Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Share Member-Designated Risk Settings in the Trading System With Clearing Members, 18447-18449 [2015-07850]
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18447
Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices
3506(c)(2). That request elicited no
comments.
Information Collection Request (ICR)
Title: Appeal Under the Railroad
Retirement and Railroad Unemployment
Insurance Act.
OMB Control Number: 3220–0007.
Form(s) submitted: HA–1.
Type of request: Extension without
change of a currently approved
collection.
Affected public: Individuals or
Households.
Abstract: Under section 7(b)(3) of the
Railroad Retirement Act and section 5(c)
of the Railroad Unemployment
Insurance Act, a person aggrieved by a
decision on his or her application for an
annuity or other benefit has the right to
appeal to the RRB. The collection
provides the means for the appeal
action.
Changes proposed: The RRB proposes
no changes to Form HA–1.
The burden estimate for the ICR is as
follows:
Form No.
Annual
responses
Time
(minutes)
Burden
(hours)
HA–1 ............................................................................................................................................
550
20
185
2. Title and purpose of information
collection: Annual Earnings
Questionnaire; OMB 3220–0179.
Under section 2(e)(3) of the Railroad
Retirement Act (RRA), an annuity is not
payable for any month in which a
beneficiary works for a railroad. In
addition, an annuity is reduced for any
month in which the beneficiary works
for an employer other than a railroad
employer and earns more than a
prescribed amount. Under the 1988
amendments to the RRA, the Tier II
portion of the regular annuity and any
supplemental annuity must be reduced
by one dollar for each two dollars of
Last Pre-Retirement Non-Railroad
Employment (LPE) earnings for each
month of such service. However, the
reduction cannot exceed fifty percent of
the Tier II and supplemental annuity
amount for the month to which such
deductions apply. The LPE generally
refers to an annuitant’s last employment
with a non-railroad person, company, or
institution prior to retirement, which
was performed at the same time as
railroad employment or after the
annuitant stopped railroad employment.
The collection obtains earnings
information needed by the RRB to
determine if possible reductions in
annuities are in order due to LPE.
The RRB utilizes Form G–19L,
Annual Earnings Questionnaire, to
obtain LPE earnings information from
annuitants. One response is requested of
each respondent. Completion is
required to retain a benefit.
Previous Requests for Comments: The
RRB has already published the initial
60-day notice (80 FR 3266, on January
22, 2015) required by 44 U.S.C.
3506(c)(2). That request elicited no
comments.
Information Collection Request (ICR)
Title: Annual Earnings Questionnaire
for Annuitants in Last Pre-Retirement
Non-Railroad Employment.
OMB Control Number: 3220–0179.
Form submitted: G–19L.
Type of request: Extension without
change of a currently approved
collection.
Affected public: Individuals or
Households.
Abstract: Under section 2(e)(3) of the
Railroad Retirement Act, an annuity is
not payable or is reduced for any month
in which the beneficiary works for a
railroad or earns more than the
prescribed amounts. The collection
obtains earnings information needed by
the Railroad Retirement Board to
determine possible reductions in
annuities because of earnings.
Changes proposed: The RRB proposes
no changes to Form GL–19L.
The burden estimate for the ICR is as
follows:
Annual
Responses
Form No.
Time
(minutes)
Burden
(hours)
300
15
75
Total ......................................................................................................................................
tkelley on DSK4VPTVN1PROD with NOTICES
G–19L ..........................................................................................................................................
300
........................
75
Additional Information or Comments:
Copies of the forms and supporting
documents can be obtained from Dana
Hickman at (312) 751–4981 or
Dana.Hickman@RRB.GOV.
Comments regarding the information
collection should be addressed to
Charles Mierzwa, Railroad Retirement
Board, 844 North Rush Street, Chicago,
Illinois 60611–2092 or
Charles.Mierzwa@RRB.GOV and to the
OMB Desk Officer for the RRB, Fax:
202–395–6974, Email address: OIRA_
Submission@omb.eop.gov.
Charles Mierzwa,
Chief of Information Resources Management.
[FR Doc. 2015–07813 Filed 4–3–15; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74623; File No. SR–ISE–
2015–12]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Share Member-Designated
Risk Settings in the Trading System
With Clearing Members
April 1, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
18:14 Apr 03, 2015
1 15
2 17
BILLING CODE 7905–01–P
VerDate Sep<11>2014
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 19,
2015 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.
Jkt 235001
PO 00000
Frm 00096
Fmt 4703
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E:\FR\FM\06APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
06APN1
18448
Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The ISE proposes to amend Rule 706
to authorize the Exchange to share any
Member-designated risk settings in the
trading system with the Clearing
Member that clears transactions on
behalf of the Member. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
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 self-regulatory organization has
prepared summaries, set forth in
sections A, B and C below, of the most
significant aspects of such statements.
tkelley on DSK4VPTVN1PROD with NOTICES
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 706 to authorize the Exchange to
share any Member-designated risk
settings in the trading system with the
Clearing Member that clears
transactions on behalf of the Member.
Rule 706 states that ‘‘[u]nless otherwise
provided in the Rules, no one but a
Member or a person associated with a
Member shall effect any Exchange
Transactions.’’ 3 The Exchange proposes
to amend the current rule by adding the
following sentence: ‘‘The Exchange may
share any Member-designated risk
settings in the trading system with the
Clearing Member that clears
transactions on behalf of the Member.’’
Each Member that transacts through a
Clearing Member on the Exchange
executes a Letter of Clearing
Authorization, in the case of Electronic
Access Members, or a Market Maker
Letter of Guarantee, in the case of
Primary Market Makers and Competitive
Market Makers, wherein the Clearing
Member ‘‘accepts financial
responsibility for all Exchange
Transactions made by the’’ Member on
whose behalf the Clearing Member
3
See Rule 706(a).
VerDate Sep<11>2014
18:14 Apr 03, 2015
Jkt 235001
submits the letter of guarantee. The
Exchange believes that because Clearing
Members guarantee all transactions on
behalf of a Member, and therefore, bear
the risk associated with those
transactions, it is appropriate for
Clearing Members to have knowledge of
what risk settings a Member may utilize
within the trading system.
The Exchange notes that while not all
Members are Clearing Members, all
Members require a Clearing Member’s
consent to clear transactions on their
behalf in order to conduct business on
the Exchange. As the Clearing Member
ultimately bears all the risk for a trade
they clear on any Member’s behalf, the
Exchange believes it is reasonable to
provide Clearing Members with
information relating to the risk settings
used by each Member whose
transactions they are clearing. To the
extent that a Clearing Member might
reasonably require a Member to provide
access to its risk settings as a
prerequisite to continue to clear trades
on the Member’s behalf, the Exchange’s
proposal to share those risk settings
directly reduces the administrative
burden on Members and ensures that
Clearing Members are receiving
information that is up-to-date and
conforms to the settings active in the
trading system.
The Exchange further notes that any
broker-dealer is free to become a
Clearing Member of the Options
Clearing Corporation (the ‘‘OCC’’),
which would enable that Member to
avoid sharing risk settings with any
third party, if they so choose. For these
reasons, the Exchange believes that the
proposal is consistent with the Act as it
provides Clearing Members with
additional risk-related information that
may aid them in complying with the
Act, notably Rule 15c3–5 and, as noted,
Members that do not wish to share such
settings with a Clearing Member can do
so by become clearing members of the
OCC.
The risk settings that would be shared
pursuant to the proposed rule are
currently codified in Rule 804 (for
regulars orders) and Rule 722 (for
complex orders). The risk settings are
designed to mitigate the potential risks
of multiple executions against a
Member’s trading interest that, in
today’s highly automated and electronic
trading environment, can occur
simultaneously across multiple series
and multiple option classes. The
proposed rule will allow the Exchange
to share a Member’s risk settings with
the Clearing Member that guarantees the
Member’s transactions, and therefore
has a financial interesting [sic] in
PO 00000
Frm 00097
Fmt 4703
Sfmt 4703
understanding the risk tolerance of a
Member.
Because the Letter of Clearing
Authorization and the Market Maker
Letter of Guarantee codifies
relationships between a Member and the
Clearing Member, the Exchange is on
notice of which Clearing Members have
relationships with which Members. The
proposed rule change would simply
provide the Exchange with authority to
directly provide Clearing Members with
information that may otherwise be
available to such Clearing Members by
virtue of their relationship with the
respective Member.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the requirements of the Act and the
rules and regulations thereunder that
are applicable to a national securities
exchange, and, in particular, with the
requirements of Section 6(b) of the Act.4
In particular, the proposal is consistent
with Section 6(b)(5) of the Act,5 because
it is designed to promote just and
equitable principles of trade, to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
general, to protect investors and the
public interest.
The Exchange believes that the
proposed rule change removes
impediments to and perfects the
mechanism of a free and open market by
codifying that the Exchange can directly
provide to Clearing Members that
guarantee that Member’s transactions on
the Exchange the Member-designated
risk settings in the trading system,
which are designed to mitigate the
potential risk of multiple executions
against a Member’s trading interest that,
in today’s highly automated and
electronic trading environment, can
occur simultaneously across multiple
series and multiple option classes. The
Exchange believes that the proposed
rule change is consistent with the
protection of investors and the public
interests because it will permit Clearing
Members with a financial interest in a
Member’s risk settings to better monitor
and manage the potential risks assumed
by Members with whom the Clearing
Member has entered into a letter of
guarantee, thereby providing Clearing
Members with greater control and
flexibility over setting their own risk
tolerance and exposure.
4
5
15 U.S.C. 78f(b).
15 U.S.C. 78f(b)(5).
E:\FR\FM\06APN1.SGM
06APN1
Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange believes the proposal is
consistent with Section 6(b)(8) of the
Act 6 in that it does not impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change is not designed to
address any aspect of competition, but
would provide authority for the
Exchange to directly share risk settings
with Clearing Members regarding the
Members with whom the Clearing
Member has executed a letter of
guarantee so the Clearing Member can
better monitor and manage the potential
risks assumed by the Members, thereby
providing them with greater control and
flexibility over setting their own risk
tolerance and exposure. The proposed
rule change does not pose an undue
burden on non-Clearing Members
because, unlike Clearing Members, nonClearing Members do not guarantee the
execution of the Member transactions
on the Exchange. The proposed rule
change is structured to offer the same
enhancement to all Clearing Members,
regardless of size, and would not
impose a competitive burden on any
participant.
tkelley on DSK4VPTVN1PROD with NOTICES
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 Exchange believes that the
foregoing proposed rule change may
take effect upon filing with the
Commission pursuant to
Section19(b)(3)(A) 7 of the Act and Rule
19b–4(f)(6) thereunder 8 because the
foregoing proposed rule change does not
(i) significantly affect the protection of
investors or the public interest, (ii)
impose any significant burden on
competition, and (iii) become operative
for 30 days after its filing date, or such
shorter time as the Commission may
designate.
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
15 U.S.C. 78f(b)(8).
15 U.S.C. 78s(b)(3)(A).
8 17 CFR 240.19b–4(f)(6).
6
7
VerDate Sep<11>2014
18:14 Apr 03, 2015
Jkt 235001
it appears to the Commission that such
action is: (i) Necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
ISE–2015–12 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–2015–12. 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 (https://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
offices 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–
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
18449
2015–12, and should be submitted on or
before April 27, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Brent J. Fields,
Secretary.
[FR Doc. 2015–07850 Filed 4–3–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Extension:
Rule 23c–1. (SEC File No. 270–253, OMB
Control No. 3235–0260).
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 350l–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Rule 23c–1(a) under the Investment
Company Act (17 CFR 270.23c–1(a))
permits a closed-end fund to repurchase
its securities for cash if, in addition to
the other requirements set forth in the
rule, the following conditions are met:
(i) Payment of the purchase price is
accompanied or preceded by a written
confirmation of the purchase (‘‘written
confirmation’’); (ii) the asset coverage
per unit of the security to be purchased
is disclosed to the seller or his agent
(‘‘asset coverage disclosure’’); and (iii) if
the security is a stock, the fund has,
within the preceding six months,
informed stockholders of its intention to
purchase stock (‘‘six month notice’’).
Commission staff estimates that 78
closed-end funds undertake a total of
702 repurchases annually under Rule
23c–1.1 Staff estimates further that, with
9 17
CFR 200.30–3(a)(12).
number of closed-end funds that undertake
repurchases annually under Rule 23c–1 is based on
information provided in response to Item 9 of Form
N–CSR from December 30, 2013 through December
30, 2014. Although 112 closed-end funds made
disclosures regarding ‘‘publicly announced’’
repurchase plans in response to Item 9, not all
repurchases are made pursuant to Rule 23c–1. We
estimate that approximately 30% of such closedend funds have not made repurchases pursuant to
Rule 23c–1. Therefore, our estimate does not
include all 112 funds that made disclosures of
publicly announced repurchases under Item 9, but
only a subset thereof.
1 The
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]]>Agencies
[Federal Register Volume 80, Number 65 (Monday, April 6, 2015)]
[Notices]
[Pages 18447-18449]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-07850]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74623; File No. SR-ISE-2015-12]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Share Member-Designated Risk Settings in the Trading System
With Clearing Members
April 1, 2015.
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 March 19, 2015 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.
---------------------------------------------------------------------------
[[Page 18448]]
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The ISE proposes to amend Rule 706 to authorize the Exchange to
share any Member-designated risk settings in the trading system with
the Clearing Member that clears transactions on behalf of the Member.
The text of the proposed rule change is available on the Exchange's Web
site (https://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 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 Exchange proposes to amend Rule 706 to authorize the Exchange
to share any Member-designated risk settings in the trading system with
the Clearing Member that clears transactions on behalf of the Member.
Rule 706 states that ``[u]nless otherwise provided in the Rules, no one
but a Member or a person associated with a Member shall effect any
Exchange Transactions.'' \3\ The Exchange proposes to amend the current
rule by adding the following sentence: ``The Exchange may share any
Member-designated risk settings in the trading system with the Clearing
Member that clears transactions on behalf of the Member.''
---------------------------------------------------------------------------
\3\ See Rule 706(a).
---------------------------------------------------------------------------
Each Member that transacts through a Clearing Member on the
Exchange executes a Letter of Clearing Authorization, in the case of
Electronic Access Members, or a Market Maker Letter of Guarantee, in
the case of Primary Market Makers and Competitive Market Makers,
wherein the Clearing Member ``accepts financial responsibility for all
Exchange Transactions made by the'' Member on whose behalf the Clearing
Member submits the letter of guarantee. The Exchange believes that
because Clearing Members guarantee all transactions on behalf of a
Member, and therefore, bear the risk associated with those
transactions, it is appropriate for Clearing Members to have knowledge
of what risk settings a Member may utilize within the trading system.
The Exchange notes that while not all Members are Clearing Members,
all Members require a Clearing Member's consent to clear transactions
on their behalf in order to conduct business on the Exchange. As the
Clearing Member ultimately bears all the risk for a trade they clear on
any Member's behalf, the Exchange believes it is reasonable to provide
Clearing Members with information relating to the risk settings used by
each Member whose transactions they are clearing. To the extent that a
Clearing Member might reasonably require a Member to provide access to
its risk settings as a prerequisite to continue to clear trades on the
Member's behalf, the Exchange's proposal to share those risk settings
directly reduces the administrative burden on Members and ensures that
Clearing Members are receiving information that is up-to-date and
conforms to the settings active in the trading system.
The Exchange further notes that any broker-dealer is free to become
a Clearing Member of the Options Clearing Corporation (the ``OCC''),
which would enable that Member to avoid sharing risk settings with any
third party, if they so choose. For these reasons, the Exchange
believes that the proposal is consistent with the Act as it provides
Clearing Members with additional risk-related information that may aid
them in complying with the Act, notably Rule 15c3-5 and, as noted,
Members that do not wish to share such settings with a Clearing Member
can do so by become clearing members of the OCC.
The risk settings that would be shared pursuant to the proposed
rule are currently codified in Rule 804 (for regulars orders) and Rule
722 (for complex orders). The risk settings are designed to mitigate
the potential risks of multiple executions against a Member's trading
interest that, in today's highly automated and electronic trading
environment, can occur simultaneously across multiple series and
multiple option classes. The proposed rule will allow the Exchange to
share a Member's risk settings with the Clearing Member that guarantees
the Member's transactions, and therefore has a financial interesting
[sic] in understanding the risk tolerance of a Member.
Because the Letter of Clearing Authorization and the Market Maker
Letter of Guarantee codifies relationships between a Member and the
Clearing Member, the Exchange is on notice of which Clearing Members
have relationships with which Members. The proposed rule change would
simply provide the Exchange with authority to directly provide Clearing
Members with information that may otherwise be available to such
Clearing Members by virtue of their relationship with the respective
Member.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the requirements of the Act and the rules and regulations
thereunder that are applicable to a national securities exchange, and,
in particular, with the requirements of Section 6(b) of the Act.\4\ In
particular, the proposal is consistent with Section 6(b)(5) of the
Act,\5\ because it is designed to promote just and equitable principles
of trade, to remove impediments to and perfect the mechanisms of a free
and open market and a national market system and, in general, to
protect investors and the public interest.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes that the proposed rule change removes
impediments to and perfects the mechanism of a free and open market by
codifying that the Exchange can directly provide to Clearing Members
that guarantee that Member's transactions on the Exchange the Member-
designated risk settings in the trading system, which are designed to
mitigate the potential risk of multiple executions against a Member's
trading interest that, in today's highly automated and electronic
trading environment, can occur simultaneously across multiple series
and multiple option classes. The Exchange believes that the proposed
rule change is consistent with the protection of investors and the
public interests because it will permit Clearing Members with a
financial interest in a Member's risk settings to better monitor and
manage the potential risks assumed by Members with whom the Clearing
Member has entered into a letter of guarantee, thereby providing
Clearing Members with greater control and flexibility over setting
their own risk tolerance and exposure.
[[Page 18449]]
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange believes the proposal is consistent with Section
6(b)(8) of the Act \6\ in that it does not impose any burden on
competition that is not necessary or appropriate in furtherance of the
purposes of the Act. The proposed rule change is not designed to
address any aspect of competition, but would provide authority for the
Exchange to directly share risk settings with Clearing Members
regarding the Members with whom the Clearing Member has executed a
letter of guarantee so the Clearing Member can better monitor and
manage the potential risks assumed by the Members, thereby providing
them with greater control and flexibility over setting their own risk
tolerance and exposure. The proposed rule change does not pose an undue
burden on non-Clearing Members because, unlike Clearing Members, non-
Clearing Members do not guarantee the execution of the Member
transactions on the Exchange. The proposed rule change is structured to
offer the same enhancement to all Clearing Members, regardless of size,
and would not impose a competitive burden on any participant.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78f(b)(8).
---------------------------------------------------------------------------
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 Exchange believes that the foregoing proposed rule change may
take effect upon filing with the Commission pursuant to
Section19(b)(3)(A) \7\ of the Act and Rule 19b-4(f)(6) thereunder \8\
because the foregoing proposed rule change does not (i) significantly
affect the protection of investors or the public interest, (ii) impose
any significant burden on competition, and (iii) become operative for
30 days after its filing date, or such shorter time as the Commission
may designate.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is: (i)
Necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-ISE-2015-12 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-2015-12. 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 (https://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 offices 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-2015-12,
and should be submitted on or before April 27, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-07850 Filed 4-3-15; 8:45 am]
BILLING CODE 8011-01-P
