Weekly Roundup of Exchange Rules by Category

The SEC announced new SRO rules, rule proposals and NMS plans. Click on the links below to view the SEC's notices of exchange rule changes and proposals from March 28, 2016, to April 1, 2016.

Independent Consultant Shannon Fitzgerald Comment: Various exchanges have proposed to adopt rules to implement the Regulation NMS Plan to Implement a Tick Size Pilot Program (the "Plan"). The proposed rule changes are substantially similar to proposed rule changes recently approved or published by the U.S. Securities and Exchange Commission by Bats BZX Exchange, Inc. to adopt BZX Rule 11.27(b), which also sets forth requirements for the collection and transmission of data pursuant to Appendices B and C of the Plan.

NMS Plans:

• CHX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Article 20, Rule 13 to Implement the Regulation NMS Plan to Implement a Tick Size Pilot Program (Release No. 34-77469; File No. SR-CHX-2016-03; March 29, 2016); see also Exhibit 5

• NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Rule 4770 to Implement the Regulation NMS Plan to Implement a Tick Size Pilot Program (Release No. 34-77456; File No. SR-NASDAQ-2016-043; March 28, 2016); see also Exhibit 5

• NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Rule 4770 to Implement the Regulation NMS Plan to Implement a Tick Size Pilot Program (Release No. 34-77457; File No. SR-BX-2016-019; March 28, 2016); see also Exhibit 5

• NYSE: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adopting Requirements for the Collection and Transmission of Data Pursuant to Appendices B and C of the Regulation NMS Plan to Implement a Tick Size Pilot Program (Release No. 34-77468; File No. SR-NYSE-2016-27; March 29, 2016); see also Exhibit 5

• Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Adopt Rule 3317 to Implement the Regulation NMS Plan to Implement a Tick Size Pilot Program (Release No. 34-77458; File No. SR-Phlx-2016-39; March 28, 2016); see also Exhibit 5

Corporate Governance:

• BATS: Order Approving Proposed Rule Changes to Amend and Restate the Certificate of Incorporation and Bylaws of the Exchanges Ultimate Parent Company, BATS Global Markets, Inc. (Release No. 34-77464; File Nos. SR-BATS-2016-10, SR-BYX-2016-02, SR-EDGX-2016-04, SR-EDGA-2016-01; March 29, 2016)

• NASDAQ: Notice of Filing of Proposed Rule Change to Require Listed Companies to Publicly Disclose Compensation or Other Payments by Third Parties to Board of Directors Members or Nominees (Release No. 34-77481; File No. SR-NASDAQ-2016-013; March 30, 2016); see also Exhibit 5

• Phlx: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Partnerships (Release No. 34-77475; File No. SR-Phlx-2016-36; March 30, 2016); see also Exhibit 5

Fees, Fines, Rebates & Claims:

• CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule to Amend the Fees Schedule (Release No. 34-77479; File No. SR-CBOE-2016-026; March 30, 2016); see also Exhibit 5

Market Data:

• NYSE Arca: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adopting Requirements for the Collection and Transmission of Data (Release No. 34-77484; File No. SR-NYSEArca-2016-52; March 31, 2016); see also Exhibit 5

• NYSE MKT: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Adopting Requirements for the Collection and Transmission of Data (Release No. 34-77478; File No. SR-NYSEMKT-2016-40; March 30, 2016); see also Exhibit 5

Miscellaneous:

• FINRA: Order Instituting Proceedings to Determine Whether to Approve or Disapprove Proposed Rule Change to Adopt FINRA Rule 2030 and FINRA Rule 4580 to Establish "Pay-To-Play" and Related Rules (Release No. 34-77465; File No. SR-FINRA-2015-056; March 29, 2016)

Products:

• BATS: Order Granting Approval of Proposed Rule Change, as Modified by Amendment Nos. 1 and 3 Thereto, to List and Trade Shares of the Elkhorn Dow Jones RAFI Commodity ETF of Elkhorn ETF Trust (Release No. 34-77480; File No. SR-BATS-2016-03; March 30, 2016)

• BATS: Order Granting Approval of Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3 Thereto, to List and Trade Shares of the Elkhorn S&P GSCI Dynamic Roll Commodity ETF of Elkhorn ETF Trust (Release No. 34-77487; File No. SR-BATS-2015-105; March 31, 2016)

• NYSE Arca: Order Granting Approval of Proposed Rule Change, as Modified by Amendment Nos. 1, 2, 3, and 4 Thereto, to List and Trade Shares of the REX Gold Hedged S&P 500 ETF and the REX Gold Hedged FTSE Emerging Markets ETF under NYSE Arca Equities Rule 8.600 (Release No. 34-77463; File No. SR-NYSEArca-2015-107; March 29, 2016)

Trading & Trade Reporting:

• BATS: Order Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Amend BATS Rules Regarding the Auction Process for Securities Subject to an Initial Public Offering (Release No. 34-77476; File No. SR-BATS-2016-17; March 30, 2016)

• ISE: Notice of Filing of Proposed Rule Change Related to Market Wide Risk Protection (Release No. 34-77489; File No. SR-ISE-2016-08; March 31, 2016); see also Exhibit 5

• ISE Gemini: Notice of Filing of Proposed Rule Change Related to Market Wide Risk Protection (Release No. 34-77488; File No. SR-ISEGemini-2016-03; March 31, 2016); see also Exhibit 5

• NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete From the Rulebook Section 10, Limitations on Dealings, of Chapter VII, Market Participants (Release No. 34-77460; File No. SR-NASDAQ-2016-040; March 28, 2016); see also Exhibit 5

• NASDAQ: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify the Maximum Number of Times an Order on NASDAQ may be Updated before the System Cancels the Order (Release No. 34-77454; File No. SR-NASDAQ-2016-039; March 28, 2016); see also Exhibit 5

• NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete From the Exchanges Rulebook Section 10, Limitations on Dealings, of Chapter VII, Market Participants (Release No. 34-77461; File No. SR-BX-2016-018; March 28, 2016); see also Exhibit 5

• NYSE: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 2, Amending Its Rules Relating to Pre-Opening Indications and Opening Procedures to Promote Greater Efficiency and Transparency at the Open of Trading on the Exchange (Release No. 34-77491; File No. SR-NYSE-2016-24; March 31, 2016); see also Exhibit 5

• NYSE: Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to Amend Rule 86 to Add Additional SMOrder Types to the NYSE Bonds^sm Platform, Codify Functionality of Order Types Currently Available on NYSE Bonds, and Amend the Definition of Indicative Match Price in Current Rule 86(B)(2)(G) to Provide Greater Detail of How an IMP is Established with Respect to Bond Auctions (Release No. 34-77477; File No. SR-NYSE-2016-17; March 30, 2016); see also Exhibit 5