[Federal Register Volume 77, Number 183 (Thursday, September 20, 2012)]
[Notices]
[Pages 58423-58424]
[FR Doc No: 2012-23233]

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SECURITIES AND EXCHANGE COMMISSION

[Extension: Rule 17a-25; OMB Control No. 3235-0540, SEC File No. 270-
482]

Proposed Collection; Comment Request

Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.

    Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et. seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the existing
collection of information provided for in the following rule: Rule 17a-
25 (17 CFR 204.17a-25) under the Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) (``Exchange Act'').
    Paragraph (a)(1) of Rule 17a-25 requires registered broker-dealers
to electronically submit securities transaction information, including
identifiers for prime brokerage arrangements, average price accounts,
and depository institutions, in a standardized format when requested by
the Commission staff. In addition, paragraph (a)(3)(c) of Rule 17a-25
requires broker-dealers to submit, and keep current, contact person
information for electronic blue sheets (``EBS'') requests. The
Commission uses the information for enforcement inquiries or
investigations and trading reconstructions, as well as for inspections
and examinations.
    The Commission estimates that it sends approximately 7,169
electronic blue sheet requests per year to clearing broker-dealers, who
in turn submit an average 87,454 responses.\1\ It is

estimated that each broker-dealer who responds electronically will take
8 minutes, and each broker-dealer who responds manually will take 1\1/
2\ hours to prepare and submit the securities trading data requested by
the Commission. The annual aggregate hour burden for electronic and
manual response firms is estimated to be 11,785 (87,454 x 8 / 60 =
11,600 hours) + (80 x 1.5 = 120 hours), respectively.\2\ In addition,
the Commission estimates that it will request 500 broker-dealers to
supply the contact information identified in Rule 17a-25(c) and
estimates the total aggregate burden hours to be 125. Thus, the annual
aggregate burden for all respondents to the collection of information
requirements of Rule 17a-25 is estimated at 11,785 hours (11,660 +
125).
---------------------------------------------------------------------------

    \1\ A single EBS request has a unique number assigned to each
request (e.g. ``0900001''). However, the number of broker-dealer
responses generated from one EBS request can range from one to
several thousand. EBS requests are sent directly to clearing firms,
as the clearing firm is the repository for trading data for
securities transactions information provided by itself and
correspondent firms. Clearing brokers respond for themselves and
other firms they clear for.
    \2\ Few of respondents submit manual EBS responses. The small
percentage of respondents that submit manual responses do so by
hand, via email, spreadsheet, disk, or other electronic media. Thus,
the number of manual submissions (80) has minimal effect on the
total annual burden hours.
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    Written comments are invited on: (a) Whether the proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information shall
have practical utility; (b) the accuracy of the agency's estimate of
the burden of the proposed collection of information; (c) ways to
enhance the quality, utility, and clarity of the information to be
collected; and (d) ways to minimize the burden of the collection of
information on respondents, including through the use of automated
collection techniques or other forms of information technology.
Consideration will be given to comments and suggestions submitted in
writing within 60 days of this publication.
    Please direct your written comments to Thomas Bayer, Director/Chief
Information Office, Securities and Exchange Commission, C/O Remi
Pavlik-Simon, 6432 General Green Way, Alexandria, Virginia 22312 or
send an email to<EMAIL_ADDRESS>
    Dated: September 17, 2012.
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-23233 Filed 9-19-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 81, Number 194 (Thursday, October 6, 2016)]
[Notices]
[Pages 69558-69560]
[FR Doc No: 2016-24150]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IC-32299]

Notice of Applications for Deregistration Under Section 8(f) of
the Investment Company Act of 1940

September 30, 2016.
    The following is a notice of applications for deregistration under
section 8(f) of the Investment Company Act of 1940 for the month of
September 2016. A copy of each application may be obtained via the
Commission's Web site by searching for the file number, or for an
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling<PHONE_NUMBER>. An order granting each
application will be issued unless the SEC orders a hearing. Interested
persons may request a hearing on any application by writing to the
SEC's Secretary at the address below and serving the relevant applicant
with a copy of the request, personally or by mail. Hearing requests
should be

received by the SEC by 5:30 p.m. on October 25, 2016, and should be
accompanied by proof of service on applicants, in the form of an
affidavit or, for lawyers, a certificate of service. Pursuant to Rule
0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by writing to the Commission's Secretary.

ADDRESSES: The Commission: Secretary, U.S. Securities and Exchange
Commission, 100 F Street NE., Washington, DC 20549-1090.

FOR FURTHER INFORMATION CONTACT: Hae-Sung Lee, Attorney-Adviser, at
(202) 551-7345 or Chief Counsel's Office at<PHONE_NUMBER>; SEC,
Division of Investment Management, Chief Counsel's Office, 100 F Street
NE., Washington, DC 20549-8010.

Altegris KKR Commitments Fund [File No. 811-22964]

    Summary: Applicant, a closed-end investment company and a feeder
fund in a master/feeder structure, seeks an order declaring that it has
ceased to be an investment company. On May 31, 2016, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of approximately $37,218 incurred in connection with the
liquidation were paid by applicant.
    Filing Date: The application was filed on August 17, 2016.
    Applicant's Address: 1200 Prospect Street, Suite 400, La Jolla, CA
92037.

Morgan Stanley Limited Duration U.S. Government Trust [File No. 811-
06330]

    Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. Applicant has transferred its assets to Short
Duration Income Portfolio, a series of Morgan Stanley Institutional
Fund Trust, and on January 11, 2016, made a final distribution to its
shareholders based on net asset value. Expenses of $132,277 incurred in
connection with the reorganization were paid by applicant.
    Filing Date: The application was filed on August 22, 2016.
    Applicant's Address: c/o Morgan Stanley Investment Management Inc.,
522 Fifth Avenue, New York, New York 10036.

DoubleLine Equity Funds [File No. 811-22790]

    Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On March 30, 2016, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of approximately $10,000 incurred in connection with the
liquidation were paid by applicant's investment adviser.
    Filing Date: The application was filed on August 26, 2016.
    Applicant's Address: 333 South Grand Avenue, Suite 1800, Los
Angeles, CA 90071.

Whitebox Mutual Funds [File No. 811-22574]

    Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On January 19, 2016, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of approximately $140,000 incurred in connection with the
liquidation were paid by applicant's investment adviser.
    Filing Date: The application was filed on August 26, 2016.
    Applicant's Address: 3033 Excelsior Boulevard, Suite 300,
Minneapolis, MN 55416.

Dreyfus/Laurel Tax-Free Municipal Funds [File No. 811-03700]

    Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On October 28, 2015, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Applicant incurred no expenses in connection with the liquidation.
    Filing Dates: The application was filed on August 8, 2016, and
amended on August 31, 2016.
    Applicant's Address: c/o The Dreyfus Corporation, 200 Park Avenue,
New York, NY 10166.

A&Q Event Fund LLC [File No. 811-10479]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On February
5, 2016 and May 6, 2016, applicant made liquidating distributions to
its shareholders, based on net asset value. Expenses of $11,000
incurred in connection with the liquidation were paid by applicant.
    Filing Date: The application was filed on September 2, 2016.
    Applicant's Address: c/o UBS Hedge Fund Solutions LLC, 600
Washington Boulevard, Stamford, Connecticut 06901.

A&Q Aggregated Alpha Strategies Fund LLC [File No. 811-21516]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. On February
5, 2016 and May 5, 2016, applicant made liquidating distributions to
its shareholders, based on net asset value. Expenses of $11,000
incurred in connection with the liquidation were paid by applicant.
    Filing Date: The application was filed on September 2, 2016.
    Applicant's Address: c/o UBS Hedge Fund Solutions LLC, 600
Washington Boulevard, Stamford, Connecticut 06901.

A&Q Equity Opportunity Fund LLC [File No. 811-10527]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
transferred its assets to A&Q Masters Fund and, on January 1, 2016,
made a final distribution to its shareholders based on net asset value.
Expenses of approximately $263,083 incurred in connection with the
reorganization were paid by applicant's investment adviser.
    Filing Date: The application was filed on September 2, 2016.
    Applicant's Address: c/o UBS Hedge Fund Solutions LLC, 600
Washington Boulevard, Stamford, Connecticut 06901.

Purisima Funds [File No. 811-07737]

    Summary: Applicant seeks an order declaring that it has ceased to
be an investment company. On June 30, 2016, applicant made a
liquidating distribution to its shareholders, based on net asset value.
Expenses of approximately $20,000 incurred in connection with the
liquidation were paid by applicant.
    Filing Date: The application was filed on September 7, 2016.
    Applicant's Address: 5525 NW Fisher Creek Drive, Camas, WA 98607.

BlackRock Municipal Bond Investment Trust [File No. 811-21054]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant
transferred its assets to BlackRock Municipal Income Investment Trust,
and on June 1, 2016, final distributions were paid to applicant's
shareholders based on net asset value. Expenses of approximately
$261,735 incurred in connection with the reorganization were paid by
applicant and applicant's investment adviser.
    Filing Date: The application was filed on September 8, 2016.
    Applicant's Address: 100 Bellevue Parkway, Wilmington, Delaware
19809.

Redmond Reinsurance Investment Interval Fund [File No. 811-23041]

    Summary: Applicant, a closed-end investment company, seeks an order
declaring that it has ceased to be an investment company. Applicant has
never made a public offering of its securities and does not propose to
make a public offering or engage in business of any kind.
    Filing Date: The application was filed on September 15, 2016.
    Applicant's Address: 101 East Lancaster Avenue, Suite 201, Wayne,
PA 19087.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Brent J. Fields,
Secretary.
[FR Doc. 2016-24150 Filed 10-5-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 231 (Friday, November 30, 2012)]
[Notices]
[Page 71409]
[FR Doc No: 2012-28964]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP12-148-000.
    Applicants: Southern Natural Gas Company, L.L.C.
    Description: Southern Natural Gas Company, L.L.C. submits Annual
Report on Operational Transactions Compliance Filing.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5034.
    Comments Due: 5 p.m. ET 12/3/12.

    Docket Numbers: RP13-302-000.
    Applicants: Gulf South Pipeline Company, LP.
    Description: Devon 34694-12 Amendment to Neg Rate Agmt to be
effective 11/27/2012.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5050.
    Comments Due: 5 p.m. ET 12/3/12.

    Docket Numbers: RP13-303-000.
    Applicants: Questar Overthrust Pipeline Company.
    Description: Request for Waiver of Questar Overthrust Pipeline
Company.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5220.
    Comments Due: 5 p.m. ET 12/3/12.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.

Filings in Existing Proceedings

    Docket Numbers: RP12-1064-001.
    Applicants: Venice Gathering System, L.L.C.
    Description: Order Number 587-V Compliance Filing to be effective
12/1/2012.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5175.
    Comments Due: 5 p.m. ET 12/3/12.

    Docket Numbers: RP13-108-001.
    Applicants: TransColorado Gas Transmission Company L.
    Description: Compliance with Order in Compliance with Order No.
587-V to be effective 12/1/2012.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5186.
    Comments Due: 5 p.m. ET 12/3/12.

    Docket Numbers: RP13-21-001.
    Applicants: CenterPoint Energy Gas Transmission Comp.
    Description: CEGT LLC--NAESB Version 2.0 Compliance Filing to be
effective 12/1/2012.
    Filed Date: 11/20/12.
    Accession Number: 20121120-5066.
    Comments Due: 5 p.m. ET 11/26/12.
    Any person desiring to protest in any the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, and service can be found at:
http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other
information, call<PHONE_NUMBER> (toll free). For TTY, call (202) 502-
8659.

    Dated: November 21, 2012.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2012-28964 Filed 11-29-12; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 80, Number 67 (Wednesday, April 8, 2015)]
[Notices]
[Pages 18909-18913]
[FR Doc No: 2015-07963]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74635; File No. SR-NYSEArca-2015-17]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Amending Rule 6.35 To Refine the Appointment
Process Utilized by the Exchange

April 2, 2015.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 20, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change

    The Exchange proposes to amend Rule 6.35 (Appointment of Market
Makers) to refine the appointment process utilized by the Exchange. The
text of the proposed rule change is available on the Exchange's Web
site at www.nyse.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 those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts 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 6.35 to refine the appointment
process utilized by the Exchange. The Exchange believes this proposal,
which is consistent with the rules of other option exchanges,\4\ would
simplify and enhance the efficiency of the appointment process for both
Market Makers and the Exchange and add clarity to Exchange rules.
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    \4\ See, e.g., BATS Exchange, Inc. (``BATS'') Rules 22.3(a),(b)
(Market Maker Registration); NASDAQ OMX PHLX (``PHLX) Rule 3212(b)
(Registration as a Market Maker); NASDAQ Options Market (``NOM''),
Chapter VII (Market Participants), Section 3(a),(b) (Continuing
Market Maker Registration).
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Current Appointment Process
    To register as a Market Maker, an applicant must file an
application with the Exchange on a form or forms prescribed by the
Exchange.\5\ Once registered, a Market Maker may seek an appointment in
one or more option classes pursuant to Rule 6.35. Specifically, this
Rule provides that ``[o]n a form or forms prescribed by the Exchange, a
Market Maker must apply for an appointment in one or more classes of
option contracts.'' \6\
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    \5\ See Rule 6.33 (Registration of Market Makers). See also Rule
6.32(a) (Market Maker Defined) (A ``Market Maker is an individual
who is registered with the Exchange for the purpose of making
transactions as a dealer-specialist on the Floor of the Exchange or
for the purpose of submitting quotes electronically and making
transactions as a dealer-specialist through the NYSE Arca OX
electronic trading system. Registered Market Makers are designated
as specialists on the Exchange for all purposes under the Securities
Exchange Act of 1934 and the Rules and Regulations thereunder. A
Market Maker on the Exchange will be either a Market Maker or a Lead
Market Maker. Unless specified, or unless the context requires
otherwise, the term Market Maker refers to both Market Makers and
Lead Market Maker.'').
    \6\ See Rule 6.35(a).
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    In addition to having the authority to appoint one Lead Market
Maker (``LMM'') \7\ per option class, ``[t]he Exchange may appoint an
unlimited number of Market Makers in each class unless the number of
Market Makers appointed to a particular option class should be
limited'' based on the Exchange's judgment.\8\ Further, the Rule
provides that ``Market Makers may select from among any option issues
traded on the Exchange for inclusion in their appointment, subject to
the approval of the Exchange. In considering the approval of the
appointment of a Market Maker in each security,'' the Exchange will
consider the Market Maker's preference; the financial resources
available to the Market Maker; the Market Maker's experience, expertise
and past performance in making markets, including the Market Maker's
performance in other securities; the Market Maker's operational
capability; and the maintenance and enhancement of competition among
Market Makers in each security in which they are appointed.\9\ The Rule
also sets forth the number of Options Trading Permits (``OTPs'')
required of a Market Maker in order to have a specified number of
options issues included in the Market Maker's appointment (e.g., 1 OTP
affords a Market Maker up to 100 option issues in their appointment,
whereas 4 OTPs enables a Market Maker to include in their appointment
all option issues traded on the Exchange).\10\
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    \7\ An LMM is ``is an individual or entity that has been deemed
qualified by the Exchange for the purpose of making transactions on
the Exchange in accordance with the provisions of Rule 6.82. Each
LMM or nominee thereof must be registered with the Exchange as a
Market Maker. Any OTP Holder or OTP Firm registered as a Market
Maker with the Exchange is eligible to be qualified as an LMM.'' See
Rule 6.82(a)(1).
    \8\ See Rule 6.35(b).
    \9\ See Rule 6.35(c).
    \10\ See Rule 6.35(d).
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    Under the current Rule, ``Market Makers may change the option
issues in their appointment, subject to the approval of the Exchange''
provided requests for changes are ``made in a form and manner
prescribed by the Exchange.'' \11\ In addition, ``Market Makers may
withdraw from trading an option issue that is within their appointment
by providing the Exchange with three business days' written notice of
such withdrawal.'' \12\ If Market Makers fail to provide this notice,
they ``may be subject to formal disciplinary

action pursuant to Rule 10.'' \13\ Moreover, the Exchange ``may suspend
or terminate any appointment of a Market Maker in one or more option
issues under this Rule whenever, in the Exchanges' judgment, the
interests of a fair and orderly market are best served by such action''
\14\ A Market Maker may seek review of any action taken by the
Exchange.\15\
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    \11\ See Rule 6.35(e). In considering the change request, the
Exchange will consider the factors set forth in Rule 6.35(c).
    \12\ See Rule 6.35(f).
    \13\ Id. Rule 10 sets forth the procedures for Exchange
disciplinary proceedings and appeals, with Rule 10.5 specifically
providing the due process for the formal hearing process and Rule
10.7 requiring that any decision by the Exchange must include a
statement of findings and conclusions, with the reasons therefore
upon all material issues presented in the record. Further, where a
penalty is imposed, the Exchange's decision must include a statement
specifying the acts or practices in which the Respondent has been
found to have engaged, or which the Respondent has been found to
have omitted.
    \14\ See Rule 6.35(g).
    \15\ See Rule 6.35(h). Per Rule 6.35(i), Market Makers are also
subject to a trading requirement, such that ``[a]t least 75% of the
trading activity of a Market Maker (measured in terms of contract
volume per quarter) must be in classes within the Market Maker's
appointment'' and a failure to comply with the 75% contract volume
requirement may result in the imposition of a fine or initiation of
formal disciplinary action, pursuant to Rule 10 (Disciplinary
Proceedings and Appeals). The Exchange is not proposing any changes
to Rule 6.35(i).
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    Finally, under the current Rule, the Exchange periodically conducts
evaluations of Market Makers to determine whether they have fulfilled
performance standards.\16\ If the Exchange finds that a Market Maker
has not met the performance standards, the Exchange may take action,
including suspending, terminating or restricting a Market Maker's
appointment or registration, after providing the Market Maker an
opportunity to be heard.\17\
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    \16\ See Rule 6.25(j) [sic].
    \17\ See Rule 6.35(j)(1). See also Rule 6.35(j)(2) (``If a
Market Maker's appointment in an option issue or issues has been
terminated pursuant to this subsection (j), the Market Maker may not
be re-appointed as a Market Maker in that option issue or issues for
a period not to exceed 6 months.'').
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Proposed Appointment Process
    The Exchange proposes to modify Rule 6.35 to refine the current
appointment process. Presently, Market Makers must apply for an
appointment in an options class, which, as discussed further below, is
done by submitting an email to the Exchange. The Exchange proposes to
modify Rule 6.35(a) to provide that, rather than apply for an
appointment, ``a Market Maker may register for an appointment in one or
more classes of option contracts,'' in a form and manner prescribed the
Exchange.\18\ The Exchange would continue to have authority to appoint
one LMM per option class. Similarly, there would continue to be an
unlimited number of Market Makers appointed to an options class, unless
the Exchange restricted such appointments following Commission review
and approval. The Exchange is proposing a change to the text in Rule
6.36(b) [sic] to reflect the proposed changes in Rule 6.35(a) to
provide that ``[a]n unlimited number of Market Makers may register in
each class,'' subject to any limits imposed by the Exchange.\19\
---------------------------------------------------------------------------

    \18\ See proposed Rule 6.35(a) (``On a form or forms prescribed
by the Exchange, a Market Maker may register for an appointment in
one or more classes of option contracts, subject to paragraph (d) of
this Rule.''). As discussed, paragraph (d) of the Rule provides that
the number of options permitted in a Market Maker's appointment is
determined by the number of OTPs that the Market Maker has.
    \19\ See proposed Rule 6.35(b) (``The Exchange may appoint one
LMM per option class. An unlimited number of Market Makers may
register in each class unless the number of Market Makers appointed
to a particular option class should be limited whenever, in the
Exchange's judgment, quotation system capacity in an option class or
classes is not sufficient to support additional Market Makers in
such class or classes.'').
---------------------------------------------------------------------------

    In addition, to simplify a Market Maker's ability to select and
make changes to its appointment, the Exchange proposes to modify Rule
6.35(c) to replace the existing rule text with text that provides that
``[a] Market Maker may select or withdraw option issues included in
their appointment by submitting a request via an Exchange-approved
electronic interface with the Exchange on a day when the Exchange is
open for business.'' \20\ The modified rule would also provide that an
appointment would become effective by no later than the following
business day, whereas a Market Maker's request to withdraw option
issues from its appointment would not become effective until the
following business day.\21\ Thus, as proposed, a Market Maker could be
appointed to an options issue on the same day it submits a request to
the Exchange, depending on availability of Exchange resources to
process the request that day, but such addition to its appointment
would be effective no later than the following business day. A Market
Maker, however, would not be able to withdraw an options issue from its
appointment on the same day that it submits the request; instead, the
Exchange will only process such requests on an overnight basis for
effectiveness on the following business day. Before any additions to a
Market Maker's appointment would become effective, the Exchange would
be required to confirm ``that the Market Maker's appointment will not
exceed that permitted under paragraph (d) of this Rule'' \22\ and
confirm receipt of the Market Maker's request.\23\ Confirmation of
receipt is designed to ensure that the request was successfully
transmitted to the Exchange (i.e., there was no system failure or human
error on either side of the electronic transaction that prevented
transmission and receipt of the Market Maker's request). Presently,
Market Makers can select issues in their appointment or make changes
thereto, pursuant to proposed Rule 6.35(c), by submitting an email
[sic] the Exchange which is ``the Exchange-approved electronic
interface'' at this time.\24\
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    \20\ See proposed Rule 6.35(c).
    \21\ Id.
    \22\ Id. Proposed changes to Rule 6.35(d) are discussed below.
    \23\ The Exchange is also required to confirm receipt of
requests to withdraw option issues from a Market Maker's
appointment. See proposed Rule 6.35(c).
    \24\ The Exchange will announce by Trader Update the email
address that Market Makers should utilize to make selections in, or
changes to, their appointment pursuant to this Rule.
---------------------------------------------------------------------------

    Consistent with this proposed change, the Exchange proposes to
delete paragraphs (e) and (f) of Rule 6.35, which describe how Market
Makers can change their appointment or withdraw from issues in their
appointment because these provisions are rendered superfluous by the
proposed changes to Rule 6.35(c).\25\
---------------------------------------------------------------------------

    \25\ The Exchange proposes to designate subparagraphs (e) and
(f) as Reserved.
---------------------------------------------------------------------------

    The Exchange believes that the proposed changes to how Market
Makers select and modify their appoints would enable Market Makers to
manage their appointments with more flexibility and in a timelier
manner which, in turn, would reduce the time and resources expended by
Market Makers and the Exchange on the appointment process. The Exchange
believes this proposal would provide Market Makers with more efficient
access to the securities in which they want to make markets and
disseminate competitive quotations, which would provide additional
liquidity and enhance competition in those securities. The Exchange
would retain the ability to suspend or terminate any appointment of a
Market Maker if necessary to maintain a fair and orderly market.\26\
The Exchange also notes that the proposed changes to

Rule 6.35(a), (b) \27\ and (c) \28\ are consistent with the rules of
other exchanges and therefore raise no new or novel issues.
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    \26\ See Rule 6.35(g). The Exchange, however, proposes to
correct the possessive form of ``Exchange'' (from ``Exchanges'
judgment'' to ``Exchange's judgment'') in this paragraph to correct
a typo in the existing rule text, which adds clarity to Exchange
rules. See proposed Rule 6.35(g) (``The Exchange may suspend or
terminate any appointment of a Market Maker in one or more option
issues under this Rule whenever, in the Exchange's judgment, the
interests of a fair and orderly market are best served by such
action.'').
    \27\ See e.g., BATS Rules 22.3(a) (``An Options Member that has
qualified as an Options Market Maker may register to make markets in
individual series of options''); NOM, Chapter VII, Section 3(a)
(``An Options Participant that has qualified as an Options Market
Maker may register to make markets in individual options.'').
    \28\ See e.g., PHLX Rule 3212(b) (``A PSX Market Maker may
become registered in an issue by entering a registration request via
an Exchange approved electronic interface with PSX's systems or by
contacting PSX Market Operations. Registration shall become
effective on the day the registration request is entered''); PHLX
Rule 3220(a) (``A market maker may voluntarily terminate its
registration in a security by withdrawing its two-sided quotation
from PSX. A PSX Market Maker that voluntarily terminates its
registration in a security may not re-register as a market maker for
one (1) business day.''). See also BATS Rules 22.3(b) (``An Options
Market Maker may become registered in a series by entering a
registration request via an Exchange approved electronic interface
with the Exchange's systems by 9:00 a.m. Eastern time. Registration
shall become effective on the day the registration request is
entered''); NOM, Chapter VII, Section 3(b) (``An Options Market
Maker may become registered in an option by entering a registration
request via a Nasdaq approved electronic interface with Nasdaq's
systems. Registration shall become effective on the day the
registration request is entered.'').
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    As noted above, paragraph (d) of Rule 6.35 sets forth the number of
OTPs a Market Maker must have in order to have a specified number of
options issues included in the Market Maker's appointment. The Exchange
recently amended the Arca Options Fee Schedule to include this
information together with its OTP fees for Market Makers.\29\
Accordingly, the Exchange proposes to delete the detailed information
on the number of option issues a Market Maker may include in its
assignment in relation to the number of OTPs the Market Maker has and
modify paragraph (d) of the Rule to read that ``[a] Market Maker must
have the number of OTPs required under the Fee Schedule for its
appointment as a Market Maker in option issues.'' \30\ The Exchange
believes that removing this redundancy would improve the clarity of its
rules.\31\
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    \29\ See Securities Exchange Act Release No. 34-74382 (February
26, 2015), 80 FR 11713 (March 4, 2015) (SR-NYSEARCA-2015-10). See
also NYSE Arca Options Fee Schedule (describing ``Number of Option
Issues Permitted in Market Maker's Assignment'' based on the number
of OTPs held and the associated costs), available here, https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf.
    \30\ See proposed Rule 6.35(d).
    \31\ See, e.g., NYSE Amex Options Fee Schedule (Section III.A.,
Monthly ATP Fees) (describing ``Number Of Issues Permitted In A
Market Makers Quoting Assignment'' based on the number of permits
held and the associated costs), available here, https://www.nyse.com/publicdocs/nyse/markets/amex-options/NYSE_Amex_Options_Fee_Schedule.pdf. See also Securities Exchange Act
Release No. 67505 (July 26, 2012), 77 FR 45292 [sic] (July 31, 2012)
(SR-NYSEMKT-2012-24) (filing for immediate effectiveness to add
information regarding ATP Fees previously found in NYSE Amex Rule
923NY(d)(1)-(4) to Fee Schedule).
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    The Exchange also proposes to modify the text in paragraph (h) of
the Rule. As proposed, a Market Maker would continue to be permitted to
``seek review of any action taken by the Exchange, in accordance with
Rule 10, as applicable.'' However, to clarify the rule text, the
Exchange proposes to delete the unnecessary clause ``including the
denial of the appointment for, or the termination or suspension of, a
Market Maker's appointment in an option issue or issues.'' \32\ The
Exchange's denial, termination, or suspension of a Market Maker's
appointment would continue to be reviewable under Rule 10, as would
other applicable actions taken by the Exchange under Rule 6.35.\33\
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    \32\ See Rule 6.35(h) (``A Market Maker may seek review of any
action taken by the Exchange pursuant to this Rule in accordance
with Rule 10, as applicable.'').
    \33\ Id.
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    Rule 6.35(j) states that the Exchange will conduct periodic
evaluations of Market Makers to determine whether they have fulfilled
the requisite performance standards. The Exchange proposes to add ``the
financial resources available to the Market Maker'' and ``the Market
Maker's operational capability'' as factors the Exchange will consider
in its evaluations conducted pursuant to Rule 6.35(j).\34\ The
additional considerations the Exchange proposes to include in its
periodic evaluations under Rule 6.35(j) are currently among the
considerations of the Exchange in approving a Market Maker's
appointment.\35\ In connection with the Exchange's proposed changes to
the process for Market Makers' appointments to options classes, the
Exchange proposes to eliminate these approval provisions. Because
financial resources and operational capability are important
considerations in a Market Maker's performance, the Exchange proposes
to retain these factors for consideration in the Exchange's periodic
evaluation of Market Maker performance.\36\
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    \34\ See proposed Rule 6.35(j) (``The Exchange will periodically
conduct an evaluation of Market Makers to determine whether they
have fulfilled performance standards relating to, among other
things, quality of markets, competition among Market Makers,
observance of ethical standards, and administrative factors. The
Exchange may consider any relevant information including, but not
limited to, the results of a Market Maker evaluation, trading data,
a Market Maker's regulatory history, the financial resources
available to the Market Maker, the Market Maker's operational
capability, and such other factors and data as may be pertinent in
the circumstances.'').
    \35\ See Rule 6.35(c)(2) and (4).
    \36\ The Exchange is not proposing any changes to Rule
6.35(j)(1), which sets forth the actions that the Exchange may take,
after affording a Market Maker written notice and an opportunity for
hearing pursuant to Rule 10.5, should the Exchange find a Market
Maker is failing to meet minimum performance standards. See Rule
6.35(j)(1).
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    Finally, the Exchange proposes to modify Rule 6.35(j)(2) to reflect
the proposed changes to the Market Maker appointment process.
Specifically, the Exchange proposes to change the reference to a Market
Maker being ``re-appointed'' by the Exchange if an option issue or
issues has been terminated pursuant to this subsection (j), and to
instead provide that ``the Exchange may restrict a Market Maker's
registration as a Market Maker in that option issue or issues for a
period not to exceed 6 months.'' \37\ This proposal continues to give
the Exchange discretion to suspend that Market Maker's appointment in
the affected option issue(s) for a full six months, or to allow that
Market Maker to resume that appointment earlier than the prescribed
six-month period, based on the Exchange's evaluation of the facts and
circumstances. The Exchange believes the proposed change is necessary
so that Rule 6.35(j)(2) is consistent with the proposed changes in
paragraphs (a), (b), and (c) of Rule 6.35 to the process for Market
Makers to register and change their appointments to options classes.
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    \37\ See proposed Rule 6.35(j)(2) (``If a Market Maker's
appointment in an option issue or issues has been terminated
pursuant to this subsection (j), the Market Maker may not register
as a Market Maker in that option issue or issues for a period not to
exceed 6 months.'').
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2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) \38\ of
the Securities Exchange Act of 1934 (the ``Act''), in general, and
furthers the objectives of Section 6(b)(5),\39\ in particular, in that
it is 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, and to remove impediments to and perfect
the mechanism of a free and open market and a national market system.
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    \38\ 15 U.S.C. 78f(b).
    \39\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change removes
impediments to a free and open market because it would enable Market
Makers to manage their appointments with more flexibility and in a
timelier manner. The Exchange believes the

proposed change would reduce the burden on both Market Makers and
Exchange staff, which would result in a fair and reasonable use of
resources to the benefit of all market participants. In particular, the
proposal to allow Market Makers to select their appointments, and make
changes thereto, via an Exchange-approved electronic interface is
consistent with [sic] Act because it would provide Market Makers with
more efficient access to the securities in which they want to make
markets and thus more quickly begin disseminating competitive
quotations in those securities, which would provide additional
liquidity and enhance competition in those securities. The Exchange
also believes that preventing Market Makers from being able to withdraw
an option issue from its appointment on the same day that it submits
the request (as such requests are processed on an overnight basis for
effectiveness on the following business day) would serve to promote
just and equitable principles of trade and benefit investors and the
public interest.
    In addition, the Exchange believes that the proposal to allow
Market Makers to make selections or changes to their appointment
without first obtaining explicit Exchange approval is likewise
consistent with the Act. First, because financial resources and
operational capability are important considerations in a Market Maker's
performance, the Exchange proposes to retain these factors for
consideration in the Exchange's periodic evaluation of Market Maker
performance. The Exchange believes that adding these factors to the
Exchange's consideration would remove impediments to and perfect the
mechanism of a free and open market and would benefit investors and the
public interest. In addition, as noted above, the Exchange would
continue to have authority to suspend or terminate any Market Maker
appointment in the interest of a fair and orderly market, including if
necessary to prevent fraudulent and manipulative acts and practices and
protect investors, or if a Market Maker does not satisfy its
obligations with respect to an appointment.\40\ The Exchange would also
retain the ability to restrict a Market Maker's registration in option
issues for up to six months if a Market Maker's appointment in that
option issue or issues had been previously terminated under the rule,
and continues to give the Exchange discretion to allow the Market Maker
to resume that appointment earlier than the prescribed six-month period
or to maintain the suspension for the entire period. Finally, the
Exchange is not proposing changes to the disciplinary and appeals
process for Market Makers that do not meet the minimum performance
standards. Accordingly, the Exchange believes this proposal is
consistent with Section 6(d) of the Exchange Act.\41\
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    \40\ See Rule 6.35(g). See also Rule 6.33 (regarding the
Exchange's ability to suspend or terminate a Market Maker's
registration based on ``a determination of any substantial or
continued failure by such Market Maker to engage in dealings in
accordance with Rules 6.37, 6.37A or 6.37B'', which outline the
obligations of Market Makers).
    \41\ 15 U.S.C. 78f(d).
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    The proposed rule change would not result in unfair discrimination,
as it applies to all Market Makers. Further, the proposed rule change
would reduce the burden on Market Makers to manage their appointments
and thus provide liquidity to the Exchange. Nevertheless, Market Makers
would still be required to comply with certain obligations to maintain
their status as a Market Maker, including that they provide continuous,
two-sided quotations in their appointed securities.\42\
---------------------------------------------------------------------------

    \42\ See Rule 6.37B.
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    Finally, as noted above, the proposed modifications to the
appointment process would align the rules of the Exchange with the
rules of other options exchanges, where Market Makers presently have
the ability to select and make changes to their appointment via an
Exchange-approved electronic interface.\43\ The Exchange believes this
consistency across exchanges would remove impediments to and perfect
the mechanism of a free and open market by ensuring that members,
regulators and the public can more easily navigate the Exchange's
rulebook and better understand the appointment process.
---------------------------------------------------------------------------

    \43\ See supra nn. 4, 27, 28.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change would
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act because it provides the same
relief to a group of similarly situated market participants--Market
Makers. The proposed rule change would reduce the burden on Market
Makers to manage their appointments and thus provide liquidity to the
Exchange.
    The Exchange does not believe the proposed rule change would help
Market Makers to the detriment of market participants on other
exchanges, particularly because the proposed functionality is similar
to functionality already available on other exchanges.\44\ Market
Makers would still be subject to the same obligations with respect to
its appointments; the proposed rule change would make the appointment
process more efficient for Market Makers. The Exchange believes that
the proposed rule change would relieve any burden on, or otherwise
promote, competition, as it would enable Market Makers to manage their
appointments with more flexibility and in a timelier manner. The
Exchange believes this would provide Market Makers with more efficient
access to the securities in which they want to make markets and thus
more quickly begin disseminating competitive quotations in those
securities, which would provide additional liquidity and enhance
competition in those securities.
---------------------------------------------------------------------------

    \44\ Id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be 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 (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2015-17 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-NYSEArca-2015-17. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Room, 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 should refer to File Number SR-NYSEArca-2015-17, and should
be submitted on or before April 29, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\45\
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    \45\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-07963 Filed 4-7-15; 8:45 am]
BILLING CODE 8011-01-P