81 FR 11309 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 42 (March 3, 2016)

Page Range		11309-11309
FR Document		2016-04792

Federal Register, Volume 81 Issue 42 (Thursday, March 3, 2016)

[Federal Register Volume 81, Number 42 (Thursday, March 3, 2016)]
[Notices]
[Page 11309]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-04792]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold an Open Meeting on Monday, March 7, 
2016, at 3:30 p.m., in the Auditorium (L-002) at the Commission's 
headquarters building, to hear oral argument in an appeal from an 
initial decision of an administrative law judge by respondents J.S. 
Oliver Capital Management, L.P. (``J.S. Oliver''), and Ian O. Mausner 
(``Mausner'').
    On August 5, 2014, the law judge found that, beginning in 2008, 
J.S. Oliver, a registered investment adviser, and Mausner, its 
principal, violated antifraud provisions of the securities laws by 
cherry picking profitable trades for favored accounts and by failing to 
disclose uses of soft dollar commissions to their clients. The initial 
decision also found related compliance and recordkeeping violations. 
For their violations, the law judge barred Mausner from the securities 
industry, revoked J.S. Oliver's investment adviser registration, issued 
cease-and-desist orders against them, and ordered respondents to 
disgorge $1,376,440. The law judge also imposed civil money penalties 
of $3,040,000 on Mauser and $14,975,000 on J.S. Oliver.
    Respondents appealed the civil money penalties imposed in the 
initial decision. The oral argument is likely to address what 
penalties, if any, are appropriate in the public interest. Also likely 
to be considered at oral argument is whether these administrative 
proceedings violate the U.S. Constitution.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

     Dated: February 29, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-04792 Filed 3-1-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 42 / Thursday, March 3, 2016 / Notices 11309

benefits investors because they receive Paper Comments hear oral argument in an appeal from an
better prices and because it lowers • Send paper comments in triplicate initial decision of an administrative law
volatility in the options market. For to Secretary, Securities and Exchange judge by respondents J.S. Oliver Capital
these reasons, the Exchange does not Commission, 100 F Street NE., Management, L.P. (‘‘J.S. Oliver’’), and
believe this proposal imposes an undue Washington, DC 20549–1090. Ian O. Mausner (‘‘Mausner’’).
burden on inter-market competition On August 5, 2014, the law judge
because other exchanges offer the same All submissions should refer to File found that, beginning in 2008, J.S.
functionality. Number SR–Phlx–2016–23. This file Oliver, a registered investment adviser,
number should be included on the and Mausner, its principal, violated
C. Self-Regulatory Organization’s subject line if email is used. To help the
Statement on Comments on the antifraud provisions of the securities
Commission process and review your laws by cherry picking profitable trades
Proposed Rule Change Received From comments more efficiently, please use
Members, Participants, or Others for favored accounts and by failing to
only one method. The Commission will disclose uses of soft dollar commissions
No written comments were either post all comments on the Commission’s to their clients. The initial decision also
solicited or received. Internet Web site (http://www.sec.gov/ found related compliance and
rules/sro.shtml). Copies of the recordkeeping violations. For their
III. Date of Effectiveness of the
submission, all subsequent violations, the law judge barred
Proposed Rule Change and Timing for
amendments, all written statements Mausner from the securities industry,
Commission Action
with respect to the proposed rule revoked J.S. Oliver’s investment adviser
Because the foregoing proposed rule change that are filed with the
change does not: (i) Significantly affect registration, issued cease-and-desist
Commission, and all written orders against them, and ordered
the protection of investors or the public communications relating to the
interest; (ii) impose any significant respondents to disgorge $1,376,440. The
proposed rule change between the law judge also imposed civil money
burden on competition; and (iii) become Commission and any person, other than
operative for 30 days from the date on penalties of $3,040,000 on Mauser and
those that may be withheld from the $14,975,000 on J.S. Oliver.
which it was filed, or such shorter time public in accordance with the
as the Commission may designate, it has Respondents appealed the civil
provisions of 5 U.S.C. 552, will be money penalties imposed in the initial
become effective pursuant to Section available for Web site viewing and
19(b)(3)(A)(iii) of the Act 15 and decision. The oral argument is likely to
printing in the Commission’s Public address what penalties, if any, are
subparagraph (f)(6) of Rule 19b–4 Reference Room, 100 F Street NE.,
thereunder.16 appropriate in the public interest. Also
Washington, DC 20549 on official likely to be considered at oral argument
At any time within 60 days of the business days between the hours of
filing of the proposed rule change, the is whether these administrative
10:00 a.m. and 3:00 p.m. Copies of such proceedings violate the U.S.
Commission summarily may filing also will be available for
temporarily suspend such rule change if Constitution.
inspection and copying at the principal
it appears to the Commission that such For further information, please
office of the Exchange. All comments
action is: (i) Necessary or appropriate in contact the Office of the Secretary at
received will be posted without change;
the public interest; (ii) for the protection (202) 551–5400.
the Commission does not edit personal
of investors; or (iii) otherwise in identifying information from Dated: February 29, 2016.
furtherance of the purposes of the Act. submissions. You should submit only Brent J. Fields,
If the Commission takes such action, the information that you wish to make Secretary.
Commission shall institute proceedings available publicly. All submissions [FR Doc. 2016–04792 Filed 3–1–16; 11:15 am]
to determine whether the proposed rule should refer to File Number SR–Phlx– BILLING CODE 8011–01–P
should be approved or disapproved. 2016–23, and should be submitted on or
IV. Solicitation of Comments before March 24, 2016.
Interested persons are invited to For the Commission, by the Division of SECURITIES AND EXCHANGE
submit written data, views, and Trading and Markets, pursuant to delegated COMMISSION
arguments concerning the foregoing, authority.17
including whether the proposed rule Robert W. Errett, [Release No. 34–77247; File No. SR–ISE
change is consistent with the Act. Deputy Secretary. Gemini–2015–17]
Comments may be submitted by any of [FR Doc. 2016–04636 Filed 3–2–16; 8:45 am]
Self-Regulatory Organizations; ISE
the following methods: BILLING CODE 8011–01–P
Gemini, LLC; Order Instituting
Electronic Comments Proceedings To Determine Whether To
• Use the Commission’s Internet SECURITIES AND EXCHANGE Approve or Disapprove a Proposed
comment form (http://www.sec.gov/ COMMISSION Rule Change To Amend Rule 804(g)
rules/sro.shtml); or February 26, 2016.
• Send an email to rule-comments@ Sunshine Act Meeting
sec.gov. Please include File Number SR– I. Introduction
Notice is hereby given, pursuant to
Phlx–2016–23 on the subject line. On November 12, 2015, the ISE
the provisions of the Government in the
Gemini, LLC (‘‘ISE Gemini’’ or the
mstockstill on DSK4VPTVN1PROD with NOTICES

15 15 U.S.C. 78s(b)(3)(a)(iii).
Sunshine Act, Public Law 94–409, that
16 17 the Securities and Exchange ‘‘Exchange’’) filed with the Securities
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give Commission will hold an Open Meeting and Exchange Commission (the
the Commission written notice of its intent to file on Monday, March 7, 2016, at 3:30 p.m., ‘‘Commission’’), pursuant to Section
the proposed rule change at least five business days in the Auditorium (L–002) at the 19(b)(1) of the Securities Exchange Act
prior to the date of filing of the proposed rule of 1934 (the ‘‘Act’’) 1 and Rule 19b–4
change, or such shorter time as designated by the Commission’s headquarters building, to
Commission. The Exchange has satisfied this
requirement. 17 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1).

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Document Created: 2016-03-03 03:51:26
Document Modified: 2016-03-03 03:51:26

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		81 FR 11309