Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of Interest, 10957-10958 [2017-03147]
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Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices
of a Do-Not-Route Order that would
otherwise have to be routed to the
exchange(s) disseminating the ABBO for
an opening to occur, (ii) an All-or-None
Order that is not executed during the
opening and is priced through the
Opening Price; and (iii) any order that
is priced through the Opening Price. All
other interest will remain in the system
and be eligible for trading after opening.
The Exchange states that it cancels these
orders since it lacks enough liquidity to
satisfy these orders on the opening.81 In
addition, the Exchange believes that
participants would prefer to have these
orders returned to them for further
assessment rather than have them
entered into the order book at a price
which is more aggressive than the price
at which the Exchange opened.82
8. Other Provisions
Proposed Rule 701(k) provides that
during the opening of the option series,
where there is an execution possible,
the system will give priority first to
Market Orders,83 then to resting Limit
Orders 84 and quotes. Additionally, the
allocation provisions of ISE Gemini
Rule 713 and the Supplementary
Material to that rule apply with respect
to other orders and quotes with the
same price. Finally, proposed Rule
701(l) provides that upon the opening of
the option series, regardless of an
execution, the system will disseminate
the price and size of the Exchange’s best
bid and offer.
9. Implementation
The Exchange states that it intends to
begin implementation of the proposed
rule change in first quarter of 2017.85
The Exchange represents that migration
of the Exchange system to Nasdaq INET
technology will be on a symbol by
symbol basis and that the Exchange will
issue an alert to Members to provide
notification of the symbols that will
migrate and the relevant dates.86
asabaliauskas on DSK3SPTVN1PROD with NOTICES
III. Discussion and Commission
Findings
After careful review, the Commission
finds that the proposed rule change, as
modified by Amendment No. 1, is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to a national
securities exchange.87 In particular, the
81 See
Notice, supra note 3, at 96069.
id.
83 See ISE Gemini Rule 715(a).
84 See ISE Gemini Rule 715(b).
85 See Notice, supra note 3, at 96063.
86 See id. For a more detailed description of the
proposed rule change, see Notice, supra note 3.
87 In approving this proposed rule change, the
Commission has considered the proposed rule’s
82 See
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Commission finds that the proposed
rule change is consistent with Section
6(b)(5) of the Act,88 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 foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, 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 proposes to delete in its
entirety the current opening process and
replace it with an opening rotation
similar to the process in place on its
affiliated exchange, Phlx. In making this
change, the Exchange delineates, unlike
in the current, more opaque rule,
detailed steps of the opening process.
By providing more clearly each
sequence of the opening process, the
Commission notes that the proposed
rule helps market participants
understand how the new opening
rotation will operate. To that extent, the
new opening process may promote
transparency, reduce the potential for
investor confusion, and assist market
participants in deciding whether to
participate in ISE Gemini’s opening
rotation. Further, if they do participate
in the new opening process, the
proposed rule may help provide market
participants with the confidence and
certainty as to how their orders or
quotes will be processed.
Further, the Commission believes that
the proposed rule change is designed to
promote just and equitable principles of
trade by seeking to ensure that option
series open in a fair and orderly manner.
For example, the Commission notes that
the proposed rule change is designed to
mitigate the effects of the underlying
security’s volatility as the overlying
option series undergoes the opening
rotation. Specifically, the proposed rule
provides for a range of no less than 100
milliseconds and no more than 5
seconds in order to ensure that the
Exchange has the ability to adjust the
period for which the underlying must be
open on the primary market before the
opening process commences. Moreover,
the Commission notes that the proposed
rule provides an orderly process for
handling eligible interests during the
opening rotation, while seeking to avoid
opening executions at suboptimal
prices. For instance, the new process
impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
88 15 U.S.C. 78f(b)(5).
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10957
ensures that the Exchange will not open
with the Exchange’s BBO if there is a
Zero Bid Market, no ABBO, and no
Quality Opening Market. Likewise, the
Exchange will not open an option series
with a trade unless one following
conditions is met: (1) The Potential
Opening Price is at or within the PreMarket BBO and the ABBO; (2) the
Potential Opening Price is at or within
the non-zero bid ABBO if the PreMarket BBO is crossed; or (3) where
there is no ABBO, the Potential Opening
Price is at or within the Pre-Market BBO
which is also a Quality Opening Market.
Finally, while the new opening process
attempts to maximize the number of
contracts executed on the Exchange
during such rotation, including by
seeking additional liquidity, if
necessary, the Commission notes that
the new opening process, unlike the
current process, takes into consideration
away market interests and ensures that
better away prices are not traded
through. For these reasons, the
Commission believes that the proposed
rule change, as modified by Amendment
No. 1, is consistent with the Act.
IV. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Exchange Act,89
that the proposed rule change (SR–
ISEGemini–2016–18), as modified by
Amendment No. 1, be, and it hereby is,
approved.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.90
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017–03104 Filed 2–15–17; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
[GarMark SBIC Fund, L.P. License No. 01/
01–0427]
Notice Seeking Exemption Under
Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that GarMark
SBIC Fund, L.P., One Landmark Square,
Floor 6 Stamford, CT 06901, a Federal
Licensee under the Small Business
Investment Act of 1958, as amended
(‘‘the Act’’), in connection with the
financing of a small concerns, has
sought an exemption under Section 312
of the Act and Section 107.730,
Financings which Constitute Conflicts
of Interest of the Small Business
89 15
90 17
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U.S.C. 78s(b)(2).
CFR 200.30–3(a)(12).
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10958
Federal Register / Vol. 82, No. 31 / Thursday, February 16, 2017 / Notices
asabaliauskas on DSK3SPTVN1PROD with NOTICES
Administration (‘‘SBA’’) Rules and
Regulations (13 CFR 107.730). GarMark
SBIC Fund, L.P., is proposing to provide
financing to CAbi, LLC, 18915 South
Laurel Park Road, Rancho Dominguez,
California 90220. The financing will be
used, in part, for working capital, to pay
the seller, to pay off existing debt, and
to pay fees and expenses.
The proposed transaction is brought
within the purview of § 107.730 of the
Regulations because CAbi, LLC. will be
using financing proceeds from GarMark
SBIC Fund, L.P., in part to discharge
obligations to GarMark Partners II, L.P.
which is an Associate of GarMark SBIC
Fund, L.P., as defined at § 107.50 due to
common management.
Therefore, the proposed transaction is
considered self-deal pursuant to 13 CFR
107.730 and requires a regulatory
exemption. Notice is hereby given that
any interested person may submit
written comments on the transaction
within fifteen days of the date ofthis
publication to Associate Administrator
for Investment, U.S. Small Business
Administration, 409 Third Street SW.,
Washington, DC 20416.
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19:05 Feb 15, 2017
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Dated: February 9, 2017.
Michele Schimpp,
Acting Associate Administrator for
Investment and Innovation.
[FR Doc. 2017–03147 Filed 2–15–17; 8:45 am]
BILLING CODE P
DEPARTMENT OF STATE
[Public Notice 9891]
Notice of Determinations: Culturally
Significant Objects Imported for
Exhibition Determinations: ‘‘Adios
Utopia: Dreams and Deceptions in
Cuban Art, 1959–2015’’ Exhibition
Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), E.O. 12047 of March 27, 1978, the
Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236–3 of August 28, 2000 (and, as
appropriate, Delegation of Authority No.
257–1 of December 11, 2015), I hereby
determine that the objects to be
included in the exhibition ‘‘Adios
Utopia: Dreams and Deceptions in
Cuban Art, 1959–2015,’’ imported from
abroad for temporary exhibition within
SUMMARY:
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the United States, are of cultural
significance. The objects are imported
pursuant to loan agreements with the
foreign owners or custodians. I also
determine that the exhibition or display
of the exhibit objects at the Museum of
Fine Arts, Houston, Houston, Texas,
from on or about March 5, 2017, until
on or about May 29, 2017, at the Walker
Art Center, Minneapolis, Minnesota,
from on or about November 12, 2017,
until on or about March 25, 2018, and
at possible additional exhibitions or
venues yet to be determined, is in the
national interest. I have ordered that
Public Notice of these Determinations
be published in the Federal Register.
For
further information, including a list of
the imported objects, contact the Office
of Public Diplomacy and Public Affairs
in the Office of the Legal Adviser, U.S.
Department of State (telephone: 202–
632–6471; email: section2459@
state.gov). The mailing address is U.S.
Department of State, L/PD, SA–5, Suite
5H03, Washington, DC 20522–0505.
FOR FURTHER INFORMATION CONTACT:
Alyson Grunder,
Deputy Assistant Secretary for Policy, Bureau
of Educational and Cultural Affairs,
Department of State.
[FR Doc. 2017–03127 Filed 2–15–17; 8:45 am]
BILLING CODE 4710–05–P
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Agencies
[Federal Register Volume 82, Number 31 (Thursday, February 16, 2017)]
[Notices]
[Pages 10957-10958]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03147]
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SMALL BUSINESS ADMINISTRATION
[GarMark SBIC Fund, L.P. License No. 01/01-0427]
Notice Seeking Exemption Under Section 312 of the Small Business
Investment Act, Conflicts of Interest
Notice is hereby given that GarMark SBIC Fund, L.P., One Landmark
Square, Floor 6 Stamford, CT 06901, a Federal Licensee under the Small
Business Investment Act of 1958, as amended (``the Act''), in
connection with the financing of a small concerns, has sought an
exemption under Section 312 of the Act and Section 107.730, Financings
which Constitute Conflicts of Interest of the Small Business
[[Page 10958]]
Administration (``SBA'') Rules and Regulations (13 CFR 107.730).
GarMark SBIC Fund, L.P., is proposing to provide financing to CAbi,
LLC, 18915 South Laurel Park Road, Rancho Dominguez, California 90220.
The financing will be used, in part, for working capital, to pay the
seller, to pay off existing debt, and to pay fees and expenses.
The proposed transaction is brought within the purview of Sec.
107.730 of the Regulations because CAbi, LLC. will be using financing
proceeds from GarMark SBIC Fund, L.P., in part to discharge obligations
to GarMark Partners II, L.P. which is an Associate of GarMark SBIC
Fund, L.P., as defined at Sec. 107.50 due to common management.
Therefore, the proposed transaction is considered self-deal
pursuant to 13 CFR 107.730 and requires a regulatory exemption. Notice
is hereby given that any interested person may submit written comments
on the transaction within fifteen days of the date ofthis publication
to Associate Administrator for Investment, U.S. Small Business
Administration, 409 Third Street SW., Washington, DC 20416.
Dated: February 9, 2017.
Michele Schimpp,
Acting Associate Administrator for Investment and Innovation.
[FR Doc. 2017-03147 Filed 2-15-17; 8:45 am]
BILLING CODE P