Self-Regulatory Organizations; International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Extend the Penny Pilot Program, 44404-44406 [2016-16030]
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44404
Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices
srobinson on DSK5SPTVN1PROD with NOTICES
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 the
filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
received will be posted without change;
the Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NASDAQ–2016–013 and should be
submitted on or before July 28, 2016.
VI. Accelerated Approval of Proposed
Rule Change, as Modified by
Amendment No. 2
The Commission finds good cause to
approve the proposed rule change, as
modified by Amendment No. 2, prior to
the 30th day after the date of
publication of the notice of Amendment
No. 2 in the Federal Register. As noted
above, in Amendment No. 2, the
exchange clarified various aspects of the
proposed rule’s applicability and
included new provisions that enhance
the proposal.40 The Commission
believes the clarifications in
Amendment No. 2 would provide
market participants with greater
transparency regarding the requirements
for listed companies to disclose
compensation or other payments by
third parties to board of director’s
members or nominees under Nasdaq’s
rules. In addition, in Amendment No. 2,
the Exchange revised the proposed date
of effectiveness of the proposed rule
change.41 The Commission believes this
revision will allow listed companies
appropriate time to comply with the
proposed rule change.
Because Amendment No. 2 provided
additional transparency to the
disclosure requirements imposed by the
proposed rule change, enhanced its
provisions, and provided a revised date
of effectiveness which will allow listed
companies time to comply with the new
requirements, the Commission finds
good cause for approving the proposed
rule change, as modified by Amendment
No. 2, on an accelerated basis, pursuant
to Section 19(b)(2) of the Act.42
VII. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,43 that the
proposed rule change (SR–NASDAQ–
2016–013), as modified by Amendment
No. 2, be, and it hereby is, approved on
an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.44
Brent J. Fields,
Secretary.
[FR Doc. 2016–16123 Filed 7–6–16; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–78203; File No. SR–ISE–
2016–15]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Extend the Penny Pilot
Program
June 30, 2016.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 29,
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 and
II 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
The ISE proposes to amend its rules
to extend a pilot program to quote and
to trade certain options classes in penny
increments (‘‘Penny Pilot Program’’).
The text of the proposed rule change is
available on the Exchange’s Web site
www.ise.com, at the principal office of
40 See
supra note 6.
41 See id.
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42 15
U.S.C. 78s(b)(2).
U.S.C. 78s(b)(2).
44 17 CFR 200.30–3(a)(12).
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
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
Under the Penny Pilot Program, the
minimum price variation for all
participating options classes, except for
the Nasdaq–100 Index Tracking Stock
(‘‘QQQQ’’), the SPDR S&P 500 Exchange
Traded Fund (‘‘SPY’’) and the iShares
Russell 2000 Index Fund (‘‘IWM’’), is
$0.01 for all quotations in options series
that are quoted at less than $3 per
contract and $0.05 for all quotations in
options series that are quoted at $3 per
contract or greater. QQQQ, SPY and
IWM are quoted in $0.01 increments for
all options series. The Penny Pilot
Program is currently scheduled to
expire on June 30, 2016.3 The Exchange
proposes to extend the Penny Pilot
Program through December 31, 2016,
and to provide a revised date for adding
replacement issues to the Penny Pilot
Program. The Exchange proposes that
any Penny Pilot Program issues that
have been delisted may be replaced on
the second trading day following July 1,
2016. The replacement issues will be
selected based on trading activity for the
most recent six month period excluding
the month immediately preceding the
replacement (i.e., beginning December
1, 2015, and ending May 31, 2016). This
filing does not propose any substantive
changes to the Penny Pilot Program: All
classes currently participating will
remain the same and all minimum
increments will remain unchanged. The
Exchange believes the benefits to public
customers and other market participants
who will be able to express their true
prices to buy and sell options have been
43 15
Frm 00147
Fmt 4703
Sfmt 4703
3 See Exchange Act Release No. 75312 (June 26,
2015), 80 FR 38251 (July 2, 2015) (SR–ISE–2015–
21).
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Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices
demonstrated to outweigh any increase
in quote traffic.
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
Specifically, the proposed rule change is
consistent with Section 6(b)(5) of the
Act,5 because it is designed to promote
just and equitable principles of trade,
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. In particular, the
proposed rule change, which extends
the Penny Pilot Program for an
additional six months, will enable
public customers and other market
participants to express their true prices
to buy and sell options to the benefit of
all market participants.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act,6 the Exchange does not believe
that the proposed rule change will
impose any burden on intermarket or
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. Specifically,
the Exchange believes that, by extending
the expiration of the Penny Pilot
Program, the proposed rule change will
allow for further analysis of the Penny
Pilot Program and a determination of
how the Penny Pilot Program should be
structured in the future. In doing so, the
proposed rule change will also serve to
promote regulatory clarity and
consistency, thereby reducing burdens
on the marketplace and facilitating
investor protection.
srobinson on DSK5SPTVN1PROD 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 written
comments from members or other
interested parties.
4 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
6 15 U.S.C. 78f(b)(8).
5 15
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III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and Rule
19b–4(f)(6) thereunder.8 Because the
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
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 9 normally does not
become operative prior to 30 days after
the date of the filing.10 However,
pursuant to Rule 19b–4(f)(6)(iii),11 the
Commission may designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because doing so will allow the Pilot
Program to continue without
interruption in a manner that is
consistent with the Commission’s prior
approval of the extension and expansion
of the Pilot Program and will allow the
Exchange and the Commission
additional time to analyze the impact of
the Pilot Program. Accordingly, the
Commission designates the proposed
rule change as operative upon filing
with the Commission.12
At any time within 60 days of the
filing of such proposed rule change, the
Commission summarily may
U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
9 17 CFR 240.19b–4(f)(6).
10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and the text of the proposed rule
change, at least five business days prior to the date
of filing of the proposed rule change, or such
shorter time as designated by the Commission. The
Exchange has satisfied this pre-filing requirement.
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the operative
delay for this proposal, the Commission has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
7 15
8 17
Frm 00148
Fmt 4703
Sfmt 4703
44405
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
under Section 19(b)(2)(B) 13 of the Act to
determine whether the proposed rule
change 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 No. SR–ISE–
2016–15 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–2016–15. 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 inspection and copying 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
13 15
E:\FR\FM\07JYN1.SGM
U.S.C. 78s(b)(2)(B).
07JYN1
44406
Federal Register / Vol. 81, No. 130 / Thursday, July 7, 2016 / Notices
submissions should refer to File
Number SR–ISE–2016–15 and should be
submitted by July 28, 2016.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–16030 Filed 7–6–16; 8:45 am]
BILLING CODE 8011–01–P
SOCIAL SECURITY ADMINISTRATION
[Docket No. SSA–2016–0024]
Consent Based Social Security
Number Verification (CBSV) Service
Based on the most recent cost
analysis, we will adjust the fiscal year
2017 fee to $1.00 per SSN verification
transaction. New customers will still be
responsible for the one-time $5,000
enrollment fee.
DATES: The changes described above are
effective October 1, 2016.
FOR FURTHER INFORMATION CONTACT:
Michael Wilkins, Office of Data
Exchange and Policy Publications,
Social Security Administration, 6401
Security Boulevard, Baltimore, MD
21235–6401, [410–966–4965], for more
information about the CBSV service,
visit our Internet site, Social Security
Online, at https://
www.socialsecurity.gov/cbsv.
Social Security Administration.
Notice of revised transaction fee
for consent based Social Security
number verification service.
Dated: June 30, 2016.
Michael Wilkins,
Branch Chief, Office of Data Exchange &
Policy Publications.
We provide fee-based Social
Security number (SSN) verification
service to enrolled private businesses
and government agencies who obtain a
valid, signed consent form from the
Social Security number holder. We
originally published a notice
announcing the CBSV service in the
Federal Register on August 10, 2007.
Based on the consent forms, we verify
the number holders’ SSNs for the
requesting party. The Privacy Act of
1974 (5 U.S.C. 552a(b)), section 1106 of
the Social Security Act (42 U.S.C. 1306)
and our regulation at 20 CFR 401.100,
establish the legal authority for us to
provide SSN verifications to third party
requesters based on consent.
The CBSV process provides the
business community and other
government entities with consent-based
SSN verifications in high volume. We
developed CBSV as a user-friendly,
internet-based application with
safeguards that will protect the public’s
information. In addition to the benefit of
providing high volume, centralized SSN
verification services to the business
community in a secure manner, CBSV
provides us with cost and workload
management benefits.
New Information: To use CBSV,
interested parties must pay a one-time
non-refundable enrollment fee of
$5,000. Currently, users also pay a fee
of $1.40 per SSN verification transaction
in advance of services. We agreed to
calculate our costs periodically for
providing CBSV services and adjust the
fees as needed. We also agreed to notify
our customers who currently use the
service and allow them to cancel or
continue using the service at the new
transaction fee.
[FR Doc. 2016–16095 Filed 7–6–16; 8:45 am]
AGENCY:
ACTION:
srobinson on DSK5SPTVN1PROD with NOTICES
SUMMARY:
14 17
CFR 200.30–3(a)(12).
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BILLING CODE 4191–02–P
SURFACE TRANSPORTATION BOARD
[Docket No. AB 319 (Sub-No. 5X)]
Florida Central Railroad Company,
Inc.—Discontinuance of Service
Exemption—in Lake County, Fla.
Florida Central Railroad Company,
Inc. (Florida Central), filed a verified
notice of exemption under 49 CFR part
1152, subpart F—Exempt
Abandonments and Discontinuances of
Service to discontinue service over an
approximately 4.4-mile portion of rail
line between milepost ASD 818.1 in
Eustis, through a milepost equation at
the Eustis Canal Bridge where milepost
ASD 817.0 = milepost ASC 815.1, to the
end of the line at milepost ASC 818.4 in
Umatilla, in Lake County, Fla. (the
Line).1 The Line traverses U.S. Postal
Service Zip Codes 32726 and 32784.
Florida Central has certified that: (1)
No local traffic has moved over the Line
for at least two years; (2) there is no
overhead traffic to be rerouted over
other lines; (3) no formal complaint
filed by a user of rail service on the Line
(or by a state or local government entity
acting on behalf of such user) regarding
cessation of service over the Line is
pending either with the Surface
Transportation Board or any U.S.
District Court or has been decided in
favor of a complainant within the twoyear period; and (4) the requirements at
49 CFR 1105.12 (newspaper
publication) and 49 CFR 1152.50(d)(1)
(notice to governmental agencies) have
been met.
As a condition to this exemption, any
employee adversely affected by the
discontinuance of service shall be
protected under Oregon Short Line
Railroad—Abandonment Portion
Goshen Branch Between Firth &
Ammon, in Bingham & Bonneville
Counties, Idaho, 360 I.C.C. 91 (1979). To
address whether this condition
adequately protects affected employees,
a petition for partial revocation under
49 U.S.C. 10502(d) must be filed.
Provided no formal expression of
intent to file an offer of financial
assistance (OFA) to subsidize continued
rail service has been received, this
exemption will become effective on
August 6, 2016, unless stayed pending
reconsideration. Petitions to stay that do
not involve environmental issues and
formal expressions of intent to file an
OFA to subsidize continued rail service
under 49 CFR 1152.27(c)(2) 2 must be
filed by July 18, 2016.3 Petitions to
reopen must be filed by July 27, 2016,
with the Surface Transportation Board,
395 E Street SW., Washington, DC
20423–0001.
A copy of any petition filed with the
Board should be sent to Florida
Central’s representative: Audrey L.
Brodrick, Fletcher & Sippel LLC, 29
North Wacker Drive, Suite 920, Chicago,
IL 60606.
If the verified notice contains false or
misleading information, the exemption
is void ab initio.
Board decisions and notices are
available on our Web site at
‘‘WWW.STB.DOT.GOV.’’
Decided: June 30, 2016.
By the Board, Rachel D. Campbell,
Director, Office of Proceedings.
Tia Delano,
Clearance Clerk.
[FR Doc. 2016–16101 Filed 7–6–16; 8:45 am]
BILLING CODE 4915–01–P
Central is a Class III common carrier that
operates approximately 64 miles of rail line in
central Florida. Florida Central commenced
operations after acquiring several lines, including
the Line, from CSX Transportation, Inc. (CSXT). See
Fla. Cent. R.R.—Acquis. & Operation—Seaboard
Sys. R.R., FD 30923 (ICC served Dec. 10, 1986).
Florida Central states that, while it acquired the
track assets comprising the Line from CSXT in
1986, CSXT retained ownership of the underlying
right-of-way of the Line.
PO 00000
1 Florida
Frm 00149
Fmt 4703
Sfmt 9990
2 Each OFA must be accompanied by the filing
fee, which is currently set at $1,600. See 49 CFR
1002.2(f)(25).
3 Because Florida Central is seeking to
discontinue service, not to abandon the Line, trail
use/rail banking and public use conditions are not
appropriate. Because there will be environmental
review during abandonment, this discontinuance
does not require an environmental review.
E:\FR\FM\07JYN1.SGM
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]]>Agencies
[Federal Register Volume 81, Number 130 (Thursday, July 7, 2016)]
[Notices]
[Pages 44404-44406]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16030]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-78203; File No. SR-ISE-2016-15]
Self-Regulatory Organizations; International Securities Exchange,
LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Extend the Penny Pilot Program
June 30, 2016.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on June 29, 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 and II
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
The ISE proposes to amend its rules to extend a pilot program to
quote and to trade certain options classes in penny increments (``Penny
Pilot Program''). The text of the proposed rule change is available on
the Exchange's Web site 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
Under the Penny Pilot Program, the minimum price variation for all
participating options classes, except for the Nasdaq-100 Index Tracking
Stock (``QQQQ''), the SPDR S&P 500 Exchange Traded Fund (``SPY'') and
the iShares Russell 2000 Index Fund (``IWM''), is $0.01 for all
quotations in options series that are quoted at less than $3 per
contract and $0.05 for all quotations in options series that are quoted
at $3 per contract or greater. QQQQ, SPY and IWM are quoted in $0.01
increments for all options series. The Penny Pilot Program is currently
scheduled to expire on June 30, 2016.\3\ The Exchange proposes to
extend the Penny Pilot Program through December 31, 2016, and to
provide a revised date for adding replacement issues to the Penny Pilot
Program. The Exchange proposes that any Penny Pilot Program issues that
have been delisted may be replaced on the second trading day following
July 1, 2016. The replacement issues will be selected based on trading
activity for the most recent six month period excluding the month
immediately preceding the replacement (i.e., beginning December 1,
2015, and ending May 31, 2016). This filing does not propose any
substantive changes to the Penny Pilot Program: All classes currently
participating will remain the same and all minimum increments will
remain unchanged. The Exchange believes the benefits to public
customers and other market participants who will be able to express
their true prices to buy and sell options have been
[[Page 44405]]
demonstrated to outweigh any increase in quote traffic.
---------------------------------------------------------------------------
\3\ See Exchange Act Release No. 75312 (June 26, 2015), 80 FR
38251 (July 2, 2015) (SR-ISE-2015-21).
---------------------------------------------------------------------------
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\
Specifically, the proposed rule change is consistent with Section
6(b)(5) of the Act,\5\ because it is designed to promote just and
equitable principles of trade, 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. In
particular, the proposed rule change, which extends the Penny Pilot
Program for an additional six months, will enable public customers and
other market participants to express their true prices to buy and sell
options to the benefit of all market participants.
---------------------------------------------------------------------------
\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
In accordance with Section 6(b)(8) of the Act,\6\ the Exchange does
not believe that the proposed rule change will impose any burden on
intermarket or intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act. Specifically,
the Exchange believes that, by extending the expiration of the Penny
Pilot Program, the proposed rule change will allow for further analysis
of the Penny Pilot Program and a determination of how the Penny Pilot
Program should be structured in the future. In doing so, the proposed
rule change will also serve to promote regulatory clarity and
consistency, thereby reducing burdens on the marketplace and
facilitating investor protection.
---------------------------------------------------------------------------
\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 written comments from members or other interested parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \7\ and Rule 19b-4(f)(6) thereunder.\8\
Because the 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 prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \9\ normally
does not become operative prior to 30 days after the date of the
filing.\10\ However, pursuant to Rule 19b-4(f)(6)(iii),\11\ the
Commission may designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has asked the Commission to waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because doing so will allow the Pilot Program to continue without
interruption in a manner that is consistent with the Commission's prior
approval of the extension and expansion of the Pilot Program and will
allow the Exchange and the Commission additional time to analyze the
impact of the Pilot Program. Accordingly, the Commission designates the
proposed rule change as operative upon filing with the Commission.\12\
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\9\ 17 CFR 240.19b-4(f)(6).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and the text of the proposed rule change, at least
five business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this pre-filing requirement.
\11\ 17 CFR 240.19b-4(f)(6)(iii).
\12\ For purposes only of waiving the operative delay for this
proposal, the Commission has considered the proposed rule's impact
on efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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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 under
Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\13\ 15 U.S.C. 78s(b)(2)(B).
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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 No. SR-ISE-2016-15 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-2016-15. 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 inspection and
copying 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
[[Page 44406]]
submissions should refer to File Number SR-ISE-2016-15 and should be
submitted by July 28, 2016.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-16030 Filed 7-6-16; 8:45 am]
BILLING CODE 8011-01-P
