81 FR 50757 - Sunshine Act Meeting

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 148 (August 2, 2016)

Page Range		50757-50757
FR Document		2016-18322

Federal Register, Volume 81 Issue 148 (Tuesday, August 2, 2016)

[Federal Register Volume 81, Number 148 (Tuesday, August 2, 2016)]
[Notices]
[Page 50757]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-18322]


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

SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold a Closed Meeting on Thursday, August 
4, 2016 at 2:00 p.m.
    Commissioners, Counsel to the Commissioners, the Secretary to the 
Commission, and recording secretaries will attend the Closed Meeting. 
Certain staff members who have an interest in the matters also may be 
present.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matter at the Closed Meeting.
    Chair White, as duty officer, voted to consider the items listed 
for the Closed Meeting in closed session.
    The subject matter of the Closed Meeting will be:
    Institution and settlement of injunctive actions;
    Institution and settlement of administrative proceedings;
    Adjudicatory matters; and
    Other matters relating to enforcement proceedings.
    At times, changes in Commission priorities require alterations in 
the scheduling of meeting items.
    For further information and to ascertain what, if any, matters have 
been added, deleted or postponed, please contact Brent J. Fields from 
the Office of the Secretary at (202) 551-5400.

    Dated: July 28, 2016.
Lynn M. Powalski,
Deputy Secretary.
[FR Doc. 2016-18322 Filed 7-29-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 148 / Tuesday, August 2, 2016 / Notices 50757

should refer to File Number SR– SECURITIES AND EXCHANGE time period for Commission action on
NYSEARCA–2016–102, and should be COMMISSION the proceedings to determine whether to
submitted on or before August 23, 2016. disapprove the proposed rule change.10
[Release No. 34–78424; File No. SR–ISE
For the Commission, by the Division of Gemini-2015–17]
The Commission did not receive any
Trading and Markets, pursuant to delegated comments on the proposed rule change
authority.43 Self-Regulatory Organizations; ISE and the Exchange did not submit a
Robert W. Errett, Gemini, LLC; Order Disapproving a response to the Commission’s order
Deputy Secretary. Proposed Rule Change To Amend Rule instituting proceedings. This order
[FR Doc. 2016–18201 Filed 8–1–16; 8:45 am] 804(g) disapproves the proposed rule change.
BILLING CODE 8011–01–P July 27, 2016. II. Description of the Proposal
I. Introduction The Exchange has an automated
quotation adjustment functionality that
SECURITIES AND EXCHANGE On November 12, 2015, ISE Gemini, is governed by its Rule 804(g). Pursuant
COMMISSION LLC (‘‘ISE Gemini’’ or ‘‘Exchange’’) filed to these Rules, the Exchange will
with the Securities and Exchange automatically remove a market maker’s
Sunshine Act Meeting Commission (the ‘‘Commission’’), quotations in all series of an options
pursuant to Section 19(b)(1) of the class when, during a specified time
Notice is hereby given, pursuant to Securities Exchange Act of 1934 (the
the provisions of the Government in the period, the market maker exceeds
‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a certain execution parameters.11 All
Sunshine Act, Public Law 94–409, that proposed rule change to require
the Securities and Exchange market makers are required by ISE
Clearing Member 3 approval for a market Gemini to provide these specific
Commission will hold a Closed Meeting maker 4 to resume trading after the
on Thursday, August 4, 2016 at 2:00 parameters. Additionally, the Exchange
activation of a market-wide speed bump will automatically remove a market
p.m. under ISE Gemini Rule 804(g). The maker’s quotes in all classes when,
Commissioners, Counsel to the proposed rule change was published for during a specified time period, the total
Commissioners, the Secretary to the comment in the Federal Register on number of quote removal events
Commission, and recording secretaries November 30, 2015.5 (‘‘curtailment events’’) described in Rule
will attend the Closed Meeting. Certain On January 13, 2016, the Commission 804(g)(1) exceed a specified market-
staff members who have an interest in extended the time period within which wide parameter (‘‘market-wide speed
the matters also may be present. to approve the proposed rule change, bump’’).12 As with the functionality to
The General Counsel of the disapprove the proposed rule change, or remove all option series of an options
Commission, or her designee, has institute proceedings to determine class, all market makers are required by
certified that, in her opinion, one or whether to disapprove the proposed ISE Gemini to specify a market-wide
more of the exemptions set forth in 5 rule change to February 28, 2016.6 On parameter. The market-wide speed
U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) February 26, 2016, the Commission bump is available for quotes only on ISE
and 17 CFR 200.402(a)(3), (5), (7), 9(ii) instituted proceedings under Section Gemini or across both ISE Gemini and
and (10), permit consideration of the 19(b)(2)(B) of the Act 7 to determine ISE Gemini’s affiliated exchange,
scheduled matter at the Closed Meeting. whether to approve or disapprove the International Securities Exchange,
Chair White, as duty officer, voted to proposed rule change.8 Specifically, the LLC.13 The Exchange states that, after a
consider the items listed for the Closed Commission instituted proceedings to market-wide speed bump is triggered
Meeting in closed session. allow for additional analysis of, and and the trading system removes all of a
input from commenters with respect to, market maker’s quotes, the market
The subject matter of the Closed the proposed rule change’s consistency
Meeting will be: maker may re-enter the market and
with Section 6(b)(5) of the Act.9 On May resume trading upon notification to the
Institution and settlement of 26, 2016, the Commission extended the Exchange’s Market Operations.14
injunctive actions; Under the proposal, the Exchange
Institution and settlement of 1 15 U.S.C. 78s(b)(1).
seeks to amend the process by which
2 17 CFR 240.19b–4.
administrative proceedings; market makers can re-enter the market.
3 A ‘‘Clearing Member’’ is a Member that is self-
Adjudicatory matters; and clearing or an Electronic Access Member that clears Specifically, the proposal requires
Other matters relating to enforcement Exchange Transactions for other Members of the Clearing Member approval before a
Exchange. See ISE Gemini Rule 100(a)(8). An market maker can resume trading after
proceedings. ‘‘Electronic Access Member’’ is an Exchange
At times, changes in Commission Member that is approved to exercise trading
triggering a market-wide speed bump.15
priorities require alterations in the privileges associated with EAM Rights. See Article Following a market-wide speed bump,
scheduling of meeting items. XIII, Section 13.1(j) of the Constitution of ISE the proposed rule requires: (1) A market
Gemini, LLC. maker to notify its Clearing Member(s)
For further information and to 4 ISE Gemini has two categories of market makers:
when it is ready to resume trading; and
ascertain what, if any, matters have been Primary Market Makers (‘‘PMMs’’) and Competitive
(2) each applicable Clearing Member to
added, deleted or postponed, please Market Makers (‘‘CMMs’’). A PMM is appointed to
each options class traded on the Exchange, but a
contact Brent J. Fields from the Office of CMM may or may not be appointed to each such 10 See Securities Exchange Act Release No. 77927,
the Secretary at (202) 551–5400. options class. See ISE Gemini Rule 802. 81 FR 35411 (June 2, 2016).
mstockstill on DSK3G9T082PROD with NOTICES

5 See Securities Exchange Act Release No. 76505 11 See ISE Gemini Rule 804(g)(1) for a description
Dated: July 28, 2016.
(November 23, 2015), 80 FR 74824 (‘‘Notice’’). of the parameters. The time period is specified by
Lynn M. Powalski, 6 See Securities Exchange Act Release No. 76894, the market maker.
Deputy Secretary. 81 FR 3213 (January 20, 2016). 12 See ISE Gemini Rule 804(g)(2). The time period

[FR Doc. 2016–18322 Filed 7–29–16; 11:15 am]
7 15 U.S.C. 78s(b)(2)(B). for a market-wide speed bump is also specified by
8 See Securities Exchange Act Release No. 77247, the market maker.
BILLING CODE 8011–01–P 13 Id.
81 FR 11309 (March 3, 2016) (‘‘Order Instituting
Proceedings’’). 14 See Notice, supra note 5, at 74824.
43 17 CFR 200.30–3(a)(12). 9 15 U.S.C. 78f(b)(5). 15 See proposed Rule 804(g)(2).

VerDate Sep<11>2014 18:35 Aug 01, 2016 Jkt 238001 PO 00000 Frm 00076 Fmt 4703 Sfmt 4703 E:\FR\FM\02AUN1.SGM 02AUN1

Document Created: 2016-08-02 01:47:24
Document Modified: 2016-08-02 01:47:24

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 50757