[Federal Register Volume 87, Number 43 (Friday, March 4, 2022)]
[Notices]
[Pages 12471-12472]
[FR Doc No: 2022-04577]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2022-0109]

Information Collection Request to Office of Management and
Budget; OMB Control Number: 1625-0074

AGENCY: Coast Guard, DHS.

ACTION: Sixty-day notice requesting comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard intends to submit an Information Collection Request
(ICR) to the Office of Management and Budget (OMB), Office of
Information and Regulatory Affairs (OIRA), requesting an extension of
its approval for the following collection of information: 1625-0074,
Direct User Fees for Inspection or Examination of U.S. and Foreign
Commercial Vessels; without change. Our ICR describes the information
we seek to collect from the public. Before submitting this ICR to OIRA,
the Coast Guard is inviting comments as described below.

DATES: Comments must reach the Coast Guard on or before May 3, 2022.

ADDRESSES: You may submit comments identified by Coast Guard docket
number [USCG-2022-0109] to the Coast Guard using the Federal
eRulemaking Portal at https://www.regulations.gov. See the ``Public
participation and request for comments'' portion of the SUPPLEMENTARY
INFORMATION section for further instructions on submitting comments.
    A copy of the ICR is available through the docket on the internet
at https://www.regulations.gov. Additionally, copies are available
from: COMMANDANT (CG-6P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S.
COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE. SE, STOP 7710,
WASHINGTON, DC 20593-7710.

FOR FURTHER INFORMATION CONTACT: A.L. Craig, Office of Privacy
Management, telephone<PHONE_NUMBER>, or fax<PHONE_NUMBER>, for questions
on these documents.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    This notice relies on the authority of the Paperwork Reduction Act
of 1995; 44 U.S.C. 3501 et seq., chapter 35, as amended. An ICR is an
application to OIRA seeking the approval, extension, or renewal of a
Coast Guard collection of information (Collection). The ICR contains
information describing the Collection's purpose, the Collection's
likely burden on the affected public, an explanation of the necessity
of the Collection, and other important information describing the
Collection. There is one ICR for each Collection.
    The Coast Guard invites comments on whether this ICR should be
granted based on the Collection being necessary for the proper
performance of Departmental functions. In particular, the Coast Guard
would appreciate comments addressing: (1) The practical utility of the
Collection; (2) the accuracy of the estimated burden of the Collection;
(3) ways to enhance the

quality, utility, and clarity of information subject to the Collection;
and (4) ways to minimize the burden of the Collection on respondents,
including the use of automated collection techniques or other forms of
information technology.
    In response to your comments, we may revise this ICR or decide not
to seek an extension of approval for the Collection. We will consider
all comments and material received during the comment period.
    We encourage you to respond to this request by submitting comments
and related materials. Comments must contain the OMB Control Number of
the ICR and the docket number of this request, [USCG-2022-0109], and
must be received by May 3, 2022.

Submitting Comments

    We encourage you to submit comments through the Federal eRulemaking
Portal at https://www.regulations.gov. If your material cannot be
submitted using https://www.regulations.gov, contact the person in the
FOR FURTHER INFORMATION CONTACT section of this document for alternate
instructions. Documents mentioned in this notice, and all public
comments, are in our online docket at https://www.regulations.gov and
can be viewed by following that website's instructions. Additionally,
if you go to the online docket and sign up for email alerts, you will
be notified when comments are posted.
    We accept anonymous comments. All comments received will be posted
without change to https://www.regulations.gov and will include any
personal information you have provided. For more about privacy and
submissions in response to this document, see DHS's eRulemaking System
of Records notice (85 FR 14226, March 11, 2020).

Information Collection Request

    Title: Direct User Fees for Inspection or Examination of U.S. and
Foreign Commercial Vessels.
    OMB Control Number: 1625-0074.
    Summary: This collection requires the submission of identifying
information such as a vessel's name and identification number, and of
the owner's choice whether or not to pay fees for future years. A
written request to the Coast Guard is necessary.
    Need: The Omnibus Budget Reconciliation Act of 1990 [Pub. L. 101-
508, 104 Stat. 1388], which amended 46 U.S.C. 2110, requires the Coast
Guard to collect user fees from inspected vessels. To properly collect
and manage these fees, the Coast Guard must have current information on
identification. This collection helps to ensure that we get that
information and manage it efficiently.
    Forms: None.
    Respondents: Owners of vessels.
    Frequency: Annually.
    Hour Burden Estimate: The estimated burden has increased from 2,999
hours to 3,086 hours a year, due to an increase in the estimated annual
number of responses.
    Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. chapter
35, as amended.

    Dated: February 24, 2022.
Kathleen Claffie,
Chief, Office of Privacy Management, U.S. Coast Guard.
[FR Doc. 2022-04577 Filed 3-3-22; 8:45 am]
BILLING CODE 9110-04-P


4 March 2008

TRANSATLANTIC ECONOMIC COUNCIL OBJECTIVE: US ACCEPTANCE OF SDoC FOR

ELECTRICAL, ELECTRONIC AND ICT PRODUCTS

The European Commission considers that the need to submit low-risk
electrical and electronic         products to third-party conformity
assessment intervention prior to their sale in the US market
imposes unnecessary additional costs and market-entry barriers on
exporters of these goods,         thereby obstructing and distorting
transatlantic commerce.

The European Commission requests the US Government to allow the import
and sale of any low-risk electrical and electronic product on the basis
of the manufacturer’s declaration of conformity (usually referred to
as Supplier’s Declaration of Conformity, SD0C), thereby eliminating
mandatory third-party intervention.

Under such a regime, manufacturers are obliged to prepare and keep for
inspection by public          authorities a fully documented technical
file to prove conformity with the applicable safety         rules and to
guarantee internal production control. This file is determinant in case
of legal         challenge. The EU has successfully used this regime for
these low-risk products, achieving a         high level of safety
without the costs associated with mandatory third party intervention.

In this context, low-risk electrical and electronic products mean those
products that use         electricity up to 1000 Volts for alternating
current (AC) and up to 1500 Volts for direct current (DC).

Products outside the scope of this “low-risk electrical and electronic
product” definition are         electrical equipment for use in an
explosive atmosphere, electrical equipment for radiology         and
medical purposes, electrical parts for goods and passenger lifts,
electricity meters, plugs         and socket outlets for domestic use,
electric fence controllers, radio-electrical interference,
specialised electrical equipment for use on ships, aircraft or railways,
which complies with the         safety provisions drawn up by
international bodies in which the EU Member States participate.

  The EU rules applicable to low-risk electrical and electronic products
are contained in the so-called “Low

 Voltage Directive” (2006/95/EC), which can be found online at

 http://ec.europa.eu/enterprise/electr eguipment/lv/index.htm.


[Federal Register Volume 77, Number 84 (Tuesday, May 1, 2012)]
[Notices]
[Pages 25767-25770]
[FR Doc No: 2012-10463]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66860; File No. SR-CBOE-2012-013]

Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing of a Proposed Rule Change To Adopt Self-
Trade Prevention Modifiers on the CBOE Stock Exchange

April 25, 2012.
    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 April 12, 2012, the Chicago Board Options Exchange,
Incorporated (``Exchange'' or ``CBOE'') 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 Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------

    \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 adopt Self-Trade Prevention modifiers for
its CBOE Stock Exchange (``CBSX''). The text of the proposed rule
change is available on the Exchange's Web site (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), at the Exchange's Office of
the Secretary, 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 aspects of such
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    CBSX proposes to adopt three forms of Self-Trade Prevention
modifiers: The Cancel Newest, Cancel Oldest, and Cancel Both Self-Trade
Prevention modifiers. A CBSX Trader may elect for all of his
proprietary orders and quotes to be marked with a Self-Trade Prevention
modifier. If a CBSX Trader makes such an election, any quote or order
he submits will be prevented from executing against a resting opposite
side order or quote that is labeled as originating from the same
associated acronym and trading for the same account (for the purposes
of this Rule, the ``Same CBSX Trader''). A CBSX Trader may only elect
for one of the three Self-Trade Prevention options, as the CBSX System
may only be configured to permit one such election. Such election shall
apply to all of the CBSX Trader's eligible proprietary orders and
quotes. As such, Self-Trade Prevention elections cannot be made on a
per-order, per-quote, or security-by-security basis due to CBSX System
limitations. Any of the Cancel Newest, Cancel Oldest, or Cancel Both
Self-Trade Prevention modifiers may be accommodated on the CBSX System.
    The Self-Trade Prevention modifiers only apply to proprietary
orders and quotes. The purpose of limiting the Self-Trade Prevention
modifiers to proprietary orders and quotes is to avoid preventing
agency orders from trading with each other, as agency orders for the
Same CBSX Trader may actually be for different customers. In
circumstances in which both the Market-Maker Trade Prevention Order and
a Self-Trade Prevention Modifier are implicated, the Self-Trade
Prevention Modifier shall rule and take precedence.

Cancel Newest
    If a CBSX Trader has made the election for the Cancel Newest Self-
Trade Prevention modifier, any incoming order or quote submitted by
that CBSX Trader will not execute against opposite side resting
interest from the Same CBSX Trader. The incoming order or quote (or any
portion thereof) will be canceled back to the originating CBSX Trader
if such order or quote cannot trade with another eligible order or
quote originating from any origin other than the Same CBSX Trader
(``Another CBSX Trader'') (the incoming order or quote may only trade
with another eligible order or quote originating from Another CBSX
Trader if the order or quote originating from Another CBSX Trader is at
as good a price as the order or quote from the Same CBSX Trader that is
being ``skipped over''). The resting order or quote from the Same CBSX
Trader will remain on the book. In the case of an opening or re-
opening, the newer of the two orders or quotes submitted by the Same
CBSX Trader will be canceled, and the older order or quote will [sic]
permitted to trade with eligible orders or quotes originating from
Another CBSX Trader, and any remaining portion thereof will remain in
the book.

    Cancel Newest Example 1: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Newest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 500 shares @ $20.00 comes in from the
Same CBSX Trader. The incoming sell order for 500 shares @ $20.00 is
then canceled back to the originating CBSX Trader. The resting buy
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 2: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Newest Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $20.00 from Another CBSX Trader resting behind it. An
order to sell 500 shares @ $20.00 comes in from the Same CBSX
Trader. The incoming sell order for 500 shares @ $20.00 would not
trade with the order to buy 500 shares @ $20.00 from the Same CBSX
Trader, but would trade with the order to buy 500 shares @ $20.00
from the other CBSX Trader resting behind the buy order from the
Same CBSX Trader. That resting buy order for 500 shares @ $20.00
from the Same CBSX Trader remains on the CBSX Book.
    Cancel Newest Example 3: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Newest Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $19.99 from Another CBSX Trader resting behind it. The
incoming sell market order for 500 shares would not trade with the
order to buy 500 shares @ $20.00 from the Same CBSX Trader and would
also not trade with the order to buy 500 shares @ $19.99 from
Another CBSX Trader resting behind the buy order from the Same CBSX
Trader. The incoming sell market order for 500 shares is then
canceled back to the originating CBSX Trader. The resting buy order
for 500 shares @ $20.00 from the Same CBSX Trader remains on the
CBSX Book.
    Cancel Newest Example 4: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Newest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 700 shares @ $20.00 comes in from the
Same CBSX Trader. The incoming sell order for 700 shares @ $20.00 is
then canceled back to the originating CBSX Trader. The resting buy
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 5: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Newest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 400 shares @ $20.00 comes in from the
Same CBSX Trader. The incoming sell order for 400 shares @ $20.00 is
then canceled back to the originating CBSX Trader. The resting buy
order for 500 shares @ $20.00 remains on the CBSX Book.
    Cancel Newest Example 6: Upon the opening, a CBSX Trader who has
elected for the Cancel Newest Self-Trade Prevention modifier submits
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then
submits an order to sell 500 shares @ $20.00. The order to sell 500
shares @ $20.00 would be canceled back to the CBSX Trader (because
it was the newest), and the order to buy 500 shares @ $20.00 would
be permitted to trade against any eligible interest other than that
from the Same CBSX Trader, and then any remaining portion thereof
would be entered into the CBSX Book.
Cancel Oldest
    If a CBSX Trader has made the election for the Cancel Oldest Self-
Trade Prevention modifier, any incoming order or quote submitted by
that CBSX Trader will not execute against opposite side resting
interest from the Same CBSX Trader. When a CBSX Trader submits an
incoming order or quote that would trade against opposite side resting
interest from the Same CBSX Trader, that opposite side resting interest
will be canceled. The incoming order or quote will be eligible to trade
with another eligible order or quote originating from Another CBSX
Trader. If any portion of the incoming order or quote does not trade
with another eligible order or quote originating from Another CBSX
Trader, it will be entered into the book. In the case of an opening or
re-opening, the older of the two orders or quotes submitted by the Same
CBSX Trader will be canceled, and the newer order or quote will be
permitted to trade with eligible orders or quotes originating from
Another CBSX Trader, and any remaining portion thereof will be entered
into the book.

    Cancel Oldest Example 1: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 500 shares @ $20.00 comes in from the
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is
then canceled back to the originating CBSX Trader. The incoming sell
order for 500 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 2: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $20.00 from Another CBSX Trader resting behind it. An
order to sell 500 shares @ $20.00 comes in from the Same CBSX
Trader. The resting buy order for 500 shares @ $20.00 from the Same
CBSX Trader is canceled back to the Same CBSX Trader. The incoming
sell order for 500 shares @ $20.00 would trade with the order to buy
500 shares @ $20.00 from the other (Another) CBSX Trader resting
behind the buy order from the Same CBSX Trader.
    Cancel Oldest Example 3: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $19.99 from Another CBSX Trader resting behind it. A
market order to sell 500 shares comes in from the Same CBSX Trader.
The resting buy order for 500 shares @ $20.00 is canceled back to
the originating CBSX Trader. The incoming sell market order for 500
shares would trade with the order to buy 500 shares @ $19.99 from
Another CBSX Trader that had been resting behind the buy order from
the Same CBSX Trader (since the resting buy order from the Same CBSX
Trader was canceled).
    Cancel Oldest Example 4: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 700 shares @ $20.00 comes in from the
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is
canceled back to the originating CBSX Trader. The incoming sell
order for 700 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 5: An order to buy 500 shares @ $20.00
from a CBSX Trader who has elected for the Cancel Oldest Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 400 shares @ $20.00 comes in from the
Same CBSX Trader. The resting buy order for 500 shares @ $20.00 is
canceled back to the originating CBSX Trader. The incoming sell
order for 400 shares @ $20.00 is entered into the CBSX Book.
    Cancel Oldest Example 6: Upon the opening, a CBSX Trader who has
elected for the Cancel Oldest Self-Trade Prevention modifier submits
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then
submits an order to sell 500 shares @ $20.00. The order to buy 500
shares @ $20.00 would be canceled back to the CBSX Trader (because
it was the oldest), and the order to sell 500 shares @ $20.00 would
be permitted

to trade against any eligible interest other than that from the Same
CBSX Trader, and then any remaining portion thereof would be entered
into the CBSX Book.
Cancel Both
    If a CBSX Trader has made the election for the Cancel Both Self-
Trade Prevention modifier, any incoming order or quote submitted by
that CBSX Trader will not execute against opposite side resting
interest from the Same CBSX Trader. When a CBSX Trader submits an
incoming order or quote that would trade against opposite side resting
interest from the Same CBSX Trader, that opposite side resting interest
will be canceled. The incoming order or quote (or any portion thereof)
will be canceled back to the Same CBSX Trader if such order or quote
(or part of such order or quote) cannot trade with another eligible
order or quote originating from Another CBSX Trader. In the case of an
opening or re-opening, both of the two orders or quotes will be
canceled.

    Cancel Both Example 1: An order to buy 500 shares @ $20.00 from
a CBSX Trader who has elected for the Cancel Both Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 500 shares @ $20.00 comes in from the
Same CBSX Trader. Both orders would be canceled back to the CBSX
Trader.
    Cancel Both Example 2: An order to buy 500 shares @ $20.00 from
a CBSX Trader who has elected for the Cancel Both Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $20.00 from another CBSX Trader resting behind it. An
order to sell 500 shares @ $20.00 comes in from the Same CBSX
Trader. The resting buy order for 500 shares @ $20.00 from the Same
CBSX Trader is canceled back to the Same CBSX Trader. The incoming
sell order for 500 shares @ $20.00 would trade with the order to buy
500 shares @ $20.00 from Another CBSX Trader that had been resting
behind the buy order from the Same CBSX Trader.
    Cancel Both Example 3: An order to buy 500 shares @ $20.00 from
a CBSX Trader who has elected for the Cancel Both Self-Trade
Prevention modifier rests on the CBSX Book with another order to buy
500 shares @ $19.99 from Another CBSX Trader resting behind it. A
market order to sell 500 shares comes in from the Same CBSX Trader.
The resting buy order for 500 shares @ $20.00 from the Same CBSX
Trader is canceled back to the Same CBSX Trader. The incoming sell
market order for 500 shares would trade with the order to buy 500
shares @ $19.99 from Another CBSX Trader that had been resting
behind the buy order from the Same CBSX Trader (since the resting
buy order from the Same CBSX Trader was canceled).
    Cancel Both Example 4: An order to buy 500 shares @ $20.00 from
a CBSX Trader who has elected for the Cancel Both Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 700 shares @ $20.00 comes in from the
Same CBSX Trader. Both orders would be canceled back to the CBSX
Trader.
    Cancel Both Example 5: An order to buy 500 shares @ $20.00 from
a CBSX Trader who has elected for the Cancel Both Self-Trade
Prevention modifier rests on the CBSX Book with no resting interest
behind it. An order to sell 400 shares @ $20.00 comes in from the
Same CBSX Trader. Both orders would be canceled back to the CBSX
Trader.
    Cancel Both Example 6: Upon the opening, a CBSX Trader who has
elected for the Cancel Both Self-Trade Prevention modifier submits
an order to buy 500 shares @ $20.00 and the Same CBSX Trader then
submits an order to sell 500 shares @ $20.00. Both orders would be
canceled back to the CBSX Trader.

    The Self-Trade Prevention modifiers are designed to prevent a
market participant from unintentionally causing a proprietary self-
trade. The Exchange believes that the Self-Trade Prevention modifiers
will allow firms to better manage order flow and prevent undesirable
executions with themselves or the potential for (or appearance of)
``wash sales'' that may occur as a result of the velocity of trading in
today's high-speed marketplace. CBSX Traders may have multiple
connections into CBSX due to capacity- and speed-related demands.
Orders routed by the same CBSX Trader via different connections may, in
certain circumstances, trade against each other. The new Self-Trade
Prevention modifiers provide CBSX Traders the opportunity to prevent
these potentially undesirable trades. The Exchange notes that offering
the Self-Trade Prevention modifiers will streamline certain regulatory
functions by reducing false positive results that may occur on
Exchange-generated wash trading surveillance reports when orders are
executed by the same CBSX Trader. For these reasons, the Exchange
believes the Self-Trade Prevention modifiers provide market
participants with enhanced order processing functionality to prevent
potentially unwanted trades from occurring.
    Orders marked with the Self-Trade Prevention modifiers operate in a
different fashion during openings and re-openings than during normal
trading due to CBSX System limitations. Also, because under the
proposed Self-Trade Prevention modifier rules, orders or quotes skip
over orders or quotes from the Same CBSX Trader and are given the
opportunity to trade against eligible orders or quotes with lower
priority that originate from Another CBSX Trader (provided the prices
are the same), the Exchange proposes adding an interpretation to Rule
52.1, the CBSX Matching Algorithm/Priority rule, to provide that in
instances in which the Self-Trade Prevention modifiers are implicated,
the Self-Trade Prevention modifier rules will supersede other
allocation methods only for the purpose of preventing self-trades, as
described in the proposed Self-Trade Prevention modifier rule.
Similarly, because CBSX Rule 51.8(t) already provides for a Market-
Maker Self-Trade Prevention Order which, if combined with a Self-Trade
Prevention modifier, could cause a conflict in order handling, the
Exchange proposes clarifying that, in circumstances where both the
Market-Maker Self-Trade Prevention Order and a Self-Trade Prevention
modifier are implicated, the Self-Trade Prevention modifier shall rule
and take precedence.
    A number of other exchanges offer modifiers similar to the ones
proposed here. The Cancel Newest, Cancel Oldest, and Cancel Both Self-
Trade Prevention modifiers are similar to counterpart Anti-
Internalization Qualifier Modifiers offered on EDGA Exchange, Inc.
(``EDGA'') and EDGX Exchange, Inc. (``EDGX''), Match Trade Prevention
Modifiers offered on BATS Exchange, Inc. (``BATS'') and BATS-Y
Exchange, Inc. (``BYX''),\3\ and namesake Self Trade Prevention
Modifiers offered on NYSE Arca, Inc. (``Arca'') \4\ and National Stock
Exchange, Inc. (``NSX'').\5\ While the other exchanges' rules apply to
orders, we determined to apply Self-Trade Prevention modifier rules to
orders and quotes because the application of the modifier rules to
quotes as well as orders allows for the modifiers to be used in a more
complete, comprehensive, and consistent fashion. Some of the other
exchanges make the Self-Trade Prevention modifiers available on per-
order, per-quote, or per-security bases, and allow for the election of
more than one Self-Trade Prevention modifier. However, CBSX System
limitations prevent CBSX from offering such options. Other exchanges
also do not specify that their modifiers are limited to proprietary
orders. CBSX believes that it is important to limit the Self-Trade
Prevention modifiers to proprietary orders and quotes to avoid
preventing agency orders from trading with each other, as agency orders
for the Same CBSX Trader may actually be for different customers.
Finally, other exchanges do not specify how their modifiers work during
openings and re-openings. CBSX feels that it is important to clarify
how the Self-Trade Prevention modifiers will work differently during
openings and re-openings because the CBSX System cannot easily process

orders marked with the Self-Trade Prevention modifiers in the same
manner during openings and re-openings as during regular trading.
---------------------------------------------------------------------------

    \3\ See EDGA, EDGX, BATS and BYX Rules 11.9(f).
    \4\ See Arca Equities Rule 7.31(qq).
    \5\ See NSX Rule 11.11(c)(1).
---------------------------------------------------------------------------

    Once the CBSX System is so enabled to permit the use of the Self-
Trade Prevention modifiers, and such use has been appropriately tested,
CBSX intends to announce the availability of the Self-Trade Prevention
modifiers to the CBSX Traders via Regulatory Circular prior to the
implementation of the Self-Trade Prevention modifiers.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\6\ in general, and furthers the objectives of Section 6(b)(5) of
the Act \7\ in particular that the rules of an exchange be designed to
promote just and equitable principles of trade, to prevent fraudulent
and manipulative acts, to remove impediments to and to 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 proposed
rule change advances these objectives by making available to market
participants an order and quote modifier that will assist them in
preventing unwanted executions against themselves. Allowing market
participants to prevent unwanted executions against themselves removes
impediments to and perfects the mechanism for a free and open market by
allowing market participants to better manage order flow and prevent
the potential for (or appearance of) ``wash sales'' that may occur as a
result of the velocity of trading in today's high-speed marketplace,
and by streamlining certain regulatory functions by reducing false
positive results that may occur on Exchange-generated wash trading
surveillance reports when orders are executed by the same CBSX Trader.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78f(b).
    \7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    Finally, adding an interpretation to Rule 52.1 to provide that, in
instances in which the Self-Trade Prevention modifiers are implicated,
the Self-Trade Prevention modifier rules will supersede other
allocation methods only for the purposes of preventing self-trades, as
described in the proposed Self-Trade Prevention modifier rule, and also
clarifying that, in circumstances where both the Market-Maker Self-
Trade Prevention Order and a Self-Trade Prevention modifier are
implicated, the Self-Trade Prevention modifier shall rule and take
precedence, perfects the mechanism for a free and open national market
system and protects investors and the public interest by removing any
potential confusion regarding priority and allocation methods.

B. Self-Regulatory Organization's Statement on Burden on Competition

    CBOE 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.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    The Exchange neither solicited nor received comments on the
proposed rule change.

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

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    A. By order approve or disapprove such proposed rule change, or
    B. Institute proceedings to determine whether the proposed rule
change should be 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_ADDRESS>Please include
File Number SR-CBOE-2012-013 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-CBOE-2012-013. 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-CBOE-2012-013 and should be
submitted on or before May 22, 2012.

    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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-10463 Filed 4-30-12; 8:45 am]
BILLING CODE 8011-01-P