80 FR 55669 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 179 (September 16, 2015)
Federal Register Volume 80, Issue 179 (September 16, 2015)
| Page Range | 55669-55671 | |
| FR Document | 2015-23210 |
[Federal Register Volume 80, Number 179 (Wednesday, September 16, 2015)] [Notices] [Pages 55669-55671] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-23210] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-75874; File No. SR-ISE-2015-25] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees September 10, 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 August 27, 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 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 The ISE proposes to amend its Schedule of Fees to extend its Managed Data Access Service program for the sale of a number of real- time market data products. 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 On June 6, 2013 the ISE implemented a temporary Managed Data Access Service program that established a new pricing and distribution model for the sale of a number of real-time market data products.\3\ The Exchange extended this program for an additional six month period on December 20, 2013,\4\ and then on September 17, 2014 instituted another temporary program on the same terms for a one year period set to expire on August 31, 2015.\5\ The Exchange now proposes to extend its current Managed Data Access Service program for an additional one year period ending August 31, 2016 so that the Exchange can continue to provide this alternative delivery option for ISE data feeds.\6\ Managed Data Access Service is a pricing and administrative option [[Page 55670]] whereby the ISE assesses fees to Managed Data Access Distributors,\7\ who redistribute market data to Managed Data Access Recipients.\8\ Managed Data Access Distributors are required to monitor the delivery of the data retransmitted to their clients, and must agree to reformat, redisplay and/or alter the data feeds prior to retransmission without affecting the integrity of the data feeds and without rendering any of the feeds inaccurate, unfair, uninformative, fictitious, misleading, or discriminatory. --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 69806 (June 20, 2013), 78 FR 38424 (June 26, 2013) (ISE-2013-39). The Exchange also offers a similar Managed Data Access Service program for its Implied Volatility and Greeks Feed. See Securities Exchange Act Release No. 65678 (November 3, 2011), 76 FR 70178 (November 10, 2011) (ISE-2011- 67). This filing does not apply to the Managed Data Access Service program for the Implied Volatility and Greeks Feed, which is a permanent program. \4\ See Securities Exchange Act Release No. 71230 (January 2, 2014), 79 FR 1405 (January 8, 2014) (ISE-2013-74). \5\ See Securities Exchange Act Release No. 73276 (October 1, 2014), 79 FR 60545 (October 7, 2014) (ISE-2014-41). \6\ The current Managed Data Access Service program provides an alternative delivery option for the Real-time Depth of Market Raw Data Feed (``Depth Feed''), the Order Feed, the Top Quote Feed, and the Spread Feed. \7\ A Managed Data Access Distributor redistributes ISE data feeds and permits access to the information in those data feeds through a controlled device. A Managed Data Access Distributor can also redistribute a data feed solution to specific IP addresses, including an Application Programming Interface (``API'') or similar automated delivery solutions, with only limited entitlement controls (e.g., usernames and/or passwords) to a recipient of the information. \8\ A Managed Data Access Recipient is a subscriber to the Managed Data Access Distributor who receives a reformatted data feed in a controlled device or at a specific IP address. Market Data Access Recipients may be Professional or Non-Professional users. --------------------------------------------------------------------------- The current fees for the Managed Data Access Service are as follows: The Exchange charges a fee to each Managed Data Access Distributor of $2,500 per month for the Depth Feed, $1,500 for each of the Top Quote Feed and Spread Feed, and $1,000 per month for the Order Feed. The Exchange also charges a fee for each IP address at Managed Data Access Recipients that receive market data redistributed by a Managed Data Access Distributor, which is $750 per month for the Depth Feed, $500 per month for each of the Top Quote Feed and Spread Feed, and $350 per month for the Order Feed.\9\ In addition, the Exchange charges a controlled device fee for each controlled device permitted to access market data redistributed by a Managed Data Access Distributor to a Market Data Access Recipient that is a Professional user,\10\ which is $50 per month for the Depth Feed, $20 per month for the Top Quote Feed, $25 per month for the Spread Feed, and $10 per month for the Order Feed.\11\ Finally, the Exchange charges a controlled device fee of $5 per month for each controlled device permitted to access information in the Depth Feed redistributed by a Managed Data Access Distributor to a Market Data Access Recipient that is a Non-Professional user.\12\ For each of the above ISE data feeds, Market Data Access Distributors are subject to a minimum fee, which is $5,000 per month for the Depth Feed, $3,000 per month for each of the Top Quote Feed and Spread Feed, and $2,000 per month for the Order Feed. --------------------------------------------------------------------------- \9\ This fee is charged per IP address, which covers both primary and back-up IP addresses at a Managed Data Access Recipient. \10\ A ``Professional user'' is an authorized end-user of the ISE data feeds that has not qualified as a Non-Professional user. \11\ A controlled device is any device that a distributor of an ISE data feed permits to access the information in that data feed. \12\ There is no controlled device fee for Non-Professional users of the Top Quote Feed, Spread Feed, or Order Feed. A ``Non- Professional user'' is an authorized end-user of the ISE data feeds who is a natural person and who is neither: (a) Registered or qualified with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (b) engaged as an ``investment advisor'' as that term is defined Section 202(a)(11) of the Investment Advisers Act of 1940 (whether or not registered or qualified under that act); nor (c) employed by a bank or other organization exempt from registration under Federal and/or state securities laws to perform functions that would require him/her to be so registered or qualified if he/she were to perform such functions for an organization not so exempt. --------------------------------------------------------------------------- The Exchange is not proposing to make any changes to the fees currently charged under the Managed Data Access Service program. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the requirements of the Securities Exchange Act of 1934 (the ``Act''),\13\ and the rules and regulations thereunder that are applicable to a national securities exchange, including the requirements of Section 6(b) of the Act.\14\ In particular, the proposal is consistent with Section 6(b)(5) of the Act,\15\ because 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 that the proposed program is consistent with the protection of investors and the public interest as the Exchange already runs a Managed Data Access Service program, and is merely proposing to extend this program for an additional one year period. The Exchange established the Managed Data Access Service as a temporary program in order to gauge the level of interest in this new pricing and distribution model, and now wishes to extend this temporary program so that it may continue to offer an attractive program that competes with programs offered by other options exchanges.\16\ The Exchange is constrained in pricing the Managed Data Access Service as these services are entirely optional, and firms may choose whether or not to purchase proprietary ISE market data products or to utilize any specific pricing alternative. Moreover, the program will continue to provide an opportunity for all distributors and subscribers, both Professional and Non-Professional, to access the ISE data feeds at a potentially lower cost. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78f. \14\ 15 U.S.C. 78f(b). \15\ 15 U.S.C. 78f(b)(5). \16\ A number of other exchanges have adopted managed data access services to distribute their proprietary market data. See e.g. Securities Exchange Act Release Nos. 63276 (November 8, 2010), 75 FR 69717 (November 15, 2010) (SR-NASDAQ-2010-138); and 69182 (March 19, 2013), 78 FR 18378 (March 26, 2013) (SR-PHLX-2013-28). ISE also offers managed data access service on a permanent basis for the ISE Implied Volatility and Greeks Feed. See supra note 3. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\17\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, the Exchange believes that the proposed rule change will promote competition as it extends a program that provides an attractive alternative delivery model for ISE market data that is similar to programs in place on other options exchanges. The vigor of competition for market data is significant and the Exchange believes that this proposal clearly evidences such competition. ISE proposes to continue to offer this optional Managed Access Data Service in order to keep pace with changes in the industry and evolving customer needs. --------------------------------------------------------------------------- \17\ 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 Because the 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 if consistent with the protection of [[Page 55671]] investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \18\ and Rule 19b- 4(f)(6) thereunder.\19\ --------------------------------------------------------------------------- \18\ 15 U.S.C. 78s(b)(3)(A). \19\ 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. --------------------------------------------------------------------------- The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange stated that waiver of the operative delay will permit the Exchange to continue to provide access to subscribers interested in the Managed Data Access Service program. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposed rule change operative upon filing.\20\ --------------------------------------------------------------------------- \20\ For purposes only of waiving the 30-day operative delay, the Commission has also 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 Send an email to [email protected]. Please include File Number SR-ISE-2015-25 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-2015-25. 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-ISE-2015-25, and should be submitted on or before October 7, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\21\ --------------------------------------------------------------------------- \21\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Robert W. Errett, Deputy Secretary. [FR Doc. 2015-23210 Filed 9-15-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 55669
automatic stay of the approval, through such as OCC, is a compelling public products. The text of the proposed rule
delegated authority, of OCC’s plan for interest. The Commission also believes change is available on the Exchange’s
raising additional capital (‘‘Capital that the concerns raised by the Web site (http://www.ise.com), at the
Plan’’) to support its function as a Petitioners regarding potential monetary principal office of the Exchange, and at
systemically important financial market and competitive harm do not currently the Commission’s Public Reference
utility. On January 26, 2015, the justify maintaining the stay during the Room.
Commission issued a notice of filing of pendency of the Commission’s review.
the proposed rule change regarding the Nor does the Commission believe that II. Self-Regulatory Organization’s
Capital Plan.1 After consideration of the lifting the stay precludes meaningful Statement of the Purpose of, and
record in the proposed rule change, the review of the Approval Order. Statutory Basis for, the Proposed Rule
Division of Trading and Markets, for the For the reasons stated above, it is Change
Commission pursuant to delegated hereby: In its filing with the Commission, the
authority, issued an order approving Ordered that the automatic stay of self-regulatory organization included
(‘‘Approval Order’’) the Capital Plan on delegated action pursuant to statements concerning the purpose of,
March 6, 2015.2 Commission Rule of Practice 431(e) 5 is and basis for, the proposed rule change
BATS Global Markets, Inc. (‘‘BATS’’), hereby discontinued, and that OCC’s and discussed any comments it received
BOX Options Exchange LLC (‘‘BOX’’), Motion to Lift Stay of the staff’s action on the proposed rule change. The text
KCG Holdings, Inc. (‘‘KCG’’), Miami in approving by delegated authority File of these statements may be examined at
International Securities Exchange, LLC No. SR–OCC–2015–02 6 is granted. the places specified in Item IV below.
(‘‘MIAX’’), and Susquehanna The order approving such proposed The self-regulatory organization has
International Group, LLP (‘‘SIG’’) rule change shall remain in effect. prepared summaries, set forth in
(collectively ‘‘Petitioners’’) each filed By the Commission. sections A, B and C below, of the most
petitions for review of the Approval Robert W. Errett, significant aspects of such statements.
Order, challenging the action taken by Deputy Secretary.
delegated authority. The filing of the A. Self-Regulatory Organization’s
[FR Doc. 2015–23241 Filed 9–15–15; 8:45 am] Statement of the Purpose of, and
petitions automatically stayed the
Approval Order pursuant to BILLING CODE 8011–01–P Statutory Basis for, the Proposed Rule
Commission Rule of Practice 431(e).3 Change
The Commission has entered a separate SECURITIES AND EXCHANGE 1. Purpose
Order Granting the Petitions for Review COMMISSION On June 6, 2013 the ISE implemented
and Scheduling Filing of Statements.4
In response to the automatic stay [Release No. 34–75874; File No. SR–ISE– a temporary Managed Data Access
imposed by the filing of the petitions to 2015–25] Service program that established a new
review the Approval Order, OCC filed a pricing and distribution model for the
Motion to Lift the Stay on April 2, 2015, Self-Regulatory Organizations; sale of a number of real-time market
citing the public policy reasons for International Securities Exchange, data products.3 The Exchange extended
implementing the Capital Plan. The LLC; Notice of Filing and Immediate this program for an additional six month
Petitioners responded, arguing that Effectiveness of Proposed Rule period on December 20, 2013,4 and then
continuing the automatic stay is Change To Amend the Schedule of on September 17, 2014 instituted
appropriate in light of the important Fees another temporary program on the same
policy and competition issues raised by terms for a one year period set to expire
September 10, 2015.
the Approval Order. on August 31, 2015.5 The Exchange now
Pursuant to Section 19(b)(1) of the proposes to extend its current Managed
The Commission finds that it is in the Securities Exchange Act of 1934 (the
public interest to lift the stay during the Data Access Service program for an
‘‘Act’’),1 and Rule 19b–4 thereunder,2 additional one year period ending
pendency of the Commission’s review. notice is hereby given that on August
Under the circumstances of this case, August 31, 2016 so that the Exchange
27, 2015, the International Securities can continue to provide this alternative
the Commission believes, on balance, Exchange, LLC (the ‘‘Exchange’’ or the
that strengthening the capitalization of a delivery option for ISE data feeds.6
‘‘ISE’’) filed with the Securities and Managed Data Access Service is a
systemically important clearing agency, Exchange Commission the proposed pricing and administrative option
1 Securities Exchange Act Release No. 74136
rule change, as described in Items I and
(January 26, 2015), 80 FR 5171 (January 30, 2015) II below, which items have been 3 See Securities Exchange Act Release No. 69806
(SR–OCC–2015–02). prepared by the self-regulatory (June 20, 2013), 78 FR 38424 (June 26, 2013) (ISE–
2 Order Approving Proposed Rule Change organization. The Commission is 2013–39). The Exchange also offers a similar
Concerning a Proposed Capital Plan for Raising publishing this notice to solicit Managed Data Access Service program for its
Additional Capital That Would Support the Options Implied Volatility and Greeks Feed. See Securities
Clearing Corporation’s Function as a Systemically
comments on the proposed rule change Exchange Act Release No. 65678 (November 3,
Important Financial Market Utility, Securities from interested persons. 2011), 76 FR 70178 (November 10, 2011) (ISE–
Exchange Act Release No. 74452 (March 6, 2015), 2011–67). This filing does not apply to the Managed
80 FR 13058 (March 12, 2015) (SR–OCC–2015–02).
I. Self-Regulatory Organization’s Data Access Service program for the Implied
The Capital Plan was previously filed as an advance Statement of the Terms of Substance of Volatility and Greeks Feed, which is a permanent
notice pursuant to Section 806(e)(1) of the Payment, the Proposed Rule Change program.
Clearing, and Settlement Supervision Act of 2010. 4 See Securities Exchange Act Release No. 71230
asabaliauskas on DSK7TPTVN1PROD with NOTICES
See 12 U.S.C. 5465(e)(1). The Commission issued a The ISE proposes to amend its (January 2, 2014), 79 FR 1405 (January 8, 2014)
notice of no objection to the advance notice on Schedule of Fees to extend its Managed (ISE–2013–74).
February 26, 2015. See Securities Exchange Act Data Access Service program for the sale 5 See Securities Exchange Act Release No. 73276
Release No. 74387 (February 26, 2015), 80 FR 12215 (October 1, 2014), 79 FR 60545 (October 7, 2014)
(March 6, 2015) (SR–OCC–2014–813).
of a number of real-time market data
(ISE–2014–41).
3 17 CFR 201.431(e). 6 The current Managed Data Access Service
5 See supra note 4.
4 See Order Granting Petitions for Review and program provides an alternative delivery option for
6 See supra note 2.
Scheduling Filing of Statements, Securities the Real-time Depth of Market Raw Data Feed
1 15 U.S.C. 78s(b)(1).
Exchange Act Release No. 75885 (September 10, (‘‘Depth Feed’’), the Order Feed, the Top Quote
2015). 2 17 CFR 240.19b–4. Feed, and the Spread Feed.
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![Federal Register / Vol. 80, No. 179 / Wednesday, September 16, 2015 / Notices 55671
investors and the public interest, the and Exchange Commission, 100 F Street SECURITIES AND EXCHANGE
proposed rule change has become NE., Washington, DC 20549–1090. COMMISSION
effective pursuant to Section 19(b)(3)(A)
of the Act 18 and Rule 19b–4(f)(6) All submissions should refer to File [Release No. 34–75875; File No. SR–FINRA–
thereunder.19 Number SR–ISE–2015–25. This file 2015–026]
The Exchange has asked the number should be included on the
subject line if email is used. To help the Self-Regulatory Organizations;
Commission to waive the 30-day Financial Industry Regulatory
operative delay so that the proposal may Commission process and review your
comments more efficiently, please use Authority, Inc.; Notice of Designation
become operative immediately upon of a Longer Period for Commission
filing. The Exchange stated that waiver only one method. The Commission will
post all comments on the Commission’s Action on a Proposed Rule Change To
of the operative delay will permit the Require an Indicator When a TRACE
Exchange to continue to provide access Internet Web site (http://www.sec.gov/
Report Does Not Reflect a Commission
to subscribers interested in the Managed rules/sro.shtml). Copies of the
or Mark-Up/Mark-Down
Data Access Service program. The submission, all subsequent
Commission believes that waiving the amendments, all written statements September 10, 2015.
30-day operative delay is consistent with respect to the proposed rule On July 20, 2015, Financial Industry
with the protection of investors and the change that are filed with the Regulatory Authority, Inc. (‘‘FINRA’’)
public interest. Therefore, the Commission, and all written filed with the Securities and Exchange
Commission hereby waives the communications relating to the Commission (‘‘Commission’’), pursuant
operative delay and designates the proposed rule change between the to Section 19(b)(1) of the Securities
proposed rule change operative upon Commission and any person, other than Exchange Act of 1934 (‘‘Act’’) 1 and Rule
filing.20 those that may be withheld from the 19b–4 thereunder,2 a proposed rule
At any time within 60 days of the public in accordance with the change to amend FINRA Rule 6730
filing of the proposed rule change, the provisions of 5 U.S.C. 552, will be (Transaction Reporting) to require an
Commission summarily may available for Web site viewing and indicator when the TRACE report does
temporarily suspend such rule change if printing in the Commission’s Public not reflect a commission or mark-up/
it appears to the Commission that such mark-down. The proposed rule change
Reference Room, 100 F Street NE.,
action is necessary or appropriate in the was published for comment in the
Washington, DC 20549 on official
public interest, for the protection of Federal Register on August 7, 2015.3
investors, or otherwise in furtherance of business days between the hours of
The Commission has received two
the purposes of the Act. If the 10:00 a.m. and 3:00 p.m. Copies of such
comment letters regarding the proposed
Commission takes such action, the filing also will be available for
rule change.4
Commission shall institute proceedings inspection and copying at the principal Section 19(b)(2) of the Act 5 provides
to determine whether the proposed rule office of the Exchange. All comments that, within 45 days of the publication
should be approved or disapproved. received will be posted without change; of the notice of the filing of a proposed
the Commission does not edit personal rule change, or within such longer
IV. Solicitation of Comments identifying information from period up to 90 days as the Commission
Interested persons are invited to submissions. You should submit only may designate if it finds such longer
submit written data, views, and information that you wish to make period to be appropriate and publishes
arguments concerning the foregoing, available publicly. All submissions its reasons for so finding, or as to which
including whether the proposed rule should refer to File Number SR–ISE– the self-regulatory organization
change is consistent with the Act. 2015–25, and should be submitted on or consents, the Commission shall either
Comments may be submitted by any of before October 7, 2015. approve the proposed rule change,
the following methods: disapprove the proposed rule change, or
For the Commission, by the Division of
Electronic Comments Trading and Markets, pursuant to delegated institute proceedings to determine
authority.21 whether the proposed rule change
• Use the Commission’s Internet should be disapproved. The
comment form (http://www.sec.gov/ Commission is extending this 45-day
rules/sro.shtml); or Robert W. Errett,
time period.
• Send an email to rule-comments@ Deputy Secretary. The Commission finds that it is
sec.gov. Please include File Number SR– [FR Doc. 2015–23210 Filed 9–15–15; 8:45 am] appropriate to designate a longer period
ISE–2015–25 on the subject line. BILLING CODE 8011–01–P within which to take action on the
Paper Comments proposed rule change so that it has
sufficient time to consider the proposed
• Send paper comments in triplicate rule change and issues raised in the
to Brent J. Fields, Secretary, Securities comment letters. Accordingly, the
18 15
Commission, pursuant to Section
U.S.C. 78s(b)(3)(A).
19 17 CFR 240.19b–4(f)(6). As required under Rule 1 15 U.S.C.78s(b)(1).
19b–4(f)(6)(iii), the Exchange provided the
2 17 CFR 240.19b–4.
Commission with written notice of its intent to file
asabaliauskas on DSK7TPTVN1PROD with NOTICES
3 See Securities Exchange Act Release No. 75588
the proposed rule change, along with a brief
description and the text of the proposed rule (August 3, 2015), 80 FR 47546.
change, at least five business days prior to the date 4 See letter from Sean Davy, Managing Director,
of filing of the proposed rule change, or such Securities Industry and Financial Markets
shorter time as designated by the Commission. Association, to Elizabeth M. Murphy, Secretary,
20 For purposes only of waiving the 30-day Commission, dated August 27, 2015 and letter from
operative delay, the Commission has also Michael Nicholas, Chief Executive Officer, Bond
considered the proposed rule’s impact on Dealers of America, to Secretary, Commission,
efficiency, competition, and capital formation. See dated August 28, 2015.
15 U.S.C. 78c(f). 21 17 CFR 200.30–3(a)(12). 5 15 U.S.C. 78s(b)(2).
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Document Created: 2018-02-26 10:16:30
Document Modified: 2018-02-26 10:16:30
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 80 FR 55669 |
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