80 FR 18447 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Share Member-Designated Risk Settings in the Trading System With Clearing Members
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 65 (April 6, 2015)
Federal Register Volume 80, Issue 65 (April 6, 2015)
| Page Range | 18447-18449 | |
| FR Document | 2015-07850 |
[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)] [Notices] [Pages 18447-18449] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-07850] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74623; File No. SR-ISE-2015-12] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Share Member-Designated Risk Settings in the Trading System With Clearing Members April 1, 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 March 19, 2015 the International Securities Exchange, LLC (the ``Exchange'' or the ``ISE'') filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III 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. --------------------------------------------------------------------------- [[Page 18448]] I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The ISE proposes to amend Rule 706 to authorize the Exchange to share any Member-designated risk settings in the trading system with the Clearing Member that clears transactions on behalf of the Member. 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 The Exchange proposes to amend Rule 706 to authorize the Exchange to share any Member-designated risk settings in the trading system with the Clearing Member that clears transactions on behalf of the Member. Rule 706 states that ``[u]nless otherwise provided in the Rules, no one but a Member or a person associated with a Member shall effect any Exchange Transactions.'' \3\ The Exchange proposes to amend the current rule by adding the following sentence: ``The Exchange may share any Member-designated risk settings in the trading system with the Clearing Member that clears transactions on behalf of the Member.'' --------------------------------------------------------------------------- \3\ See Rule 706(a). --------------------------------------------------------------------------- Each Member that transacts through a Clearing Member on the Exchange executes a Letter of Clearing Authorization, in the case of Electronic Access Members, or a Market Maker Letter of Guarantee, in the case of Primary Market Makers and Competitive Market Makers, wherein the Clearing Member ``accepts financial responsibility for all Exchange Transactions made by the'' Member on whose behalf the Clearing Member submits the letter of guarantee. The Exchange believes that because Clearing Members guarantee all transactions on behalf of a Member, and therefore, bear the risk associated with those transactions, it is appropriate for Clearing Members to have knowledge of what risk settings a Member may utilize within the trading system. The Exchange notes that while not all Members are Clearing Members, all Members require a Clearing Member's consent to clear transactions on their behalf in order to conduct business on the Exchange. As the Clearing Member ultimately bears all the risk for a trade they clear on any Member's behalf, the Exchange believes it is reasonable to provide Clearing Members with information relating to the risk settings used by each Member whose transactions they are clearing. To the extent that a Clearing Member might reasonably require a Member to provide access to its risk settings as a prerequisite to continue to clear trades on the Member's behalf, the Exchange's proposal to share those risk settings directly reduces the administrative burden on Members and ensures that Clearing Members are receiving information that is up-to-date and conforms to the settings active in the trading system. The Exchange further notes that any broker-dealer is free to become a Clearing Member of the Options Clearing Corporation (the ``OCC''), which would enable that Member to avoid sharing risk settings with any third party, if they so choose. For these reasons, the Exchange believes that the proposal is consistent with the Act as it provides Clearing Members with additional risk-related information that may aid them in complying with the Act, notably Rule 15c3-5 and, as noted, Members that do not wish to share such settings with a Clearing Member can do so by become clearing members of the OCC. The risk settings that would be shared pursuant to the proposed rule are currently codified in Rule 804 (for regulars orders) and Rule 722 (for complex orders). The risk settings are designed to mitigate the potential risks of multiple executions against a Member's trading interest that, in today's highly automated and electronic trading environment, can occur simultaneously across multiple series and multiple option classes. The proposed rule will allow the Exchange to share a Member's risk settings with the Clearing Member that guarantees the Member's transactions, and therefore has a financial interesting [sic] in understanding the risk tolerance of a Member. Because the Letter of Clearing Authorization and the Market Maker Letter of Guarantee codifies relationships between a Member and the Clearing Member, the Exchange is on notice of which Clearing Members have relationships with which Members. The proposed rule change would simply provide the Exchange with authority to directly provide Clearing Members with information that may otherwise be available to such Clearing Members by virtue of their relationship with the respective Member. 2. Statutory Basis The Exchange believes that the proposed rule change 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.\4\ In particular, the proposal is consistent with Section 6(b)(5) of the Act,\5\ because it is designed to promote just and equitable principles of trade, to 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. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change removes impediments to and perfects the mechanism of a free and open market by codifying that the Exchange can directly provide to Clearing Members that guarantee that Member's transactions on the Exchange the Member- designated risk settings in the trading system, which are designed to mitigate the potential risk of multiple executions against a Member's trading interest that, in today's highly automated and electronic trading environment, can occur simultaneously across multiple series and multiple option classes. The Exchange believes that the proposed rule change is consistent with the protection of investors and the public interests because it will permit Clearing Members with a financial interest in a Member's risk settings to better monitor and manage the potential risks assumed by Members with whom the Clearing Member has entered into a letter of guarantee, thereby providing Clearing Members with greater control and flexibility over setting their own risk tolerance and exposure. [[Page 18449]] B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange believes the proposal is consistent with Section 6(b)(8) of the Act \6\ in that it does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule change is not designed to address any aspect of competition, but would provide authority for the Exchange to directly share risk settings with Clearing Members regarding the Members with whom the Clearing Member has executed a letter of guarantee so the Clearing Member can better monitor and manage the potential risks assumed by the Members, thereby providing them with greater control and flexibility over setting their own risk tolerance and exposure. The proposed rule change does not pose an undue burden on non-Clearing Members because, unlike Clearing Members, non- Clearing Members do not guarantee the execution of the Member transactions on the Exchange. The proposed rule change is structured to offer the same enhancement to all Clearing Members, regardless of size, and would not impose a competitive burden on any participant. --------------------------------------------------------------------------- \6\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- 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 The Exchange believes that the foregoing proposed rule change may take effect upon filing with the Commission pursuant to Section19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(6) thereunder \8\ because the foregoing 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 after its filing date, or such shorter time as the Commission may designate. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78s(b)(3)(A). \8\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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: (i) Necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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 rule-comments@sec.gov. Please include File Number SR-ISE-2015-12 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2015-12. 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 offices 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-2015-12, and should be submitted on or before April 27, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\9\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-07850 Filed 4-3-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices 18447
3506(c)(2). That request elicited no Type of request: Extension without decision on his or her application for an
comments. change of a currently approved annuity or other benefit has the right to
collection. appeal to the RRB. The collection
Information Collection Request (ICR)
Affected public: Individuals or provides the means for the appeal
Title: Appeal Under the Railroad Households. action.
Retirement and Railroad Unemployment Abstract: Under section 7(b)(3) of the Changes proposed: The RRB proposes
Insurance Act. Railroad Retirement Act and section 5(c) no changes to Form HA–1.
OMB Control Number: 3220–0007. of the Railroad Unemployment The burden estimate for the ICR is as
Form(s) submitted: HA–1. Insurance Act, a person aggrieved by a follows:
Annual Time Burden
Form No. responses (minutes) (hours)
HA–1 ............................................................................................................................................ 550 20 185
2. Title and purpose of information institution prior to retirement, which OMB Control Number: 3220–0179.
collection: Annual Earnings was performed at the same time as Form submitted: G–19L.
Questionnaire; OMB 3220–0179. railroad employment or after the
Under section 2(e)(3) of the Railroad annuitant stopped railroad employment. Type of request: Extension without
Retirement Act (RRA), an annuity is not The collection obtains earnings change of a currently approved
payable for any month in which a information needed by the RRB to collection.
beneficiary works for a railroad. In determine if possible reductions in Affected public: Individuals or
addition, an annuity is reduced for any annuities are in order due to LPE. Households.
month in which the beneficiary works The RRB utilizes Form G–19L,
for an employer other than a railroad Abstract: Under section 2(e)(3) of the
Annual Earnings Questionnaire, to
employer and earns more than a Railroad Retirement Act, an annuity is
obtain LPE earnings information from
prescribed amount. Under the 1988 not payable or is reduced for any month
annuitants. One response is requested of
amendments to the RRA, the Tier II each respondent. Completion is in which the beneficiary works for a
portion of the regular annuity and any required to retain a benefit. railroad or earns more than the
supplemental annuity must be reduced Previous Requests for Comments: The prescribed amounts. The collection
by one dollar for each two dollars of RRB has already published the initial obtains earnings information needed by
Last Pre-Retirement Non-Railroad 60-day notice (80 FR 3266, on January the Railroad Retirement Board to
Employment (LPE) earnings for each 22, 2015) required by 44 U.S.C. determine possible reductions in
month of such service. However, the 3506(c)(2). That request elicited no annuities because of earnings.
reduction cannot exceed fifty percent of comments. Changes proposed: The RRB proposes
the Tier II and supplemental annuity no changes to Form GL–19L.
amount for the month to which such Information Collection Request (ICR)
deductions apply. The LPE generally Title: Annual Earnings Questionnaire The burden estimate for the ICR is as
refers to an annuitant’s last employment for Annuitants in Last Pre-Retirement follows:
with a non-railroad person, company, or Non-Railroad Employment.
Annual Time Burden
Form No. Responses (minutes) (hours)
G–19L .......................................................................................................................................... 300 15 75
Total ...................................................................................................................................... 300 ........................ 75
Additional Information or Comments: SECURITIES AND EXCHANGE ‘‘Act’’),1 and Rule 19b–4 thereunder,2
Copies of the forms and supporting COMMISSION notice is hereby given that on March 19,
documents can be obtained from Dana 2015 the International Securities
Hickman at (312) 751–4981 or [Release No. 34–74623; File No. SR–ISE– Exchange, LLC (the ‘‘Exchange’’ or the
Dana.Hickman@RRB.GOV. 2015–12] ‘‘ISE’’) filed with the Securities and
Comments regarding the information Exchange Commission the proposed
collection should be addressed to Self-Regulatory Organizations; rule change, as described in Items I, II,
Charles Mierzwa, Railroad Retirement International Securities Exchange, and III below, which items have been
Board, 844 North Rush Street, Chicago, LLC; Notice of Filing and Immediate prepared by the self-regulatory
Illinois 60611–2092 or Effectiveness of Proposed Rule organization. The Commission is
Charles.Mierzwa@RRB.GOV and to the Change To Share Member-Designated publishing this notice to solicit
OMB Desk Officer for the RRB, Fax: Risk Settings in the Trading System comments on the proposed rule change
tkelley on DSK4VPTVN1PROD with NOTICES
202–395–6974, Email address: OIRA_ With Clearing Members from interested persons.
Submission@omb.eop.gov.
April 1, 2015.
Charles Mierzwa,
Chief of Information Resources Management.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
[FR Doc. 2015–07813 Filed 4–3–15; 8:45 am] 1 15 U.S.C. 78s(b)(1).
BILLING CODE 7905–01–P 2 17 CFR 240.19b–4.
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![18448 Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices
I. Self-Regulatory Organization’s submits the letter of guarantee. The understanding the risk tolerance of a
Statement of the Terms of the Substance Exchange believes that because Clearing Member.
of the Proposed Rule Change Members guarantee all transactions on Because the Letter of Clearing
The ISE proposes to amend Rule 706 behalf of a Member, and therefore, bear Authorization and the Market Maker
to authorize the Exchange to share any the risk associated with those Letter of Guarantee codifies
Member-designated risk settings in the transactions, it is appropriate for relationships between a Member and the
trading system with the Clearing Clearing Members to have knowledge of
Clearing Member, the Exchange is on
Member that clears transactions on what risk settings a Member may utilize
notice of which Clearing Members have
behalf of the Member. The text of the within the trading system.
relationships with which Members. The
proposed rule change is available on the The Exchange notes that while not all
proposed rule change would simply
Exchange’s Web site (http:// Members are Clearing Members, all
provide the Exchange with authority to
www.ise.com), at the principal office of Members require a Clearing Member’s
directly provide Clearing Members with
the Exchange, and at the Commission’s consent to clear transactions on their
behalf in order to conduct business on information that may otherwise be
Public Reference Room. available to such Clearing Members by
the Exchange. As the Clearing Member
II. Self-Regulatory Organization’s ultimately bears all the risk for a trade virtue of their relationship with the
Statement of the Purpose of, and they clear on any Member’s behalf, the respective Member.
Statutory Basis for, the Proposed Rule Exchange believes it is reasonable to
Change 2. Statutory Basis
provide Clearing Members with
In its filing with the Commission, the information relating to the risk settings The Exchange believes that the
self-regulatory organization included used by each Member whose proposed rule change is consistent with
statements concerning the purpose of, transactions they are clearing. To the the requirements of the Act and the
and basis for, the proposed rule change extent that a Clearing Member might rules and regulations thereunder that
and discussed any comments it received reasonably require a Member to provide are applicable to a national securities
on the proposed rule change. The text access to its risk settings as a exchange, and, in particular, with the
of these statements may be examined at prerequisite to continue to clear trades requirements of Section 6(b) of the Act.4
the places specified in Item IV below. on the Member’s behalf, the Exchange’s In particular, the proposal is consistent
The self-regulatory organization has proposal to share those risk settings with Section 6(b)(5) of the Act,5 because
prepared summaries, set forth in directly reduces the administrative it is designed to promote just and
sections A, B and C below, of the most burden on Members and ensures that equitable principles of trade, to remove
significant aspects of such statements. Clearing Members are receiving impediments to and perfect the
information that is up-to-date and mechanisms of a free and open market
A. Self-Regulatory Organization’s
conforms to the settings active in the and a national market system and, in
Statement of the Purpose of, and
trading system. general, to protect investors and the
Statutory Basis for, the Proposed Rule
Change The Exchange further notes that any public interest.
broker-dealer is free to become a
1. Purpose The Exchange believes that the
Clearing Member of the Options
proposed rule change removes
The Exchange proposes to amend Clearing Corporation (the ‘‘OCC’’),
impediments to and perfects the
Rule 706 to authorize the Exchange to which would enable that Member to
avoid sharing risk settings with any mechanism of a free and open market by
share any Member-designated risk codifying that the Exchange can directly
settings in the trading system with the third party, if they so choose. For these
reasons, the Exchange believes that the provide to Clearing Members that
Clearing Member that clears guarantee that Member’s transactions on
transactions on behalf of the Member. proposal is consistent with the Act as it
provides Clearing Members with the Exchange the Member-designated
Rule 706 states that ‘‘[u]nless otherwise
additional risk-related information that risk settings in the trading system,
provided in the Rules, no one but a
may aid them in complying with the which are designed to mitigate the
Member or a person associated with a
Act, notably Rule 15c3–5 and, as noted, potential risk of multiple executions
Member shall effect any Exchange
Members that do not wish to share such against a Member’s trading interest that,
Transactions.’’ 3 The Exchange proposes
settings with a Clearing Member can do in today’s highly automated and
to amend the current rule by adding the
following sentence: ‘‘The Exchange may so by become clearing members of the electronic trading environment, can
share any Member-designated risk OCC. occur simultaneously across multiple
settings in the trading system with the The risk settings that would be shared series and multiple option classes. The
Clearing Member that clears pursuant to the proposed rule are Exchange believes that the proposed
transactions on behalf of the Member.’’ currently codified in Rule 804 (for rule change is consistent with the
Each Member that transacts through a regulars orders) and Rule 722 (for protection of investors and the public
Clearing Member on the Exchange complex orders). The risk settings are interests because it will permit Clearing
executes a Letter of Clearing designed to mitigate the potential risks Members with a financial interest in a
Authorization, in the case of Electronic of multiple executions against a Member’s risk settings to better monitor
Access Members, or a Market Maker Member’s trading interest that, in and manage the potential risks assumed
Letter of Guarantee, in the case of today’s highly automated and electronic by Members with whom the Clearing
Primary Market Makers and Competitive trading environment, can occur Member has entered into a letter of
tkelley on DSK4VPTVN1PROD with NOTICES
Market Makers, wherein the Clearing simultaneously across multiple series guarantee, thereby providing Clearing
Member ‘‘accepts financial and multiple option classes. The Members with greater control and
responsibility for all Exchange proposed rule will allow the Exchange flexibility over setting their own risk
Transactions made by the’’ Member on to share a Member’s risk settings with tolerance and exposure.
whose behalf the Clearing Member the Clearing Member that guarantees the
Member’s transactions, and therefore 4 15 U.S.C. 78f(b).
3 See Rule 706(a). has a financial interesting [sic] in 5 15 U.S.C. 78f(b)(5).
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![Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices 18449
B. Self-Regulatory Organization’s it appears to the Commission that such 2015–12, and should be submitted on or
Statement on Burden on Competition action is: (i) Necessary or appropriate in before April 27, 2015.
The Exchange believes the proposal is the public interest; (ii) for the protection For the Commission, by the Division of
consistent with Section 6(b)(8) of the of investors; or (iii) otherwise in Trading and Markets, pursuant to delegated
Act 6 in that it does not impose any furtherance of the purposes of the Act. authority.9
burden on competition that is not If the Commission takes such action, the Brent J. Fields,
necessary or appropriate in furtherance Commission shall institute proceedings Secretary.
of the purposes of the Act. The to determine whether the proposed rule [FR Doc. 2015–07850 Filed 4–3–15; 8:45 am]
proposed rule change is not designed to should be approved or disapproved.
BILLING CODE 8011–01–P
address any aspect of competition, but IV. Solicitation of Comments
would provide authority for the
Interested persons are invited to
Exchange to directly share risk settings SECURITIES AND EXCHANGE
submit written data, views, and
with Clearing Members regarding the COMMISSION
arguments concerning the foregoing,
Members with whom the Clearing
including whether the proposed rule Submission for OMB Review;
Member has executed a letter of
change is consistent with the Act. Comment Request
guarantee so the Clearing Member can
Comments may be submitted by any of
better monitor and manage the potential Upon Written Request, Copies Available
the following methods:
risks assumed by the Members, thereby From: Securities and Exchange
providing them with greater control and Electronic Comments
Commission, Office of FOIA Services,
flexibility over setting their own risk • Use the Commission’s Internet 100 F Street NE., Washington, DC
tolerance and exposure. The proposed comment form (http://www.sec.gov/ 20549–2736.
rule change does not pose an undue rules/sro.shtml); or
burden on non-Clearing Members Extension:
• Send an email to rule-comments@
because, unlike Clearing Members, non- Rule 23c–1. (SEC File No. 270–253, OMB
sec.gov. Please include File Number SR– Control No. 3235–0260).
Clearing Members do not guarantee the ISE–2015–12 on the subject line.
execution of the Member transactions Notice is hereby given that, pursuant
on the Exchange. The proposed rule Paper Comments to the Paperwork Reduction Act of 1995
change is structured to offer the same • Send paper comments in triplicate (44 U.S.C. 350l–3520), the Securities
enhancement to all Clearing Members, to Secretary, Securities and Exchange and Exchange Commission (the
regardless of size, and would not Commission, 100 F Street NE., ‘‘Commission’’) has submitted to the
impose a competitive burden on any Washington, DC 20549–1090. Office of Management and Budget a
participant. All submissions should refer to File request for extension of the previously
Number SR–ISE–2015–12. This file approved collection of information
C. Self-Regulatory Organization’s
number should be included on the discussed below.
Statement on Comments on the
subject line if email is used. To help the Rule 23c–1(a) under the Investment
Proposed Rule Change Received From
Commission process and review your Company Act (17 CFR 270.23c–1(a))
Members, Participants, or Others
comments more efficiently, please use permits a closed-end fund to repurchase
The Exchange has not solicited, and only one method. The Commission will its securities for cash if, in addition to
does not intend to solicit, comments on post all comments on the Commission’s the other requirements set forth in the
this proposed rule change. The Internet Web site (http://www.sec.gov/ rule, the following conditions are met:
Exchange has not received any rules/sro.shtml). Copies of the (i) Payment of the purchase price is
unsolicited written comments from submission, all subsequent accompanied or preceded by a written
members or other interested parties. confirmation of the purchase (‘‘written
amendments, all written statements
III. Date of Effectiveness of the with respect to the proposed rule confirmation’’); (ii) the asset coverage
Proposed Rule Change and Timing for change that are filed with the per unit of the security to be purchased
Commission Action Commission, and all written is disclosed to the seller or his agent
communications relating to the (‘‘asset coverage disclosure’’); and (iii) if
The Exchange believes that the the security is a stock, the fund has,
foregoing proposed rule change may proposed rule change between the
Commission and any person, other than within the preceding six months,
take effect upon filing with the informed stockholders of its intention to
Commission pursuant to those that may be withheld from the
public in accordance with the purchase stock (‘‘six month notice’’).
Section19(b)(3)(A) 7 of the Act and Rule Commission staff estimates that 78
19b–4(f)(6) thereunder 8 because the provisions of 5 U.S.C. 552, will be
available for Web site viewing and closed-end funds undertake a total of
foregoing proposed rule change does not 702 repurchases annually under Rule
(i) significantly affect the protection of printing in the Commission’s Public
Reference Room, 100 F Street NE., 23c–1.1 Staff estimates further that, with
investors or the public interest, (ii)
impose any significant burden on Washington DC, 20549, on official
9 17 CFR 200.30–3(a)(12).
competition, and (iii) become operative business days between the hours of 1 The number of closed-end funds that undertake
for 30 days after its filing date, or such 10:00 a.m. and 3:00 p.m. Copies of such repurchases annually under Rule 23c–1 is based on
shorter time as the Commission may filing also will be available for information provided in response to Item 9 of Form
designate. inspection and copying at the principal N–CSR from December 30, 2013 through December
offices of the Exchange. All comments 30, 2014. Although 112 closed-end funds made
At any time within 60 days of the disclosures regarding ‘‘publicly announced’’
tkelley on DSK4VPTVN1PROD with NOTICES
filing of the proposed rule change, the received will be posted without change; repurchase plans in response to Item 9, not all
Commission summarily may the Commission does not edit personal repurchases are made pursuant to Rule 23c–1. We
temporarily suspend such rule change if identifying information from estimate that approximately 30% of such closed-
submissions. You should submit only end funds have not made repurchases pursuant to
Rule 23c–1. Therefore, our estimate does not
6 15 U.S.C. 78f(b)(8). information that you wish to make include all 112 funds that made disclosures of
7 15 U.S.C. 78s(b)(3)(A). available publicly. All submissions publicly announced repurchases under Item 9, but
8 17 CFR 240.19b–4(f)(6). should refer to File Number SR–ISE– only a subset thereof.
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Document Created: 2015-12-18 11:18:09
Document Modified: 2015-12-18 11:18:09
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| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 80 FR 18447 |
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