Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Correct the Text of ISE Gemini Rule 306, 10937-10939 [2016-04501]
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Federal Register / Vol. 81, No. 41 / Wednesday, March 2, 2016 / Notices
price range by adding the threshold
amount to and subtracting the threshold
amount from the Nasdaq Best Bid. If the
Opening Cross price is lower than the
closing price used under Test A, then
the Exchange would establish the price
range by adding the threshold amount to
and subtracting the threshold amount
from the Nasdaq Best Offer. If a security
does not have a Nasdaq Official Closing
Price or consolidated closing price, as
applicable, then the Exchange would
use a price of $0. If the Opening Cross
price for a security falls outside of the
relevant price range, then no Opening
Cross would occur in the security;
MOO, LOO, OIO, and Early Market
Hours orders would be cancelled; and
the Exchange would open that security
for market hours trading consistent with
Rule 4752(c).27
Implementation
The Exchange proposes to implement
the Opening Cross Price Tests in stages
over the course of approximately four
weeks, beginning with a small number
of securities.28 The Exchange states that
the implementation details would be
published via an Exchange Trader Alert
and be posted on the NasdaqTrader Web
site.29
mstockstill on DSK4VPTVN1PROD with NOTICES
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.30 In particular, the
Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,31 which requires,
among other things, that the rules of a
national securities exchange be
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 Commission notes that the
proposal is designed to enhance the
price protections for the Exchange’s
opening process, to mitigate the
potential for mispriced trades, and to
mitigate the need to use the Exchange’s
27 See Notice, 81 FR at 1242; see also proposed
Rule 4752(d)(2)(F)(iii).
28 See Notice, 81 FR at 1243.
29 See id.
30 In approving this proposed rule change, the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
31 15 U.S.C. 78f(b)(5).
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clearly erroneous trade nullification
process. In particular, as discussed
above, the proposed Opening Cross
Price Tests are designed to mitigate the
potential for a mispriced Opening Cross
when an order or quote entered by a
participant in error establishes one side
of the QBBO and significantly skews the
Opening Cross price for the security. As
noted by the Exchange, the proposal
would help ensure that the Opening
Cross price for a security is reasonably
related to the market and not the
product of erroneous order entry. The
Commission also notes that a
commenter expressed support for the
proposal, stating that the ‘‘proposed
change to avoid a biased or erroneous
opening due to an inadvertent or
mistaken submission of a pre-open
order and price is a reasonable change
by NASDAQ.’’ 32 Based on the
foregoing, the Commission believes that
the proposed Opening Cross Price Tests
are consistent with the Act.
The Commission also believes that the
Exchange’s proposal to implement the
Opening Cross Price Tests in stages is
consistent with the Act because it
would help to limit potential market
disruption if the Exchange experiences
a technical issue with the
implementation.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,33 that the
proposed rule change (SR–NASDAQ–
2015–159) be, and hereby is, approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.34
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–04505 Filed 3–1–16; 8:45 am]
BILLING CODE 8011–01–P
32 See Kubitz Letter, supra note 4. This
commenter also expressed broader concerns
regarding the availability of information about premarket activities and regarding the circumstances
under which pre-market activities would constitute
manipulation, in light of the events of August 24,
2015. See id.
33 15 U.S.C. 78s(b)(2).
34 17 CFR 200.30–3(a)(12).
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Fmt 4703
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10937
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77230; File No. SR–ISE
Gemini–2016–01]
Self-Regulatory Organizations; ISE
Gemini, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Correct the Text of ISE
Gemini Rule 306
February 25, 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 18, 2016,
ISE Gemini, LLC (the ‘‘Exchange’’ or
‘‘ISE Gemini’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
ISE Gemini proposes to correct, .08 of
Supplementary Material to Rule 306,
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
Gemini 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,
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
E:\FR\FM\02MRN1.SGM
02MRN1
10938
Federal Register / Vol. 81, No. 41 / Wednesday, March 2, 2016 / Notices
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
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
The purpose of this proposed rule
change is to make corrections to .08 of
Supplementary Material to Rule 306,
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 Gemini Rulebook to
describe a member of the Exchange.
In December of 2015, ISE Gemini
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 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
Currently, .08 of Supplementary
Material to Rule 306, Registration
Requirements, inadvertently uses the
term ‘‘Permit Holder’’ rather than
‘‘Member,’’ which is the correct term
used throughout the ISE Gemini
Rulebook describe a member of the
Exchange. ISE Gemini now proposes to
amend .08 to Supplementary Material to
Rule 306 to reflect ISE Gemini’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
3 See Securities Exchange Act Release No. 76836
(January 5, 2016), 81 FR 1263 (January 11, 2016),
SR–ISE Gemini–2015–28.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
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19:10 Mar 01, 2016
Jkt 238001
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.
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 Gemini 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 Gemini 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).
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
6 15
7 17
PO 00000
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
Frm 00112
Fmt 4703
Sfmt 4703
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 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 Gemini–2016–01 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 Gemini–2016–01. 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
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
E:\FR\FM\02MRN1.SGM
02MRN1
Federal Register / Vol. 81, No. 41 / Wednesday, March 2, 2016 / Notices
should refer to File Number SR–ISE
Gemini–2016–01 and should be
submitted by March 23, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–04501 Filed 3–1–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77240; File No. TP 15–06]
Order Granting Limited Exemptions
From Exchange Act Section 11(d),
Exchange Act Rules 10b–10, 10b–17,
and 11d1–2, and Rules 101 and 102 of
Regulation M to Eaton Vance ETMF
Trust, Eaton Vance NextShares Trust
II, Eaton Vance Balanced NextShares,
and Other Exchange-Traded Managed
Funds Pursuant to Exchange Act
Section 36, Exchange Act Rules 10b–
10(f) and 10b–17(b)(2), and Rules
101(d) and 102(e) of Regulation M
mstockstill on DSK4VPTVN1PROD with NOTICES
February 25, 2016.
By letter dated February 25, 2016 (the
‘‘Letter’’), as supplemented by
conversations with the staff of the
Division of Trading and Markets,
counsel for Eaton Vance ETMF Trust
and Eaton Vance NextShares Trust II
(each a ‘‘Trust’’), on behalf of each
Trust, Eaton Vance Balanced
NextShares, Eaton Vance Global
Dividend Income NextShares, Eaton
Vance Growth NextShares, Eaton Vance
Large-Cap Value NextShares, Eaton
Vance Richard Bernstein All Asset
Strategy NextShares, Eaton Vance
Richard Bernstein Equity Strategy
NextShares, Eaton Vance Small-Cap
NextShares, Eaton Vance Stock
NextShares, Parametric Emerging
Markets NextShares, Parametric
International Equity NextShares, Eaton
Vance Bond NextShares, Eaton Vance 5to-15 Year Laddered Municipal Income
NextShares, Eaton Vance Floating-Rate
& High Income NextShares, Eaton Vance
Global Macro Absolute Return
NextShares, Eaton Vance Government
Obligations NextShares, Eaton Vance
High Income Opportunities NextShares,
Eaton Vance High Yield Municipal
Income NextShares, Eaton Vance
National Municipal Income NextShares,
and any future exchange-traded
managed funds operating under the
same representations and adhering to
the same conditions as set forth in this
Order (each a ‘‘Fund’’ and, collectively,
8 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:10 Mar 01, 2016
Jkt 238001
the ‘‘Funds’’), any national securities
exchange or national securities
association on or through which shares
issued by the Funds (‘‘Shares’’) may
subsequently trade (‘‘Exchange’’), and
persons or entities engaging in
transactions in Shares (collectively, the
‘‘Requestors’’) requested exemptions, or
interpretive or no-action relief, from
Section 11(d)(1) of the Securities
Exchange Act of 1934, as amended
(‘‘Exchange Act’’), Rules 10b–10, 10b–
17, and 11d1–2 thereunder, and Rules
101 and 102 of Regulation M, in
connection with secondary market
transactions in Shares and the creation
or redemption of aggregations of Shares.
Shares of each Fund will be issued by
a Trust, and each Trust will be
registered with the Commission under
the Investment Company Act of 1940, as
amended (‘‘1940 Act’’), as an open-end
management investment company. The
Funds will be listed on an Exchange and
will also be actively managed by an
investment adviser registered under the
Investment Advisers Act of 1940, but
may be sub-advised by other investment
advisers. The Funds are not actively
managed exchange traded funds
(‘‘ETFs’’) but will be structured
similarly to actively managed ETFs.
Specifically, the Funds will be
investment companies that issue shares
that trade individually on an Exchange
but can be purchased from and
redeemed with the issuing investment
company through authorized
participants only in large aggregations.
The principal difference between the
Funds and ETFs is that, unlike with the
trading in ETF shares, the trading price
of Shares will be directly linked to the
relevant Fund’s end-of-day net asset
value (‘‘NAV’’). In connection with this
‘‘NAV-Based Trading,’’ all bids, offers,
and execution prices will be expressed
as a market-determined premium or
discount (e.g., +$0.01, ¥$0.02) to that
day’s NAV. For each trade, the premium
or discount to NAV (which may be zero)
is locked in at trade execution and the
final transaction price (i.e., NAV plus or
minus the market-determined premium/
discount to NAV) is determined at the
end of the day when the relevant Fund’s
NAV is computed. Because all
transaction prices are based on an endof-day NAV, the Funds will not need to
disclose portfolio holdings on a daily
basis in order to maintain a close
relationship between Share trading
prices and NAV, as is currently the case
with actively managed ETFs.
In the present exemptive request, the
Requestors are seeking relief for 18
‘‘Initial ETMFs,’’ the named Funds
above, with a variety of investment
objectives. The Requestors are also
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Fmt 4703
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10939
seeking relief for future, unidentified
Funds that will be structured in the
same way, operating under the same
representations and adhering to the
same conditions as described in this
Order but may have other investment
objectives.
The Requestors represent, among
other things, the following:
• Shares of the Funds will be issued
by the Trusts which are open-end
management investment companies that
are registered with the Commission; 1
• The Trusts will continuously
redeem aggregations of Shares at net
asset value (‘‘NAV’’) and the Shares
should routinely trade at tight bid-ask
spreads and narrow premiums and
discounts to NAV;
• Shares of the Funds will be listed
and traded on an Exchange;
• The Exchange or other market
information provider will disseminate
every 15 minutes throughout the trading
day through the NASDAQ OMX Global
Index Data Service the intraday
indicative value (‘‘IIV’’) of Shares; 2
• The methodology for calculating the
NAV will be fully disclosed in the
prospectus and any modifications to the
methodology used to calculate NAV will
be fully disclosed to current and
prospective investors prior to
implementation;
• The trading price of Shares will be
directly linked to the relevant Fund’s
end-of-day NAV in that all bids, offers,
and execution prices will be expressed
as a market-determined premium or
discount (e.g., +$0.01, ¥$0.02) to that
day’s NAV;
• For each trade, the premium or
discount to NAV is locked in at trade
execution and the final transaction price
is determined at the end of the day
when the relevant Fund’s NAV is
computed;
• Because all transaction prices are
based on an end-of-day NAV, the Funds
will not need to disclose portfolio
holdings on a daily basis in order to
maintain a close relationship between
Share trading prices and NAV;
• Competition among market makers
seeking to earn reliable, low-risk profits
should enable the Shares to routinely
trade at tight bid-ask spreads and
narrow premiums/discounts to NAV;
1 See Investment Company Act Rel. No. 31361
(Dec. 2, 2014).
2 As explained in the Letter, unlike for ETFs,
which arrange for IIVs to be disseminated every 15
seconds, IIVs for the Funds will not provide pricing
signals for market intermediaries or other buyers
and sellers of Shares seeking to estimate the
difference between the value of the Funds’
portfolios and the price at which Shares are
currently trading. In NAV-Based Trading, the
secondary market premium/discount that applies to
an ETMF is always fully transparent and does not
depend on dissemination of IIVs.
E:\FR\FM\02MRN1.SGM
02MRN1
Agencies
[Federal Register Volume 81, Number 41 (Wednesday, March 2, 2016)]
[Notices]
[Pages 10937-10939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04501]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-77230; File No. SR-ISE Gemini-2016-01]
Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Correct the Text
of ISE Gemini Rule 306
February 25, 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 18, 2016, ISE Gemini, LLC (the
``Exchange'' or ``ISE Gemini'') 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 Gemini proposes to correct, .08 of Supplementary Material to
Rule 306, 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
Gemini 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,
[[Page 10938]]
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 306, 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 Gemini Rulebook to describe a member of the Exchange.
In December of 2015, ISE Gemini 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
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. 76836 (January 5,
2016), 81 FR 1263 (January 11, 2016), SR-ISE Gemini-2015-28.
---------------------------------------------------------------------------
Currently, .08 of Supplementary Material to Rule 306, Registration
Requirements, inadvertently uses the term ``Permit Holder'' rather than
``Member,'' which is the correct term used throughout the ISE Gemini
Rulebook describe a member of the Exchange. ISE Gemini now proposes to
amend .08 to Supplementary Material to Rule 306 to reflect ISE Gemini'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 Gemini 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 Gemini 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 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 Gemini-2016-01 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 Gemini-2016-01. 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 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
[[Page 10939]]
should refer to File Number SR-ISE Gemini-2016-01 and should be
submitted by March 23, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-04501 Filed 3-1-16; 8:45 am]
BILLING CODE 8011-01-P