81_FR_1269 81 FR 1263 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Establish the Securities Trader and Securities Trader Principal Registration Categories

81 FR 1263 - Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Establish the Securities Trader and Securities Trader Principal Registration Categories

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 6 (January 11, 2016)

Page Range1263-1266
FR Document2016-00247

Federal Register, Volume 81 Issue 6 (Monday, January 11, 2016)
[Federal Register Volume 81, Number 6 (Monday, January 11, 2016)]
[Notices]
[Pages 1263-1266]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-00247]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-76836; File No. SR-ISE Gemini-2015-28]


Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Establish the 
Securities Trader and Securities Trader Principal Registration 
Categories

January 5, 2016.
    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 December 23, 2015, ISE Gemini, LLC (the ``Exchange'' or the 
``ISE Gemini'') filed with the Securities and Exchange Commission the 
proposed rule change as described in Items I, II, and III below, of 
which Items I and II 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 codify, in the Supplementary Material to 
Rule 306 Registration Requirements, the categories of registration and 
respective qualification examinations required for individual 
associated persons (``associated persons'') that engage in the 
securities activities of members on the Exchange. Specifically, the 
Exchange proposes to 1) replace the Proprietary Trader registration 
category

[[Page 1264]]

and the Series 56 Proprietary Trader registration qualification 
examination with the newly codified Securities Trader category of 
registration and the Series 57 Securities Trader registration 
qualification examination for Securities Traders respectively and 2) 
replace the Proprietary Trader Principal registration category with the 
newly codified registration category of Securities Trader Principal and 
require Securities Trader Principals to take the Series 57 
qualification examination in addition to the Series 24 qualification 
examination. The text of the proposed rule change is available on the 
Exchange's Web site at 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 Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend Rule 306 Registration Requirements. 
This amendment will replace the Proprietary Trader (PT) registration 
category and qualification examination (Series 56) with the newly 
codified Securities Trader (TD) registration category and qualification 
examination (Series 57). In addition, the Exchange proposes to replace 
the Proprietary Trader Principal (TP) registration category with the 
newly codified Securities Trader Principal (TP) registration category 
for associated persons who either: (i) Supervise or monitor proprietary 
trading, market-making and/or brokerage activities for broker-dealers; 
(ii) supervise or train those engaged in proprietary trading, market-
making and/or effecting transactions on behalf of a broker-dealer, with 
respect to those activities; and/or (iii) are officers, partners or 
directors of a member, as described in proposed paragraph (a) to .08 of 
Supplementary Material to Rule 306. The Exchange also proposes to 
replace the Proprietary Trader Compliance Officer (CT) registration 
category with the newly codified Securities Trader Compliance Officer 
(CT) registration category for Chief Compliance Officers (or 
individuals performing similar functions) of a member or member 
organization. This filing is, in all material respects, based upon SR-
FINRA-2015-017 and SR-C2-2015-027.\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 75783 (August 28, 
2015), 80 FR 53369 (September 3, 2015) (SR-FINRA-2015-017) and 
Securities Exchange Act Release No. 76408 (November 10, 2015) (SR-
C2-2015-027).
---------------------------------------------------------------------------

    Currently, Rule 306 requires, among other things, an associated 
person engaged or to be engaged in the securities business of a member 
to register with the Exchange in the category of registration 
appropriate to the function to be performed and to pass the 
qualification examination appropriate to the category of registration 
as prescribed by the Exchange. Among the qualification and registration 
requirements set forth by the Exchange, an associated person who 
engages in proprietary trading, market-making, or effecting 
transactions on behalf of a broker-dealer must register and qualify as 
a Proprietary Trader (PT) in WebCRD.\4\ To qualify as a Proprietary 
Trader, an associated person must either pass the Series 56 Proprietary 
Trader qualification examination \5\ or Series 7 General Securities 
Representative qualification examination. Several exchanges, including 
ISE Gemini currently use the Series 56 examination as a qualification 
standard.\6\
---------------------------------------------------------------------------

    \4\ WebCRD is a secure registration and licensing system 
operated by FINRA and is the central licensing and registration 
system for the U.S. securities industry and its regulators. The 
system contains the registration records of more than 6,500 
registered broker-dealers, and the qualification, employment and 
disclosure histories of more than 650,000 active registered 
associated persons. In addition, Web CRD facilitates the processing 
and payment of FINRA registration-related fees such as form filings, 
fingerprint submissions, qualification exams and continuing 
education sessions.
    \5\ The Series 56 Proprietary Trader Examination is a two hour 
and thirty minute exam, consisting of 100 scored multiple-choice 
questions. The Series 56 examination is administered by FINRA, but 
is not recognized by FINRA as an acceptable qualification 
examination for associated persons engaged in securities trading. 
Under FINRA rules, associated persons of FINRA members that engage 
in over-the-counter securities trading are required to pass the 
Series 55 Equity Trader Exam. Nevertheless, as FINRA has recognized, 
because the Series 55 and Series 56 are intended to test the core 
knowledge required of associated persons engaged in trading 
activities as well as self-regulatory organization (``SRO'') rules, 
including trading rules that are common across all SROs, there is 
significant overlap in the content of the Series 55 and Series 56 
qualification examinations. See Securities Exchange Act Release No. 
75394 (July 8, 2015), 80 FR 41119 (Notice of Filing of a Proposed 
Rule Change to Establish the Securities Trader and Securities Trader 
Principal Registration Categories) (SR-FINRA-2015-017).
    \6\ See, e.g., BATS Exchange, Inc. (``BATS'') Interpretation and 
Policy .01 to Rule 2.5 (Proficiency Examinations); Miami 
International Securities Exchange, LLC (``MIAX'') Rule 1302 
(Registration of Representatives).
---------------------------------------------------------------------------

    .07 of Supplementary Material to Rule 306 further requires that an 
associated person with supervisory responsibility over proprietary 
trading activities or who is an (i) officer; (ii) partner; (iii) 
director; (iv) supervisor of proprietary trading, market-making or 
brokerage activities; and/or (v) supervisor of those engaged in 
proprietary trading, market-making or brokerage activities with respect 
to those activities is required to register and qualify as a 
Proprietary Trader Principal (TP) in WebCRD and satisfy prerequisite 
registration and qualification requirements, including, but not limited 
to passing the Series 24 General Securities Principal Examination or an 
acceptable alternative qualification examination. An associated person 
who is a Chief Compliance Officer (or performs similar functions) for a 
member that engages in proprietary trading, market-making, or effecting 
transactions on behalf of a broker-dealer is also required to register 
and qualify as a Proprietary Trader Compliance Officer (CT) in WebCRD 
and satisfy the prerequisite registration and qualification 
requirements, including, but not limited to passing the Series 14 
Compliance Official Examination or an acceptable alternative 
qualification exam.
Codification of Examination and Registration Requirements
    The Exchange proposes to replace the Series 56 qualification 
examination with the newly codified Series 57 qualification examination 
for those registration categories where the Series 56 is currently an 
acceptable qualification standard. Specifically, with respect to the 
Proprietary Trader registration, the Exchange proposes to replace the 
Proprietary Trader (PT) registration category with the newly codified 
Securities Trader (TD) registration category as well as eliminate the 
current Series 56 Proprietary Trader Exam prerequisite and, instead, 
include a Series 57 Securities Trader qualification examination in its 
place.\7\

[[Page 1265]]

The Proprietary Trader Principal (PT) and Proprietary Trader Compliance 
Officer (CT) registration categories would be replaced with the newly 
codified renamed registration categories of Securities Trader Principal 
(TP) and Securities Trader Compliance Officer respectively (CT).\8\
---------------------------------------------------------------------------

    \7\ Neither the Exchange's current Rules nor the proposal would 
require that a Proprietary Trader or Securities Trader work at, or 
be associated with, a ``proprietary trading firm.'' Rather, both the 
current Rules and the proposal would require that an associated 
person that engages in proprietary trading, market-making, or 
effecting transactions on behalf of a broker-dealer qualify and 
register as a Proprietary Trader (or Securities Trader) in WebCRD. 
Whereas the current rule allows an associated person to qualify and 
register as a Proprietary Trader by either passing the Series 56 
Proprietary Trader qualification examination or Series 7 General 
Securities Representative qualification examination, the proposal 
would require an associated person to pass the Series 57 Securities 
Trader qualification examination in order to qualify as a Securities 
Trader after the effective date of the proposal.
    \8\ As is the case under the current Rules, under the proposed 
rule, only individuals qualified and registered as a Proprietary 
Trader Principal (TP) (Securities Trader Principal TP)) would be 
permitted to supervise a Proprietary Trader (PT) (Securities Trader 
(TD)).
---------------------------------------------------------------------------

    The Exchange will announce the effective date of the proposed rule 
change in a Regulatory Circular. Currently, the Exchange intends for 
the effective date to be January 4, 2016. Under the proposed rule, 
associated persons who have passed the Proprietary Trader (Series 56) 
qualification examination and who have registered as a Proprietary 
Trader (PT) in WebCRD on or before the effective date of the proposed 
rule change, and associated persons who have passed the General 
Securities Representative (Series 7) qualification examination and who 
have registered as Proprietary Traders (PT) in WebCRD on or before the 
effective date of the proposed rule change, would be grandfathered as 
Securities Traders (TDs) without having to take any additional 
examinations and without having to take any other action, provided that 
the associated person's registration has not been revoked by the 
Exchange as a disciplinary sanction and no more than two years have 
passed between the date that the associated person last registered as a 
Proprietary Trader (PT) and the effective date. After the effective 
date, an associated person would need to pass the new Series 57 
Securities Trader qualification examination and register as a 
Securities Trader (TD).
    In addition, associated persons who have either passed the 
Proprietary Trader (PT) qualification examination or the General 
Securities Representative (Series 7) qualification examination and who 
have registered as Proprietary Traders (PT) in WebCRD on or before the 
effective date of the proposed rule change, and who have also passed 
the General Securities Principal (Series 24) qualification examination 
(or have completed any of the alternative acceptable qualifications 
requirements as defined in new .08 of Supplementary Material to Rule 
306) and who have also registered as Proprietary Trader Principals (TP) 
in WebCRD on or before the effective date of the proposed rule change, 
would be eligible to register as Securities Trader Principals (TPs), 
provided that the associated person's registration has not been revoked 
by the Exchange as a disciplinary sanction and no more than two years 
have passed between the date that the associated person last registered 
as a Proprietary Trader Principal (TP) and the date they [sic] register 
as a Securities Trader Principal (TP).\9\ After the effective date, a 
Securities Trader Principal (TP) would need to pass the Securities 
Trader (Series 57) qualification examination and the General Securities 
Principal (Series 24) qualification examination (or have completed any 
of the alternative acceptable qualifications as defined in new .08 of 
Supplementary Material to Rule 306) and be registered as such in order 
to register as a Securities Trader Principal (TP).\10\
---------------------------------------------------------------------------

    \9\ See Rule 306(e) (Requirement for Examination on Lapse of 
Registration).
    \10\ As part of codifying this rule, the Exchange will include 
text .08 of Supplementary Material to Rule 306 regarding the 
supervisory responsibilities of the Securities Trader Principals, 
which would limit Securities Trader Principals' supervisory 
responsibilities to supervision of the securities trading functions 
of members as described in paragraph (a)(2) of .08 of Supplementary 
Material to Rule 306, and the activities of officers, partners, and 
directors of members.
---------------------------------------------------------------------------

2. Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \11\ in general, and furthers the objectives of Section 
6(b)(5) of the Act \12\ in particular, in that it is designed to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market and a national 
market system, and, in general to protect investors and the public 
interest.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b).
    \12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange further believes its proposed rule change is 
consistent with Section 6(c) of the Act,\13\ and in particular furthers 
the objectives of Section 6(c)(3) of the Act,\14\ which authorizes the 
Exchange to prescribe standards of training, experience, and competence 
for associated persons. The Exchange believes that the requirements of 
the Securities Trader and Securities Trader Principal registration 
categories and the new Securities Trader qualification requirements 
should help ensure that proprietary traders and the principals who 
supervise proprietary traders and proprietary trading are, and will 
continue to be, properly qualified to perform their functions which 
should protect investors and the public interest.
---------------------------------------------------------------------------

    \13\ 15 U.S.C. 78f(c).
    \14\ 15 U.S.C. 78f(c)(3).
---------------------------------------------------------------------------

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 not necessary or appropriate in 
furtherance of the purposes of the Act. Implementation of the proposed 
changes to ISE Gemini's registration rules in coordination with the 
FINRA Amendments does not present any competitive issues, but rather is 
designed to provide less burdensome and more efficient regulatory 
compliance for associated persons and enhance the ability of the 
Exchange to fairly and efficiently regulate associated persons, which 
will further enhance competition. Additionally, the proposed rule 
change should not affect intramarket competition because all similarly 
situated representatives and principals will be required to complete 
the same qualification examinations. Finally, the proposed rule change 
does not impose any additional examination burdens on persons who are 
already registered. There is no obligation to take the proposed Series 
57 examination in order to continue in their present duties, so the 
proposed rule change is not expected to disadvantage current registered 
persons relative to new entrants in this regard.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written 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 significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not 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 \15\ and Rule 19b-

[[Page 1266]]

4(f)(6) thereunder.\16\ The Exchange provided the Commission with 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at least 
five business days prior to the date of filing the proposed rule 
change, or such shorter time as designated by the Commission, as 
required by Rule 19b-4(f)(6).
---------------------------------------------------------------------------

    \15\ 15 U.S.C. 78s(b)(3)(A).
    \16\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    The Exchange has requested that the Commission waive the thirty-day 
operative delay so that the proposal may become operative as of January 
4, 2016. The Commission believes that waiving the thirty day delay is 
consistent with the protection of investors and the public interest, as 
it will enable the Exchange to have the new requirements in effect at 
the same time as the other SROs. Therefore, the Commission hereby 
waives the thirty-day operative delay and designates the proposal 
operative as of January 4, 2016.\17\
---------------------------------------------------------------------------

    \17\ For purposes of waiving the 30-day operative delay, 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 such 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 [email protected]. Please include 
File No. SR-ISE Gemini-2015-28 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 Gemini-2015-28. 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 Commissions 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. Copies of such filing also will 
be available for inspection and copying at the principal office of the 
ISE. 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 
Gemini-2015-28 and should be submitted by February 1, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
---------------------------------------------------------------------------

    \18\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-00247 Filed 1-8-16; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices                                                   1263

                                                their orders. Such increased liquidity                       At any time within 60 days of the                  office of the Exchange. All comments
                                                benefits investors because they receive                   filing of the proposed rule change, the               received will be posted without change;
                                                better prices and because it lowers                       Commission summarily may                              the Commission does not edit personal
                                                volatility in the options market. For                     temporarily suspend such rule change if               identifying information from
                                                these reasons, the Exchange does not                      it appears to the Commission that such                submissions. You should submit only
                                                believe this proposal imposes an undue                    action is necessary or appropriate in the             information that you wish to make
                                                burden on inter-market competition,                       public interest, for the protection of                available publicly. All submissions
                                                rather, the proposed rule change will                     investors, or otherwise in furtherance of             should refer to File Number SR–BX–
                                                have no impact on competition.                            the purposes of the Act. If the                       2015–088 and should be submitted on
                                                  The delay of the implementation of                      Commission takes such action, the                     or before February 1, 2016.
                                                BX Rules at Chapter VII, Section 6(f)                     Commission shall institute proceedings
                                                will permit the Exchange additional                       to determine whether the proposed rule                  For the Commission, by the Division of
                                                time to implement this risk protection                                                                          Trading and Markets, pursuant to delegated
                                                                                                          should be approved or disapproved.
                                                that will be utilized by BX Participants.                                                                       authority.15
                                                                                                          IV. Solicitation of Comments                          Robert W. Errett,
                                                C. Self-Regulatory Organization’s
                                                Statement on Comments on the                                Interested persons are invited to                   Deputy Secretary.
                                                Proposed Rule Change Received From                        submit written data, views and                        [FR Doc. 2016–00251 Filed 1–8–16; 8:45 am]
                                                Members, Participants, or Others                          arguments concerning the foregoing,                   BILLING CODE 8011–01–P
                                                                                                          including whether the proposed rule
                                                  No written comments were either                         change is consistent with the Act.
                                                solicited or received.                                    Comments may be submitted by any of                   SECURITIES AND EXCHANGE
                                                III. Date of Effectiveness of the                         the following methods:                                COMMISSION
                                                Proposed Rule Change and Timing for                       Electronic Comments
                                                Commission Action
                                                                                                            • Use the Commission’s Internet                     [Release No. 34–76836; File No. SR–ISE
                                                   Because the proposed rule change                       comment form (http://www.sec.gov/                     Gemini–2015–28]
                                                does not (i) significantly affect the                     rules/sro.shtml); or
                                                protection of investors or the public                       • Send an email to rule-                            Self-Regulatory Organizations; ISE
                                                interest; (ii) impose any significant                     comments@sec.gov. Please include File                 Gemini, LLC; Notice of Filing and
                                                burden on competition; and (iii) become                   Number SR–BX–2015–088 on the                          Immediate Effectiveness of Proposed
                                                operative for 30 days from the date on                    subject line.                                         Rule Change to Establish the
                                                which it was filed, or such shorter time                                                                        Securities Trader and Securities Trader
                                                as the Commission may designate if                        Paper Comments                                        Principal Registration Categories
                                                consistent with the protection of                            • Send paper comments in triplicate
                                                investors and the public interest, the                    to Secretary, Securities and Exchange                 January 5, 2016.
                                                proposed rule change has become                           Commission, 100 F Street NE.,                            Pursuant to Section 19(b)(1) of the
                                                effective pursuant to Section 19(b)(3)(A)                 Washington, DC 20549–1090.                            Securities Exchange Act of 1934 (the
                                                of the Act 10 and Rule 19b–4(f)(6)                        All submissions should refer to File                  ‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                thereunder.11                                             Number SR–BX–2015–088. This file                      notice is hereby given that on December
                                                   BX requested that the Commission
                                                                                                          number should be included on the                      23, 2015, ISE Gemini, LLC (the
                                                waive the 30-day operative delay. The
                                                                                                          subject line if email is used. To help the            ‘‘Exchange’’ or the ‘‘ISE Gemini’’) filed
                                                Commission believes that waiving the
                                                                                                          Commission process and review your                    with the Securities and Exchange
                                                30-day operative delay is consistent
                                                                                                          comments more efficiently, please use                 Commission the proposed rule change
                                                with the protection of investors and the
                                                                                                          only one method. The Commission will                  as described in Items I, II, and III below,
                                                public interest, because the extension
                                                will provide the Exchange with the                        post all comments on the Commission’s                 of which Items I and II have been
                                                additional time it requires to implement                  Internet Web site (http://www.sec.gov/                prepared by the self-regulatory
                                                the Kill Switch program. The                              rules/sro.shtml). Copies of the                       organization. The Commission is
                                                Commission further notes that BX’s                        submission, all subsequent                            publishing this notice to solicit
                                                proposal to adopt the Kill Switch 12 was                  amendments, all written statements                    comments on the proposed rule change
                                                approved by the Commission 13 and that                    with respect to the proposed rule                     from interested persons.
                                                the extension of the implementation                       change that are filed with the
                                                                                                          Commission, and all written                           I. Self-Regulatory Organization’s
                                                period does not affect the parameters of                                                                        Statement of the Terms of Substance of
                                                the Kill Switch program. For these                        communications relating to the
                                                                                                          proposed rule change between the                      the Proposed Rule Change
                                                reasons, the Commission designates the
                                                proposed rule change to be operative                      Commission and any person, other than                    ISE Gemini proposes to codify, in the
                                                upon filing.14                                            those that may be withheld from the
                                                                                                                                                                Supplementary Material to Rule 306
                                                                                                          public in accordance with the
                                                                                                                                                                Registration Requirements, the
                                                  10 15  U.S.C. 78s(b)(3)(A).                             provisions of 5 U.S.C. 552, will be
                                                                                                                                                                categories of registration and respective
                                                  11 17  CFR 240.19b–4(f)(6). In addition, Rule 19b–      available for Web site viewing and
                                                                                                                                                                qualification examinations required for
                                                4(f)(6) requires a self-regulatory organization to give   printing in the Commission’s Public
                                                the Commission written notice of its intent to file                                                             individual associated persons
                                                                                                          Reference Room, 100 F Street NE.,
                                                the proposed rule change at least five business days
                                                                                                          Washington, DC 20549, on official                     (‘‘associated persons’’) that engage in
                                                prior to the date of filing of the proposed rule                                                                the securities activities of members on
ebenthall on DSK6SPTVN1PROD with NOTICES




                                                change, or such shorter time as designated by the         business days between the hours of
                                                Commission. The Exchange has satisfied this               10:00 a.m. and 3:00 p.m. Copies of the                the Exchange. Specifically, the
                                                requirement.
                                                                                                          filing also will be available for                     Exchange proposes to 1) replace the
                                                  12 See Securities Exchange Act Release No. 75744
                                                                                                          inspection and copying at the principal               Proprietary Trader registration category
                                                (Aug. 20, 2015), 80 FR 52068 (Aug. 27, 2015) (SR–
                                                BX–2015–050).
                                                  13 See note 3.                                                                                                  15 17 CFR 200.30–3(a)(12) and (59).
                                                                                                          considered the proposed rule’s impact on
                                                                                                                                                                  1 15 U.S.C. 78s(b)(1).
                                                  14 For purposes only of waiving the 30-day              efficiency, competition, and capital formation. See
                                                operative delay, the Commission has also                  15 U.S.C. 78c(f).                                       2 17 CFR 240.19b–4.




                                           VerDate Sep<11>2014    21:33 Jan 14, 2016   Jkt 238001   PO 00000   Frm 00101   Fmt 4703   Sfmt 4703   E:\FR\FM\11JAN1.SGM     11JAN1


                                                1264                           Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices

                                                and the Series 56 Proprietary Trader                    The Exchange also proposes to replace                  exchanges, including ISE Gemini
                                                registration qualification examination                  the Proprietary Trader Compliance                      currently use the Series 56 examination
                                                with the newly codified Securities                      Officer (CT) registration category with                as a qualification standard.6
                                                Trader category of registration and the                 the newly codified Securities Trader                      .07 of Supplementary Material to Rule
                                                Series 57 Securities Trader registration                Compliance Officer (CT) registration                   306 further requires that an associated
                                                qualification examination for Securities                category for Chief Compliance Officers                 person with supervisory responsibility
                                                Traders respectively and 2) replace the                 (or individuals performing similar                     over proprietary trading activities or
                                                Proprietary Trader Principal registration               functions) of a member or member                       who is an (i) officer; (ii) partner; (iii)
                                                category with the newly codified                        organization. This filing is, in all                   director; (iv) supervisor of proprietary
                                                registration category of Securities Trader              material respects, based upon SR–                      trading, market-making or brokerage
                                                Principal and require Securities Trader                 FINRA–2015–017 and SR–C2–2015–                         activities; and/or (v) supervisor of those
                                                Principals to take the Series 57                        027.3                                                  engaged in proprietary trading, market-
                                                qualification examination in addition to                  Currently, Rule 306 requires, among                  making or brokerage activities with
                                                the Series 24 qualification examination.                other things, an associated person                     respect to those activities is required to
                                                The text of the proposed rule change is                 engaged or to be engaged in the                        register and qualify as a Proprietary
                                                available on the Exchange’s Web site at                 securities business of a member to                     Trader Principal (TP) in WebCRD and
                                                www.ise.com, at the principal office of                 register with the Exchange in the                      satisfy prerequisite registration and
                                                the Exchange, and at the Commission’s                   category of registration appropriate to                qualification requirements, including,
                                                Public Reference Room.                                  the function to be performed and to pass               but not limited to passing the Series 24
                                                                                                        the qualification examination                          General Securities Principal
                                                II. Self-Regulatory Organization’s                      appropriate to the category of                         Examination or an acceptable
                                                Statement of the Purpose of, and                        registration as prescribed by the                      alternative qualification examination.
                                                Statutory Basis for, the Proposed Rule                  Exchange. Among the qualification and                  An associated person who is a Chief
                                                Change                                                  registration requirements set forth by                 Compliance Officer (or performs similar
                                                   In its filing with the Commission, the               the Exchange, an associated person who                 functions) for a member that engages in
                                                self-regulatory organization included                   engages in proprietary trading, market-                proprietary trading, market-making, or
                                                statements concerning the purpose of,                   making, or effecting transactions on                   effecting transactions on behalf of a
                                                and basis for, the proposed rule change                 behalf of a broker-dealer must register                broker-dealer is also required to register
                                                and discussed any comments it received                  and qualify as a Proprietary Trader (PT)               and qualify as a Proprietary Trader
                                                on the proposed rule change. The text                   in WebCRD.4 To qualify as a Proprietary                Compliance Officer (CT) in WebCRD
                                                of these statements may be examined at                  Trader, an associated person must either               and satisfy the prerequisite registration
                                                the places specified in Item IV below.                  pass the Series 56 Proprietary Trader                  and qualification requirements,
                                                The Exchange has prepared summaries,                    qualification examination 5 or Series 7                including, but not limited to passing the
                                                set forth in sections A, B, and C below,                General Securities Representative                      Series 14 Compliance Official
                                                of the most significant aspects of such                 qualification examination. Several                     Examination or an acceptable
                                                statements.                                                                                                    alternative qualification exam.
                                                                                                           3 See Securities Exchange Act Release No. 75783
                                                A. Self-Regulatory Organization’s                       (August 28, 2015), 80 FR 53369 (September 3, 2015)     Codification of Examination and
                                                Statement of the Purpose of, and                        (SR–FINRA–2015–017) and Securities Exchange            Registration Requirements
                                                Statutory Basis for, the Proposed Rule                  Act Release No. 76408 (November 10, 2015) (SR–
                                                                                                        C2–2015–027).                                            The Exchange proposes to replace the
                                                Change                                                     4 WebCRD is a secure registration and licensing     Series 56 qualification examination with
                                                1. Purpose                                              system operated by FINRA and is the central            the newly codified Series 57
                                                                                                        licensing and registration system for the U.S.         qualification examination for those
                                                   The Exchange proposes to amend                       securities industry and its regulators. The system
                                                Rule 306 Registration Requirements.                     contains the registration records of more than 6,500   registration categories where the Series
                                                This amendment will replace the                         registered broker-dealers, and the qualification,      56 is currently an acceptable
                                                Proprietary Trader (PT) registration
                                                                                                        employment and disclosure histories of more than       qualification standard. Specifically,
                                                                                                        650,000 active registered associated persons. In       with respect to the Proprietary Trader
                                                category and qualification examination                  addition, Web CRD facilitates the processing and
                                                (Series 56) with the newly codified                     payment of FINRA registration-related fees such as     registration, the Exchange proposes to
                                                Securities Trader (TD) registration                     form filings, fingerprint submissions, qualification   replace the Proprietary Trader (PT)
                                                category and qualification examination
                                                                                                        exams and continuing education sessions.               registration category with the newly
                                                                                                           5 The Series 56 Proprietary Trader Examination is
                                                (Series 57). In addition, the Exchange                                                                         codified Securities Trader (TD)
                                                                                                        a two hour and thirty minute exam, consisting of
                                                proposes to replace the Proprietary                     100 scored multiple-choice questions. The Series 56
                                                                                                                                                               registration category as well as eliminate
                                                Trader Principal (TP) registration                      examination is administered by FINRA, but is not       the current Series 56 Proprietary Trader
                                                category with the newly codified                        recognized by FINRA as an acceptable qualification     Exam prerequisite and, instead, include
                                                                                                        examination for associated persons engaged in          a Series 57 Securities Trader
                                                Securities Trader Principal (TP)                        securities trading. Under FINRA rules, associated
                                                registration category for associated                    persons of FINRA members that engage in over-the-
                                                                                                                                                               qualification examination in its place.7
                                                persons who either: (i) Supervise or                    counter securities trading are required to pass the
                                                                                                                                                                  6 See, e.g., BATS Exchange, Inc. (‘‘BATS’’)
                                                                                                        Series 55 Equity Trader Exam. Nevertheless, as
                                                monitor proprietary trading, market-                    FINRA has recognized, because the Series 55 and        Interpretation and Policy .01 to Rule 2.5
                                                making and/or brokerage activities for                  Series 56 are intended to test the core knowledge      (Proficiency Examinations); Miami International
                                                broker-dealers; (ii) supervise or train                 required of associated persons engaged in trading      Securities Exchange, LLC (‘‘MIAX’’) Rule 1302
                                                those engaged in proprietary trading,                   activities as well as self-regulatory organization     (Registration of Representatives).
ebenthall on DSK6SPTVN1PROD with NOTICES




                                                                                                        (‘‘SRO’’) rules, including trading rules that are         7 Neither the Exchange’s current Rules nor the
                                                market-making and/or effecting                          common across all SROs, there is significant           proposal would require that a Proprietary Trader or
                                                transactions on behalf of a broker-                     overlap in the content of the Series 55 and Series     Securities Trader work at, or be associated with, a
                                                dealer, with respect to those activities;               56 qualification examinations. See Securities          ‘‘proprietary trading firm.’’ Rather, both the current
                                                and/or (iii) are officers, partners or                  Exchange Act Release No. 75394 (July 8, 2015), 80      Rules and the proposal would require that an
                                                                                                        FR 41119 (Notice of Filing of a Proposed Rule          associated person that engages in proprietary
                                                directors of a member, as described in                  Change to Establish the Securities Trader and          trading, market-making, or effecting transactions on
                                                proposed paragraph (a) to .08 of                        Securities Trader Principal Registration Categories)   behalf of a broker-dealer qualify and register as a
                                                Supplementary Material to Rule 306.                     (SR–FINRA–2015–017).                                   Proprietary Trader (or Securities Trader) in



                                           VerDate Sep<11>2014   21:33 Jan 14, 2016   Jkt 238001   PO 00000   Frm 00102   Fmt 4703   Sfmt 4703   E:\FR\FM\11JAN1.SGM   11JAN1


                                                                               Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices                                                 1265

                                                The Proprietary Trader Principal (PT)                   as defined in new .08 of Supplementary                    principals who supervise proprietary
                                                and Proprietary Trader Compliance                       Material to Rule 306) and who have also                   traders and proprietary trading are, and
                                                Officer (CT) registration categories                    registered as Proprietary Trader                          will continue to be, properly qualified
                                                would be replaced with the newly                        Principals (TP) in WebCRD on or before                    to perform their functions which should
                                                codified renamed registration categories                the effective date of the proposed rule                   protect investors and the public interest.
                                                of Securities Trader Principal (TP) and                 change, would be eligible to register as
                                                Securities Trader Compliance Officer                                                                              B. Self-Regulatory Organization’s
                                                                                                        Securities Trader Principals (TPs),
                                                respectively (CT).8                                                                                               Statement on Burden on Competition
                                                                                                        provided that the associated person’s
                                                   The Exchange will announce the                       registration has not been revoked by the                     The Exchange does not believe that
                                                effective date of the proposed rule                     Exchange as a disciplinary sanction and                   the proposed rule change will impose
                                                change in a Regulatory Circular.                        no more than two years have passed                        any burden on competition not
                                                Currently, the Exchange intends for the                 between the date that the associated                      necessary or appropriate in furtherance
                                                effective date to be January 4, 2016.                   person last registered as a Proprietary                   of the purposes of the Act.
                                                Under the proposed rule, associated                     Trader Principal (TP) and the date they                   Implementation of the proposed
                                                persons who have passed the                             [sic] register as a Securities Trader                     changes to ISE Gemini’s registration
                                                Proprietary Trader (Series 56)                          Principal (TP).9 After the effective date,                rules in coordination with the FINRA
                                                qualification examination and who have                  a Securities Trader Principal (TP) would                  Amendments does not present any
                                                registered as a Proprietary Trader (PT)                 need to pass the Securities Trader                        competitive issues, but rather is
                                                in WebCRD on or before the effective                    (Series 57) qualification examination                     designed to provide less burdensome
                                                date of the proposed rule change, and                   and the General Securities Principal                      and more efficient regulatory
                                                associated persons who have passed the                  (Series 24) qualification examination (or                 compliance for associated persons and
                                                General Securities Representative                       have completed any of the alternative                     enhance the ability of the Exchange to
                                                (Series 7) qualification examination and                acceptable qualifications as defined in                   fairly and efficiently regulate associated
                                                who have registered as Proprietary                      new .08 of Supplementary Material to                      persons, which will further enhance
                                                Traders (PT) in WebCRD on or before                     Rule 306) and be registered as such in                    competition. Additionally, the proposed
                                                the effective date of the proposed rule                 order to register as a Securities Trader                  rule change should not affect
                                                change, would be grandfathered as                       Principal (TP).10                                         intramarket competition because all
                                                Securities Traders (TDs) without having                                                                           similarly situated representatives and
                                                to take any additional examinations and                 2. Basis
                                                                                                                                                                  principals will be required to complete
                                                without having to take any other action,                   The Exchange believes that its                         the same qualification examinations.
                                                provided that the associated person’s                   proposal is consistent with Section 6(b)                  Finally, the proposed rule change does
                                                registration has not been revoked by the                of the Act 11 in general, and furthers the                not impose any additional examination
                                                Exchange as a disciplinary sanction and                 objectives of Section 6(b)(5) of the Act 12               burdens on persons who are already
                                                no more than two years have passed                      in particular, in that it is designed to                  registered. There is no obligation to take
                                                between the date that the associated                    promote just and equitable principles of                  the proposed Series 57 examination in
                                                person last registered as a Proprietary                 trade, to remove impediments to and                       order to continue in their present duties,
                                                Trader (PT) and the effective date. After               perfect the mechanism of a free and                       so the proposed rule change is not
                                                the effective date, an associated person                open market and a national market                         expected to disadvantage current
                                                would need to pass the new Series 57                    system, and, in general to protect                        registered persons relative to new
                                                Securities Trader qualification                         investors and the public interest.                        entrants in this regard.
                                                examination and register as a Securities                   The Exchange further believes its
                                                Trader (TD).                                            proposed rule change is consistent with                   C. Self-Regulatory Organization’s
                                                   In addition, associated persons who                  Section 6(c) of the Act,13 and in                         Statement on Comments on the
                                                have either passed the Proprietary                      particular furthers the objectives of                     Proposed Rule Change Received From
                                                Trader (PT) qualification examination or                Section 6(c)(3) of the Act,14 which                       Members, Participants or Others
                                                the General Securities Representative                   authorizes the Exchange to prescribe
                                                (Series 7) qualification examination and                                                                             The Exchange has neither solicited
                                                                                                        standards of training, experience, and                    nor received written comments on this
                                                who have registered as Proprietary                      competence for associated persons. The
                                                Traders (PT) in WebCRD on or before                                                                               proposed rule change. The Exchange
                                                                                                        Exchange believes that the requirements                   has not received any written comments
                                                the effective date of the proposed rule                 of the Securities Trader and Securities
                                                change, and who have also passed the                                                                              from members or other interested
                                                                                                        Trader Principal registration categories                  parties.
                                                General Securities Principal (Series 24)                and the new Securities Trader
                                                qualification examination (or have                      qualification requirements should help                    III. Date of Effectiveness of the
                                                completed any of the alternative                        ensure that proprietary traders and the                   Proposed Rule Change and Timing for
                                                acceptable qualifications requirements                                                                            Commission Action
                                                                                                           9 See Rule 306(e) (Requirement for Examination
                                                WebCRD. Whereas the current rule allows an              on Lapse of Registration).
                                                                                                                                                                     Because the foregoing proposed rule
                                                associated person to qualify and register as a             10 As part of codifying this rule, the Exchange will   change does not significantly affect the
                                                Proprietary Trader by either passing the Series 56                                                                protection of investors or the public
                                                                                                        include text .08 of Supplementary Material to Rule
                                                Proprietary Trader qualification examination or
                                                Series 7 General Securities Representative
                                                                                                        306 regarding the supervisory responsibilities of the     interest, does not impose any significant
                                                                                                        Securities Trader Principals, which would limit           burden on competition, and, by its
                                                qualification examination, the proposal would
                                                                                                        Securities Trader Principals’ supervisory
                                                require an associated person to pass the Series 57                                                                terms, does not become operative for 30
ebenthall on DSK6SPTVN1PROD with NOTICES




                                                                                                        responsibilities to supervision of the securities
                                                Securities Trader qualification examination in order                                                              days from the date on which it was
                                                                                                        trading functions of members as described in
                                                to qualify as a Securities Trader after the effective
                                                date of the proposal.
                                                                                                        paragraph (a)(2) of .08 of Supplementary Material         filed, or such shorter time as the
                                                  8 As is the case under the current Rules, under the
                                                                                                        to Rule 306, and the activities of officers, partners,    Commission may designate, it has
                                                                                                        and directors of members.
                                                proposed rule, only individuals qualified and              11 15 U.S.C. 78f(b).                                   become effective pursuant to Section
                                                registered as a Proprietary Trader Principal (TP)                                                                 19(b)(3)(A) of the Act 15 and Rule 19b–
                                                                                                           12 15 U.S.C. 78f(b)(5).
                                                (Securities Trader Principal TP)) would be
                                                                                                           13 15 U.S.C. 78f(c).
                                                permitted to supervise a Proprietary Trader (PT)
                                                (Securities Trader (TD)).                                  14 15 U.S.C. 78f(c)(3).                                 15 15   U.S.C. 78s(b)(3)(A).



                                           VerDate Sep<11>2014   21:33 Jan 14, 2016   Jkt 238001   PO 00000   Frm 00103   Fmt 4703   Sfmt 4703   E:\FR\FM\11JAN1.SGM       11JAN1


                                                1266                           Federal Register / Vol. 81, No. 6 / Monday, January 11, 2016 / Notices

                                                4(f)(6) thereunder.16 The Exchange                      subject line if email is used. To help the             The Commission is publishing this
                                                provided the Commission with written                    Commission process and review your                     notice to solicit comments on the
                                                notice of its intent to file the proposed               comments more efficiently, please use                  proposed rule change from interested
                                                rule change, along with a brief                         only one method. The Commission will                   persons.
                                                description and text of the proposed                    post all comments on the Commissions
                                                                                                                                                               I. Self-Regulatory Organization’s
                                                rule change, at least five business days                Internet Web site (http://www.sec.gov/
                                                                                                                                                               Statement of the Terms of Substance of
                                                prior to the date of filing the proposed                rules/sro.shtml). Copies of the
                                                                                                                                                               the Proposed Rule Change
                                                rule change, or such shorter time as                    submission, all subsequent
                                                designated by the Commission, as                        amendments, all written statements                        The Exchange proposes to extend the
                                                required by Rule 19b–4(f)(6).                           with respect to the proposed rule                      implementation timeframe for adopting
                                                   The Exchange has requested that the                  change that are filed with the                         an optional Kill Switch protection.
                                                Commission waive the thirty-day                         Commission, and all written                               The text of the proposed rule change
                                                operative delay so that the proposal may                communications relating to the                         is available on the Exchange’s Web site
                                                become operative as of January 4, 2016.                 proposed rule change between the                       at http://nasdaq.cchwallstreet.com, at
                                                The Commission believes that waiving                    Commission and any person, other than                  the principal office of the Exchange, and
                                                the thirty day delay is consistent with                 those that may be withheld from the                    at the Commission’s Public Reference
                                                the protection of investors and the                     public in accordance with the                          Room.
                                                public interest, as it will enable the                  provisions of 5 U.S.C. 552, will be                    II. Self-Regulatory Organization’s
                                                Exchange to have the new requirements                   available for Web site viewing and                     Statement of the Purpose of, and
                                                in effect at the same time as the other                 printing in the Commission’s Public                    Statutory Basis for, the Proposed Rule
                                                SROs. Therefore, the Commission                         Reference Room. Copies of such filing                  Change
                                                hereby waives the thirty-day operative                  also will be available for inspection and
                                                delay and designates the proposal                       copying at the principal office of the                    In its filing with the Commission, the
                                                operative as of January 4, 2016.17                      ISE. All comments received will be                     Exchange included statements
                                                   At any time within 60 days of the                    posted without change; the Commission                  concerning the purpose of and basis for
                                                filing of such proposed rule change, the                does not edit personal identifying                     the proposed rule change and discussed
                                                Commission summarily may                                information from submissions. You                      any comments it received on the
                                                temporarily suspend such rule change if                 should submit only information that                    proposed rule change. The text of these
                                                it appears to the Commission that such                  you wish to make available publicly. All               statements may be examined at the
                                                action is necessary or appropriate in the               submissions should refer to File                       places specified in Item IV below. The
                                                public interest, for the protection of                  Number SR–ISE Gemini-2015–28 and                       Exchange has prepared summaries, set
                                                investors, or otherwise in furtherance of               should be submitted by February 1,                     forth in sections A, B, and C below, of
                                                the purposes of the Act. If the                         2016.                                                  the most significant aspects of such
                                                Commission takes such action, the                                                                              statements.
                                                                                                          For the Commission, by the Division of
                                                Commission shall institute proceedings                  Trading and Markets, pursuant to delegated             A. Self-Regulatory Organization’s
                                                to determine whether the proposed rule                  authority.18                                           Statement of the Purpose of, and
                                                should be approved or disapproved.                      Robert W. Errett,                                      Statutory Basis for, the Proposed Rule
                                                IV. Solicitation of Comments                            Deputy Secretary.                                      Change
                                                  Interested persons are invited to                     [FR Doc. 2016–00247 Filed 1–8–16; 8:45 am]
                                                                                                                                                               1. Purpose
                                                submit written data, views, and                         BILLING CODE 8011–01–P
                                                                                                                                                                  The purpose of the proposal is to
                                                arguments concerning the foregoing,                                                                            extend the implementation of the
                                                including whether the proposed rule                                                                            timeframe to adopt a new risk
                                                change is consistent with the Act.                      SECURITIES AND EXCHANGE
                                                                                                        COMMISSION                                             protection, a Kill Switch, applicable to
                                                Comments may be submitted by any of                                                                            all NOM Participants. In its rule change
                                                the following methods:                                  [Release No. 34–76830; File No. SR–
                                                                                                                                                               adopting this new risk protection in
                                                                                                        NASDAQ–2015–163]
                                                Electronic Comments                                                                                            Chapter VI, Section 6, the Exchange
                                                  • Use the Commission’s Internet                       Self-Regulatory Organizations; The                     stated, ‘‘The Exchange proposes to
                                                comment form http://www.sec.gov/                        NASDAQ Stock Market LLC; Notice of                     implement this rule within ninety (90)
                                                rules/sro.shtml; or                                     Filing and Immediate Effectiveness of                  days of the implementation date.’’ 3 The
                                                  • Send an Email to rule-                              Proposed Rule Change To Delay of                       Exchange stated that it will issue an
                                                comments@sec.gov. Please include File                   Implementation of Kill Switch                          Options Trader Alert in advance to
                                                No. SR–ISE Gemini–2015–28 on the                                                                               inform market participants of such date.
                                                                                                        January 5, 2016.                                       At this time, the Exchange desires to
                                                subject line.
                                                                                                           Pursuant to Section 19(b)(1) of the                 extend the implementation of this rule
                                                Paper Comments                                          Securities Exchange Act of 1934                        change to 120 days from the operative
                                                   • Send paper comments in triplicate                  (‘‘Act’’),1 and Rule 19b–4 thereunder,2                date. The Exchange will announce the
                                                to Brent J. Fields, Secretary, Securities               notice is hereby given that, on December               date of implementation by issuing an
                                                and Exchange Commission, 100 F Street                   23, 2015, The NASDAQ Stock Market                      Options Trader Alert.
                                                NE., Washington, DC 20549–1090.                         LLC (‘‘Nasdaq’’ or ‘‘Exchange’’) filed                    By way of background, the Kill
                                                                                                        with the Securities and Exchange                       Switch will allow NOM Participants to
                                                All submissions should refer to File
ebenthall on DSK6SPTVN1PROD with NOTICES




                                                                                                        Commission (‘‘SEC’’ or ‘‘Commission’’)                 remove quotes and cancel open orders
                                                Number SR–ISE Gemini–2015–28. This
                                                                                                        the proposed rule change as described                  and prevent new order submission. The
                                                file number should be included on the
                                                                                                        in Items I and II below, which Items                   NASDAQ Options Kill Switch will be
                                                  16 17 CFR 240.19b–4(f)(6).
                                                                                                        have been prepared by the Exchange.                    an optional tool that enables
                                                  17 For purposes of waiving the 30-day operative
                                                                                                          18 17 CFR 200.30–3(a)(12).
                                                delay, the Commission has considered the proposed                                                                3 See Securities Exchange Act Release No. 75743
                                                                                                          1 15 U.S.C. 78s(b)(1).
                                                rule’s impact on efficiency, competition, and capital                                                          (August 20, 2015), 80 FR 51850 (August 26, 2015)
                                                formation. See 15 U.S.C. 78c(f).                          2 17 CFR 240.19b–4.                                  (SR–NASDAQ–2015–096).



                                           VerDate Sep<11>2014   21:33 Jan 14, 2016   Jkt 238001   PO 00000   Frm 00104   Fmt 4703   Sfmt 4703   E:\FR\FM\11JAN1.SGM   11JAN1



Document Created: 2016-01-16 01:06:32
Document Modified: 2016-01-16 01:06:32
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 Citation81 FR 1263 

2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR