This past week BATS Exchange officially filed a petition notice against the rule change disapproval by the SEC which would have allowed the listing of COIN, the proposed bitcoin ETF by the Winklevoss brothers.
Bats BZX Exchange, Inc. submitted the letter confirming the intent to petition for review the order disapproving the proposed rule change of Commodity-Based Trust Shares, to list and trade shares issued by the Winklevoss Bitcoin Trust.
Bats intends to file separately a petition for review in accordance with Rule 430(b)(2) of the Securities and Exchange Commission’s Rules of Practice, which you can read about below:
Rule 430
The appeal of Actions Made Pursuant to Delegated Authority.
(a) Scope of Rule
Any person aggrieved by an action made by authority delegated in §§ 200.30-1 through 200.30-18 of this chapter may seek review of the action pursuant to paragraph (b) of this rule.
(b) Procedure
(1) Notice of Intention to Petition for Review. A party or any person aggrieved by an action made pursuant to delegated authority may seek Commission review of the action by filing a written notice of intention to petition for review within five days after actual notice to the party of the action or service of notice of the action pursuant to Rule 141(b), whichever is earlier. The notice shall identify the petitioner and the action complained of, and shall be accompanied by a notice of appearance pursuant to Rule 102(d).
(2) Petition for Review. Within five days after the filing of a notice of intention to petition for review pursuant to paragraph (b)(1) of this rule, the person seeking review shall file a petition for review containing a clear and concise statement of the issues to be reviewed and the reasons why review is appropriate. The petition shall include exceptions to any findings of fact or conclusions of law made, together with supporting reasons for such exceptions based on appropriate citations to such record as may exist. These reasons may be stated in summary form.
(c) Prerequisite to Judicial Review
Pursuant to Section 704 of the Administrative Procedure Act, 5 U.S.C. 704, a petition to the Commission for review of an action made by authority delegated in §§ 200.30-1 through 200.30-18of this chapter is a prerequisite to the seeking of judicial review of a final order entered pursuant to such an action.
