80_FR_43948 80 FR 43807 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Price Improvement Mechanism Pilot Program

80 FR 43807 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Price Improvement Mechanism Pilot Program

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 141 (July 23, 2015)

Page Range43807-43809
FR Document2015-18031

Federal Register, Volume 80 Issue 141 (Thursday, July 23, 2015)
[Federal Register Volume 80, Number 141 (Thursday, July 23, 2015)]
[Notices]
[Pages 43807-43809]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18031]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75482; File No. SR-ISE-2015-23]


Self-Regulatory Organizations; International Securities Exchange, 
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule 
Change to Extend the Price Improvement Mechanism Pilot Program

July 17, 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 July 16, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The ISE proposes to extend two pilot programs related to its Price 
Improvement Mechanism (``PIM''). The text of the proposed rule change 
is available on the Exchange's Web site 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 currently has two pilot programs related to its PIM 
(collectively, the ``PIM Pilot Programs'' or ``Pilot Programs'').\3\ 
The current Pilot Period provided in paragraphs .03 and .05 of the 
Supplementary Material to Rule 723 is set to expire on July 17, 
2015.\4\ Paragraph .03 provides that there is no minimum size 
requirement for orders to be eligible for the Price Improvement 
Mechanism. Paragraph .05 concerns the termination of the exposure 
period by unrelated orders. In accordance with the Approval Order, the 
Exchange has continually submitted certain data in support of extending 
the current Pilot Programs. The Exchange proposes to extend these Pilot 
Programs in their present form, through July 18, 2016, to give the 
Exchange and the Commission additional time to evaluate the effects of 
these Pilot Programs before the Exchange requests permanent approval of 
the rules. To aid the Commission in its evaluation of the PIM 
Functionality, ISE represents that it will provide

[[Page 43808]]

certain additional data requested by the Commission regarding trading 
in the PIM for the six (6) month period from January 1, 2015 through 
June 30, 2015. The Exchange agrees to provide this data by January 18, 
2016 and to make the summary of the data provided to the Commission 
publicly available.
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    \3\ See Securities Exchange Act Release Nos. 50819 (December 8, 
2004), 69 FR 75093 (December 15, 2004) (SR-ISE-2003-06) (Approving 
the PIM pilot (the ``Approval Order'')); 52027 (July 13, 2005), 70 
FR 41804 (July 20, 2005) (SR-ISE-2005-30); 54146 (July 14, 2006), 71 
FR 41490 (July 21, 2006) (SR-ISE-2006-39); 56106 (July 19, 2007), 72 
FR 40914 (July 25, 2007) (SR-ISE-2007-62); 56156 (July 27, 2007), 72 
FR 43305 (August 3, 2007) (SR-ISE-2007-66); 58197 (July 18, 2008), 
73 FR 43810 (July 28, 2008) (SR-ISE-2008-60); 60333 (July 17, 2009), 
74 FR 36792 (July 24, 2009) (SR-ISE-2009-52); 62513 (July 16, 2010), 
75 FR 43221 (July 23, 2010) (SR-ISE-2010-75); 64931 (July 20, 2011), 
76 FR 44642 (July 26, 2011) (SR-ISE-2011-41); 67202 (June 14, 2012), 
77 FR 36589 (June 19, 2012) (SR-ISE-2012-54); 69853 (June 25, 2013), 
78 FR 39390 (July 1, 2013) (SR-ISE-2013-41); and 72467 (June 25, 
2014), 79 FR 37377 (July 1, 2014) (SR-ISE-2014-33).
    \4\ See Securities Exchange Act Release No. 34-72467 (June 25, 
2014), 79 FR 37377 (July 1, 2014) (SR-ISE-2014-33).
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2. Statutory Basis
    The basis under the Securities Exchange Act of 1934 (the ``Exchange 
Act'') for this proposed rule change is found in Section 6(b)(5), in 
that the proposed rule change 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.
    The Exchange believes the Pilot Programs are consistent with the 
Exchange Act because they provide opportunity for price improvement for 
all orders executed in the Exchange's Price Improvement Mechanism. The 
proposed extension would allow the Pilot Programs to continue 
uninterrupted, thereby avoiding any potential investor confusion that 
could result from a temporary interruption to the pilot. Further, the 
Exchange believes that the data demonstrates that there is sufficient 
investor interest and demand to extend the Pilot Programs for an 
additional twelve months. The Exchange further believes it is 
appropriate to extend the Pilot Programs to provide the Exchange and 
Commission more data upon which to evaluate the rules. With this data, 
the Commission can evaluate whether the new data shows there is 
meaningful competition for all size orders within the PIM, whether 
there is significant price improvement for all orders executed through 
the PIM, and whether there is an active and liquid market functioning 
on the Exchange outside of the PIM.

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 Exchange Act. Specifically, the 
Exchange believes that, by extending the expiration of the Pilot 
Programs, the proposed rule change will allow for further analysis of 
the PIM. 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 written comments from members or other interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    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 from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\5\
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    \5\ 17 CFR 240.19b-4(f)(6). 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.
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    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \6\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \7\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has requested that the Commission waive the 30-day operative delay 
period because the Pilot Programs are set to expire on July 17, 2015. 
The Exchange noted that such waiver will allow the Pilot Programs to 
continue uninterrupted.
---------------------------------------------------------------------------

    \6\ 17 CFR 240.19b-4(f)(6).
    \7\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------

    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 Pilot Programs to continue uninterrupted, thereby 
avoiding any potential investor confusion that could result from a 
temporary interruption in the Pilot Programs. For this reason, the 
Commission designates the proposed rule change to be operative on July 
17, 2015.\8\
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    \8\ For purposes only of waiving the operative delay for this 
proposal, the Commission has 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 Comments

     Use 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-2015-23 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-2015-23. 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

[[Page 43809]]

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-2015-23, and should be submitted on 
or before August 13, 2015.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18031 Filed 7-22-15; 8:45 am]
BILLING CODE 8011-01-P



                                                                                 Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices                                                     43807

                                                  III. Date of Effectiveness of the                        filing will also be available for                       II. Self-Regulatory Organization’s
                                                  Proposed Rule Change and Timing for                      inspection and copying at the principal                 Statement of the Purpose of, and
                                                  Commission Action                                        office of the Exchange. All comments                    Statutory Basis for, the Proposed Rule
                                                     The foregoing rule change has become                  received will be posted without change;                 Change
                                                  effective pursuant to Section 19(b)(3)(A)                the Commission does not edit personal                      In its filing with the Commission, the
                                                  of the Act 12 and paragraph (f) of Rule                  identifying information from                            self-regulatory organization included
                                                  19b–4 thereunder.13 At any time within                   submissions. You should submit only                     statements concerning the purpose of,
                                                  60 days of the filing of the proposed rule               information that you wish to make                       and basis for, the proposed rule change
                                                  change, the Commission summarily may                     available publicly. All submissions                     and discussed any comments it received
                                                  temporarily suspend such rule change if                  should refer to File Number SR–EDGX–                    on the proposed rule change. The text
                                                  it appears to the Commission that such                   2015–34 and should be submitted on or                   of these statements may be examined at
                                                  action is necessary or appropriate in the                before August 13, 2015.                                 the places specified in Item IV below.
                                                  public interest, for the protection of                     For the Commission, by the Division of                The self-regulatory organization has
                                                  investors, or otherwise in furtherance of                Trading and Markets, pursuant to delegated              prepared summaries, set forth in
                                                  the purposes of the Act.                                 authority.14                                            sections A, B and C below, of the most
                                                  IV. Solicitation of Comments                             Robert W. Errett,                                       significant aspects of such statements.
                                                    Interested persons are invited to                      Deputy Secretary.                                       A. Self-Regulatory Organization’s
                                                  submit written data, views, and                          [FR Doc. 2015–18035 Filed 7–22–15; 8:45 am]             Statement of the Purpose of, and
                                                  arguments concerning the foregoing,                      BILLING CODE 8011–01–P                                  Statutory Basis for, the Proposed Rule
                                                  including whether the proposed rule                                                                              Change
                                                  change is consistent with the Act.                                                                               1. Purpose
                                                  Comments may be submitted by any of                      SECURITIES AND EXCHANGE
                                                  the following methods:                                   COMMISSION                                                 The Exchange currently has two pilot
                                                                                                                                                                   programs related to its PIM (collectively,
                                                  Electronic Comments                                                                                              the ‘‘PIM Pilot Programs’’ or ‘‘Pilot
                                                                                                           [Release No. 34–75482; File No. SR–ISE–
                                                    • Use the Commission’s Internet                        2015–23]
                                                                                                                                                                   Programs’’).3 The current Pilot Period
                                                  comment form (http://www.sec.gov/                                                                                provided in paragraphs .03 and .05 of
                                                  rules/sro.shtml); or                                     Self-Regulatory Organizations;                          the Supplementary Material to Rule 723
                                                    • Send an email to rule-                               International Securities Exchange,                      is set to expire on July 17, 2015.4
                                                  comments@sec.gov. Please include File                    LLC; Notice of Filing and Immediate                     Paragraph .03 provides that there is no
                                                  Number SR–EDGX–2015–34 on the                            Effectiveness of Proposed Rule                          minimum size requirement for orders to
                                                  subject line.                                            Change to Extend the Price                              be eligible for the Price Improvement
                                                                                                           Improvement Mechanism Pilot                             Mechanism. Paragraph .05 concerns the
                                                  Paper Comments
                                                                                                           Program                                                 termination of the exposure period by
                                                    • Send paper comments in triplicate                                                                            unrelated orders. In accordance with the
                                                  to Brent J. Fields, Secretary, Securities                July 17, 2015.                                          Approval Order, the Exchange has
                                                  and Exchange Commission, 100 F Street                                                                            continually submitted certain data in
                                                  NE., Washington, DC 20549–1090.                             Pursuant to Section 19(b)(1) of the
                                                                                                                                                                   support of extending the current Pilot
                                                                                                           Securities Exchange Act of 1934 (the
                                                  All submissions should refer to File                                                                             Programs. The Exchange proposes to
                                                                                                           ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                  Number SR–EDGX–2015–34. This file                                                                                extend these Pilot Programs in their
                                                                                                           notice is hereby given that on July 16,
                                                  number should be included on the                                                                                 present form, through July 18, 2016, to
                                                  subject line if email is used. To help the               2015, the International Securities
                                                                                                                                                                   give the Exchange and the Commission
                                                  Commission process and review your                       Exchange, LLC (the ‘‘Exchange’’ or the
                                                                                                                                                                   additional time to evaluate the effects of
                                                  comments more efficiently, please use                    ‘‘ISE’’) filed with the Securities and
                                                                                                                                                                   these Pilot Programs before the
                                                  only one method. The Commission will                     Exchange Commission (‘‘Commission’’)
                                                                                                                                                                   Exchange requests permanent approval
                                                  post all comments on the Commission’s                    the proposed rule change as described
                                                                                                                                                                   of the rules. To aid the Commission in
                                                  Internet Web site (http://www.sec.gov/                   in Items I and II below, which Items
                                                                                                                                                                   its evaluation of the PIM Functionality,
                                                  rules/sro.shtml). Copies of the                          have been prepared by the self-
                                                                                                                                                                   ISE represents that it will provide
                                                  submission, all subsequent                               regulatory organization. The
                                                  amendments, all written statements                       Commission is publishing this notice to                    3 See Securities Exchange Act Release Nos. 50819

                                                  with respect to the proposed rule                        solicit comments on the proposed rule                   (December 8, 2004), 69 FR 75093 (December 15,
                                                  change that are filed with the                           change from interested persons.                         2004) (SR–ISE–2003–06) (Approving the PIM pilot
                                                                                                                                                                   (the ‘‘Approval Order’’)); 52027 (July 13, 2005), 70
                                                  Commission, and all written                              I. Self-Regulatory Organization’s                       FR 41804 (July 20, 2005) (SR–ISE–2005–30); 54146
                                                  communications relating to the                           Statement of the Terms of Substance of                  (July 14, 2006), 71 FR 41490 (July 21, 2006) (SR–
                                                  proposed rule change between the                         the Proposed Rule Change                                ISE–2006–39); 56106 (July 19, 2007), 72 FR 40914
                                                  Commission and any person, other than                                                                            (July 25, 2007) (SR–ISE–2007–62); 56156 (July 27,
                                                                                                                                                                   2007), 72 FR 43305 (August 3, 2007) (SR–ISE–2007–
                                                  those that may be withheld from the                        The ISE proposes to extend two pilot                  66); 58197 (July 18, 2008), 73 FR 43810 (July 28,
                                                  public in accordance with the                            programs related to its Price                           2008) (SR–ISE–2008–60); 60333 (July 17, 2009), 74
                                                  provisions of 5 U.S.C. 552, will be                      Improvement Mechanism (‘‘PIM’’). The                    FR 36792 (July 24, 2009) (SR–ISE–2009–52); 62513
                                                  available for Web site viewing and                       text of the proposed rule change is                     (July 16, 2010), 75 FR 43221 (July 23, 2010) (SR–
                                                                                                                                                                   ISE–2010–75); 64931 (July 20, 2011), 76 FR 44642
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                                                  printing in the Commission’s Public                      available on the Exchange’s Web site                    (July 26, 2011) (SR–ISE–2011–41); 67202 (June 14,
                                                  Reference Room, 100 F Street NE.,                        www.ise.com, at the principal office of                 2012), 77 FR 36589 (June 19, 2012) (SR–ISE–2012–
                                                  Washington, DC 20549, on official                        the Exchange, and at the Commission’s                   54); 69853 (June 25, 2013), 78 FR 39390 (July 1,
                                                  business days between the hours of                       Public Reference Room.                                  2013) (SR–ISE–2013–41); and 72467 (June 25,
                                                                                                                                                                   2014), 79 FR 37377 (July 1, 2014) (SR–ISE–2014–
                                                  10:00 a.m. and 3:00 p.m. Copies of the                                                                           33).
                                                                                                                14 17 CFR 200.30–3(a)(12).                            4 See Securities Exchange Act Release No. 34–
                                                    12 15 U.S.C. 78s(b)(3)(A).                                  1 15 U.S.C. 78s(b)(1).                             72467 (June 25, 2014), 79 FR 37377 (July 1, 2014)
                                                    13 17 CFR 240.19b–4(f).                                     2 17 CFR 240.19b–4.                                (SR–ISE–2014–33).



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                                                  43808                          Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices

                                                  certain additional data requested by the                 C. Self-Regulatory Organization’s                          At any time within 60 days of the
                                                  Commission regarding trading in the                      Statement on Comments on the                            filing of the proposed rule change, the
                                                  PIM for the six (6) month period from                    Proposed Rule Change Received From                      Commission summarily may
                                                  January 1, 2015 through June 30, 2015.                   Members, Participants, or Others                        temporarily suspend such rule change if
                                                  The Exchange agrees to provide this                                                                              it appears to the Commission that such
                                                                                                             The Exchange has not solicited, and
                                                  data by January 18, 2016 and to make                                                                             action is necessary or appropriate in the
                                                                                                           does not intend to solicit, comments on
                                                  the summary of the data provided to the                                                                          public interest, for the protection of
                                                                                                           this proposed rule change. The
                                                  Commission publicly available.                                                                                   investors, or otherwise in furtherance of
                                                                                                           Exchange has not received any written                   the purposes of the Act. If the
                                                  2. Statutory Basis                                       comments from members or other                          Commission takes such action, the
                                                                                                           interested parties.                                     Commission shall institute proceedings
                                                     The basis under the Securities
                                                  Exchange Act of 1934 (the ‘‘Exchange                     III. Date of Effectiveness of the                       to determine whether the proposed rule
                                                  Act’’) for this proposed rule change is                  Proposed Rule Change and Timing for                     should be approved or disapproved.
                                                  found in Section 6(b)(5), in that the                    Commission Action                                       IV. Solicitation of Comments
                                                  proposed rule change is designed to                         Because the foregoing proposed rule
                                                  promote just and equitable principles of                                                                           Interested persons are invited to
                                                                                                           change does not: (i) Significantly affect               submit written data, views, and
                                                  trade, remove impediments to and                         the protection of investors or the public
                                                  perfect the mechanisms of a free and                                                                             arguments concerning the foregoing,
                                                                                                           interest; (ii) impose any significant                   including whether the proposed rule
                                                  open market and a national market                        burden on competition; and (iii) become
                                                  system and, in general, to protect                                                                               change is consistent with the Act.
                                                                                                           operative for 30 days from the date on                  Comments may be submitted by any of
                                                  investors and the public interest.                       which it was filed, or such shorter time                the following methods:
                                                     The Exchange believes the Pilot                       as the Commission may designate, it has
                                                  Programs are consistent with the                         become effective pursuant to Section                    Electronic Comments
                                                  Exchange Act because they provide                        19(b)(3)(A) of the Act and Rule 19b-                       • Use the Commission’s Internet
                                                  opportunity for price improvement for                    4(f)(6) thereunder.5                                    comment form (http://www.sec.gov/
                                                  all orders executed in the Exchange’s                       A proposed rule change filed                         rules/sro.shtml); or
                                                  Price Improvement Mechanism. The                         pursuant to Rule 19b–4(f)(6) under the                     • Send an email to rule-
                                                  proposed extension would allow the                       Act 6 normally does not become                          comments@sec.gov. Please include File
                                                  Pilot Programs to continue                               operative for 30 days after the date of its             Number SR–ISE–2015–23 on the subject
                                                  uninterrupted, thereby avoiding any                      filing. However, Rule 19b–4(f)(6)(iii) 7                line.
                                                  potential investor confusion that could                  permits the Commission to designate a
                                                  result from a temporary interruption to                                                                          Paper Comments
                                                                                                           shorter time if such action is consistent
                                                  the pilot. Further, the Exchange believes                with the protection of investors and the                   • Send paper comments in triplicate
                                                  that the data demonstrates that there is                                                                         to Brent J. Fields, Secretary, Securities
                                                                                                           public interest. The Exchange has
                                                  sufficient investor interest and demand                                                                          and Exchange Commission, 100 F Street
                                                                                                           requested that the Commission waive
                                                  to extend the Pilot Programs for an                                                                              NE., Washington, DC 20549–1090.
                                                                                                           the 30-day operative delay period
                                                  additional twelve months. The                            because the Pilot Programs are set to                   All submissions should refer to File
                                                  Exchange further believes it is                          expire on July 17, 2015. The Exchange                   Number SR–ISE–2015–23. This file
                                                  appropriate to extend the Pilot Programs                 noted that such waiver will allow the                   number should be included on the
                                                  to provide the Exchange and                              Pilot Programs to continue                              subject line if email is used. To help the
                                                  Commission more data upon which to                       uninterrupted.                                          Commission process and review your
                                                  evaluate the rules. With this data, the                     The Commission believes that                         comments more efficiently, please use
                                                  Commission can evaluate whether the                      waiving the 30-day operative delay is                   only one method. The Commission will
                                                  new data shows there is meaningful                       consistent with the protection of                       post all comments on the Commission’s
                                                  competition for all size orders within                   investors and the public interest, as it                Internet Web site (http://www.sec.gov/
                                                  the PIM, whether there is significant                    will allow the Pilot Programs to                        rules/sro.shtml). Copies of the
                                                  price improvement for all orders                         continue uninterrupted, thereby                         submission, all subsequent
                                                  executed through the PIM, and whether                    avoiding any potential investor                         amendments, all written statements
                                                  there is an active and liquid market                     confusion that could result from a                      with respect to the proposed rule
                                                  functioning on the Exchange outside of                   temporary interruption in the Pilot                     change that are filed with the
                                                  the PIM.                                                 Programs. For this reason, the                          Commission, and all written
                                                                                                           Commission designates the proposed                      communications relating to the
                                                  B. Self-Regulatory Organization’s
                                                                                                           rule change to be operative on July 17,                 proposed rule change between the
                                                  Statement on Burden on Competition
                                                                                                           2015.8                                                  Commission and any person, other than
                                                     The Exchange does not believe that                                                                            those that may be withheld from the
                                                  the proposed rule change will impose                        5 17 CFR 240.19b–4(f)(6). As required under Rule
                                                                                                                                                                   public in accordance with the
                                                  any burden on competition that is not                    19b–4(f)(6)(iii), the Exchange provided the             provisions of 5 U.S.C. 552, will be
                                                  necessary or appropriate in furtherance                  Commission with written notice of its intent to file    available for Web site viewing and
                                                  of the purposes of the Exchange Act.                     the proposed rule change, along with a brief            printing in the Commission’s Public
                                                  Specifically, the Exchange believes that,                description and the text of the proposed rule           Reference Room, 100 F Street NE.,
                                                                                                           change, at least five business days prior to the date
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  by extending the expiration of the Pilot                 of filing of the proposed rule change, or such          Washington, DC 20549 on official
                                                  Programs, the proposed rule change will                  shorter time as designated by the Commission.           business days between the hours of
                                                  allow for further analysis of the PIM. In                   6 17 CFR 240.19b–4(f)(6).                            10:00 a.m. and 3:00 p.m. Copies of such
                                                  doing so, the proposed rule change will                     7 17 CFR 240.19b–4(f)(6)(iii).
                                                                                                                                                                   filing also will be available for
                                                                                                              8 For purposes only of waiving the operative
                                                  also serve to promote regulatory clarity                                                                         inspection and copying at the principal
                                                                                                           delay for this proposal, the Commission has
                                                  and consistency, thereby reducing                        considered the proposed rule’s impact on
                                                                                                                                                                   office of the Exchange. All comments
                                                  burdens on the marketplace and                           efficiency, competition, and capital formation. See     received will be posted without change;
                                                  facilitating investor protection.                        15 U.S.C. 78c(f).                                       the Commission does not edit personal


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                                                                                   Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices                                                   43809

                                                  identifying information from                               investment trusts outside of the same                 business trust organized under the laws
                                                  submissions. You should submit only                        group of investment companies as the                  of the State of Delaware. Applicants
                                                  information that you wish to make                          series to acquire Shares; and (f) certain             seek relief with respect to sixteen Funds
                                                  available publicly. All submissions                        series to create and redeem Shares in                 (as defined below, and those Funds, the
                                                  should refer to File Number SR–ISE–                        kind in a master-feeder structure. The                ‘‘Initial Funds’’). The portfolio positions
                                                  2015–23, and should be submitted on or                     Order would incorporate by reference                  of each Fund will consist of securities
                                                  before August 13, 2015.                                    terms and conditions of a previous order              and other assets selected and managed
                                                    For the Commission, by the Division of                   granting the same relief sought by                    by its Adviser or Subadviser (as defined
                                                  Trading and Markets, pursuant to delegated                 applicants, as that order may be                      below) to pursue the Fund’s investment
                                                  authority.9                                                amended from time to time (‘‘Reference                objective.
                                                  Robert W. Errett,                                          Order’’).1                                               2. The Adviser, a Delaware
                                                  Deputy Secretary.                                          DATES: Filing Dates: The application was              corporation, will be the investment
                                                  [FR Doc. 2015–18031 Filed 7–22–15; 8:45 am]                filed on June 30, 2015.                               adviser to the Initial Funds. An Adviser
                                                  BILLING CODE 8011–01–P                                        Hearing or Notification of Hearing: An             (as defined below) will serve as
                                                                                                             order granting the requested relief will              investment adviser to each Fund. The
                                                                                                             be issued unless the Commission orders                Adviser is, and any other Adviser will
                                                  SECURITIES AND EXCHANGE                                    a hearing. Interested persons may                     be, registered as an investment adviser
                                                  COMMISSION                                                 request a hearing by writing to the                   under the Investment Advisers Act of
                                                                                                             Commission’s Secretary and serving                    1940 (‘‘Advisers Act’’). The Adviser and
                                                  [Investment Company Act Release No.                                                                              the Trust may retain one or more
                                                  31718; 812–14504]                                          applicants with a copy of the request,
                                                                                                             personally or by mail. Hearing requests               subadvisers (each a ‘‘Subadviser’’) to
                                                  Pioneer ETMF Series Trust I, et al.;                       should be received by the Commission                  manage the portfolios of the Funds. Any
                                                  Notice of Application                                      by 5:30 p.m. on August 12, and should                 Subadviser will be registered, or not
                                                                                                             be accompanied by proof of service on                 subject to registration, under the
                                                  July 16, 2015.                                             applicants, in the form of an affidavit or,           Advisers Act.
                                                  AGENCY:    Securities and Exchange                         for lawyers, a certificate of service.                   3. The Distributor is a Massachusetts
                                                  Commission (‘‘Commission’’).                               Pursuant to rule 0–5 under the Act,                   corporation and a broker-dealer
                                                  ACTION: Notice of an application for an                    hearing requests should state the nature              registered under the Securities
                                                  order under section 6(c) of the                            of the writer’s interest, any facts bearing           Exchange Act of 1934 and will act as the
                                                  Investment Company Act of 1940                             upon the desirability of a hearing on the             principal underwriter of Shares of the
                                                  (‘‘Act’’) for an exemption from sections                   matter, the reason for the request, and               Funds. Applicants request that the
                                                  2(a)(32), 5(a)(1), 22(d) and 22(e) of the                  the issues contested. Persons who wish                requested relief apply to any distributor
                                                  Act and rule 22c–1 under the Act, under                    to be notified of a hearing may request               of Shares, whether affiliated or
                                                  sections 6(c) and 17(b) of the Act for an                  notification by writing to the                        unaffiliated with the Adviser (included
                                                  exemption from sections 17(a)(1) and                       Commission’s Secretary.                               in the term ‘‘Distributor’’). Any
                                                  (a)(2) of the Act, and under section                       ADDRESSES: The Commission: Brent J.
                                                                                                                                                                   Distributor will comply with the terms
                                                  12(d)(1)(J) of the Act for an exemption                    Fields, Secretary, U.S. Securities and                and conditions of the Order.
                                                  from sections 12(d)(1)(A) and (B) of the                   Exchange Commission, 100 F Street NE.,
                                                  Act.                                                                                                             Applicants’ Requested Exemptive Relief
                                                                                                             Washington, DC 20549–1090.                               4. Applicants seek the requested
                                                     Applicants: Pioneer ETMF Series                         Applicants: Pioneer ETMF Series Trust                 Order under section 6(c) of the Act for
                                                  Trust I (the ‘‘Trust’’), Pioneer                           I, Pioneer Investment Management, Inc.                an exemption from sections 2(a)(32),
                                                  Investment Management, Inc. (the                           and Pioneer Funds Distributor, Inc., 60               5(a)(1), 22(d) and 22(e) of the Act and
                                                  ‘‘Adviser’’) and Pioneer Funds                             State Street, Boston, Massachusetts                   rule 22c–1 under the Act, under
                                                  Distributor, Inc. (the ‘‘Distributor’’).                   02109.                                                sections 6(c) and 17(b) of the Act for an
                                                     Summary of Application: Applicants                      FOR FURTHER INFORMATION CONTACT:    Jean              exemption from sections 17(a)(1) and
                                                  request an order (‘‘Order’’) that permits:                 E. Minarick, Senior Counsel, or Dalia                 17(a)(2) of the Act, and under section
                                                  (a) Actively managed series of certain                     Osman Blass, Assistant Chief Counsel,                 12(d)(1)(J) of the Act for an exemption
                                                  open-end management investment                             at (202) 551–6821 (Division of                        from sections 12(d)(1)(A) and (B) of the
                                                  companies to issue shares (‘‘Shares’’)                     Investment Management, Chief                          Act. The requested Order would permit
                                                  redeemable in large aggregations only                      Counsel’s Office).                                    applicants to offer exchange-traded
                                                  (‘‘Creation Units’’); (b) secondary market                                                                       managed funds. Because the relief
                                                                                                             SUPPLEMENTARY INFORMATION: The
                                                  transactions in Shares to occur at the
                                                                                                             following is a summary of the                         requested is the same as the relief
                                                  next-determined net asset value plus or
                                                                                                             application. The complete application                 granted by the Commission under the
                                                  minus a market-determined premium or
                                                                                                             may be obtained via the Commission’s                  Reference Order and because the
                                                  discount that may vary during the
                                                                                                             Web site by searching for the file                    Adviser has entered into, or anticipates
                                                  trading day; (c) certain series to pay
                                                                                                             number, or for an applicant using the                 entering into, a licensing agreement
                                                  redemption proceeds, under certain
                                                                                                             Company name box, at http://                          with Eaton Vance Management, or an
                                                  circumstances, more than seven days
                                                                                                             www.sec.gov/search/search.htm or by                   affiliate thereof in order to offer
                                                  from the tender of Shares for
                                                                                                             calling (202) 551–8090.                               exchange-traded managed funds,2 the
                                                  redemption; (d) certain affiliated
                                                                                                                                                                   Order would incorporate by reference
mstockstill on DSK4VPTVN1PROD with NOTICES




                                                  persons of the series to deposit                           Applicants                                            the terms and conditions of the
                                                  securities into, and receive securities                      1. The Trust will be registered as an               Reference Order.
                                                  from, the series in connection with the                    open-end management investment                          5. Applicants request that the Order
                                                  purchase and redemption of Creation                        company under the Act and is a                        apply to the Initial Funds and to any
                                                  Units; (e) certain registered management
                                                  investment companies and unit                                1 Eaton Vance Management, et al., Investment          2 Eaton Vance Management has obtained patents

                                                                                                             Company Act Rel. Nos. 31333 (Nov. 6, 2014)            with respect to certain aspects of the Funds’ method
                                                    9 17   CFR 200.30–3(a)(12).                              (notice) and 31361 (Dec. 2, 2014) (order).            of operation as exchange-traded managed funds.



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Document Created: 2015-12-15 12:53:33
Document Modified: 2015-12-15 12:53:33
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 43807 

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