80 FR 17807 - In the Matter of Urban AG Corp.; Order of Suspension of Trading
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 63 (April 2, 2015)
Federal Register Volume 80, Issue 63 (April 2, 2015)
| Page Range | 17807-17808 | |
| FR Document | 2015-07672 |
[Federal Register Volume 80, Number 63 (Thursday, April 2, 2015)] [Notices] [Pages 17807-17808] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07672] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [File No. 500-1] In the Matter of Urban AG Corp.; Order of Suspension of Trading March 31, 2015. It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Urban AG Corporation (``Urban AG'') because it has not filed a periodic report since it filed its Form 10-Q for the period ending September 30, 2013, filed on [[Page 17808]] November 19, 2013. Urban AG's common stock (ticker ``AQUM'') is quoted on OTC Link (previously ``Pink Sheets'') operated by OTC Markets Group, Inc. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of Urban AG. Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the securities of Urban AG is suspended for the period from 9:30 a.m. EDT on March 31, 2015, through 11:59 p.m. EDT on April 14, 2015. By the Commission. Jill M. Peterson, Assistant Secretary. [FR Doc. 2015-07672 Filed 3-31-15; 4:15 pm] BILLING CODE CODE 8011-01-P
![Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices 17807
fair, reasonable, and not unreasonably Digital Media Enterprise license the and Exchange Commission, 100 F Street
discriminatory fees and an equitable Exchange would charge clients for the NE., Washington, DC 20549–1090.
allocation of fees among all Users. The BATS One Feed compared to the cost of All submissions should refer to File
existence of alternatives to the BATS the individual data feeds from the BATS Number SR–EDGX–2015–14. This file
One Feed, including the existing Exchanges would enable a vendor to number should be included on the
underlying feeds, consolidated data, and receive the underlying data feeds and subject line if email is used. To help the
proprietary data from other sources, offer a similar product on a competitive Commission process and review your
ensures that the Exchange cannot set basis and with no greater cost than the comments more efficiently, please use
unreasonable fees, or fees that are Exchange. only one method. The Commission will
unreasonably discriminatory, when post all comments on the Commission’s
Non-Substantive Change to the
vendors and subscribers can elect these Internet Web site (http://www.sec.gov/
Description of the BATS One Enterprise
alternatives or choose not to purchase a rules/sro.shtml). Copies of the
Fee
specific proprietary data product if its submission, all subsequent
cost to purchase is not justified by the The proposal to amend the amendments, all written statements
returns any particular vendor or description of the Enterprise fee within with respect to the proposed rule
subscriber would achieve through the the fee schedule will not have any change that are filed with the
purchase. impact on completion [sic]. The Commission, and all written
Finally, although the BATS proposed changes are designed to clarify communications relating to the
Exchanges are the exclusive distributors the fee schedule and avoid potential proposed rule change between the
of the individual data feeds from which investor confusion and do not amend Commission and any person, other than
certain data elements would be taken to the amount or application of the BATS those that may be withheld from the
create the BATS One Feed, the One Enterprise fee. public in accordance with the
Exchange is not the exclusive C. Self-Regulatory Organization’s provisions of 5 U.S.C. 552, will be
distributor of the aggregated and Statement on Comments on the available for Web site viewing and
consolidated information that would Proposed Rule Change Received From printing in the Commission’s Public
compose the BATS One Feed. The Members, Participants, or Others Reference Room, 100 F Street NE.,
Exchange has taken into consideration Washington, DC 20549–1090, on official
its affiliated relationship with EDGA, The Exchange has neither solicited
nor received written comments on the business days between the hours of
BYX, and BZX in its design of the BATS 10:00 a.m. and 3:00 p.m. Copies of such
One Feed to assure that vendors would proposed rule change.
filing also will be available for
be able to offer a similar product on the III. Date of Effectiveness of the inspection and copying at the principal
same terms as the Exchange from a cost Proposed Rule Change and Timing for office of the Exchange. All comments
perspective. While the BATS Exchanges Commission Action received will be posted without change;
are the exclusive distributors of the the Commission does not edit personal
individual data feeds from which The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A) identifying information from
certain data elements may be taken to submissions. You should submit only
create the BATS One Feed, they are not of the Act 33 and paragraph (f) of Rule
19b–4 thereunder.34 At any time within information that you wish to make
the exclusive distributors of the available publicly. All submissions
aggregated and consolidated 60 days of the filing of the proposed rule
change, the Commission summarily may should refer to File Number SR–EDGX–
information that comprises the BATS 2015–14, and should be submitted on or
One Feed. As discussed in in the BATS temporarily suspend such rule change if
it appears to the Commission that such before April 23, 2015.
One Fee Proposal,32 any entity may
separately purchase the individual action is necessary or appropriate in the For the Commission, by the Division of
underlying products, and if they so public interest, for the protection of Trading and Markets, pursuant to delegated
choose, perform a similar aggregation investors, or otherwise in furtherance of authority.35
and consolidation function that the the purposes of the Act. Brent J. Fields,
Exchange performs in creating the BATS IV. Solicitation of Comments Secretary.
One Feed, and offer a data feed with the Interested persons are invited to [FR Doc. 2015–07522 Filed 4–1–15; 8:45 am]
same information included in the BATS submit written data, views, and BILLING CODE CODE 8011–01–P
One Feed to sell and distribute it to its arguments concerning the foregoing,
clients with no greater cost than the including whether the proposed rule
Exchange. SECURITIES AND EXCHANGE
change is consistent with the Act.
To enable such competition, the COMMISSION
Comments may be submitted by any of
amount of the proposed Digital Media
the following methods: [File No. 500–1]
Enterprise license compared to the cost
of the individual data feeds from the Electronic Comments In the Matter of Urban AG Corp.; Order
BATS Exchanges would enable a vendor • Use the Commission’s Internet of Suspension of Trading
to receive the underlying data feeds and comment form (http://www.sec.gov/
offer a similar product on a competitive March 31, 2015.
rules/sro.shtml); or
basis and with no greater cost than the • Send an email to rule-comments@ It appears to the Securities and
Exchange. The amount of the proposed sec.gov. Please include File Number SR– Exchange Commission that there is a
Digital Media Enterprise license, EDGX–2015–14 on the subject line. lack of current and accurate information
tkelley on DSK3SPTVN1PROD with NOTICES
coupled with the Data Consolidation concerning the securities of Urban AG
Fee, is not lower than the cost to a Paper Comments Corporation (‘‘Urban AG’’) because it
vendor of receiving the underlying data • Send paper comments in triplicate has not filed a periodic report since it
feeds to create a competing product. to Brent J. Fields, Secretary, Securities filed its Form 10–Q for the period
Therefore, the amount of the proposed ending September 30, 2013, filed on
33 15 U.S.C. 78s(b)(3)(A).
32 See BATS One Fee Proposals, supra note 6. 34 17 CFR 240.19b–4(f). 35 17 CFR 200.30–3(a)(12).
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![17808 Federal Register / Vol. 80, No. 63 / Thursday, April 2, 2015 / Notices
November 19, 2013. Urban AG’s resources in the event of a default of a historically used under Rule 1001(a).7
common stock (ticker ‘‘AQUM’’) is Clearing Member or group of affiliated The Financial Resource Monitoring and
quoted on OTC Link (previously ‘‘Pink Clearing Members presenting the largest Call Procedure would require OCC to
Sheets’’) operated by OTC Markets exposure to OCC. collect additional Financial Resources
Group, Inc. in certain circumstances, establish how
II. Clearing Agency’s Statement of the
The Commission is of the opinion that OCC calculates and collects such
Purpose of, and Statutory Basis for, the
the public interest and the protection of resources and provide the timing by
Proposed Rule Change
investors require a suspension of trading which such resources would be required
in the securities of Urban AG. In its filing with the Commission, to be deposited by Clearing Members.
Therefore, it is ordered, pursuant to OCC included statements concerning
Background
Section 12(k) of the Securities Exchange the purpose of and basis for the
Act of 1934, that trading in the proposed rule change and discussed any OCC monitors the sufficiency of the
securities of Urban AG is suspended for comments it received on the proposed Clearing Fund on a daily basis but, prior
the period from 9:30 a.m. EDT on March rule change. The text of these statements to emergency action taken on October
31, 2015, through 11:59 p.m. EDT on may be examined at the places specified 16, 2014,8 OCC had no express authority
April 14, 2015. in Item IV below. OCC has prepared to increase the size of the Clearing Fund
summaries, set forth in sections (A), (B), on an intra-month basis.9 During
By the Commission.
and (C) below, of the most significant ordinary course daily monitoring on
Jill M. Peterson,
aspects of these statements. October 15, 2014, and as a result of
Assistant Secretary. increased volatility in the financial
[FR Doc. 2015–07672 Filed 3–31–15; 4:15 pm] (A) Clearing Agency’s Statement of the markets in October 2014, OCC
BILLING CODE CODE 8011–01–P Purpose of, and Statutory Basis for, the determined that the Financial Resources
Proposed Rule Change needed to cover the potential loss
1. Purpose associated with a default of the Clearing
SECURITIES AND EXCHANGE Member or Clearing Member Group
COMMISSION The proposed rule change is intended presenting the largest exposure could
to describe the situations in which OCC have exceeded the Financial Resources
[Release No. 34–74603; File No. SR–OCC–
2015–009] would exercise authority under its Rules then available to apply to such a default.
to ensure that it maintains adequate To permit OCC to increase the size of
Self-Regulatory Organizations; The Financial Resources 4 in the event that its Clearing Fund prior to the next
Options Clearing Corporation; Notice stress tests reveal a default of the monthly resizing that was scheduled to
of Filing of a Proposed Rule Change Clearing Member or Clearing Member take place on the first business day of
To Establish Procedures Regarding Group 5 presenting the largest exposure November 2014, OCC’s Executive
the Monthly Resizing of its Clearing would threaten the then-current Chairman, on October 16, 2014,
Fund and the Addition of Financial Financial Resources. This proposed rule exercised certain emergency powers as
Resources change would establish procedures set forth in Article IX, Section 14 of
governing: (i) OCC’s resizing of the OCC’s By-Laws 10 to waive the
March 27, 2015. Clearing Fund on a monthly basis effectiveness of the second sentence of
Pursuant to Section 19(b)(1) of the pursuant to Rule 1001(a) (the ‘‘Monthly Rule 1001(a), which states that OCC will
Securities Exchange Act of 1934 Clearing Fund Sizing Procedure’’); and
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 (ii) the addition of Financial Resources 7 The procedures described herein would be in
notice is hereby given that on March 13, through an intra-day margin call on one effect until the development of a new standard
2015, The Options Clearing Corporation or more Clearing Members under Rule Clearing Fund sizing methodology. Following such
(‘‘OCC’’) filed with the Securities and development, which will include a quantitative
609 and, if necessary, an intra-month approach to calculating the ‘‘prudential margin of
Exchange Commission (‘‘Commission’’) increase of the Clearing Fund pursuant safety,’’ as discussed below, OCC will file a separate
the proposed rule change as described to Rule 1001(a) (the ‘‘Financial Resource rule change and advance notice with the
in Items I, II and III below, which Items Monitoring and Call Procedure’’).6 The Commission that will include a description of the
have been prepared by OCC.3 The new methodology as well as a revised Monthly
Monthly Clearing Fund Sizing Clearing Fund Sizing Procedure.
Commission is publishing this notice to Procedure would permit OCC to 8 On October 16, 2014, OCC filed an emergency
solicit comments on the proposed rule determine the size of the Clearing Fund notice with the Commission to suspend the
change from interested persons. by relying on a broader range of sound effectiveness of the second sentence of Rule
risk management practices than those 1001(a). See Securities Exchange Act Release No.
I. Clearing Agency’s Statement of the 73579 (November 12, 2014), 79 FR 68747
Terms of Substance of the Proposed (November 18, 2014) (SR–OCC–2014–807). On
4 ‘‘Financial Resources’’ means, with respect to a November 13, 2014, OCC filed SR–OCC–2014–21
Rule Change
projected loss attributable to a particular Clearing with the Commission to delete the second sentence
OCC proposes to establish procedures Member or Clearing Member Group, as defined of Rule 1001(a), preserving the suspended
regarding the monthly resizing of its below, the sum of the margin deposits (less any effectiveness of that sentence until such time as the
excess margin a Clearing Member or Clearing Commission approves or disapproves SR–OCC–
Clearing Fund and the addition of Member Group may have on deposit at OCC) and 2014–21. See Securities Exchange Act Release No.
financial resources through intra-day deposits in lieu of margin in respect of such 73685 (November 25, 2014) 79 FR 71479 (December
margin calls and/or an intra-month Clearing Members’ or Clearing Member Groups’ 2, 2014) (SR–OCC–2014–21).
increase of the Clearing Fund to ensure accounts, and the value of OCC’s Clearing Fund, 9 See Rule 1001(a).
including both the Base Amount, as defined below, 10 OCC also has submitted an advance notice that
that it maintains adequate financial and the prudential margin of safety, as discussed would provide greater detail concerning conditions
tkelley on DSK3SPTVN1PROD with NOTICES
below. under which OCC would increase the size of the
1 15 U.S.C. 78s(b)(1). 5 ‘‘Clearing Member Group’’ means a Clearing
Clearing Fund intra-month. The change would
2 17 CFR 240.19b–4. Member and any affiliated entities that control, are permit an intra-month increase in the event that the
3 On March 13, 2015, OCC formally withdrew the controlled by or are under common control with five-day rolling average of projected draws are
proposed rule change filed as SR–OCC–2014–22, as such Clearing Member. See OCC By-Laws, Article 150% or more of the Clearing Fund’s then current
modified by Amendment No. 1 and Amendment I, Sections 1.C.(15) and 1.M(11). size. See Securities Exchange Act Release No. 72804
No. 2 thereto, the substance of which OCC has 6 This proposed rule filing has also been filed as (August 11, 2014), 79 FR 48276 (August 15, 2014)
refiled as SR–OCC–2015–009. an advance notice filing (SR–OCC–2014–811). (SR–OCC–2014–804).
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Document Created: 2018-02-21 10:03:42
Document Modified: 2018-02-21 10:03:42
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 17807 |
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