81 FR 4710 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 17 (January 27, 2016)
Federal Register Volume 81, Issue 17 (January 27, 2016)
| Page Range | 4710-4712 | |
| FR Document | 2016-01663 |
[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)] [Notices] [Pages 4710-4712] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-01663] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-76957; File No. SR-ISE-2016-03] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Schedule of Fees January 21, 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 January 13, 2016, the International Securities Exchange, LLC (the ``Exchange'' or ``ISE'') filed with the Securities and Exchange Commission the proposed rule change, as described in Items I, II, and III below, which items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change ISE proposes to amend the Schedule of Fees as described in more detail below. The text of the proposed rule change is available on the Exchange's Internet Web site at http://www.ise.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of the proposed rebate is to amend the Schedule of Fees to introduce a new set of rebates to the Qualified Contingent Cross (``QCC'') and/or other solicited crossing orders, including solicited orders executed in the Solicitation, Facilitation or Price Improvement Mechanisms, pricing initiative that offers rebates to members that execute a specified volume of QCC and other solicited crossing orders in a month. The proposed rebates apply to QCC and solicited orders between two Priority Customers \3\ (`` `Customer to Customer' Orders'') executed by members that (1) execute a specified volume of QCC and solicited orders in a given month and (2) have a total unsolicited originating Facilitation contract side volume of 175,000 or more per month. The Exchange notes it is not proposing any change to how volume is calculated for the current volume tiers. Thus, members will continue to obtain the tier level based on all QCC and/or solicited crossing orders' originating side volume. Members will also continue to receive the Non-``Customer to Customer'' Order \4\ rebate for their Non- ``Customer to Customer'' Orders and the ``Customer to Customer'' Order rebate for their ``Customer to Customer'' Orders. --------------------------------------------------------------------------- \3\ The term ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). \4\ ``Non-`Customer to Customer' Orders'' are QCC and/or other solicited crossing orders, including solicited orders executed in the Solicitation, Facilitation or Price Improvement Mechanisms, and excluding ``Customer to Customer'' Orders. --------------------------------------------------------------------------- Currently, the Exchange offers members rebates in QCC and/or other solicited crossing orders (including ``Customer to Customer'' Orders), i.e. [[Page 4711]] orders executed in the Solicitation, Facilitation, or Price Improvement Mechanisms where the agency order is executed against an order solicited from another party. These rebates are provided for each originating side of a crossing order, based on a member's volume in the crossing mechanisms during a given month. Currently, for the Non- ``Customer to Customer'' Rebate, for members that execute 0 to 99,999 originating contract sides (``Tier 1'') the rebate is $0.00 per contract, for members that execute 100,000 to 199,999 originating contract sides (``Tier 2'') the rebate is $0.05 per contract, for members that execute 200,000 to 499,999 originating contract sides (``Tier 3'') the rebate is $0.07 per contract, for members that execute 500,000 to 699,999 originating contract sides (``Tier 4'') the rebate is $0.08 per contract, for members that execute 700,000 to 999,999 originating contract sides (``Tier 5'') the rebate is $0.09 per contract, and for members that execute 1,000,000 originating contract sides or more (``Tier 6'') the rebate is $0.11 per contract.\5\ Also, for the ``Customer to Customer'' Rebate, for Tier 1 the rebate is $0.00, for Tiers 2 through 3 the rebate is $0.01, and for Tiers 4 through 6 the rebate is $0.03. --------------------------------------------------------------------------- \5\ The rebate is applied to the originating contract side of QCC and solicited crossing orders traded in a given month once a member reaches the specified volume threshold/Tier during that month. --------------------------------------------------------------------------- The Exchange now proposes to offer a new set of rebates called ``Customer to Customer'' Rebate PLUS. The proposed rebates apply to ``Customer to Customer'' Orders executed by members with (1) a specified volume of QCC and other solicited crossing orders in a given month and (2) 175,000 or more unsolicited originating Facilitation contract sides per month. The Facilitation Mechanism is a process by which an Electronic Access Member (``EAM'') can execute a transaction wherein the EAM seeks to facilitate a block-size order it represents as agent, and/or a transaction wherein the EAM solicited interest to execute against a block-size order it represents as agent.\6\ Only orders entered into the Facilitation Mechanism that are facilitated by the entering EAM (i.e. unsolicited Facilitation orders) will count towards the volume threshold described above.\7\ Once a member has met the volume thresholds described above, the member will receive a rebate for each originating contract side of their ``Customer to Customer'' Orders. In particular, the member will receive a ``Customer to Customer'' Rebate PLUS of $0.00 per contract for Tier 1, and $0.05 per contract for Tiers 2 through 6. The Exchange notes that members may receive either the ``Customer to Customer'' Rebate or the ``Customer to Customer'' Rebate PLUS--not both. --------------------------------------------------------------------------- \6\ See Rule 716(d). \7\ In addition, the Exchange notes that it will only count originating contract sides in determining whether the EAM has met the 175,000 contract threshold. --------------------------------------------------------------------------- Finally, all originating contract side volume will continue to contribute to the member's Tier level, however a member's ``Customer to Customer'' rebate will depend on its unsolicited originating Facilitation volume. For example, if a member has 175,000 originating contract sides for Non-``Customer to Customer'' Orders and 75,000 originating contract sides for ``Customer to Customer'' Orders, the member's aggregated volume will be 250,000 placing them in Tier 3 (200,000 to 499,999). As a result, the member will receive a rebate of $0.07 per originating contract side for its Non-``Customer to Customer'' Orders and a rebate of either 1) $0.01 per originating contract side for its ``Customer to Customer'' Orders (i.e. ``Customer to Customer'' Rebate) or 2) if the member has 175,000 or more unsolicited originating Facilitation contract sides, $0.05 per originating side for its ``Customer to Customer'' Orders (i.e. ``Customer to Customer'' Rebate PLUS). 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with the provisions of Section 6 of the Act,\8\ in general, and Section 6(b)(4) of the Act,\9\ in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees, and other charges among its members and other persons using its facilities. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f. \9\ 15 U.S.C. 78f(b)(4). --------------------------------------------------------------------------- The Exchange believes that it is reasonable and equitable to provide for the opportunity to receive these rebates because they will incentivize members to send varying types of crossing volumes to the Exchange. In particular, the proposed rebates will encourage members to send unsolicited Facilitation orders to meet the 175,000 volume threshold to obtain the greater PLUS Rebate and encourage more `Customer to Customer' volume to achieve the higher rebates. Further, the Exchange believes it is reasonable and equitable to provide for the opportunity to receive the proposed rebates because they are attractive to market participants, and many exchanges, including CBOE for example, offer no rebate for customer to customer executions.\10\ Finally, the Exchange believes that the proposed fees are not unfairly discriminatory because these rebates would be uniformly applied to all members' ``Customer to Customer'' Orders that meet the required volume thresholds. --------------------------------------------------------------------------- \10\ See CBOE Fee Schedule, QCC Rate Table, Notes at https://www.cboe.com/publish/feeschedule/CBOEFeeSchedule.pdf. --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\11\ the Exchange does not believe that the proposed rule change will impose any burden on intermarket or intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed rebates are attractive to market participants and are better than the rebates (if any) offered by other exchanges.\12\ The Exchange operates in a highly competitive market in which market participants can readily direct their order flow to competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and rebates to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed fee changes reflect this competitive environment. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b)(8). \12\ CBOE for example, offers no rebate (credit) for customer to customer executions. See CBOE Fee Schedule, QCC Rate Table, Notes at https://www.cboe.com/publish/feeschedule/CBOEFeeSchedule.pdf. --------------------------------------------------------------------------- C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has not solicited, and does not intend to solicit, comments on this proposed rule change. The Exchange has not received any unsolicited written comments from members or other interested parties. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,\13\ and subparagraph (f)(2) of Rule 19b-4 thereunder,\14\ because it establishes a due, fee, or other charge imposed by ISE. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A)(ii). \14\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if [[Page 4712]] it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form http://www.sec.gov/rules/sro.shtml); or Send an Email to [email protected]. Please include File No. SR-ISE-2016-03 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-ISE-2016-03. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-ISE-2016-03 and should be submitted by February 17, 2016. --------------------------------------------------------------------------- \15\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\15\ Brent J. Fields, Secretary. [FR Doc. 2016-01663 Filed 1-26-16; 8:45 am] BILLING CODE 8011-01-P
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the Commission does not edit personal Commission finds good cause for II. Self-Regulatory Organization’s
identifying information from approving the proposed rule change, as Statement of the Purpose of, and
submissions. You should submit only modified by Amendment Nos. 1 and 2, Statutory Basis for, the Proposed Rule
information that you wish to make on an accelerated basis, pursuant to Change
available publicly. All submissions Section 19(b)(2) of the Act. In its filing with the Commission, the
should refer to File Number SR–C2– Exchange included statements
2015–033 and should be submitted on VI. Conclusion
concerning the purpose of, and basis for,
or before February 17, 2016. It is therefore ordered, pursuant to the proposed rule change and discussed
V. Accelerated Approval of Proposed Section 19(b)(2) of the Act 26 that the any comments it received on the
Rule Change, as Modified by proposed rule change (SR–C2–2015– proposed rule change. The text of these
Amendment Nos. 1 and 2 033), as modified by Amendment Nos. statements may be examined at the
1 and 2, be, and hereby is, approved on places specified in Item IV below. The
The Commission finds good cause, an acceleratedbasis. self-regulatory organization has
pursuant to Section 19(b)(2) of the Act,
For the Commission, by the Division of prepared summaries, set forth in
to approve the proposed rule change, as
Trading and Markets, pursuant to delegated Sections A, B and C below, of the most
modified by Amendment Nos. 1 and 2,
authority.27 significant aspects of such statements.
prior to the 30th day after the date of
publication of Amendment No. 2 in the Brent J. Fields, A. Self-Regulatory Organization’s
Federal Register. As discussed above, Secretary. Statement of the Purpose of, and
Amendment No. 2 clarified that the [FR Doc. 2016–01539 Filed 1–26–16; 8:45 am] Statutory Basis for, the Proposed Rule
Exchange will notify Trading Permit BILLING CODE 8011–01–P Change
Holders by electronic message if the
1. Purpose
Exchange determines that the put strike
price or call underlying value check SECURITIES AND EXCHANGE The purpose of the proposed rebate is
should not apply in the interest of COMMISSION to amend the Schedule of Fees to
maintaining a fair and orderly market introduce a new set of rebates to the
under proposed Exchange Rule [Release No. 34–76957; File No. SR–ISE– Qualified Contingent Cross (‘‘QCC’’)
6.17(d)(ii).23 C2 also represented in 2016–03] and/or other solicited crossing orders,
Amendment No. 2 that the Exchange including solicited orders executed in
will document, retain, and periodically Self-Regulatory Organizations; the Solicitation, Facilitation or Price
review any Exchange decision to not International Securities Exchange, Improvement Mechanisms, pricing
apply the put check or call check under LLC; Notice of Filing and Immediate initiative that offers rebates to members
proposed Exchange Rule 6.17(d)(ii), Effectiveness of Proposed Rule that execute a specified volume of QCC
including the reason for the decision.24 Change To Amend the Schedule of and other solicited crossing orders in a
Lastly, in Amendment No. 2, C2 Fees month. The proposed rebates apply to
clarified that the potential range of the QCC and solicited orders between two
January 21, 2016. Priority Customers 3 (‘‘ ‘Customer to
percentage amount it will use to
calculate the maximum value acceptable Pursuant to Section 19(b)(1) of the Customer’ Orders’’) executed by
price range check in proposed Exchange Securities Exchange Act of 1934 (the members that (1) execute a specified
Rule 6.17, Interpretation and Policy ‘‘Act’’),1 and Rule 19b–4 thereunder,2 volume of QCC and solicited orders in
.04(h)(1)(iii), is between 1% and 5%.25 notice is hereby given that on January a given month and (2) have a total
The Commission believes that these 13, 2016, the International Securities unsolicited originating Facilitation
changes provide greater clarity and Exchange, LLC (the ‘‘Exchange’’ or contract side volume of 175,000 or more
remove any possible uncertainty ‘‘ISE’’) filed with the Securities and per month. The Exchange notes it is not
regarding the potential exercise of Exchange Commission the proposed proposing any change to how volume is
Exchange discretion with regard to the rule change, as described in Items I, II, calculated for the current volume tiers.
proposed price protection mechanisms. and III below, which items have been Thus, members will continue to obtain
In particular, the representation about prepared by the self-regulatory the tier level based on all QCC and/or
documenting, retaining, and organization. The Commission is solicited crossing orders’ originating
periodically reviewing decisions to publishing this notice to solicit side volume. Members will also
suspend a price check will enable C2 to comments on the proposed rule change continue to receive the Non-‘‘Customer
monitor the actions of its senior Help from interested persons. to Customer’’ Order 4 rebate for their
Desk personnel and assure that the Non-‘‘Customer to Customer’’ Orders
I. Self-Regulatory Organization’s and the ‘‘Customer to Customer’’ Order
suspension of any price check is Statement of the Terms of Substance of
appropriate and consistent with C2’s rebate for their ‘‘Customer to Customer’’
the Proposed Rule Change Orders.
responsibilities as a self-regulatory
organization and the principles ISE proposes to amend the Schedule Currently, the Exchange offers
articulated in the Act that are applicable of Fees as described in more detail members rebates in QCC and/or other
to exchanges. Further, clarifying the below. The text of the proposed rule solicited crossing orders (including
possible range of the maximum value change is available on the Exchange’s ‘‘Customer to Customer’’ Orders), i.e.
asabaliauskas on DSK5VPTVN1PROD with NOTICES
acceptable price range provides valuable Internet Web site at http://www.ise.com, 3 The term ‘‘Priority Customer’’ means a person
information to Trading Permit Holders at the principal office of the Exchange, or entity that (i) is not a broker or dealer in
to help them better understand and and at the Commission’s Public securities, and (ii) does not place more than 390
evaluate this price protection Reference Room. orders in listed options per day on average during
functionality. Accordingly, the a calendar month for its own beneficial account(s).
4 ‘‘Non-‘Customer to Customer’ Orders’’ are QCC
26 15 U.S.C. 78f(b)(2). and/or other solicited crossing orders, including
23 See Amendment No. 2, supra note 4. 27 17 CFR 200.30–3(a)(12). solicited orders executed in the Solicitation,
24 Id. 1 15 U.S.C. 78s(b)(1).
Facilitation or Price Improvement Mechanisms, and
25 Id. 2 17 CFR 240.19b–4. excluding ‘‘Customer to Customer’’ Orders.
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![4712 Federal Register / Vol. 81, No. 17 / Wednesday, January 27, 2016 / Notices
it appears to the Commission that such 2016–03 and should be submitted by are collectively referred to herein as the
action is necessary or appropriate in the February 17, 2016. ‘‘Shares.’’
public interest, for the protection of For the Commission, by the Division of II. Self-Regulatory Organization’s
investors, or otherwise in furtherance of Trading and Markets, pursuant to delegated Statement of the Purpose of, and
the purposes of the Act. If the authority.15
Commission takes such action, the Statutory Basis for, the Proposed Rule
Brent J. Fields, Change
Commission shall institute proceedings Secretary.
to determine whether the proposed rule In its filing with the Commission,
[FR Doc. 2016–01663 Filed 1–26–16; 8:45 am]
should be approved or disapproved. Nasdaq included statements concerning
BILLING CODE 8011–01–P
the purpose of, and basis for, the
IV. Solicitation of Comments
proposed rule change. The text of these
Interested persons are invited to statements may be examined at the
submit written data, views, and SECURITIES AND EXCHANGE
COMMISSION places specified in Item IV below.
arguments concerning the foregoing, Nasdaq has prepared summaries, set
including whether the proposed rule forth in Sections A, B, and C below, of
change is consistent with the Act. [Release No. 34–76944; File No. SR– the most significant aspects of such
Comments may be submitted by any of NASDAQ–2016–002]
statements.
the following methods:
Self-Regulatory Organizations; The A. Self-Regulatory Organization’s
Electronic Comments NASDAQ Stock Market LLC; Notice of Statement of the Purpose of, and
• Use the Commission’s Internet Filing of Proposed Rule Change To Statutory Basis for, the Proposed Rule
comment form http://www.sec.gov/ List and Trade Shares of the First Trust Change
rules/sro.shtml); or Municipal High Income ETF of First
1. Purpose
• Send an Email to rule-comments@ Trust Exchange-Traded Fund III
sec.gov. Please include File No. SR–ISE– The Exchange proposes to list and
January 21, 2016.
2016–03 on the subject line. trade the Shares of the Fund under
Pursuant to Section 19(b)(1) of the Nasdaq Rule 5735, which governs the
Paper Comments Securities Exchange Act of 1934 listing and trading of Managed Fund
• Send paper comments in triplicate (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Shares 4 on the Exchange. The Fund will
to Secretary, Securities and Exchange notice is hereby given that on January 6, be an actively-managed exchange-traded
Commission, 100 F Street NE., 2016, The NASDAQ Stock Market LLC fund (‘‘ETF’’). The Shares will be
Washington, DC 20549–1090. (‘‘Nasdaq’’ or the ‘‘Exchange’’) filed with offered by the Trust, which was
All submissions should refer to File the Securities and Exchange established as a Massachusetts business
Number SR–ISE–2016–03. This file Commission (‘‘Commission’’) the trust on January 9, 2008.5 The Trust is
number should be included on the proposed rule change as described in in registered with the Commission as an
subject line if email is used. To help the Items I and II below, which Items have investment company and has filed a
Commission process and review your been prepared by Nasdaq. The registration statement on Form N–1A
comments more efficiently, please use Commission is publishing this notice to (‘‘Registration Statement’’) with the
only one method. The Commission will solicit comments on the proposed rule
post all comments on the Commission’s change from interested persons. 4 A Managed Fund Share is a security that
Internet Web site (http://www.sec.gov/ I. Self-Regulatory Organization’s represents an interest in an investment company
rules/sro.shtml). Copies of the registered under the Investment Company Act of
Statement of the Terms of Substance of 1940 (15 U.S.C. 80a-1) (the ‘‘1940 Act’’) organized
submission, all subsequent the Proposed Rule Change as an open-end investment company or similar
amendments, all written statements entity that invests in a portfolio of securities
with respect to the proposed rule Nasdaq proposes to list and trade the selected by its investment adviser consistent with
change that are filed with the shares of the First Trust Municipal High its investment objectives and policies. In contrast,
Income ETF (the ‘‘Fund’’) of First Trust an open-end investment company that issues Index
Commission, and all written Fund Shares, listed and traded on the Exchange
communications relating to the Exchange-Traded Fund III (the ‘‘Trust’’) under Nasdaq Rule 5705, seeks to provide
proposed rule change between the under Nasdaq Rule 5735 (‘‘Managed investment results that correspond generally to the
Commission and any person, other than Fund Shares’’).3 The shares of the Fund price and yield performance of a specific foreign or
domestic stock index, fixed income securities index
those that may be withheld from the or combination thereof.
public in accordance with the 15 17 CFR 200.30–3(a)(12). 5 The Commission has issued an order, upon
1 15 U.S.C. 78s(b)(1).
provisions of 5 U.S.C. 552, will be which the Trust may rely, granting certain
2 17 CFR 240.19b–4.
available for Web site viewing and exemptive relief under the 1940 Act. See
3 The Commission approved Nasdaq Rule 5735 in Investment Company Act Release No. 30029 (April
printing in the Commission’s Public Securities Exchange Act Release No. 57962 (June 10, 2012) (File No. 812–13795) (the ‘‘Exemptive
Reference Room, 100 F Street NE., 13, 2008), 73 FR 35175 (June 20, 2008) (SR- Relief’’). In addition, on December 6, 2012, the staff
Washington, DC 20549 on official NASDAQ–2008–039). There are already multiple of the Commission’s Division of Investment
business days between the hours of actively-managed funds listed on the Exchange; see, Management (‘‘Division’’) issued a no-action letter
e.g., Securities Exchange Act Release Nos. 71913 (‘‘No-Action Letter’’) relating to the use of
10:00 a.m. and 3:00 p.m. Copies of such (April 9, 2014), 79 FR 21333 (April 15, 2014) (SR– derivatives by actively-managed ETFs. See No-
filing also will be available for NASDAQ–2014–019) (order approving listing and Action Letter dated December 6, 2012 from
inspection and copying at the principal
asabaliauskas on DSK5VPTVN1PROD with NOTICES
trading of First Trust Managed Municipal ETF); Elizabeth G. Osterman, Associate Director, Office of
office of the Exchange. All comments 69464 (April 26, 2013), 78 FR 25774 (May 2, 2013) Exemptive Applications, Division of Investment
(SR–NASDAQ–2013–036) (order approving listing Management. The No-Action Letter stated that the
received will be posted without change; and trading of First Trust Senior Loan Fund); 66489 Division would not recommend enforcement action
the Commission does not edit personal (February 29, 2012), 77 FR 13379 (March 6, 2012) to the Commission under applicable provisions of
identifying information from (SR–NASDAQ–2012–004) (order approving listing and rules under the 1940 Act if actively-managed
submissions. You should submit only and trading of WisdomTree Emerging Markets ETFs operating in reliance on specified orders
Corporate Bond Fund). The Exchange believes the (which include the Exemptive Relief) invest in
information that you wish to make proposed rule change raises no significant issues options contracts, futures contracts or swap
available publicly. All submissions not previously addressed in those prior agreements provided that they comply with certain
should refer to File Number SR–ISE– Commission orders. representations stated in the No-Action Letter.
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Document Created: 2018-02-02 12:39:58
Document Modified: 2018-02-02 12:39:58
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| FR Citation | 81 FR 4710 |
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