81 FR 13425 - Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Options Order Protection and Locked/Crossed Market Plan To Add ISE Mercury LLC, as a Participant

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 49 (March 14, 2016)

Page Range		13425-13426
FR Document		2016-05599
Federal Register, Volume 81 Issue 49 (Monday, March 14, 2016)
[Federal Register Volume 81, Number 49 (Monday, March 14, 2016)]
[Notices]
[Pages 13425-13426]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-05599]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77324; File No. 4-546]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Order Protection and Locked/Crossed Market 
Plan To Add ISE Mercury LLC, as a Participant

March 8, 2016.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given 
that on February 11, 2016, ISE Mercury, LLC (``ISE Mercury'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Order Protection and 
Locked/Crossed Market Plan (``Plan'').\3\ The amendment adds ISE 
Mercury as a Participant \4\ to the Plan. The Commission is publishing 
this notice to solicit comments on the amendment from interested 
persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ On July 30, 2009, the Commission approved the Plan, which 
was proposed by Chicago Board Options Exchange, Incorporated 
(``CBOE''), International Securities Exchange, LLC (``ISE''), The 
NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ OMX BX, Inc. (``BX''), 
NASDAQ OMX PHLX, Inc. (``Phlx''), NYSE Amex, LLC (``NYSE Amex''), 
and NYSE Arca, Inc. (``NYSE Arca''). See Securities Exchange Act 
Release No. 60405 (July 30, 2009), 74 FR 39362 (August 6, 2009). See 
also Securities Exchange Act Release No. 61546 (February 19, 2010), 
75 FR 8762 (February 25, 2010)(adding BATS Exchange, Inc. (``BATS'') 
as a Participant; 63119 (October 15, 2010), 75 FR 65536 (October 25, 
2010)(adding C2 Options Exchange, Incorporated (``C2'') as a 
Participant); 66969 (May 12, 2015), 77 FR 29396 (May 17, 2012) 
(adding BOX Options Exchange LLC (``BOX Options'' as a Participant); 
70763 (October 28, 2013), 78 FR 65734 (November, 2013) (adding Topaz 
Exchange, LLC (``Topaz'') as a Participant; 70762 (October 28, 
2013), 78 FR 65733 (November 1, 2013) (adding MIAX International 
Securities Exchange, LLC (``MIAX'') as a Participant); 76823 
(January 5, 2016), 81 FR 1260 (January 11, 2016) (adding EDGX 
Exchange, Inc. (``EDGX'') as a Participant).
    \4\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation in the Plan has become effective pursuant to 
Section 3(c) of the Plan.
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I. Description and Purpose of the Amendment

    The Plan requires the options exchanges to establish a framework 
for providing order protection and addressing locked and crossed 
markets in eligible options classes. The amendment to the Plan adds ISE 
Mercury as a Participant. The other Plan Participants are BATS, BOX, 
BX, C2, CBOE, EDGX, ISE, MIAX, Nasdaq, Phlx, NYSE MKT, NYSE Arca, and 
Topaz. ISE Mercury has submitted an executed copy of the Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new Participants. Section 3(c) of the Plan provides for the 
entry of new Participants to the Plan. Specifically, Section 3(c) of 
the Plan provides that an Eligible Exchange \5\ may become a 
Participant in the Plan by: (i) Executing a copy of the Plan, as then 
in effect; (ii) providing each current Participant with a copy of such 
executed Plan; and (iii) effecting an amendment to the Plan, as 
specified in Section 4(b) of the Plan.
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    \5\ Section 2(6) of the Plan defines an ``Eligible Exchange'' as 
a national securities exchange registered with the Commission 
pursuant to Section 6(a) of the Act, 15 U.S.C. 78f(a), that: (a) Is 
a ``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII); (b) is a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1); and (c) if the national securities 
exchange chooses not to become part to this Plan, is a participant 
in another plan approved by the Commission providing for comparable 
Trade-Through and Locked and Crossed Market protection. ISE Mercury 
has represented that it has met the requirements for being 
considered an Eligible Exchange. See letter from Michael Simon, 
Secretary, ISE, to Brent J. Fields, Secretary, Commission, dated 
February 9, 2016.
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    Section 4(b) of the Plan sets forth the process by which an 
Eligible Exchange may effect an amendment to the Plan. Specifically, an 
Eligible Exchange must: (a) Execute a copy of the Plan with the only 
change being the addition of the

[[Page 13426]]

new Participant's name in Section 3(a) of the Plan; and (b) submit the 
executed Plan to the Commission. The Plan then provides that such an 
amendment will be effective when the amendment is approved by the 
Commission or otherwise becomes effective pursuant to Section 11A of 
the Act and Rule 608 thereunder.

II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) \6\ because it involves solely technical or ministerial 
matters. At any time within sixty days of the filing of this amendment, 
the Commission may summarily abrogate the amendment and require that it 
be refiled pursuant to paragraph (a)(1) of Rule 608,\7\ if it appears 
to the Commission that such action is necessary or appropriate in the 
public interest, for the protection of investors or the maintenance of 
fair and orderly markets, to remove impediments to, and perfect the 
mechanisms of, a national market system or otherwise in furtherance of 
the purposes of the Act.
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    \6\ 17 CFR 242.608(b)(3)(iii).
    \7\ 17 CFR 242.608(a)(1).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the amendment 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 Number 4-546 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 4-546. This file number 
should be included on the subject line if email is used. To help the 
Commission process and review your comments more efficiently, please 
use only one method. The Commission will post all comments on the 
Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the 
amendment between the Commission and any person, other than those that 
may be withheld from the public in accordance with the provisions of 5 
U.S.C. 552, will be available for Web site viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE., Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing also will be available for inspection 
and copying at the principal office of ISE Mercury. 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 4-546 and should be submitted 
on or before April 4, 2016.

    By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-05599 Filed 3-11-16; 8:45 am]
 BILLING CODE 8011-01-P
13426 Federal Register / Vol. 81, No. 49 / Monday, March 14, 2016 / Notices

new Participant’s name in Section 3(a) communications relating to the respondent pay a third-tier civil penalty
of the Plan; and (b) submit the executed amendment between the Commission of $130,000, and barred each
Plan to the Commission. The Plan then and any person, other than those that respondent. She also ordered that Riad
provides that such an amendment will may be withheld from the public in disgorge $188,948.52 plus prejudgment
be effective when the amendment is accordance with the provisions of 5 interest.
approved by the Commission or U.S.C. 552, will be available for Web Respondents appealed the initial
otherwise becomes effective pursuant to site viewing and printing in the decision’s findings of violations and the
Section 11A of the Act and Rule 608 Commission’s Public Reference Room, sanctions imposed. The issues likely to
thereunder. 100 F Street NE., Washington, DC be considered at oral argument include,
20549, on official business days among other things, whether
II. Effectiveness of the Proposed between the hours of 10:00 a.m. and respondents violated the securities laws
Linkage Plan Amendment 3:00 p.m. Copies of such filing also will and, if so, what sanction, if any, is
The foregoing Plan amendment has be available for inspection and copying appropriate in the public interest.
become effective pursuant to Rule at the principal office of ISE Mercury. For further information, please
608(b)(3)(iii) 6 because it involves solely All comments received will be posted contact the Office of the Secretary at
technical or ministerial matters. At any without change; the Commission does (202) 551–5400.
time within sixty days of the filing of not edit personal identifying Dated: March 9, 2016.
this amendment, the Commission may information from submissions. You Brent J. Fields,
summarily abrogate the amendment and should submit only information that Secretary.
require that it be refiled pursuant to you wish to make available publicly. All [FR Doc. 2016–05802 Filed 3–10–16; 4:15 pm]
paragraph (a)(1) of Rule 608,7 if it submissions should refer to File
BILLING CODE 8011–01–P
appears to the Commission that such Number 4–546 and should be submitted
action is necessary or appropriate in the on or before April 4, 2016.
public interest, for the protection of By the Commission. SECURITIES AND EXCHANGE
investors or the maintenance of fair and Robert W. Errett, COMMISSION
orderly markets, to remove impediments Deputy Secretary.
to, and perfect the mechanisms of, a [Release No. 34–77316; File No. SR–MSRB–
[FR Doc. 2016–05599 Filed 3–11–16; 8:45 am] 2016–03]
national market system or otherwise in
BILLING CODE 8011–01–P
furtherance of the purposes of the Act. Self-Regulatory Organizations;
III. Solicitation of Comments Municipal Securities Rulemaking
Interested persons are invited to SECURITIES AND EXCHANGE Board; Notice of Filing and Immediate
submit written data, views and COMMISSION Effectiveness of a Proposed Rule
arguments concerning the foregoing, Change Consisting of an Amendment
Sunshine Act Meeting to Rule G–33, on Calculations, and an
including whether the amendment is
Notice is hereby given, pursuant to Interpretive Notice
consistent with the Act. Comments may
be submitted by any of the following the provisions of the Government in the March 8, 2016.
methods: Sunshine Act, Public Law 94–409, that Pursuant to Section 19(b)(1) of the
the Securities and Exchange Securities Exchange Act of 1934 (the
Electronic Comments Commission will hold an Open Meeting ‘‘Act’’ or ‘‘Exchange Act’’) 1 and Rule
• Use the Commission’s Internet on Wednesday, March 16, 2016 at 1:30 19b–4 thereunder,2 notice is hereby
comment form (http://www.sec.gov/ p.m., in the Auditorium (L–002) at the given that on February 23, 2016, the
rules/sro.shtml); or Commission’s headquarters building, to Municipal Securities Rulemaking Board
• Send an email to rule-comments@ hear oral argument in an appeal from an (the ‘‘MSRB’’ or ‘‘Board’’) filed with the
sec.gov. Please include File Number 4– initial decision of an administrative law Securities and Exchange Commission
546 on the subject line. judge by respondents Mohammed Riad (the ‘‘Commission’’ or ‘‘SEC’’) the
and Kevin Timothy Swanson. proposed rule change as described in
Paper Comments On April 21, 2014, the ALJ found that Items I and II below, which Items have
• Send paper comments in triplicate respondents violated the antifraud been prepared by the MSRB. The
to Brent J. Fields, Secretary, Securities provisions of the securities laws while Commission is publishing this notice to
and Exchange Commission, 100 F Street associated with an investment adviser solicit comments on the proposed rule
NE., Washington, DC 20549–1090. responsible for managing the portfolio change from interested persons.
All submissions should refer to File of a closed-end investment company,
Number 4–546. This file number should the Fiduciary/Claymore Dynamic Equity I. Self-Regulatory Organization’s
be included on the subject line if email Fund (the ‘‘Fund’’). Specifically, the ALJ Statement of the Terms of Substance of
is used. To help the Commission found that respondents misrepresented the Proposed Rule Change
process and review your comments and omitted material information about The MSRB filed with the Commission
more efficiently, please use only one two newly implemented derivative a proposed rule change consisting of a
method. The Commission will post all strategies in the Fund’s 2007 annual proposed amendment to Rule G–33, on
comments on the Commission’s Internet report and May 2008 semiannual report. calculations, and a proposed
Web site (http://www.sec.gov/rules/ The ALJ also found that Riad caused the interpretive notice (the ‘‘proposed rule
jstallworth on DSK7TPTVN1PROD with NOTICES

sro.shtml). Copies of the submission, all Fund’s violation of Investment change’’). The MSRB has designated the
subsequent amendments, all written Company Rule 8b–16(b), which requires proposed rule change as ‘‘non-
statements with respect to the proposed closed-end funds to disclose in their controversial’’ pursuant to Section
rule change that are filed with the annual reports any material change in 19(b)(3)(A)(iii) of the Act 3 and Rule
Commission, and all written their investment objectives, policies,
and risk factors. 1 15 U.S.C. 78s(b)(1).
6 17 CFR 242.608(b)(3)(iii). For these violations, the ALJ imposed 2 17 CFR 240.19b–4.
7 17 CFR 242.608(a)(1). cease-and-desist orders, order that each 3 15 U.S.C. 78s(b)(3)(A)(iii).

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Document Created: 2016-03-12 01:00:12
Document Modified: 2016-03-12 01:00:12
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 13425