80 FR 10549 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Limit Up-Limit Down Obvious Error Pilot
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 38 (February 26, 2015)
Federal Register Volume 80, Issue 38 (February 26, 2015)
| Page Range | 10549-10551 | |
| FR Document | 2015-03958 |
[Federal Register Volume 80, Number 38 (Thursday, February 26, 2015)] [Notices] [Pages 10549-10551] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03958] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74335; File No. SR-ISE-2015-07] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Limit Up-Limit Down Obvious Error Pilot February 20, 2015. 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 February 19, 2015, the International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The ISE proposes to extend a pilot program under Rule 703A(d) that suspends Rule 720 regarding obvious errors during Limit and Straddle States in securities that underlie options traded on the Exchange. The text of the proposed rule change is available on the Exchange's Web site (http://www.ise.com), at the principal office of the Exchange, 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 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 On April 5, 2013,\3\ the Commission approved a proposed rule change designed to address certain issues related to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Act (the ``Limit Up-Limit Down Plan'' or the ``Plan'').\4\ The rules adopted in that filing established a one year pilot program to exclude transactions executed during a Limit State \5\ or Straddle State \6\ from the obvious error provisions of Rule 720. On April 4, 2014 the Exchange filed to extend this pilot program to its current end date of February 20, 2015.\7\ The purpose of this filing is to extend the effectiveness of the pilot program to coincide with the proposed extension of the Limit Up-Limit Down Plan to October 23, 2015.\8\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 69329 (April 5, 2013), 78 FR 21657 (April 11, 2014) (SR-ISE-2013-22) (Approval Order); 69110 (March 11, 2013) 78 FR 16726 (March 18, 2013) (SR-ISE- 2013-22) (Notice of Filing). \4\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (the ``Limit Up-Limit Down Release''). \5\ The term ``Limit State'' means the condition when the national best bid or national best offer for an underlying security equals an applicable price band, as determined by the primary listing exchange for the underlying security. See Rule 703A. \6\ The term ``Straddle State'' means the condition when the national best bid or national best offer for an underlying security is non-executable, as determined by the primary listing exchange for the underlying security, but the security is not in a Limit State. See Rule 703A. \7\ See Securities Exchange Act Release No. 71884 (April 7, 2014), 79 FR 20269 (April 11, 2014) (SR-ISE-2014-22). \8\ See Exchange Act Release No. 74110 (January 21, 2015), 80 FR 4321 (January 27, 2015) (Eighth Amendment to the Limit-Up Limit-Down Plan). --------------------------------------------------------------------------- The Exchange believes the benefits to market participants from this provision should continue on a pilot basis. The Exchange continues to believe that adding certainty to the execution of orders in Limit or Straddle States will encourage market participants to continue to provide liquidity to the Exchange, and, thus, promote a fair and orderly market during these periods. Barring this provision, the obvious error provisions of Rule 720 would likely apply in many instances during Limit and Straddle States. The Exchange believes that continuing the pilot will protect against any unanticipated consequences in the options markets during a Limit or Straddle State. Thus, the Exchange believes that the protections of current rule should continue while the industry gains further experience operating the Plan. In connection with this proposed extension, each month the Exchange shall provide to the Commission, and the public, a dataset containing the data for each Straddle and Limit State in optionable stocks that had at least one trade on the Exchange. For each trade on the Exchange, the Exchange will provide (a) the stock symbol, option symbol, time at the start of the Straddle or Limit State, an indicator for whether it is a Straddle or Limit State, and (b) for the trades on the Exchange, the executed volume, time-weighted quoted bid-ask spread, time-weighted average quoted depth at the bid, time-weighted average quoted depth at the offer, high execution price, low execution price, number of trades for which a request for review for error was received during Straddle and Limit States, an indicator variable for whether those options outlined above have a price change exceeding 30% during the underlying stock's Limit or Straddle State compared to the last available option price as reported by OPRA before the start of the Limit or Straddle State (1 if observe 30% and 0 otherwise), and another indicator variable for whether the option price within five minutes of the underlying stock leaving the Limit or Straddle State (or halt if applicable) is 30% away from the price before the start of the Limit or Straddle State. In addition, the Exchange will provide to the Commission, and the public, no later than May 29, 2015, assessments relating to the impact of the operation of the obvious error rules during Limit and Straddle States including: (1) An evaluation of the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets, and (2) an assessment of whether the lack of obvious error rules in effect during the Straddle and Limit States are problematic. 2. Statutory Basis The Exchange believes that its proposal is consistent with the requirements of the Act and the rules and regulations thereunder that are applicable to a national securities exchange, and, in particular, with the requirements of Section 6(b) of the Act.\9\ In particular, the proposal is consistent [[Page 10550]] with Section 6(b)(5) of the Act,\10\ because it is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) \11\ requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f(b). \10\ 15 U.S.C. 78f(b)(5). \11\ Id. --------------------------------------------------------------------------- In particular, the Exchange further believes that it is necessary and appropriate in the interest of promoting fair and orderly markets to exclude transactions executed during a Limit or Straddle State from certain aspects of Rule 720. The Exchange believes the application of the current rule will be impracticable given the lack of a reliable national best bid or offer in the options market during Limit and Straddle States, and that the resulting actions (i.e., nullified trades or adjusted prices) may not be appropriate given market conditions. Extension of this pilot would ensure that limit orders that are filled during a Limit or Straddle State would have certainty of execution in a manner that promotes just and equitable principles of trade, removes impediments to, and perfects the mechanism of a free and open market and a national market system. Thus, the Exchange believes that the protections of the pilot should continue while the industry gains further experience operating the Plan. 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. Specifically, the Exchange believes that, by extending the expiration of the pilot, the proposed rule change will allow for further analysis of the pilot and a determination of how the pilot shall be structured in the future. In doing so, the proposed rule change will also serve to promote regulatory clarity and consistency, thereby reducing burdens on the marketplace and facilitating investor protection. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the proposed rule change does not (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b- 4(f)(6)(iii) thereunder.\13\ --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the obvious error pilot program to continue uninterrupted while the industry gains further experience operating under the Plan, and avoid any investor confusion that could result from a temporary interruption in the pilot program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\14\ --------------------------------------------------------------------------- \14\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 CommentsUse 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-ISE-2015-07 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2015-07. 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-ISE-2015-07, and should be submitted on or before March 19, 2015. [[Page 10551]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-03958 Filed 2-25-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices 10549
For the Commission, by the Division of The self-regulatory organization has protect against any unanticipated
Trading and Markets, pursuant to delegated prepared summaries, set forth in consequences in the options markets
authority.124 sections A, B and C below, of the most during a Limit or Straddle State. Thus,
Jill M. Peterson, significant aspects of such statements. the Exchange believes that the
Assistant Secretary. protections of current rule should
A. Self-Regulatory Organization’s
[FR Doc. 2015–03963 Filed 2–25–15; 8:45 am]
Statement of the Purpose of, and continue while the industry gains
BILLING CODE 8011–01–P
Statutory Basis for, the Proposed Rule further experience operating the Plan.
Change In connection with this proposed
extension, each month the Exchange
SECURITIES AND EXCHANGE 1. Purpose shall provide to the Commission, and
COMMISSION On April 5, 2013,3 the Commission the public, a dataset containing the data
[Release No. 34–74335; File No. SR–ISE– approved a proposed rule change for each Straddle and Limit State in
2015–07] designed to address certain issues optionable stocks that had at least one
related to the Plan to Address trade on the Exchange. For each trade
Self-Regulatory Organizations; Extraordinary Market Volatility on the Exchange, the Exchange will
International Securities Exchange, Pursuant to Rule 608 of Regulation NMS provide (a) the stock symbol, option
LLC; Notice of Filing and Immediate under the Act (the ‘‘Limit Up-Limit symbol, time at the start of the Straddle
Effectiveness of Proposed Rule Down Plan’’ or the ‘‘Plan’’).4 The rules or Limit State, an indicator for whether
Change To Extend the Limit Up-Limit adopted in that filing established a one it is a Straddle or Limit State, and (b)
Down Obvious Error Pilot year pilot program to exclude for the trades on the Exchange, the
transactions executed during a Limit executed volume, time-weighted quoted
February 20, 2015. bid-ask spread, time-weighted average
State 5 or Straddle State 6 from the
Pursuant to Section 19(b)(1) of the obvious error provisions of Rule 720. On quoted depth at the bid, time-weighted
Securities Exchange Act of 1934 (the April 4, 2014 the Exchange filed to average quoted depth at the offer, high
‘‘Act’’),1 and Rule 19b–4 thereunder,2 extend this pilot program to its current execution price, low execution price,
notice is hereby given that on February end date of February 20, 2015.7 The number of trades for which a request for
19, 2015, the International Securities purpose of this filing is to extend the review for error was received during
Exchange, LLC (the ‘‘Exchange’’ or the effectiveness of the pilot program to Straddle and Limit States, an indicator
‘‘ISE’’) filed with the Securities and coincide with the proposed extension of variable for whether those options
Exchange Commission (‘‘Commission’’) the Limit Up-Limit Down Plan to outlined above have a price change
the proposed rule change as described October 23, 2015.8 exceeding 30% during the underlying
in Items I and II below, which Items The Exchange believes the benefits to stock’s Limit or Straddle State compared
have been prepared by the self- market participants from this provision to the last available option price as
regulatory organization. The should continue on a pilot basis. The reported by OPRA before the start of the
Commission is publishing this notice to Exchange continues to believe that Limit or Straddle State (1 if observe
solicit comments on the proposed rule adding certainty to the execution of 30% and 0 otherwise), and another
change from interested persons. orders in Limit or Straddle States will indicator variable for whether the
I. Self-Regulatory Organization’s encourage market participants to option price within five minutes of the
Statement of the Terms of the Substance continue to provide liquidity to the underlying stock leaving the Limit or
of the Proposed Rule Change Exchange, and, thus, promote a fair and Straddle State (or halt if applicable) is
orderly market during these periods. 30% away from the price before the start
The ISE proposes to extend a pilot Barring this provision, the obvious error of the Limit or Straddle State.
program under Rule 703A(d) that provisions of Rule 720 would likely In addition, the Exchange will
suspends Rule 720 regarding obvious apply in many instances during Limit provide to the Commission, and the
errors during Limit and Straddle States and Straddle States. The Exchange public, no later than May 29, 2015,
in securities that underlie options believes that continuing the pilot will assessments relating to the impact of the
traded on the Exchange. The text of the
operation of the obvious error rules
proposed rule change is available on the 3 See Securities Exchange Act Release No. 69329
during Limit and Straddle States
Exchange’s Web site (http:// (April 5, 2013), 78 FR 21657 (April 11, 2014) (SR–
ISE–2013–22) (Approval Order); 69110 (March 11, including: (1) An evaluation of the
www.ise.com), at the principal office of
2013) 78 FR 16726 (March 18, 2013) (SR–ISE–2013– statistical and economic impact of Limit
the Exchange, and at the Commission’s 22) (Notice of Filing). and Straddle States on liquidity and
Public Reference Room. 4 See Securities Exchange Act Release No. 67091
market quality in the options markets,
(May 31, 2012), 77 FR 33498 (June 6, 2012) (the
II. Self-Regulatory Organization’s ‘‘Limit Up-Limit Down Release’’). and (2) an assessment of whether the
Statement of the Purpose of, and 5 The term ‘‘Limit State’’ means the condition lack of obvious error rules in effect
Statutory Basis for, the Proposed Rule when the national best bid or national best offer for during the Straddle and Limit States are
Change an underlying security equals an applicable price problematic.
band, as determined by the primary listing
In its filing with the Commission, the exchange for the underlying security. See Rule 2. Statutory Basis
self-regulatory organization included 703A.
statements concerning the purpose of, 6 The term ‘‘Straddle State’’ means the condition The Exchange believes that its
and basis for, the proposed rule change
when the national best bid or national best offer for proposal is consistent with the
an underlying security is non-executable, as requirements of the Act and the rules
and discussed any comments it received
rmajette on DSK2VPTVN1PROD with NOTICES
determined by the primary listing exchange for the
on the proposed rule change. The text underlying security, but the security is not in a and regulations thereunder that are
of these statements may be examined at Limit State. See Rule 703A. applicable to a national securities
the places specified in Item IV below.
7 See Securities Exchange Act Release No. 71884 exchange, and, in particular, with the
(April 7, 2014), 79 FR 20269 (April 11, 2014) (SR– requirements of Section 6(b) of the Act.9
ISE–2014–22).
124 17CFR 200.30–3(a)(57). 8 See Exchange Act Release No. 74110 (January
In particular, the proposal is consistent
1 15 U.S.C. 78s(b)(1). 21, 2015), 80 FR 4321 (January 27, 2015) (Eighth
2 17 CFR 240.19b–4. Amendment to the Limit-Up Limit-Down Plan). 9 15 U.S.C. 78f(b).
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![Federal Register / Vol. 80, No. 38 / Thursday, February 26, 2015 / Notices 10551
For the Commission, by the Division of methodology. In order to provide the Market Volatility Pursuant to Rule 608
Trading and Markets, pursuant to delegated Commission with sufficient time to of Regulation NMS under the Act (the
authority.15 consider the proposed rule change, the ‘‘Limit Up-Limit Down Plan’’ or the
Jill M. Peterson, Commission finds it is appropriate to ‘‘Plan’’).3 The Exchange proposes to
Assistant Secretary. designate a longer period within which extend the pilot period until October 23,
[FR Doc. 2015–03958 Filed 2–25–15; 8:45 am] to take action on the proposed rule 2015.
BILLING CODE 8011–01–P change. The text of the proposed rule change
Accordingly, the Commission, is available on the Exchange’s Web site
pursuant to Section 19(b)(2) of the Act,5 at http://nasdaq.cchwallstreet.com, at
SECURITIES AND EXCHANGE designates April 9, 2015, as the date by the principal office of the Exchange, and
COMMISSION which the Commission should either at the Commission’s Public Reference
[Release No. 34–74341; File No. SR–ICC– approve or disapprove, or institute Room.
2014–24] proceedings to determine whether to
disapprove, the proposed rule change II. Self-Regulatory Organization’s
Self-Regulatory Organizations; ICE (File No. SR–ICC–2014–24). Statement of the Purpose of, and
Clear Credit, LLC; Notice of Statutory Basis for, the Proposed Rule
For the Commission, by the Division of
Designation of Longer Period for Trading and Markets, pursuant to delegated Change
Commission Action on Proposed Rule authority.6 In its filing with the Commission, the
Change To Revise the ICC Risk Jill M. Peterson, Exchange included statements
Management Framework Assistant Secretary. concerning the purpose of and basis for
February 20, 2015. [FR Doc. 2015–03964 Filed 2–25–15; 8:45 am] the proposed rule change and discussed
On December 22, 2014, ICE Clear BILLING CODE 8011–01–P any comments it received on the
Credit LLC (‘‘ICC’’) filed with the proposed rule change. The text of these
Securities and Exchange Commission statements may be examined at the
(‘‘Commission’’), pursuant to Section SECURITIES AND EXCHANGE places specified in Item IV below. The
19(b)(1) of the Securities Exchange Act COMMISSION Exchange has prepared summaries, set
of 1934 (‘‘Act’’) 1 and Rule 19b–4 [Release No. 34–74336; File No. SR– forth in sections A, B, and C below, of
thereunder,2 a proposed rule change to NASDAQ–2015–016] the most significant aspects of such
make revisions to the ICC Risk statements.
Management Framework (SR–ICC– Self-Regulatory Organizations; The
A. Self-Regulatory Organization’s
2014–24). The proposed rule change NASDAQ Stock Market LLC; Notice of
Statement of the Purpose of, and
was published for comment in the Filing and Immediate Effectiveness of
Statutory Basis for, the Proposed Rule
Federal Register on January 9, 2015.3 To Proposed Rule Change To Amend
Change
date, the Commission has not received Chapter V, Regulation of Trading on
comments on the proposal. NOM, To Extend the Pilot Program 1. Purpose
Section 19(b)(2) of the Act 4 provides Under Section 3(d)(iv)
In April 2013, the Commission
that within 45 days of the publication of
February 20, 2015. approved a proposal, on a one year pilot
notice of the filing of a proposed rule
Pursuant to Section 19(b)(1) of the basis, to adopt Chapter V, Section
change, or within such longer period up
Securities Exchange Act of 1934 3(d)(iv) to provide for how the Exchange
to 90 days as the Commission may
designate if it finds such longer period (‘‘Act’’),1 and Rule 19b–4 thereunder,2 will treat obvious and catastrophic
to be appropriate and publishes its notice is hereby given that, on February options errors in response to the Plan,
reasons for so finding or as to which the 19, 2015, The NASDAQ Stock Market which is applicable to all NMS stocks,
self-regulatory organization consents, LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed as defined in Regulation NMS Rule
the Commission shall either approve the with the Securities and Exchange 600(b)(47).4 The Plan is designed to
proposed rule change, disapprove the Commission (‘‘SEC’’ or ‘‘Commission’’) prevent trades in individual NMS stocks
proposed rule change, or institute the proposed rule change as described from occurring outside of specified
proceedings to determine whether the in Items I and II below, which Items Price Bands.5 The requirements of the
proposed rule change should be have been prepared by the Exchange. Plan are coupled with Trading Pauses to
disapproved. The 45th day from the The Commission is publishing this accommodate more fundamental price
publication of notice of filing of this notice to solicit comments on the moves (as opposed to erroneous trades
proposed rule change is February 23, proposed rule change from interested or momentary gaps in liquidity).
2015. The Commission is extending this persons. The Exchange extended the operation
45-day time period. I. Self-Regulatory Organization’s of Chapter V, Section 3(d)(iv), which
ICC’s proposed rule change would Statement of the Terms of the Substance provides that trades are not subject to an
revise the ICC Risk Management of the Proposed Rule Change obvious error or catastrophic error
Framework to, among other things, review pursuant to Chapter V, Sections
The Exchange proposes to amend 6(b) or 6(f) during a Limit State or
incorporate risk model changes related
Chapter V, Regulation of Trading on
to Recovery Rate Sensitivity
NOM, to extend the pilot program under
Requirements, anti-procyclicality, and 3 Securities Exchange Act Release No. 69341
Section 3(d)(iv), which provides for how (April 8, 2013), 78 FR 21996 (April 12, 2013) (SR–
ICC’s Guaranty Fund allocation
the Exchange treats obvious and
rmajette on DSK2VPTVN1PROD with NOTICES
NASDAQ–2013–048).
15 17 CFR 200.30–3(a)(12).
catastrophic options errors in response 4 The Plan was extended until February 20, 2015.
to the Plan to Address Extraordinary The Plan was initially approved for a one-year pilot
1 15 U.S.C. 78s(b)(1). period, which began on April 8, 2013. Securities
2 17 CFR 240.19b–4.
Exchange Act Release No. 71649 (March 5, 2014),
3 Securities Exchange Act Release No. 34–73980 5 15 U.S.C. 78s(b)(2). 79 FR 13696 (March 11, 2014).
6 17 CFR 200.30–3(a)(31).
(Jan. 5, 2015), 80 FR 1466 (Jan. 9, 2015) (SR–ICC– 5 Unless otherwise specified, capitalized terms
2014–24). 1 15 U.S.C. 78s(b)(1).
used in this rule filing are based on the defined
4 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. terms of the Plan.
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Document Created: 2015-12-18 13:05:08
Document Modified: 2015-12-18 13:05:08
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 10549 |
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