80 FR 43826 - Self-Regulatory Organizations; ISE Gemini, 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)
Federal Register Volume 80, Issue 141 (July 23, 2015)
| Page Range | 43826-43828 | |
| FR Document | 2015-18032 |
[Federal Register Volume 80, Number 141 (Thursday, July 23, 2015)] [Notices] [Pages 43826-43828] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-18032] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75481; File No. SR-ISEGemini-2015-13] Self-Regulatory Organizations; ISE Gemini, 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, ISE Gemini, LLC (the ``Exchange'' or ``ISE Gemini'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change ISE Gemini 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. [[Page 43827]] 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. 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 Gemini represents that it will provide 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. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 70050 (July 26, 2013), 78 FR 46622 (August 1, 2013) (Order Granting the Application of Topaz Exchange, LLC for Registration as a National Securities Exchange). \4\ See Exchange Act Release Nos. 70636 (October 9, 2013), 78 FR 62838 (October 22, 2013) (SR-TOPAZ-2013-05) and 72466 (June 25, 2014), 79 FR 37378 (July 1, 2014) (SR-ISE Gemini-2014-17). --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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. --------------------------------------------------------------------------- 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\ --------------------------------------------------------------------------- \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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or [[Page 43828]] Send an email to [email protected]. Please include File Number SR-ISEGemini-2015-13 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-ISEGemini-2015-13. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-ISEGemini-2015-13, 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\ --------------------------------------------------------------------------- \9\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-18032 Filed 7-22-15; 8:45 am] BILLING CODE 8011-01-P
![43826 Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices
consist of securities and other assets included in the term ‘‘Manager’’); and By the Division of Investment
selected and managed by its Manager or (b) operates as an exchange-traded Management, pursuant to delegated
Subadviser (as defined below) to pursue managed fund as described in the authority.
the Fund’s investment objective. Reference Order; and (c) complies with Robert W. Errett,
2. The Manager is a Delaware limited the terms and conditions of the Order Deputy Secretary.
liability company and will be the and of the Reference Order, which is [FR Doc. 2015–18030 Filed 7–22–15; 8:45 am]
investment manager to the Initial Funds. incorporated by reference herein (each BILLING CODE 8011–01–P
A Manager (as defined below) will serve such company or series and Initial
as investment manager to each Fund. Fund, a ‘‘Fund’’).3
The Manager is, and any other Manager 6. Section 6(c) of the Act provides that SECURITIES AND EXCHANGE
will be, registered as an investment the Commission may exempt any COMMISSION
adviser under the Investment Advisers person, security or transaction, or any
Act of 1940 (‘‘Advisers Act’’). The class of persons, securities or [Release No. 34–75481; File No. SR–
Manager and the Trust may retain one transactions, from any provisions of the ISEGemini-2015–13]
or more subadvisers (each a Act, if and to the extent that such
‘‘Subadviser’’) to manage the portfolios exemption is necessary or appropriate Self-Regulatory Organizations; ISE
of the Funds. Any Subadviser will be in the public interest and consistent Gemini, LLC; Notice of Filing and
registered, or not subject to registration, with the protection of investors and the Immediate Effectiveness of Proposed
under the Advisers Act. purposes fairly intended by the policy Rule Change To Extend the Price
3. The Distributor is a Delaware and provisions of the Act. Section 17(b) Improvement Mechanism Pilot
limited liability company and a broker- of the Act authorizes the Commission to Program
dealer registered under the Securities exempt a proposed transaction from July 17, 2015.
Exchange Act of 1934 and will act as the section 17(a) of the Act if evidence Pursuant to Section 19(b)(1) of the
principal underwriter of Shares of the establishes that the terms of the Securities Exchange Act of 1934 (the
Funds. Applicants request that the transaction, including the consideration ‘‘Act’’),1 and Rule 19b–4 thereunder,2
requested relief apply to any distributor to be paid or received, are reasonable notice is hereby given that on July 16,
of Shares, whether affiliated or and fair and do not involve 2015, ISE Gemini, LLC (the ‘‘Exchange’’
unaffiliated with the Manager (included overreaching on the part of any person or ‘‘ISE Gemini’’) filed with the
in the term ‘‘Distributor’’). Any concerned, and the proposed Securities and Exchange Commission
Distributor will comply with the terms transaction is consistent with the (‘‘Commission’’) the proposed rule
and conditions of the Order. policies of the registered investment change as described in Items I and II
Applicants’ Requested Exemptive Relief company and the general purposes of below, which Items have been prepared
the Act. Section 12(d)(1)(J) of the Act by the self-regulatory organization. The
4. Applicants seek the requested provides that the Commission may
Order under section 6(c) of the Act for Commission is publishing this notice to
exempt any person, security, or solicit comments on the proposed rule
an exemption from sections 2(a)(32), transaction, or any class or classes of
5(a)(1), 22(d) and 22(e) of the Act and change from interested persons.
persons, securities or transactions, from
rule 22c–1 under the Act, under any provision of section 12(d)(1) if the I. Self-Regulatory Organization’s
sections 6(c) and 17(b) of the Act for an exemption is consistent with the public Statement of the Terms of Substance of
exemption from sections 17(a)(1) and interest and the protection of investors. the Proposed Rule Change
17(a)(2) of the Act, and under section 7. Applicants submit that for the
12(d)(1)(J) of the Act for an exemption ISE Gemini proposes to extend two
reasons stated in the Reference Order: pilot programs related to its Price
from sections 12(d)(1)(A) and (B) of the (1) With respect to the relief requested
Act. The requested Order would permit Improvement Mechanism (‘‘PIM’’). The
pursuant to section 6(c) of the Act, the text of the proposed rule change is
applicants to offer exchange-traded relief is appropriate, in the public
managed funds. Because the relief available on the Exchange’s Web site
interest and consistent with the www.ise.com, at the principal office of
requested is the same as the relief protection of investors and the purposes
granted by the Commission under the the Exchange, and at the Commission’s
fairly intended by the policy and Public Reference Room.
Reference Order and because the provisions of the Act; (2) with respect to
Manager has entered into, or anticipates the relief request pursuant to section II. Self-Regulatory Organization’s
entering into, a licensing agreement 17(b) of the Act, the proposed Statement of the Purpose of, and
with Eaton Vance Management, or an transactions are reasonable and fair and Statutory Basis for, the Proposed Rule
affiliate thereof in order to offer do not involve overreaching on the part Change
exchange-traded managed funds,2 the of any person concerned, are consistent In its filing with the Commission, the
Order would incorporate by reference with the policies of each registered self-regulatory organization included
the terms and conditions of the investment company concerned and statements concerning the purpose of,
Reference Order. consistent with the general purposes of and basis for, the proposed rule change
5. Applicants request that the Order the Act; and (3) with respect to the relief and discussed any comments it received
apply to the Initial Funds and to any requested pursuant to section 12(d)(1)(J) on the proposed rule change. The text
other existing or future open-end of the Act, the relief is consistent with of these statements may be examined at
management investment company or the public interest and the protection of
mstockstill on DSK4VPTVN1PROD with NOTICES
the places specified in Item IV below.
series thereof that: (a) Is advised by the investors. The self-regulatory organization has
Manager or any entity controlling,
prepared summaries, set forth in
controlled by, or under common control 3 All entities that currently intend to rely on the sections A, B and C below, of the most
with the Manager (any such entity Order are named as applicants. Any other entity significant aspects of such statements.
that relies on the Order in the future will comply
2 Eaton Vance Management has obtained patents with the terms and conditions of the Order and of
1 15 U.S.C. 78s(b)(1).
with respect to certain aspects of the Funds’ method the Reference Order, which is incorporated by
of operation as exchange-traded managed funds. reference herein. 2 17 CFR 240.19b–4.
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![43828 Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices
• Send an email to rule-comments@ should refer to File Number SR– Fax: 202–395–6974, Email address:
sec.gov. Please include File Number SR– ISEGemini-2015–13, and should be OIRA_Submission@omb.eop.gov.
ISEGemini-2015–13 on the subject line. submitted on or before August 13, 2015. (SSA) Social Security Administration,
Paper Comments For the Commission, by the Division of OLCA, Attn: Reports Clearance
Trading and Markets, pursuant to delegated Director, 3100 West High Rise, 6401
• Send paper comments in triplicate authority.9 Security Blvd., Baltimore, MD 21235,
to Brent J. Fields, Secretary, Securities Robert W. Errett, Fax: 410–966–2830, Email address:
and Exchange Commission, 100 F Street Deputy Secretary. OR.Reports.Clearance@ssa.gov.
NE., Washington, DC 20549–1090. [FR Doc. 2015–18032 Filed 7–22–15; 8:45 am] Or you may submit your comments
All submissions should refer to File BILLING CODE 8011–01–P
online through www.regulations.gov,
Number SR–ISEGemini-2015–13. This referencing Docket ID Number [SSA–
file number should be included on the 2015–0046].
subject line if email is used. To help the SOCIAL SECURITY ADMINISTRATION I. The information collections below
Commission process and review your are pending at SSA. SSA will submit
comments more efficiently, please use [Docket No: SSA–2015–0046] them to OMB within 60 days from the
only one method. The Commission will date of this notice. To be sure we
post all comments on the Commission’s Agency Information Collection consider your comments, we must
Internet Web site (http://www.sec.gov/ Activities: Proposed Request and receive them no later than September
rules/sro.shtml). Copies of the Comment Request 21, 2015. Individuals can obtain copies
submission, all subsequent The Social Security Administration of the collection instruments by writing
amendments, all written statements (SSA) publishes a list of information to the above email address.
with respect to the proposed rule collection packages requiring clearance 1. Authorization for the Social
change that are filed with the by the Office of Management and Security Administration to Obtain
Commission, and all written Budget (OMB) in compliance with Account Records from a Financial
communications relating to the Public Law 104–13, the Paperwork Institution—20 CFR 416.200 and
proposed rule change between the Reduction Act of 1995, effective October 416.203—0960–0293. SSA collects and
Commission and any person, other than 1, 1995. This notice includes revisions verifies financial information from
those that may be withheld from the and reinstatements of OMB-approved individuals applying for Supplemental
public in accordance with the information collections. Security Income (SSI) payments to
provisions of 5 U.S.C. 552, will be SSA is soliciting comments on the determine if the applicant meets the SSI
available for Web site viewing and accuracy of the agency’s burden resource eligibility requirements. If the
printing in the Commission’s Public estimate; the need for the information; SSI claimants provide incomplete,
Reference Room, 100 F Street NE., its practical utility; ways to enhance its unavailable, or seemingly altered
Washington, DC 20549 on official quality, utility, and clarity; and ways to records, SSA contacts their financial
business days between the hours of minimize burden on respondents, institutions to verify the existence,
10:00 a.m. and 3:00 p.m. Copies of such including the use of automated ownership, and value of accounts
filing also will be available for collection techniques or other forms of owned. Financial institutions require
inspection and copying at the principal information technology. Mail, email, or individuals to sign Form SSA–4641–F4,
office of the Exchange. All comments fax your comments and or complete the e4641 electronic
received will be posted without change; recommendations on the information application, to authorize them to
the Commission does not edit personal collection(s) to the OMB Desk Officer disclose records to SSA. The
identifying information from and SSA Reports Clearance Officer at respondents are SSI applicants,
submissions. You should submit only the following addresses or fax numbers. recipients, and their deemors.
information that you wish to make (OMB) Office of Management and Type of Request: Revision of an OMB-
available publicly. All submissions Budget, Attn: Desk Officer for SSA, approved information collection.
Average Estimated
Number of Frequency of burden per total annual
Modality of completion respondents response response burden
(minutes) (hours)
SSA–4641 (paper) ........................................................................................... 252,500 1 6 25,250
e4641 (electronic) ............................................................................................ 15,747,500 1 2 524,917
Totals ........................................................................................................ 16,000,000 ........................ ........................ 550,167
2. Site Review Questionnaire for responsibilities, including how they give during the interview. The
Volume and Fee-for-Service Payees and manage beneficiary funds. SSA then respondents are individuals, State and
Beneficiary Interview Form—20 CFR obtains information from the local governments, non-profit and for-
404.2035, 404.2065, 416.665, 416.701, beneficiaries these organizations profit organizations serving as
mstockstill on DSK4VPTVN1PROD with NOTICES
and 416.708—0960–0633. SSA asks represent via Form SSA–639, representative payees, and the
organizational representative payees to Beneficiary Interview Form, to beneficiaries they serve.
complete Form SSA–637, the Site corroborate the payees’ statements. Due
Review Questionnaire for Volume and to the sensitivity of the information, Type of Request: Revision of an OMB-
Fee-for-Service Payees, to provide SSA employees always complete the approved information collection.
information on how they carry out their forms based on the answers respondents
9 17 CFR 200.30–3(a)(12).
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Document Created: 2015-12-15 12:53:41
Document Modified: 2015-12-15 12:53:41
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 43826 |
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