80_FR_12735 80 FR 12689 - In the Matter of Black Sea Metals, Inc., GigaBeam Corp., Safe Technologies International, Inc., and Whitemark Homes, Inc.; Order of Suspension of Trading

80 FR 12689 - In the Matter of Black Sea Metals, Inc., GigaBeam Corp., Safe Technologies International, Inc., and Whitemark Homes, Inc.; Order of Suspension of Trading

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 46 (March 10, 2015)

Page Range12689-12690
FR Document2015-05515

Federal Register, Volume 80 Issue 46 (Tuesday, March 10, 2015) 
[Federal Register Volume 80, Number 46 (Tuesday, March 10, 2015)]
[Notices]
[Pages 12689-12690]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-05515]


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SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]


In the Matter of Black Sea Metals, Inc., GigaBeam Corp., Safe 
Technologies International, Inc., and Whitemark Homes, Inc.; Order of 
Suspension of Trading

March 5, 2015.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Black Sea Metals, Inc. because it has not filed any periodic reports 
since the period ended May 31, 2012.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
GigaBeam Corp. because it has not filed any periodic reports since the 
period ended September 30, 2007.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Safe Technologies International, Inc. because it has not filed any 
periodic reports since the period ended December 31, 2010.
    It appears to the Securities and Exchange Commission that there is 
a lack of current and accurate information concerning the securities of 
Whitemark Homes, Inc. because it has not filed any periodic reports 
since the period ended September 30, 2012.
    The Commission is of the opinion that the public interest and the 
protection of

[[Page 12690]]

investors require a suspension of trading in the securities of the 
above-listed companies.
    Therefore, it is ordered, pursuant to Section 12(k) of the 
Securities Exchange Act of 1934, that trading in the securities of the 
above-listed companies is suspended for the period from 9:30 a.m. EST 
on March 5, 2015, through 11:59 p.m. EDT on March 18, 2015.

    By the Commission.
Jill M. Peterson,
Assistant Secretary
[FR Doc. 2015-05515 Filed 3-6-15; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices 12689 Rule 967.1NY(a)(3) will provide for regulating, clearing, settling, processing general, to protect investors and the price protection for Market Maker bids information with respect to, and public interest. in put options. In particular, any Market facilitating transactions in securities, to IV. Conclusion Maker bid for put options will be remove impediments to and perfect the rejected if the price of the bid is equal mechanism of a free and open market For the foregoing reasons, the to or greater than the strike price of the and a national market system, and, in Commission finds that the proposed option.18 general, to protect investors and the rule change is consistent with the Act The Exchange also has proposed that public interest. and the rules and regulations when a Market Maker quote is rejected The proposed rule change provides a thereunder applicable to a national pursuant to paragraph (a)(2) or (a)(3) of price protection mechanism for quotes securities exchange. the proposed rule, the Exchange will entered by a Market Maker when an It is therefore ordered, pursuant to also cancel all resting quote(s) in the NBBO is available that are priced a section 19(b)(2) of the Act,24 that the affected class(es) from that Market specified dollar amount or percentage proposed rule change (SR–NYSEMKT– Maker and will not accept new quote(s) through the last sale or prevailing 2014–116), as modified by Amendment in the affected class(es) until the Market contra-side market, which the Exchange No. 1, be, and hereby is, approved. Maker submits a message (which may be believes is evidence of error. The For the Commission, by the Division of automated) to the Exchange to enable Commission believes that the proposed Trading and Markets, pursuant to delegated the entry of new quotes.19 price protection mechanism is authority.25 reasonably designed to promote just and Jill M. Peterson, B. Implementation equitable principles of trade by Assistant Secretary. The Exchange stated that it would preventing potential price dislocation [FR Doc. 2015–05496 Filed 3–9–15; 8:45 am] announce the implementation date of that could result from erroneous Market BILLING CODE 8011–01–P the proposed rule change in a Trader Maker quotes sweeping through Update and publish such announcement multiple price points resulting in at least 30 days prior to implementation. executions at prices that are through the SECURITIES AND EXCHANGE III. Discussion and Commission last sale price or NBBO.22 COMMISSION Findings The Exchange’s proposed use of benchmarks to check the reasonability [File No. 500–1] After careful review, the Commission of Market Maker bids for call and put finds that the proposed rule change is In the Matter of Black Sea Metals, Inc., options affords a second layer of price consistent with the requirements of the GigaBeam Corp., Safe Technologies protection to Market Maker quotes. The Act and the rules and regulations International, Inc., and Whitemark Commission believes that the additional thereunder applicable to a national Homes, Inc.; Order of Suspension of price reasonability check on Market securities exchange and, in particular, Trading Maker bids that are priced equal to or with section 6(b) of the Act.20 In greater than the price of the underlying March 5, 2015. particular, the Commission finds that security for call options, and equal to or It appears to the Securities and the proposed rule change is consistent greater than the strike price for put Exchange Commission that there is a with sections 6(b)(5) of the Act,21 which options, is reasonably designed to lack of current and accurate information requires, among other things, that the operate in manner that would remove concerning the securities of Black Sea rules of a national securities exchange impediments to and perfect the Metals, Inc. because it has not filed any be designed to prevent fraudulent and mechanism of a free and open market periodic reports since the period ended manipulative acts and practices, to and protect investors and the public May 31, 2012. promote just and equitable principles of interest. Further, the Commission notes It appears to the Securities and trade, to foster cooperation and the Exchange’s belief that the additional Exchange Commission that there is a coordination with persons engaged in risk controls that result in the lack of current and accurate information cancellation of a Market Maker’s resting concerning the securities of GigaBeam already opened will provide the most accurate same side quote and/or the temporary benchmark because the market is most liquid Corp. because it has not filed any during Core Trading Hours. See Notice, supra note suspension a Market Maker’s quoting periodic reports since the period ended 3, at 1981. activity in the affected option class(es), September 30, 2007. 18 The Exchange states that the value of a put can as applicable, provide market It appears to the Securities and never exceed the strike price of the option, even if participants with additional protection Exchange Commission that there is a the stock goes to zero. For example, a put with a from anomalous executions.23 strike price of $50 gives the holder the right to sell lack of current and accurate information the underlying security for $50 (no more, or no Accordingly, the Commission believes concerning the securities of Safe less), therefore the Exchange states that it would be that the proposed price protection for Technologies International, Inc. because illogical to pay $50 or more for the right to sell that Market Maker quotes is reasonably it has not filed any periodic reports underlying security, no matter what the price of the designed to prevent fraudulent and underlying security. See Notice, supra note 3, at since the period ended December 31, 1981. See also Amendment No. 1, supra note 4. manipulative acts and practices, to 2010. 19 See proposed Exchange Rule 967.1NY(b). The promote just and equitable principles of It appears to the Securities and Exchange believes that this temporary suspension trade, to foster cooperation and Exchange Commission that there is a from quoting in the affected option class(es) would coordination with persons engaged in lack of current and accurate information operate as a safety valve that forces Market Makers to re-evaluate their positions before requesting to re- regulating, clearing, settling, processing concerning the securities of Whitemark mstockstill on DSK4VPTVN1PROD with NOTICES enter the market. See Notice, supra note 3, at 1981. information with respect to, and Homes, Inc. because it has not filed any See also Notice, supra note 3, at 1981 for examples facilitating transactions in securities, to periodic reports since the period ended illustrating how proposed Exchange Rule remove impediments to and perfect the September 30, 2012. 967.1NY(a)(2) and (a)(3) would operate. 20 15 U.S.C. 78f(b). In approving this proposed mechanism of a free and open market The Commission is of the opinion that rule change, the Commission has considered the and a national market system, and, in the public interest and the protection of proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). 22 See Notice, supra note 3, at 1981. 24 15 U.S.C. 78s(b)(2). 21 15 U.S.C. 78f(b)(5). 23 See Notice, supra note 3, at 1982. 25 17 CFR 200.30–3(a)(12). VerDate Sep<11>2014 17:53 Mar 09, 2015 Jkt 235001 PO 00000 Frm 00073 Fmt 4703 Sfmt 4703 E:\FR\FM\10MRN1.SGM 10MRN1

12690 Federal Register / Vol. 80, No. 46 / Tuesday, March 10, 2015 / Notices investors require a suspension of trading statements concerning the purpose of, holder will be paid a specified portfolio in the securities of the above-listed and basis for, the proposed rule change of securities and/or cash with a value companies. and discussed any comments it received equal to the next determined net asset Therefore, it is ordered, pursuant to on the proposed rule change. The text value. Section 12(k) of the Securities Exchange of those statements may be examined at Effectively, Managed Fund Shares are Act of 1934, that trading in the the places specified in Item IV below. securities issued by an actively- securities of the above-listed companies The Exchange has prepared summaries, managed open-end Investment is suspended for the period from 9:30 set forth in sections A, B, and C below, Company (i.e., an actively-managed a.m. EST on March 5, 2015, through of the most significant parts of such exchange-traded fund (‘‘ETF’’)). Because 11:59 p.m. EDT on March 18, 2015. statements. Managed Fund Shares are actively- By the Commission. managed, they do not seek to replicate A. Self-Regulatory Organization’s the performance of a specified passive Jill M. Peterson, Statement of the Purpose of, and Assistant Secretary index of securities. Instead, they Statutory Basis for, the Proposed Rule generally use an active investment [FR Doc. 2015–05515 Filed 3–6–15; 11:15 am] Change strategy to seek to meet their investment BILLING CODE 8011–01–P 1. Purpose objectives. In contrast, an open-end Investment Company that issues The Exchange proposes to amend SECURITIES AND EXCHANGE Investment Company Units (‘‘Units’’), NYSE Arca Equities Rule 8.600 to adopt COMMISSION listed and traded on the Exchange generic listing standards for Managed pursuant to NYSE Arca Equities Rule [Release No. 34–74433; File No. SR– Fund Shares. Under the Exchange’s 5.2(j)(3), seeks to provide investment NYSEArca–2015–02] current rules, a proposed rule change results that generally correspond to the must be filed with the Securities and Self-Regulatory Organizations; NYSE price and yield performance of a Exchange Commission (‘‘SEC’’ or Arca, Inc.; Notice of Filing of Proposed specific foreign or domestic stock index, ‘‘Commission’’) for the listing and Rule Change Relating to Amendments fixed income securities index or trading of each new series of Managed to NYSE Arca Equities Rule 8.600 to combination thereof. Fund Shares. The Exchange believes All Managed Fund Shares listed and/ Adopt Generic Listing Standards for that it is appropriate to codify certain or traded pursuant to Rule 8.600 Managed Fund Shares rules within Rule 8.600 that would (including pursuant to unlisted trading generally eliminate the need for such privileges) are subject to the full March 4, 2015. proposed rule changes, which would panoply of Exchange rules and Pursuant to Section 19(b)(1) 1 of the create greater efficiency and promote procedures that currently govern the Securities Exchange Act of 1934 (the uniform standards in the listing process. trading of equity securities on the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on February Background Exchange.5 17, 2015, NYSE Arca, Inc. (the In addition, Rule 8.600(d) currently Rule 8.600 sets forth certain rules ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with provides for the criteria that Managed related to the listing and trading of the Securities and Exchange Fund Shares must satisfy for initial and Managed Fund Shares.4 Under Rule Commission (the ‘‘Commission’’) the continued listing on the Exchange, 8.600(c)(1), the term ‘‘Managed Fund proposed rule change as described in including, for example, that a minimum Share’’ means a security that: Items I and II below, which Items have number of Managed Fund Shares are (a) represents an interest in a been prepared by the self-regulatory required to be outstanding at the time of registered investment company organization. The Commission is commencement of trading on the (‘‘Investment Company’’) organized as publishing this notice to solicit Exchange. However, the current process an open-end management investment comments on the proposed rule change for listing and trading new series of company or similar entity, that invests from interested persons. Managed Fund Shares on the Exchange in a portfolio of securities selected by requires that the Exchange submit a I. Self-Regulatory Organization’s the Investment Company’s investment proposed rule change with the Statement of the Terms of the Substance adviser (hereafter ‘‘Adviser’’) consistent Commission. In this regard, of the Proposed Rule Change with the Investment Company’s Commentary .01 to Rule 8.600 specifies The Exchange proposes to amend investment objectives and policies; that the Exchange will file separate NYSE Arca Equities Rule 8.600 to adopt (b) is issued in a specified aggregate proposals under Section 19(b) of the Act generic listing standards for Managed minimum number in return for a (hereafter, a ‘‘proposed rule change’’) Fund Shares. The text of the proposed deposit of a specified portfolio of before listing and trading of [sic] shares rule change is available on the securities and/or a cash amount with a of an issue of Managed Fund Shares. Exchange’s Web site at www.nyse.com, value equal to the next determined net at the principal office of the Exchange, asset value; and Proposed Changes to Rule 8.600 and at the Commission’s Public (c) when aggregated in the same The Exchange would amend Reference Room. specified minimum number, may be Commentary .01 to Rule 8.600 to specify redeemed at a holder’s request, which that the Exchange may approve II. Self-Regulatory Organization’s Managed Fund Shares for listing and/or Statement of the Purpose of, and 4 See Securities Exchange Act Release No. 57619 trading (including pursuant to unlisted Statutory Basis for, the Proposed Rule (April 4, 2008), 73 FR 19544 (April 10, 2008) (SR– mstockstill on DSK4VPTVN1PROD with NOTICES NYSEArca–2008–25) (order approving NYSE Arca trading privileges) pursuant to SEC Rule Change Equities Rule 8.600 and listing and trading of shares 19b–4(e) under the Act, which pertains In its filing with the Commission, the of certain issues of Managed Fund Shares) (the to derivative securities products (‘‘SEC self-regulatory organization included ‘‘Approval Order’’). The Approval Order approved the rules permitting the listing and trading of Rule 19b–4(e)’’).6 SEC Rule 19b–4(e)(1) Managed Fund Shares, trading hours and halts, 1 15 U.S.C. 78s(b)(1). 5 See listing fees applicable to Managed Fund Shares, and Approval Order, supra note 4, at 19547. 2 15 U.S.C. 78a. the listing and trading of several individual series 6 17CFR 240.19b–4(e). As provided under SEC 3 17 CFR 240.19b–4. of Managed Fund Shares. Rule 19b–4(e), the term ‘‘new derivative securities VerDate Sep<11>2014 17:53 Mar 09, 2015 Jkt 235001 PO 00000 Frm 00074 Fmt 4703 Sfmt 4703 E:\FR\FM\10MRN1.SGM 10MRN1


Document Created: 2018-02-21 09:34:56
Document Modified: 2018-02-21 09:34:56
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation80 FR 12689 
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