81 FR 9909 - Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct the Text of ISE Rule 313
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 38 (February 26, 2016)
Federal Register Volume 81, Issue 38 (February 26, 2016)
| Page Range | 9909-9910 | |
| FR Document | 2016-04108 |
[Federal Register Volume 81, Number 38 (Friday, February 26, 2016)] [Notices] [Pages 9909-9910] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-04108] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-77199; File No. SR-ISE-2016-05] Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct the Text of ISE Rule 313 February 22, 2016. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act'' or the ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 9, 2016, the International Securities Exchange, LLC (the ``Exchange'' or the ``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 correct, .08 of Supplementary Material to Rule 313, Registration Requirements, which describes 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. This amendment proposes to replace the inadvertent use of the term ``Permit Holder'' with ``Member'' which is the correct term used throughout the ISE Rulebook to describe a member of the Exchange. 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 purpose of this proposed rule change is to make corrections to .08 of Supplementary Material to Rule 313, Registration Requirements, which describes the categories of registration and respective qualification examinations required for associated persons that engage in the securities activities of members on the Exchange. This amendment proposes to replace the inadvertent use of the term ``Permit Holder'' with ``Member'' because ``Member'' is the correct term used throughout the ISE Rulebook to describe a member of the Exchange. In December of 2015, ISE proposed to, among other things, (1) replace the Proprietary Trader registration category and the Series 56 Proprietary Trader registration qualification examination with the Securities Trader category of registration and the Series 57 Securities [[Page 9910]] Trader registration qualification examination for Securities Traders respectively and (2) replace the Proprietary Trader Principal registration category with the 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.\3\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 76835 (January 5, 2016), 81 FR 1245 (January 11, 2016), SR-ISE-2015-44. --------------------------------------------------------------------------- Currently, .08 of Supplementary Material to Rule 313, Registration Requirements, inadvertently uses the term ``Permit Holder'' rather than ``Member,'' which is the correct term used throughout the ISE Rulebook describe a member of the Exchange. ISE now proposes to amend .08 to Supplementary Material to Rule 313 to reflect ISE's longstanding use of the term ``Member'' to describe members of the Exchange. 2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6(b) of the Act \4\ in general, and furthers the objectives of Section 6(b)(5) \5\ in particular, in that it is designed to prevent fraudulent and manipulative acts and practices, 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. The Exchange believes it is appropriate to make the proposed replacement of ``Permit Holder'' with ``Member'' so that the correct term is used in its rules. Additionally, replacing the inadvertent use of the term ``Permit Holder'' with ``Member'' will create consistency and eliminate confusion in its rules. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78f(b). \5\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- B. Self-Regulatory Organization's Statement on Burden on Competition This proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act because ISE is correcting its rule text to replace the inadvertent use of the term ``Permit Holder'' with ``Member'' because ``Member'' is the correct term used throughout the ISE Rulebook to describe a member of the Exchange. 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 \6\ and Rule 19b- 4(f)(6) thereunder.\7\ 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). --------------------------------------------------------------------------- \6\ 15 U.S.C. 78s(b)(3)(A). \7\ 17 CFR 240.19b-4(f)(6). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-ISE-2016-05 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-2016-05. 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. 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-2016-05 and should be submitted by March 18, 2016. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ Robert W. Errett, Deputy Secretary. --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- [FR Doc. 2016-04108 Filed 2-25-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 38 / Friday, February 26, 2016 / Notices 9909
In particular, the Commission seeks Commission and any person, other than I. Self-Regulatory Organization’s
comment on the following: those that may be withheld from the Statement of the Terms of Substance of
1. As described above, the Exchange public in accordance with the the Proposed Rule Change
has proposed listing standards with provisions of 5 U.S.C. 552, will be ISE proposes to correct, .08 of
respect to certain asset classes held by available for Web site viewing and Supplementary Material to Rule 313,
actively managed exchange-traded printing in the Commission’s Public Registration Requirements, which
funds that are substantively the same as Reference Room, 100 F Street NE., describes the categories of registration
the standards applied to those asset Washington, DC 20549, on official and respective qualification
classes when held by an index-based business days between the hours of examinations required for individual
fund. Do commenters believe that these 10:00 a.m. and 3:00 p.m. Copies of these associated persons (‘‘associated
standards are appropriate for both types filings also will be available for persons’’) that engage in the securities
of funds? inspection and copying at the principal activities of members on the Exchange.
2. Do commenters believe that the office of the Exchange. All comments This amendment proposes to replace the
limitations and standards proposed for received will be posted without change; inadvertent use of the term ‘‘Permit
specific assets classes are appropriate? the Commission does not edit personal Holder’’ with ‘‘Member’’ which is the
3. In general, do commenters believe identifying information from correct term used throughout the ISE
that the proposed listing requirements submissions. You should submit only Rulebook to describe a member of the
are adequate to deter manipulation with information that you wish to make Exchange. The text of the proposed rule
respect to generically listed Managed
available publicly. All submissions change is available on the Exchange’s
Fund Shares?
should refer to File Number SR– Web site at www.ise.com, at the
4. With respect to the proposed
generic listing standards, which set NYSEArca–2015–110 and should be principal office of the Exchange, and at
forth requirements for the listing and submitted on or before March 18, 2016. the Commission’s Public Reference
trading of Managed Fund Shares on an Rebuttal comments should be submitted Room.
initial and continuing basis, do by April 1, 2016.
II. Self-Regulatory Organization’s
commenters have views on how or For the Commission, by the Division of Statement of the Purpose of, and
whether the Exchange would be able to Trading and Markets, pursuant to delegated Statutory Basis for, the Proposed Rule
monitor compliance with respect to authority.81 Change
these continuing listing standards? Do Robert W. Errett, In its filing with the Commission, the
commenters have views on what Deputy Secretary. self-regulatory organization included
actions, if any, should be taken by the [FR Doc. 2016–04112 Filed 2–25–16; 8:45 am] statements concerning the purpose of,
Exchange if a series of Managed Fund and basis for, the proposed rule change
BILLING CODE 8011–01–P
Shares listed and trading on the and discussed any comments it received
Exchange falls out of compliance with on the proposed rule change. The text
any of the proposed generic criteria? of these statements may be examined at
Comments may be submitted by any SECURITIES AND EXCHANGE
COMMISSION the places specified in Item IV below.
of the following methods: The Exchange has prepared summaries,
Electronic Comments [Release No. 34–77199; File No. SR–ISE– set forth in sections A, B, and C below,
• Use the Commission’s Internet 2016–05] of the most significant aspects of such
comment form (http://www.sec.gov/ statements.
rules/sro.shtml); or Self-Regulatory Organizations; A. Self-Regulatory Organization’s
• Send an email to rule-comments@ International Securities Exchange, Statement of the Purpose of, and
sec.gov. Please include File Number SR– LLC; Notice of Filing and Immediate Statutory Basis for, the Proposed Rule
NYSEArca–2015–110 on the subject Effectiveness of Proposed Rule Change
line. Change To Correct the Text of ISE Rule
313 1. Purpose
Paper Comments
The purpose of this proposed rule
• Send paper comments in triplicate February 22, 2016. change is to make corrections to .08 of
to Brent J. Fields, Secretary, Securities Pursuant to Section 19(b)(1) of the Supplementary Material to Rule 313,
and Exchange Commission, 100 F Street Securities Exchange Act of 1934 (the Registration Requirements, which
NE., Washington, DC 20549–1090. ‘‘Act’’ or the ‘‘Exchange Act’’),1 and describes the categories of registration
All submissions should refer to File Rule 19b–4 thereunder,2 notice is and respective qualification
Numbers SR–NYSEArca–2015–110. hereby given that on February 9, 2016, examinations required for associated
This file number should be included on the International Securities Exchange, persons that engage in the securities
the subject line if email is used. To help LLC (the ‘‘Exchange’’ or the ‘‘ISE’’) filed activities of members on the Exchange.
the Commission process and review with the Securities and Exchange This amendment proposes to replace the
your comments more efficiently, please Commission the proposed rule change inadvertent use of the term ‘‘Permit
use only one method. The Commission as described in Items I, II, and III below, Holder’’ with ‘‘Member’’ because
will post all comments on the which Items have been prepared by the ‘‘Member’’ is the correct term used
Commission’s Internet Web site (http:// self-regulatory organization. The throughout the ISE Rulebook to describe
mstockstill on DSK4VPTVN1PROD with NOTICES
www.sec.gov/rules/sro.shtml). Copies of Commission is publishing this notice to a member of the Exchange.
the submission, all subsequent solicit comments on the proposed rule In December of 2015, ISE proposed to,
amendments, all written statements change from interested persons. among other things, (1) replace the
with respect to the proposed rule Proprietary Trader registration category
change that are filed with the 81 17 CFR 200.30–3(a)(12) and 17 CFR 200.30– and the Series 56 Proprietary Trader
Commission, and all written 3(a)(57). registration qualification examination
communications relating to the 1 15 U.S.C. 78s(b)(1). with the Securities Trader category of
proposed rule change between the 2 17 CFR 240.19b–4. registration and the Series 57 Securities
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![9910 Federal Register / Vol. 81, No. 38 / Friday, February 26, 2016 / Notices
Trader registration qualification C. Self-Regulatory Organization’s Paper Comments
examination for Securities Traders Statement on Comments on the • Send paper comments in triplicate
respectively and (2) replace the Proposed Rule Change Received From to Secretary, Securities and Exchange
Proprietary Trader Principal registration Members, Participants or Others Commission, 100 F Street NE.,
category with the registration category The Exchange has neither solicited Washington, DC 20549–1090.
of Securities Trader Principal and nor received written comments on this All submissions should refer to File
require Securities Trader Principals to proposed rule change. The Exchange Number SR–ISE–2016–05. This file
take the Series 57 qualification has not received any written comments number should be included on the
examination in addition to the Series 24 from members or other interested subject line if email is used. To help the
qualification examination.3 parties. Commission process and review your
Currently, .08 of Supplementary comments more efficiently, please use
III. Date of Effectiveness of the
Material to Rule 313, Registration only one method. The Commission will
Proposed Rule Change and Timing for
Requirements, inadvertently uses the post all comments on the Commission’s
Commission Action
term ‘‘Permit Holder’’ rather than Internet Web site (http://www.sec.gov/
Because the foregoing proposed rule rules/sro.shtml). Copies of the
‘‘Member,’’ which is the correct term
change does not significantly affect the submission, all subsequent
used throughout the ISE Rulebook
protection of investors or the public amendments, all written statements
describe a member of the Exchange. ISE interest, does not impose any significant with respect to the proposed rule
now proposes to amend .08 to burden on competition, and, by its change that are filed with the
Supplementary Material to Rule 313 to terms, does not become operative for 30 Commission, and all written
reflect ISE’s longstanding use of the days from the date on which it was communications relating to the
term ‘‘Member’’ to describe members of filed, or such shorter time as the proposed rule change between the
the Exchange. Commission may designate, it has Commission and any person, other than
2. Statutory Basis become effective pursuant to Section those that may be withheld from the
19(b)(3)(A) of the Act 6 and Rule 19b– public in accordance with the
The Exchange believes that its 4(f)(6) thereunder.7 The Exchange provisions of 5 U.S.C. 552, will be
proposal is consistent with Section 6(b) provided the Commission with written available for Web site viewing and
of the Act 4 in general, and furthers the notice of its intent to file the proposed printing in the Commission’s Public
objectives of Section 6(b)(5) 5 in rule change, along with a brief Reference Room. Copies of such filing
particular, in that it is designed to description and text of the proposed also will be available for inspection and
prevent fraudulent and manipulative rule change, at least five business days copying at the principal office of the
acts and practices, to promote just and prior to the date of filing the proposed ISE. All comments received will be
equitable principles of trade, to remove rule change, or such shorter time as posted without change; the Commission
impediments to and perfect the designated by the Commission, as does not edit personal identifying
mechanism of a free and open market required by Rule 19b–4(f)(6). information from submissions. You
At any time within 60 days of the should submit only information that
and a national market system, and, in
filing of such proposed rule change, the you wish to make available publicly. All
general, to protect investors and the
Commission summarily may submissions should refer to File
public interest. The Exchange believes it
temporarily suspend such rule change if Number SR–ISE–2016–05 and should be
is appropriate to make the proposed it appears to the Commission that such submitted by March 18, 2016.
replacement of ‘‘Permit Holder’’ with action is necessary or appropriate in the
‘‘Member’’ so that the correct term is For the Commission, by the Division of
public interest, for the protection of Trading and Markets, pursuant to delegated
used in its rules. Additionally, replacing investors, or otherwise in furtherance of authority.8
the inadvertent use of the term ‘‘Permit the purposes of the Act. If the Robert W. Errett,
Holder’’ with ‘‘Member’’ will create Commission takes such action, the Deputy Secretary.
consistency and eliminate confusion in Commission shall institute proceedings [FR Doc. 2016–04108 Filed 2–25–16; 8:45 am]
its rules. to determine whether the proposed rule
BILLING CODE 8011–01–P
B. Self-Regulatory Organization’s should be approved or disapproved.
Statement on Burden on Competition IV. Solicitation of Comments
SECURITIES AND EXCHANGE
This proposed rule change does not Interested persons are invited to COMMISSION
impose any burden on competition that submit written data, views, and
arguments concerning the foregoing, [Release No. 34–77200; File No. SR–CBOE–
is not necessary or appropriate in 2016–009]
furtherance of the purposes of the including whether the proposed rule
change is consistent with the Act.
Exchange Act because ISE is correcting Self-Regulatory Organizations;
Comments may be submitted by any of
its rule text to replace the inadvertent Chicago Board Options Exchange,
the following methods:
use of the term ‘‘Permit Holder’’ with Incorporated; Notice of Filing of a
‘‘Member’’ because ‘‘Member’’ is the Electronic Comments Proposed Rule Change Relating to
correct term used throughout the ISE • Use the Commission’s Internet LMMs and DPMs
Rulebook to describe a member of the
mstockstill on DSK4VPTVN1PROD with NOTICES
comment form (http://www.sec.gov/ February 22, 2016.
Exchange. rules/sro.shtml); or Pursuant to Section 19(b)(1) of the
• Send an email to rule-comments@ Securities Exchange Act of 1934 (the
3 See Securities Exchange Act Release No. 76835 sec.gov. Please include File Number SR– ‘‘Act’’),1 and Rule 19b–4 thereunder,2
(January 5, 2016), 81 FR 1245 (January 11, 2016), ISE–2016–05 on the subject line.
SR–ISE–2015–44. 8 17 CFR 200.30–3(a)(12).
4 15 U.S.C. 78f(b). 6 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1).
5 15 U.S.C. 78f(b)(5). 7 17 CFR 240.19b–4(f)(6). 2 17 CFR 240.19b–4.
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Document Created: 2018-02-02 14:37:12
Document Modified: 2018-02-02 14:37:12
| 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 9909 |
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