereunder applicable to the Exchange and, in particular, 
the requirements of Section 6(b) of the Act.\4\ Specifically, the 
Exchange believes the proposed rule change is consistent with the 
Section 6(b)(1) \5\ in that it enables the Exchange to be so organized 
as to have the capacity to be able to carry out the purposes of the 
Exchange Act and to comply, and to enforce compliance by its exchange 
members and persons associate with its exchange members, with the 
provisions of the Exchange Act, the rules and regulations thereunder, 
and the rules of the Exchange.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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    In particular, the proposed change is a non-substantive change and 
does not impact the governance, ownership or operations of the 
Exchange. The Exchange believes that by ensuring that the Exchanges 
operative documents accurately reflect the new legal names, the 
proposed rule change would reduce potential investor or market 
participant confusion.
    Further, the Exchange believes that the proposed deletion of 
obsolete references would remove impediments to, and perfect the 
mechanism of a free and open market and a national market system and, 
in general, protect investors and the public interest because the 
change would eliminate an obsolete reference to Old BOX, thereby 
reducing potential confusion. Market participants and investors would 
not be harmed and in fact could benefit from the increased clarity and 
transparency in the Market LLC Agreement, ensuring that market 
participants could more easily understand the Market LLC Agreement.

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 proposed rule change is 
not intended to address competitive issues but rather is concerned 
solely with updating the Exchange's governance and operative documents 
to reflect the abovementioned name changes.

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

    This proposed rule change is filed pursuant to paragraph (A) of 
section 19(b)(3) of the Exchange Act \6\ and Rule 19b-4(f)(3) 
thereunder in that the proposed rule changes is concerned solely with 
the administration of the Exchange.\7\
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(3).
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    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. 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 [email protected]. Please include 
File Number SR-BOX-2018-26 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-2018-26. 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 website (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 website viewing and printing in 
the Commission's Public Reference Room, on official business days 
between the hours of 10 a.m. and 3:00 p.m., located at 100 F Street NE, 
Washington, DC 20549. 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. 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-BOX-2018-26 and should be 
submitted on or before September 20, 2018.

[[Page 44377]]

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-18826 Filed 8-29-18; 8:45 am]
 BILLING CODE 8011-01-P