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Federal Register / Vol. 86, No. 104 / Wednesday, June 2, 2021 / Notices
transactions rather than options securities transactions.
Rule 3180a Mandatory Systems Testing: The Exchange proposes to amend subsection a1 of Rule 3180 to also include BSTX Participants, in addition to the categories of Market Makers and OFPs.
Rule 7130a2v Execution and Price/Time Priority: The Exchange proposes to update the cross reference to Rule 100a58 to refer to Rule 100a59, which defines the term Request for Quote or RFQ under the Rules after the proposed renumbering.
Rule 7150a2 Price Improvement Period: The Exchange proposes to amend Rule 7150a2 to update the cross reference to the definition of a Professional in Rule 100a51 to instead refer to Rule 100a52, which is where that term would be defined in the Rules after the proposed renumbering.
Rule 7230 Limitation of Liability:
The Exchange proposes to amend the references in Rule 7230 to Options Participants to simply Participants.
Rule 7245a4 Complex Order Price Improve Period: The Exchange proposes to update the cross reference to Rule 100a51 to refer to Rule 100a52, which defines the term Professional after the proposed renumbering.
IM80503: The Exchange proposes to update the cross reference to Rule 100a56 to refer to Rule 100a57, which defines the term quote or quotation after the proposed renumbering.
Rule 11010a Investigation Following Suspension: The Exchange proposes to amend subsection a of Rule 11010 to remove the reference to in BOX options contracts and to modify the word position with the word security as follows: . . . the amount owing to each and a complete list of each open long and short security position maintained by the Participant and each of his or its Customers.
Rule 11030 Failure to Obtain Reinstatement: The Exchange proposes to amend Rule 11030 to replace the reference to Options Participant to simply Participant.
Rule 12140 Imposition of Fines for Minor Rule Violations: The Exchange proposes to amend Rule 12140 to replace references to Options Participant to simply Participant. In addition, the Exchange proposes to add paragraph f to Rule 12140, to incorporate the aforementioned modifications to the Exchanges MRVP.
New paragraph f of Rule 12140 would provide: f Transactions on BSTX.

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Rules and penalties relating to trading on BSTX that are set forth in Rule 24010
Penalty for Minor Rule Violations.
The Exchange believes that the proposed amendments to the definitions set forth in Rule 100 are consistent with Section 6b5 of the Exchange Act 320
because they protect investors and the public interest by setting forth clear definitions that help BOX and BSTX
Participants understand and apply Exchange Rules. Without defining terms used in the Exchange Rules clearly, market participants could be confused as to the application of certain rules, which could cause harm to investors.
The Exchange believes that the proposed amendments to the other Exchange Rules detailed above are consistent with Section 6b5 of the Exchange Act 321 because the proposed rule change is designed to foster cooperation and coordination with persons engaged in facilitating transactions in securities, remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The Exchange believes that the proposed rule change would remove impediments to and perfect the mechanism of a free and open market and a national market system by ensuring that market participants can easily navigate, understand and comply with the Exchanges rulebook. The Exchange believes that the proposed rule change enables the Exchange to continue to enforce the Exchanges rules. The Exchange notes that none of the proposed changes to the current Exchange rulebook would materially alter the application of any of those Rules, other than by extending them to apply to BSTX Participants and trading on the BSTX System. As such, the proposed amendments would foster cooperation and coordination with persons engaged in facilitating transactions in securities and would remove impediments to and perfect the mechanism of a free and open market and a national exchange system.
Further, the Exchange believes that, by ensuring the rulebook accurately reflects the intention of the Exchanges rules, the proposed rule change reduces potential investor or market participant confusion.
Forms To Be Used in Connection With BSTX
In connection with the operation of BSTX, the Exchange proposes to use a series of new forms to facilitate 320 15

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becoming a BSTX Participant and for issuers to list their Securities. These forms have been submitted with the proposal as Exhibits 3A3L. Each are described below.
BSTX Participant Application Pursuant to proposed Rule 18000b, in order to become a BSTX Participant, an applicant must complete a BSTX
Participant Application, which has been submitted with the proposal as Exhibit 3A. The proposed BSTX Participant Application requires the applicant to provide certain basic information such as identifying the applicants name and contact information, Designated Examining Authority, organizational structure, and Central Registration Depository CRD number. The BSTX
Participant Application also requires applicants to provide additional information including certain beneficial ownership information, the applicants current Form BD, an organization chart, a description of how the applicant receives orders from customers, how it will send orders to BSTX, and a copy of written supervisory procedures and information barrier procedures.
In addition, the BSTX Participant Application allows applicants to indicate whether they are applying to be a BSTX Market Maker or a Designated Market Maker. Applicants wishing to become a BSTX Market Maker or Designated Market Maker must provide certain additional information including a list of each of the applicants trading representatives including a copy of each representatives Form U4, a copy of the applicants written supervisory procedures relating to market making, a description of the source and amount of the applicants capital, and information regarding the applicants other business activities and information barrier procedures.
BSTX Participant Agreement Pursuant to Exchange Rule 18000b, to transact business on BSTX, prospective BSTX Participants must complete a BSTX Participant Agreement. The BSTX Participant Agreement has been submitted with the proposal as Exhibit 3B. The BSTX
Participant Agreement provides that a BSTX Participant must agree with the Exchange as follows:
1. Participant agrees to abide by the Rules of the Exchange and applicable bylaws, as amended from time to time, and all circulars, notices, interpretations, directives and/or decisions adopted by the Exchange.
2. Participant acknowledges that BSTX Participant and its associated
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