[Federal Register: May 22, 2008 (Volume 73, Number 100)]
[Notices]
[Page 29793-29796]
[DOCID:fr22my08-91]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57818; File No. SR-Amex-2008-30]

Self-Regulatory Organizations; American Stock Exchange LLC; Order
Granting Approval of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, To Amend the Eligibility Criteria for Components of an Index
or Portfolio Underlying Portfolio Depositary Receipts and Index Fund
Shares

May 15, 2008.

I. Introduction

    On March 25, 2008, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend Commentary .03 to Amex Rule 1000-AEMI
(Portfolio Receipts or ``PDRs'') and Commentary .02 to Amex Rule 1000A-
AEMI (Index Fund Shares or ``IFSs,'' and together with PDRs,
collectively, ``ETFs'') to modify certain eligibility criteria for
components of an index or portfolio underlying ETFs. On April 1, 2008,
the Exchange filed Amendment No. 1 to the proposed rule change. The
proposed rule change was published for comment in the Federal Register
on April 14, 2008.\3\ The Commission received no comments on the
proposed rule change. This order

approves the proposed rule change, as modified by Amendment No. 1
thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57631 (April 8,
2008), 73 FR 20074.
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II. Description of the Proposal

    The Exchange proposes to amend Commentary .03 to Amex Rule 1000-
AEMI and Commentary .02 to Amex Rule 1000A-AEMI to exclude ETFs and
securities defined as Managed Fund Shares (Amex Rule 1000B), Trust
Issued Receipts (Amex Rule 1200), Commodity-Based Trust Shares (Amex
Rule 1200A), Currency Trust Shares (Amex Rule 1200B), Partnership Units
(Amex Rule 1500), and Paired Trust Shares (Amex Rule 1600) (together
with ETFs, collectively, ``Derivative Securities Products'') when
applying certain quantitative listing requirements of Commentary .03 to
Amex Rule 1000-AEMI and Commentary .02 to Amex Rule 1000A-AEMI. In this
way, the Exchange seeks to enable the listing and trading of ETFs that
are linked to, or based on, components that are Derivative Securities
Products pursuant to Rule 19b-4(e) under the Act.\4\
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    \4\ Rule 19b-4(e) under the Act provides that the listing and
trading of a new derivative securities product by a self-regulatory
organization (``SRO'') shall not be deemed a proposed rule change,
pursuant to Rule 19b-4(c)(1) (17 CFR 240.19b-4(c)(1)), if the
Commission has approved, pursuant to Section 19(b) of the Act (15
U.S.C. 78s(b)), the SRO's trading rules, procedures, and listing
standards for the product class that would include the new
derivatives securities product, and the SRO has a surveillance
program for the product class. See 17 CFR 240.19b-4(e).
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    Amex Rules 1000-AEMI and 1000A-AEMI provide that the Exchange may
approve a series of PDRs and IFSs, respectively, for listing and/or
trading (including pursuant to unlisted trading privileges) pursuant to
Rule 19b-4(e) under the Act,\5\ if such series satisfies the criteria
set forth in such Rules. In its proposal, the Exchange seeks to exclude
Derivative Securities Products when applying certain quantitative
listing requirements of Commentary .03 to Amex Rule 1000-AEMI and
Commentary .02 to Amex Rule 1000A-AEMI relating to the listing of PDRs
and IFSs, respectively, based on a U.S. index or portfolio or an
international or global index or portfolio.
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    \5\ See id.
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    With respect to Commentary .03 to Amex Rule 1000-AEMI and
Commentary .02 to Amex Rule 1000A-AEMI, the Exchange proposes to
exclude Derivative Securities Products, as components, when applying
the following existing component eligibility requirements: (1)
Component stocks that, in the aggregate, account for at least 90% of
the weight of the index or portfolio each must have a minimum market
value of at least $75 million (Commentary .03(a)(A)(1) to Amex Rule
1000-AEMI and Commentary .02(a)(A)(1) to Amex Rule 1000A-AEMI); (2)
component stocks that, in the aggregate, account for at least 90% of
the weight of the index or portfolio each must have a minimum monthly
trading volume during each of the last six months of at least 250,000
shares (Commentary .03(a)(A)(2) to Amex Rule 1000-AEMI and Commentary
.02(a)(A)(2) to Amex Rule 1000A-AEMI); and (3) the most heavily
weighted component stock must not exceed 30% of the weight of the index
or portfolio, and the five most heavily weighted component stocks must
not exceed 65% of the weight of the index or portfolio (Commentary
.03(a)(A)(3) to Amex Rule 1000-AEMI and Commentary .02(a)(A)(3) to Amex
Rule 1000A-AEMI). Component stocks, in the aggregate, excluding
Derivative Securities Products, would still be required to meet the
criteria of these provisions. Thus, for example, when determining
compliance with Commentaries .03(a)(A)(1) and (2) to Amex Rule 1000-
AEMI and Commentaries .02(a)(A)(1) and (2) to Amex Rule 1000A-AEMI,
component stocks that, in the aggregate, account for at least 90% of
the remaining index weight, after excluding any Derivative Securities
Products, would be required to have a minimum market value of at least
$75 million and minimum monthly trading volume of 250,000 shares during
each of the last six months, respectively. In addition, with respect to
Commentary .03(a)(A)(3) to Amex Rule 1000-AEMI and Commentary
.02(a)(A)(3) to Amex Rule 1000A-AEMI, when determining the component
weight for the most heavily weighted stock and the five most heavily
weighted component stocks for an underlying index that includes a
Derivative Securities Product, the weight of such Derivative Securities
Products included in the underlying index or portfolio would not be
considered.
    In addition, the Exchange proposes to modify the requirements in
Commentary .03(a)(A)(4) to Amex Rule 1000-AEMI and Commentary
.02(a)(A)(4) to Amex Rule 1000A-AEMI, which provide that the underlying
index or portfolio must include a minimum of 13 component stocks.
Specifically, the Exchange proposes that there shall be no minimum
number of component stocks if: (1) One or more series of ETFs
constitute, at least in part, components underlying a series of ETFs;
or (2) one or more series of Derivative Securities Products account for
100% of the weight of the index or portfolio. Thus, for example, if the
index or portfolio underlying a series of ETFs includes one or more
series of ETFs, or if it consists entirely of other Derivative
Securities Products, then there would not be required to be any minimum
number of component stocks (i.e., one or more components comprising the
underlying index or portfolio would be acceptable). However, if the
index or portfolio consists of Derivative Securities Products other
than ETFs (e.g., Commodity-Based Trust Shares or Currency Trust
Shares), as well as securities that are not Derivative Securities
Products (e.g., common stocks), then there would have to be at least 13
components in the underlying index or portfolio.
    Consistent with current Commentary .03(a)(A)(5) to Amex Rule 1000-
AEMI and Commentary .02(a)(A)(5) to Amex Rule 1000A-AEMI, all
securities in the index or portfolio would have to be ``US Component
Stocks'' (as defined in Amex Rules 1000-AEMI(b)(3) and 1000A-
AEMI(b)(4)) \6\ listed on a national securities exchange and NMS
Stocks, as defined in Rule 600 of under the Act.\7\
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    \6\ ``US Component Stock'' is an equity security that is
registered under Section 12(b) or 12(g) of the Act or an American
Depositary Receipt, the underlying equity security of which is
registered under Section 12(b) or 12(g) of the Act. See Amex Rules
1000-AEMI(b)(3) and 1000A-AEMI(b)(4).
    \7\ See 17 CFR 242.600(b)(47).
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    With respect to Commentary .03(a)(B) to Amex Rule 1000-AEMI and
Commentary .02(a)(B) to Amex Rule 1000A-AEMI, the Exchange proposes to
exclude Derivative Securities Products, as components, when applying
the following existing component eligibility requirements: (1)
Component stocks that, in the aggregate, account for at least 90% of
the weight of the index or portfolio each must have a minimum market
value of at least $100 million (Commentary .03(a)(B)(1) to Amex Rule
1000-AEMI and Commentary .02(a)(B)(1) to Amex Rule 1000A-AEMI); (2)
component stocks that, in the aggregate, account for at least 90% of
the weight of the index or portfolio each must have a minimum worldwide
monthly trading volume during each of the last six months of at least
250,000 shares (Commentary .03(a)(B)(2) to Amex Rule 1000-AEMI and
Commentary .02(a)(B)(2) to Amex Rule 1000A-AEMI); and (3) the most
heavily weighted component stock must not exceed 25% of the weight of
the index or portfolio, and the five most heavily weighted component
stocks must not exceed 60% of the weight of the index or portfolio
(Commentary .03(a)(B)(3) to

Amex Rule 1000-AEMI and Commentary .02(a)(B)(3) to Amex Rule 1000A-
AEMI). Thus, for example, when determining compliance with Commentaries
.03(a)(B)(1) and (2) to Amex Rule 1000-AEMI and Commentaries
.02(a)(B)(1) and (2) to Amex Rule 1000A-AEMI, component stocks that, in
the aggregate, account for at least 90% of the remaining index weight,
after excluding any Derivative Securities Products, would be required
to have a minimum market value of at least $100 million and minimum
worldwide monthly trading volume of 250,000 shares during each of the
last six months, respectively. In addition, with respect to Commentary
.03(a)(B)(3) to Amex Rule 1000-AEMI and Commentary .02(a)(B)(3) to Amex
Rule 1000A-AEMI, when determining the component weight for the most
heavily weighted stock and the five most heavily weighted component
stocks for an underlying index that includes a Derivative Securities
Product, the weight of such Derivative Securities Products included in
the underlying index or portfolio would not be considered.
    In addition, the Exchange proposes to modify the requirements in
Commentary .03(a)(B)(4) to Amex Rule 1000-AEMI and Commentary
.02(a)(B)(4) to Amex Rule 1000A-AEMI, which provide that the underlying
index or portfolio must include a minimum of 20 component stocks.
Specifically, the Exchange proposes that there shall be no minimum
number of component stocks if: (1) One or more series of ETFs
constitute, at least in part, components underlying a series of ETFs;
or (2) one or more series of Derivative Securities Products account for
100% of the weight of the index or portfolio. Thus, for example, if the
index or portfolio underlying a series of ETFs includes one or more
series of ETFs, or if it consists entirely of other Derivative
Securities Products, then there would not be required to be any minimum
number of component stocks (i.e., one or more components comprising the
underlying index or portfolio would be acceptable). However, if the
index or portfolio consists of Derivative Securities Products other
than ETFs (e.g., Commodity-Based Trust Shares or Currency Trust
Shares), as well as securities that are not Derivative Securities
Products (e.g., common stocks), then there would have to be at least 20
components in the underlying index or portfolio.
    Consistent with current Commentary .03(a)(B)(5) to Amex Rule 1000-
AEMI and Commentary .02(a)(B)(5) to Amex Rule 1000A-AEMI, each
component that is a U.S. Component Stock (which would include each
Derivative Securities Product) would be required to be listed on a
national securities exchange and be an NMS Stock, as defined in Rule
600 under the Act, and each component that is a Non-US Component Stock
(as defined in Amex Rules 1000-AEMI(b)(4) and 1000A-AEMI(b)(5)) \8\
would be required to be listed and traded on an exchange that has last-
sale reporting.
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    \8\ ``Non-US Component Stock'' is an equity security that is not
registered under Section 12(b) or 12(g) of the Act and that is
issued by an entity that (1) is not organized, domiciled, or
incorporated in the United States, and (2) is an operating company
(including Real Estate Investment Trusts and income trusts, but
excluding investment trusts, unit trusts, mutual funds, and
derivatives). See Amex Rules 1000-AEMI(b)(4) and 1000A-AEMI(b)(5).
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III. Discussion and Commission's Findings

    After careful review and based on the Exchange's representations,
the Commission finds that the proposed rule change is consistent with
the requirements of the Act and the rules and regulations thereunder
applicable to a national securities exchange.\9\ In particular, the
Commission finds that the proposed rule change is consistent with
Section 6(b)(5) of the Act,\10\ which requires, among other things,
that the rules of an exchange be designed to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in regulating, clearing, settling, processing
information with respect to, and 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,
protect investors and the public interest.
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    \9\ In approving this proposed rule change, the Commission notes
that it has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
    \10\ 15 U.S.C. 78f(b)(5).
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    Under Commentary .03 to Amex Rule 1000-AEMI and Commentary .02 to
Amex Rule 1000A-AEMI, one or more series of Derivative Securities
Products may be included as a component comprising the index or
portfolio underlying a series of ETFs.\11\ The Commission notes that,
based on the trading characteristics of Derivative Securities Products,
it may be difficult for component Derivative Securities Products to
satisfy certain quantitative index criteria, such as the minimum market
value and trading volume limitations. However, because Derivative
Securities Products are themselves subject to specific initial and
continued listing requirements, the Commission believes that it would
be reasonable to exclude Derivative Securities Products, as components,
when applying certain quantitative listing requirements related to the
listing of PDRs and IFSs. For example, the index component eligibility
standards for ETFs require, among others, that there be a minimum of 13
component stocks in an underlying U.S. index or portfolio and a minimum
of 20 component stocks in an international or global index or
portfolio. If one or more series of ETFs constitutes, at least in part,
a component of a U.S. or international index underlying a series of
ETFs, the Commission believes that not requiring a minimum number of
components underlying such overlying ETFs would be reasonable because
each component ETF already requires a minimum of 13 or 20 component
stocks, as the case may be. In addition, if the index or portfolio
underlying a series of ETFs consists entirely of other component
Derivative Securities Products, then there would be no required minimum
number of component stocks. The Commission notes that, if a series of
ETFs is based on the performance of an underlying index or portfolio
composed, in part, of: (1) An ETF and another non-Derivative Securities
Product (e.g., common stock), or (2) a Derivative Securities Product
other than an ETF, then the minimum number of component stock
requirement will continue to apply.
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    \11\ Under Commentary .03 to Amex Rule 1000-AEMI and Commentary
.02 to Amex Rule 1000A-AEMI, a series of a Derivative Securities
Product may be included as a U.S. Component Stock or Non-U.S.
Component Stock underlying a series of PDRs or IFSs, respectively,
so long as the shares of such series meet the definitions of U.S.
Component Stock and Non-U.S. Component Stock, as applicable. See
supra notes 6 and 8. See also Commentaries .03(a)(A)(5) and
.03(a)(B)(5) to Amex Rule 1000-AEMI and Commentaries .02(a)(A)(5)
and .02(a)(B)(5) to Amex Rule 1000A-AEMI (requiring that, in any
event, all securities in the applicable index or portfolio must be a
U.S. Component Stock listed on a national securities exchange and an
NMS Stock, as defined in Rule 600 under the Act, or, in the case of
an international or global index or portfolio, must be a Non-U.S.
Component Stock that is listed and traded on an exchange that has
last-sale reporting).
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    In addition, because component Derivative Securities Products may
comprise 100% of the weight of any index underlying a series of ETFs,
the Commission believes that providing for an exception to the
concentration limits contained in Commentary .03(a)(A)(3) to Amex Rule
1000-AEMI and Commentary .02(a)(A)(3) to Amex Rule 1000A-AEMI with
respect to component Derivative Securities Products is reasonable. The
Commission further notes that component Derivative

Securities Products that are U.S. Component Stocks comprising, at least
in part, an index or portfolio underlying a series of Units must meet
the definition of NMS Stock \12\ and already have been listed and
trading on a national securities exchange pursuant to a proposed rule
change approved by the Commission pursuant to Section 19(b)(2) of the
Act \13\ or submitted by a national securities exchange pursuant to
Section 19(b)(3)(A) of the Act,\14\ or would have been listed by a
national securities exchange pursuant to the requirements of Rule 19b-
4(e) under the Act.\15\ Component Derivative Securities Products that
are Non-U.S. Component Stocks comprising, at least in part, an
international or global index or portfolio underlying a series of Units
must already have been listed and trading on an exchange that has last-
sale reporting.
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    \12\ See supra note 7.
    \13\ 15 U.S.C. 78s(b)(2).
    \14\ 15 U.S.C. 78s(b)(3)(A).
    \15\ See supra note 4.
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    The Commission believes that the proposed rule change will
facilitate the listing and trading of additional types of exchange-
traded products that will enhance competition among market
participants, to the benefit of investors and the marketplace. In
addition, the listing and trading criteria set forth in the proposal
are intended to protect investors and the public interest. The
Commission notes that it has approved a substantively identical
proposal of another national securities exchange.\16\ The Commission is
not aware of any regulatory issue that should cause it revisit that
finding and, as such, believes it is reasonable and consistent with the
Act for the Exchange to modify the index component eligibility criteria
for ETFs in the manner described in the proposal.
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    \16\ See Securities Exchange Act Release No. 57751 (May 1,
2008), 73 FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\17\ that the proposed rule change (SR-Amex-2008-30), as modified
by Amendment No. 1 thereto, be, and it hereby is, approved.
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    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
Florence E. Harmon,
Deputy Secretary.
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    \18\ 17 CFR 200.30-3(a)(12).
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[FR Doc. E8-11424 Filed 5-21-08; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: July 13, 2009 (Volume 74, Number 132)]
[Rules and Regulations]
[Page 33365-33368]
[DOCID:fr13jy09-7]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

44 CFR Part 65

[Docket ID FEMA-2008-0020; Internal Agency Docket No. FEMA-B-1059]

Changes in Flood Elevation Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Interim rule.

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SUMMARY: This interim rule lists communities where modification of the
Base (1% annual-chance) Flood Elevations (BFEs) is appropriate because
of new scientific or technical data. New flood insurance premium rates
will be calculated from the modified BFEs for new buildings and their
contents.

DATES: These modified BFEs are currently in effect on the dates listed
in the table below and revise the Flood Insurance Rate Maps (FIRMs) in
effect prior to this determination for the listed communities.
    From the date of the second publication of these changes in a
newspaper of local circulation, any person has ninety (90) days in
which to request through the community that the Mitigation Assistant
Administrator of FEMA reconsider the changes. The modified BFEs may be
changed during the 90-day period.

ADDRESSES: The modified BFEs for each community are available for
inspection at the office of the Chief Executive Officer of each
community. The respective addresses are listed in the table below.

FOR FURTHER INFORMATION CONTACT: William R. Blanton Jr., Engineering
Management Branch, Mitigation Directorate, Federal Emergency Management
Agency, 500 C Street SW., Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The modified BFEs are not listed for each
community in this interim rule. However, the address of the Chief
Executive Officer of the community where the modified BFE
determinations are available for inspection is provided.
    Any request for reconsideration must be based on knowledge of
changed conditions or new scientific or technical data.
    The modifications are made pursuant to section 201 of the Flood
Disaster Protection Act of 1973, 42 U.S.C. 4105, and are in accordance
with the National Flood Insurance Act of 1968, 42 U.S.C. 4001 et seq.,
and with 44 CFR part 65.
    For rating purposes, the currently effective community number is
shown and must be used for all new policies and renewals.
    The modified BFEs are the basis for the floodplain management
measures that the community is required to either adopt or to show
evidence of being already in effect in order to qualify or to remain
qualified for participation in the National Flood Insurance Program
(NFIP).
    These modified BFEs, together with the floodplain management
criteria required by 44 CFR 60.3, are the minimum that are required.
They should not be construed to mean that the community must change any
existing ordinances that are more stringent in their floodplain
management requirements. The community may at any time enact stricter
requirements of its own, or pursuant to policies established by the
other Federal, State, or regional entities. The changes in BFEs are in
accordance with 44 CFR 65.4.
    National Environmental Policy Act. This interim rule is
categorically excluded from the requirements of 44 CFR part 10,
Environmental Consideration. An environmental impact assessment has not
been prepared.
    Regulatory Flexibility Act. As flood elevation determinations are
not within the scope of the Regulatory Flexibility Act, 5 U.S.C. 601-
612, a regulatory flexibility analysis is not required.
    Regulatory Classification. This interim rule is not a significant
regulatory action under the criteria of section 3(f) of Executive Order
12866 of September 30, 1993, Regulatory Planning and Review, 58 FR
51735.
    Executive Order 13132, Federalism. This interim rule involves no
policies that have federalism implications under Executive Order 13132,
Federalism.
    Executive Order 12988, Civil Justice Reform. This interim rule
meets the applicable standards of Executive Order 12988.

List of Subjects in 44 CFR Part 65

    Flood insurance, Floodplains, Reporting and recordkeeping
requirements.

0
Accordingly, 44 CFR part 65 is amended to read as follows:

PART 65--[AMENDED]

0
1. The authority citation for part 65 continues to read as follows:

    Authority: 42 U.S.C. 4001 et seq.; Reorganization Plan No. 3 of
1978, 3 CFR, 1978 Comp., p. 329; E.O. 12127, 44 FR 19367, 3 CFR,
1979 Comp., p. 376.

Sec.  65.4  [Amended]

0
2. The tables published under the authority of Sec.  65.4 are amended
as follows:

--------------------------------------------------------------------------------------------------------------------------------------------------------
                                                             Date and name of
         State and county           Location and case No.    newspaper  where     Chief executive officer   Effective date of  modification   Community
                                                           notice was published         of community                                             No.
--------------------------------------------------------------------------------------------------------------------------------------------------------
Alabama:
    Mobile........................  Unincorporated areas   May 11, 2009; May     The Honorable Stephen      September 15, 2009.............       015008
                                     of Mobile County (08-  18, 2009; Press-      Nodine, President,
                                     04-6003P).             Register.             Mobile County
                                                                                Commission, 205
                                                                                Government Street,
                                                                                Mobile, AL 36644.
    Montgomery....................  City of Montgomery     May 11, 2009; May     The Honorable Todd         September 15, 2009.............       010174
                                     (08-04-6322P).         18, 2009;             Strange, Mayor, City of
                                                            Montgomery            Montgomery, 103 North
                                                            Advertiser.           Perry Street,
                                                                                Montgomery, AL 36104.

    Tuscaloosa....................  City of Northport (08- May 11, 2009; May     The Honorable Bobby        September 15, 2009.............       010202
                                     04-6551P).             18, 2009;             Herndon, Mayor, City of
                                                            Tuscaloosa News.      Northport, 3500
                                                                                McFarland Boulevard,
                                                                                Northport, AL 35476.
    Tuscaloosa....................  Unincorporated areas   May 11, 2009; May     The Honorable W. Hardy     September 15, 2009.............       010201
                                     of Tuscaloosa County   18, 2009;             McCollum, Probate Judge,
                                     (08-04-6551P).         Tuscaloosa News.      Tuscaloosa County, 714
                                                                                Greensboro Avenue,
                                                                                Tuscaloosa, AL 35401.
Arizona:
    Maricopa......................  City of El Mirage (08- May 7, 2009; May 14,  The Honorable Fred         April 30, 2009.................       040041
                                     09-1164P).             2009; Arizona         Waterman, Mayor, City of
                                                            Business Gazette.     El Mirage, Post Office
                                                                                Box 26, El Mirage, AZ
                                                                                85335.
    Maricopa......................  Unincorporated areas   May 7, 2009; May 14,  The Honorable Andrew W.    April 30, 2009.................       040037
                                     of Maricopa County     2009; Arizona         Kunasek, Chairman,
                                     (08-09-1164P).         Business Gazette.     Maricopa County Board of
                                                                                Supervisors, 301 West
                                                                                Jefferson Street, 10th
                                                                                Floor, Phoenix, AZ 85003.
    Maricopa......................  Unincorporated areas   May 7, 2009; May 14,  The Honorable Andrew W.    April 23, 2009.................       040037
                                     of Maricopa County     2009; Arizona         Kunasek, Chairman,
                                     (08-09-1294P).         Business Gazette.     Maricopa County Board of
                                                                                Supervisors, 301 West
                                                                                Jefferson Street, 10th
                                                                                Floor, Phoenix, AZ 85003.
    Maricopa......................  City of Phoenix (08-   May 7, 2009; May 14,  The Honorable Phil         April 23, 2009.................       040051
                                     09-1294P).             2009; Arizona         Gordon, Mayor, City of
                                                            Business Gazette.     Phoenix, 200 West
                                                                                Washington Street, 11th
                                                                                Floor, Phoenix, AZ 85003.
    Maricopa......................  City of Phoenix (08-   May 7, 2009; May 14,  The Honorable Phil         September 11, 2009.............       040051
                                     09-1384P).             2009; Arizona         Gordon, Mayor, City of
                                                            Business Gazette.     Phoenix, 200 West
                                                                                Washington Street, 11th
                                                                                Floor, Phoenix, AZ 85003.
California:
    Sacramento....................  City of Elk Grove (08- May 12, 2009; May     The Honorable Patrick      June 2, 2009...................       060767
                                     09-1760P).             19, 2009; The         Hume, Mayor, City of Elk
                                                            Sacramento Bee.       Grove, 8401 Laguna Palms
                                                                                Way, Elk Grove, CA 95758.
    Sacramento....................  Unincorporated areas   May 12, 2009; May     The Honorable Susan        June 2, 2009...................       060262
                                     of Sacramento County   19, 2009; The         Peters, Chair,
                                     (08-09-1760P).         Sacramento Bee.       Sacramento County Board
                                                                                of Supervisors, 700 H
                                                                                Street, Suite 2450,
                                                                                Sacramento, CA 95814.
    San Diego.....................  City of Carlsbad (09-  May 1, 2009; May 8,   The Honorable Claude A.    September 8, 2009..............       060285
                                     09-0276P).             2009; North County    Lewis, Mayor, City of
                                                            Times.                Carlsbad, 1200 Carlsbad
                                                                                Village Drive, Carlsbad,
                                                                                CA 92008.
    Santa Barbara.................  City of Carpinteria    April 27, 2009; May   The Honorable Gregg        May 15, 2009...................       060332
                                     (08-09-1482P).         4, 2009; Santa        Carty, Mayor, City of
                                                            Barbara News Press.   Carpinteria, 5775
                                                                                Carpinteria Avenue,
                                                                                Carpinteria, CA 93013.
    Santa Barbara.................  Unincorporated areas   April 27, 2009; May   The Honorable Salud        May 15, 2009...................       060331
                                     of Santa Barbara       4, 2009; Santa        Carbajal, Chairman,
                                     County (08-09-1482P).  Barbara News Press.   Santa Barbara County
                                                                                Board of Supervisors,
                                                                                105 East Anapamu Street,
                                                                                Santa Barbara, CA 93101.
    Ventura.......................  Unincorporated areas   May 8, 2009; May 15,  The Honorable Steve        September 14, 2009.............       060413
                                     of Ventura County      2009; Ventura Star.   Bennett, Chairman,
                                     (08-09-1921P).                               Ventura County Board of
                                                                                Supervisors, 800 South
                                                                                Victoria Avenue,
                                                                                Ventura, CA 93009.
Connecticut:
    Tolland.......................  Town of Coventry (09-  May 11, 2009; May     The Honorable Liz Woolf,   September 15, 2009.............       090110
                                     01-0698P).             18, 2009; Journal     Chairperson, Coventry
                                                            Inquirer.             Town Council, Town Hall,
                                                                                1712 Main Street,
                                                                                Coventry, CT 06238.
Colorado:
    Grand.........................  Town of Granby (08-08- April 30, 2009; May   The Honorable Jynnifer     September 8, 2009..............       080248
                                     0416P).                7, 2009; Middle       Pierro, Mayor, Town of
                                                            Park Times.           Granby, P.O. Box 440,
                                                                                Granby, CO 80446.
    Grand.........................  Unincorporated areas   April 30, 2009; May   The Honorable Nancy        September 8, 2009..............       080280
                                     of Grand County (08-   7, 2009; Middle       Stuart, Chairman, Grand
                                     08-0416P).             Park Times.           County Board of
                                                                                Commissioners, P.O. Box
                                                                                264, Hot Sulphur
                                                                                Springs, CO 80451.
Florida:
    Charlotte.....................  Unincorporated areas   May 11, 2009; May     The Honorable Adam         April 30, 2009.................       120061
                                     of Charlotte County    18, 2009; Charlotte   Cummings, Chairman,
                                     (09-04-3000P.          Sun Herald.           Board of Commissioners,
                                                                                Charlotte County, 18500
                                                                                Murdock Circle, Port
                                                                                Charlotte, FL 33948.
    Marion........................  City of Ocala (08-04-  May 13, 2009; May     The Honorable Randy        September 15, 2009.............       120330
                                     4557P).                20, 2009; Star-       Ewers, Mayor, City of
                                                            Banner.               Ocala, P.O. Box 1270,
                                                                                Ocala, FL 34478-1270.
Illinois:
    Will..........................  Unincorporated areas   May 11, 2009; May     The Honorable Lawrence M.  September 15, 2009.............       170695
                                     of Will County (09-    18, 2009; The         Walsh, Will County
                                     05-1623P).             Herald News.          Executive, 302 North
                                                                                Chicago Street, Joliet,
                                                                                IL 60432.
Indiana:
    Marion........................  City of Indianapolis   May 8, 2009; May 15,  The Honorable Gregory A.   April 30, 2009.................       180159
                                     (09-05-2436P).         2009; Indianapolis    Ballard, Mayor, City of
                                                            Recorder.             Indianapolis, 2501 City-
                                                                                County Building, 200
                                                                                East Washington Street,
                                                                                Indianapolis, IN 46204.
Missouri:
    St. Charles...................  City of St. Peters     April 29, 2009; May   The Honorable Len Pagano,  April 21, 2009.................       290319
                                     (09-07-0566P).         6, 2009; St. Louis    Mayor, City of St.
                                                            Post Dispatch.        Peters, One St. Peters
                                                                                Centre Boulevard, St.
                                                                                Peters, MO 63376.
New Mexico:

    Chaves........................  City of Roswell (09-   May 1, 2009; May 8,   The Honorable Sam D.       April 21, 2009.................       350006
                                     06-0188P).             2009; Roswell Daily   LaGrone, Mayor, City of
                                                            Record.               Roswell, 425 North
                                                                                Richardson Avenue,
                                                                                Roswell, NM 88201.
New York:
    Rockland......................  Town of Ramapo (09-02- May 11, 2009; May     The Honorable Christopher  October 27, 2009...............       365340
                                     0256P).                18, 2009; The         St. Lawrence,
                                                            Journal News.         Supervisor, Town of
                                                                                Ramapo, 237 Route 59,
                                                                                Suffern, NY 10901.
Nevada:
    Clark.........................  Unincorporated areas   May 12, 2009; May     The Honorable Rory Reid,   September 16, 2009.............       320003
                                     of Clark County (09-   19, 2009; Las Vegas   Chair, Clark County
                                     09-0526P).             Review-Journal.       Board of Commissioners,
                                                                                500 South Grand Central
                                                                                Parkway, Las Vegas, NV
                                                                                89106.
    Clark.........................  City of Henderson (09- May 12, 2009; May     The Honorable James B.     September 16, 2009.............       320005
                                     09-0526P).             19, 2009; Las Vegas   Gibson, Mayor, City of
                                                            Review-Journal.       Henderson, 240 South
                                                                                Water Street, Henderson,
                                                                                NV 89015.
    Clark.........................  City of North Las      May 8, 2009; May 15,  The Honorable Michael L.   September 14, 2009.............       320007
                                     Vegas (09-09-0019P).   2009; Las Vegas       Montandon, Mayor, City
                                                            Review-Journal.       of North Las Vegas, 2200
                                                                                Civic Center Drive,
                                                                                North Las Vegas, NV
                                                                                89030.
North Carolina: Pender............  Pender County          May 6, 2009; May 13,  Mr. Rick Benton, Manager,  September 10, 2009.............       370344
                                     (Unincorporated        2009; The Pender      Pender County, 805 South
                                     Areas) (08-04-6525P).  Post.                 Walker Street, P.O. Box
                                                                                5, Burgaw, North
                                                                                Carolina 28425.
Oklahoma: Rogers..................  City of Catoosa (09-   May 6, 2009; May 13,  The Honorable Rita         April 29, 2009.................       400185
                                     06-0354P).             2009; Catoosa Times.  Lamkin, Mayor, City of
                                                                                Catoosa, P.O. Box 190,
                                                                                Catoosa, OK 74015.
South Carolina: Charleston........  City of North          April 30, 2009; May   The Honorable R. Keith     September 3, 2009..............       450042
                                     Charleston (08-04-     7, 2009; Post and     Summery, Mayor, City of
                                     2279P).                Courier.              North Charleston, Post
                                                                                Office Box 190016, North
                                                                                Charleston, SC 29419.
South Dakota: Lawrence............  City of Spearfish (09- May 1, 2009; May 8,   The Honorable Jerry        April 23, 2009.................       460046
                                     08-0035P).             2009; Black Hills     Krambeck, Mayor, City of
                                                            Pioneer.              Spearfish, 233 Vermont
                                                                                Street,Spearfish, SD
                                                                                57783.
Texas:
    Brazos........................  City of College        May 11, 2009; May     The Honorable Ben White,   June 2, 2009...................       480083
                                     Station (08-06-        18, 2009; Bryan       Mayor, City of College
                                     2806P).                College Station       Station, P.O. Box 9960,
                                                            Eagle.                College Station, TX
                                                                                77842.
    Collin........................  Town of Prosper (09-   May 11, 2009; May     The Honorable Charles      September 15, 2009.............       480141
                                     06-0211P).             18, 2009; Dallas      Niswanger, Mayor, Town
                                                            Morning News.         of Prosper, P.O. Box
                                                                                307, Prosper, TX 75078.
    Dallas........................  City of Cedar Hill     May 8, 2009; May 15,  The Honorable Rob Franke,  September 14, 2009.............       480168
                                     (08-06-2296P).         2009; Dallas          Mayor, City of Cedar
                                                            Morning News.         Hill, 285 Uptown
                                                                                Boulevard, Cedar Hill,
                                                                                TX 75104.
    Dallas........................  City of Duncanville    May 8, 2009; May 15,  The Honorable David        September 14, 2009.............       480173
                                     (08-06-2296P).         2009; Dallas          Green, Mayor, City of
                                                            Morning News.         Duncanville, P.O. Box
                                                                                380280, Duncanville, TX
                                                                                75138.
    Denton........................  City of Frisco (08-06- May 8, 2009; May 15,  The Honorable Maher Maso,  May 29, 2009...................       480134
                                     3220P).                2009; Frisco          Mayor, City of Frisco,
                                                            Enterprise.           6101 Frisco Square
                                                                                Boulevard, Frisco, TX
                                                                                75034.
    El Paso.......................  City of El Paso (09-   May 13, 2009; May     The Honorable John Cook,   September 17, 2009.............       480214
                                     06-0832P).             20, 2009; El Paso     Mayor, City of El Paso,
                                                            Times.                City Hall, 10th Floor,
                                                                                Two Civic Center Plaza,
                                                                                El Paso, TX 79901.
    Galveston.....................  City of League City    May 8, 2009; May 15,  The Honorable Toni         April 29, 2009.................       485488
                                     (08-06-3081P).         2009; Galveston       Randall, Mayor, City of
                                                            County Daily News.    League City, 300 West
                                                                                Walker Street, League
                                                                                City, TX 77573.
Utah:
    Washington....................  City of LaVerkin (09-  April 23, 2009;       The Honorable Karl         August 28, 2009................       490174
                                     08-0296P).             April 30, 2009; St.   Wilson, Mayor, City of
                                                            George Spectrum.      LaVerkin, 435 North Main
                                                                                Street, LaVerkin, UT
                                                                                84745.
    Washington....................  City of Toquerville    April 23, 2009;       The Honorable Kenneth      August 28, 2009................       490180
                                     (09-08-0296P).         April 30, 2009; St.   Powell, Mayor, Town of
                                                            George Spectrum.      Toquerville, P.O. Box
                                                                                27, Toquerville, UT
                                                                                84774.
Wisconsin:
    Rock..........................  Unincorporated areas   April 30, 2009; May   The Honorable J. Russell   September 11, 2009.............       550363
                                     of Rock County (08-    7, 2009; Beloit       Podzilni, Chairman, Rock
                                     05-4045P).             Daily News.           County, Board of
                                                                                Supervisors, 51 South
                                                                                Main Street, Janesvile,
                                                                                WI 53545.
    Walworth......................  Unincorporated areas   May 7, 2009; May 14,  The Honorable Nancy        September 11, 2009.............       550462
                                     of Walworth County     2009; Elkhorn         Russell, Chairperson,
                                     (08-05-4045P).         Independent.          Walworth County, Board
                                                                                of Supervisors, P.O. Box
                                                                                1001, Elkhorn, WI 53121.
--------------------------------------------------------------------------------------------------------------------------------------------------------

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

    Dated: June 29, 2009.
Deborah S. Ingram,
Acting Deputy Assistant Administrator for Mitigation, Mitigation
Directorate, Department of Homeland Security, Federal Emergency
Management Agency.
 [FR Doc. E9-16524 Filed 7-10-09; 8:45 am]

BILLING CODE 9110-12-P


[Federal Register Volume 79, Number 207 (Monday, October 27, 2014)]
[Notices]
[Pages 63994-63995]
[FR Doc No: 2014-25429]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73393; File No. SR-ISEGemini-2014-27]

Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Schedule of Fees

October 21, 2014.
    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 October 10, 2014 ISE Gemini, LLC (the ``Exchange'' or ``ISE
Gemini'') filed with the Securities and Exchange Commission the
proposed rule change, as described in Items I, II, and III below, which
items have been prepared by the self-regulatory organization. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    ISE Gemini is proposing to amend its Schedule of Fees to adopt a
route-out fee for Non-Customer orders routed to away markets. The text
of the proposed rule change is available on the Exchange's Internet Web
site at http://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 Exchange included statements
concerning the purpose of, and basis for, the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The self-regulatory organization has prepared summaries,
set forth in Sections A, B and C below, of the most significant aspects
of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of the proposed rule change is to amend the Schedule of
Fees to adopt a route-out fee for Non-Customer orders \3\ routed to
away markets. The Exchange's Schedule of Fees has separate fees
applicable to Standard Options and Mini Options. The Exchange notes
that while the discussion below relates to fees for Standard Options,
the fees for Mini Options, which are not discussed below, are and shall
continue to be 1/10th of the fees for Standard Options.
---------------------------------------------------------------------------

    \3\ A Non-Customer Order is an order for the account of a person
or entity that is a broker or dealer in securities. See ISE Gemini
Rules 100(a)(27)-(28).
---------------------------------------------------------------------------

    The Exchange presently charges a route-out fee applicable to
Priority Customer \4\ and Professional Customer \5\ orders routed to
away markets pursuant to the Options Order Protection and Locked/
Crossed Market Plan (the ``Plan''). Specifically, Priority Customer
orders pay a route-out fee of $0.50 per contract in Penny Symbols
(including SPY),\6\ and $0.90 per contract in Non-Penny Symbols.\7\
Professional Customer orders pay a fee of $0.55 per contract in Penny
Symbols (including SPY), and $0.95 per contract in Non-Penny Symbols.
On July 31, 2014 the Exchange's sister exchange, the International
Securities Exchange, LLC (``ISE''), filed a proposed rule change that
introduced linkage routing for Non-Customer orders, which became
effective on September 1, 2014.\8\ Thereafter, the Exchange filed its
own proposed rule change, which noted that certain of the rules adopted
in the ISE filing are incorporated by reference into ISE Gemini rules,
and adopted other related rules in chapters that are not incorporated
by reference, effective as of September 18, 2014.\9\ In connection with
this new functionality, the Exchange now proposes to adopt a route-out
fee for Non-Customer orders routed to other options exchanges. The
proposed route-out fee will be $0.55 per contract in Penny Symbols
(including SPY), and $0.95 per contract in Non-Penny Symbols, in line
with the rates described above for Professional Customer orders, and
will be applicable to all Market Maker,\10\ Non-ISE Gemini Market
Maker,\11\ and Firm Proprietary \12\/Broker-Dealer \13\ orders routed
to away markets pursuant to the Plan.
---------------------------------------------------------------------------

    \4\ A Priority Customer is defined in ISE Gemini Rule
100(a)(37A) as a person or entity that is not a broker/dealer in
securities, and does not place more than 390 orders in listed
options per day on average during a calendar month for its own
beneficial account(s).
    \5\ A Professional Customer is a person who is not a broker/
dealer and is not a Priority Customer.
    \6\ ``Penny Symbols'' are options overlying all symbols listed
on ISE Gemini that are in the Penny Pilot Program
    \7\ ``Non- Penny Symbols'' are options overlying all symbols
excluding Penny Symbols.
    \8\ See Securities Exchange Act Release No. 72816 (August 12,
2014), 79 FR 48811 (August 18, 2014) (SR-ISE-2014-37).
    \9\ See Securities Exchange Act Release No. 72919 (August 26,
2014) 79 FR 52096 (September 2, 2014) (SR-ISE Gemini-2014-22).
    \10\ The term ``Market Makers'' refers to ``Competitive Market
Makers'' and ``Primary Market Makers'' collectively. See ISE Gemini
Rule 100(a)(25).
    \11\ A Non-ISE Gemini Market Maker, or Far Away Market Maker
(``FARMM''), is a market maker as defined in Section 3(a)(38) of the
Securities Exchange Act of 1934 registered in the same options class
on another options exchange.
    \12\ A ``Firm Proprietary'' order is an order submitted by a
member for its own proprietary account.
    \13\ A Broker-Dealer order is an order submitted by a Member for
a non-Member broker-dealer account.
---------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\14\ in general, and
Section 6(b)(4) of the Act,\15\ in particular, in that it is designed
to provide for the equitable allocation of reasonable dues, fees, and
other charges among its members and other persons using its facilities.
---------------------------------------------------------------------------

    \14\ 15 U.S.C. 78f.
    \15\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

    In particular, the Exchange believes the proposed route-out fee is
reasonable and equitable as it offsets costs incurred by the Exchange
in connection with using unaffiliated broker-dealers to access other
exchanges for linkage executions. As the Exchange recently expanded its
linkage routing capabilities to include Non-Customer orders, the
Exchange believes that it is appropriate to adopt corresponding fees at
this time. The fees proposed herein are lower than those charged by
some of the Exchange's competitors, including, for example, NASDAQ OMX
PHLX (``PHLX''), which charges a fee of $0.97 per contract for routing
Non-Customer orders to away markets.\16\
---------------------------------------------------------------------------

    \16\ See PHLX Fee Schedule, Section V, Routing Fees.
---------------------------------------------------------------------------

    Furthermore, the Exchange believes that the proposed fees are not
unfairly discriminatory because these fees are equivalent to fees
currently charged for Professional Customer orders routed by the
Exchange to other options markets, and would therefore be uniformly
applied to all Professional Customer and Non-Customer orders. As has
historically been the case, Priority

Customer orders will continue to pay lower route-out fees than orders
from other market participants, including Professional Customer and,
now, Non-Customer orders. The Exchange believes that it is equitable
and not unfairly discriminatory to charge lower fees for Priority
Customer orders than Professional Customer and Non-Customer orders as a
Priority Customer is by definition not a broker or dealer in
securities, and does not place more than 390 orders in listed options
per day on average during a calendar month for its own beneficial
account(s). This limitation does not apply to participants whose
behavior is substantially similar to that of market professionals,
including Professional Customers and Non-Customers, who will generally
submit a higher number of orders (many of which do not result in
executions) than Priority Customers. Moreover, the Exchange notes that
Priority Customer orders are often charged lower taker fees than
Professional Customer and Non-Customer orders on other options
exchanges, meaning that the execution costs to the Exchange for routing
these orders is correspondingly lower. As such, the Exchange believes
that it is equitable and not unfairly discriminatory to pass on this
cost savings to the firms entering these orders.
    The Exchange has determined to charge fees for regular orders in
Mini Options at a rate that is 1/10th the rate of fees the Exchange
currently provides for trading in Standard Options. The Exchange
believes it is reasonable and equitable and not unfairly discriminatory
to assess lower fees to provide market participants an incentive to
trade Mini Options on the Exchange. The Exchange believes the proposed
fees are reasonable and equitable in light of the fact that Mini
Options have a smaller exercise and assignment value, specifically 1/
10th that of a Standard Option contract, and, as such, levying fees
that are 1/10th of what market participants pay to trade Standard
Options. As a result, routing fees for Mini Options will continue to be
charged at 1/10th the rate of fees of Standard Options.

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

    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 as
it simply adopts fees for routing Non-Customer orders to other options
exchanges, in connection with the introduction of linkage routing for
these orders. The Exchange operates in a highly competitive market in
which market participants can readily direct their order flow to
competing venues. In such an environment, the Exchange must continually
review, and consider adjusting, its fees to remain competitive with
other exchanges. For the reasons described above, the Exchange believes
that the proposed fee change reflects this competitive environment.

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

    The Exchange has not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.

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

    The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(ii) of the Act,\17\ and subparagraph (f)(2) of Rule 19b-4
thereunder,\18\ because it establishes a due, fee, or other charge
imposed by ISE Gemini.
---------------------------------------------------------------------------

    \17\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \18\ 17 CFR 240.19b-4(f)(2).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an Email to<EMAIL_ADDRESS>Please include
File No. SR-ISEGemini-2014-27 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-ISEGemini-2014-27. 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-ISEGemini-2014-27 and should
be submitted by November 17, 2014.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\19\
---------------------------------------------------------------------------

    \19\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-25429 Filed 10-24-14; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: August 20, 2010 (Volume 75, Number 161)]
[Notices]
[Page 51512-51515]
[DOCID:fr20au10-98]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-62732; File No. SR-NYSE-2010-56]

Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing of Proposed Rule Change Amending Its Price List To
Reflect Fees Charged for Co-Location Services

August 16, 2010.
    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 August 3, 2010, New York Stock Exchange LLC (``NYSE'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I
and II below, which Items have been prepared by the Exchange. 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to amend its Price List to reflect fees
charged for co-location services, as described more fully herein. The
text of the proposed rule change is available at the Exchange, the
Commission's Public Reference Room, on the Commission's Web site at
http://www.sec.gov, and the Exchange's Web site at http://www.nyse.com.

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 the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to amend its Price List to identify fees
pertaining to co-location services, which allow Users \4\ of the
Exchange to rent space on premises controlled by the Exchange in order
that they may locate their electronic servers in close physical
proximity to the Exchange's trading and execution systems. The Exchange
plans to begin operating a data center in Mahwah, New Jersey, from
which it will offer co-location services. The Exchange will offer space
at the data center in cabinets with power usage capability of either
four or eight kilowatts (kW).\5\ In

addition, the Exchange will offer Users services related to co-
location, including cross connections, equipment and cable
installation, and remote ``hot-hands'' services, which allow Users to
use on-site data center personnel to maintain User equipment. The
Exchange notes that Users will be able to obtain permanent access
badges for their representatives at a cost of $50 per badge, which
includes the cost of a background check. User representatives are not
required to obtain a permanent access badge to gain access to the data
center, but all visitors to the data center will be required to have a
visitor security escort at the cost of $75 per hour.
---------------------------------------------------------------------------

    \4\ For the purposes of this filing, the term ``Users'' includes
any ``member organization,'' as that term is defined in NYSE Rule
2(b) and any ``Sponsored Participant,'' as that term is defined in
NYSE Rule 123B.30(a)(ii)(B).
    \5\ The Exchange also allows Users, for a monthly fee (i.e., 40%
of the applicable monthly per kW fee), to obtain an option for
future use on available, unused cabinet space in proximity to their
existing cabinet space. Specifically, Users may reserve cabinet
space of up to 30% of the cabinet space under contract, which the
Exchange will endeavor to provide as close as reasonably possible to
the User's existing cabinet space, taking into consideration power
availability within segments of the data center and the overall
efficiency of use of data center resources as determined by the
Exchange. (If the 30% measurement results in a fractional cabinet,
the cabinet count is adjusted up to the next increment.) If reserved
cabinet space becomes needed for use, the reserving User will have
30 business days to formally contract with the Exchange for full
payment for the reserved cabinet space needed or the space will be
reassigned.
---------------------------------------------------------------------------

    Users that receive co-location services from the Exchange will not
receive any means of access to the Exchange's trading and execution
systems that is separate from or superior to that of Users that do not
receive co-location services. All orders sent to the Exchange enter the
Exchange's trading and execution systems through the same order gateway
regardless of whether the sender is co-located in the Exchange's data
center or not. In addition, co-located Users do not receive any market
data or data service product that is not available to all Users.
However, Users that receive co-location services normally would expect
reduced latencies in sending orders to the Exchange and receiving
market data from the Exchange. In addition, co-located Users have the
option of obtaining access to the Exchange's Liquidity Center Network
(``LCN''), a local area network available in the data center.\6\ Co-
located Users have the option of using either the LCN or the Exchange's
Secure Financial Transaction Infrastructure (``SFTI'') network, to
which all Users have access. Because it operates as a local area
network within the data center, the LCN provides reduced latencies in
comparison with SFTI. Other than the reduced latencies, the Exchange
believes that there are no material differences in terms of access to
the Exchange between Users that choose to co-locate and those that do
not. SFTI and LCN both provide Users with access to the Exchange's
trading and execution systems and to the Exchange's proprietary market
data products. User access to non-proprietary market data products is
available through SFTI and not through LCN.
---------------------------------------------------------------------------

    \6\ As set forth below, pricing for LCN access is provided on a
stand-alone basis and on a bundled basis in combination with SFTI
connections and optic connections to outside access centers and
within the data center. The SFTI and optic connections are not
related to the co-location services.
---------------------------------------------------------------------------

    The Exchange offers co-location space based on availability and the
Exchange believes that it has sufficient space in the Mahwah data
center to accommodate current demand on an equitable basis for the
foreseeable future. In addition, the Exchange believes that any
difference among the positions of the cabinets within the data center
does not create any material difference to co-location Users in terms
of access to the Exchange.
    The following charts identify the proposed tiered fees for co-
location and the proposed fees for related services.

------------------------------------------------------------------------

------------------------------------------------------------------------
Initial fee per cabinet....................................       $5,000
------------------------------------------------------------------------
                       Number of kWs                          Per kW fee
                                                               monthly
------------------------------------------------------------------------
4-8........................................................       $1,200
12-20......................................................        1,050
24-40......................................................          950
44 +.......................................................          900
------------------------------------------------------------------------

------------------------------------------------------------------------
       Type of service             Description        Amount of charge
------------------------------------------------------------------------
LCN Access..................  1Gb Circuit.........  $6,000 per
                                                     connection initial
                                                     charge plus $5,000
                                                     monthly per
                                                     connection.
LCN Access..................  10 Gb Circuit.......  $10,000 per
                                                     connection.
Bundled Network Access,       1 GB Bundle.........  $25,000 initial
 Option 1 (2 LCN                                     charge plus $13,000
 connections, 2 SFTI                                 monthly charge.
 connections, and 2 optic
 connections to outside
 access center).
                              10 GB Bundle........  $50,000 initial
                                                     charge plus $47,000
                                                     monthly charge
Bundled Network Access,       1 GB Bundle.........  $26,000 initial
 Option 2 (2 LCN                                     charge plus $16,000
 connections, 2 SFTI                                 monthly charge.
 connections, 1 optic
 connection to outside
 access center, and 1 optic
 connection in data center).
                              10 Gb Bundle........  $50,000 initial
                                                     charge plus $54,250
                                                     monthly charge.
Bundled Network Access,       1 Gb Bundle.........  $27,500 initial
 Option 3 (2 LCN                                     charge plus $19,000
 Connections, 2 SFTI                                 monthly charge.
 connections, and 2 optic
 connections in data center).
                              10 Gb Bundle........  $50,000 initial
                                                     charge plus $61,500
                                                     monthly charge.
Data Center Fiber Cross       Cross connect         $500 per unit
 Connect.                      between a single      initial charge plus
                               User's cabinets       $500 monthly per
                               within the data       unit.
                               center.
Initial Install Services      Includes initial      $800 per cabinet.
 (Required per cabinet).       racking of
                               equipment in
                               cabinet and
                               provision of up to
                               10 cables (4 hrs).
Hot Hands Service: Normal     Applies on non-NYSE   $200 per hour.
 Business Hours, Scheduled.    holidays, Monday to
                               Friday, 9am to 5pm
                               if scheduled at
                               least 1 day in
                               advance.
Hot Hands Service: Extended   Applies Monday to     $275 per hour.
 Business Hours, Scheduled.    Friday 5pm to 9am,
                               NYSE holidays, and
                               weekends if
                               scheduled at least
                               1 day in advance.
Hot Hands Service: Normal     Applies on non-NYSE   $250 per hour.
 Business Hours, Expedited.    holidays, Monday to
                               Friday, 9am to 5pm
                               if NOT scheduled at
                               least 1 day in
                               advance.
Hot Hands Service: Extended   Applies Monday to     $325 per hour.
 Business Hours, Expedited.    Friday 5pm to 9am,
                               NYSE holidays, and
                               weekends if NOT
                               scheduled at least
                               1 day in advance.

Rack and Stack..............  Installation of one   $200 per server.
                               server in User's
                               cabinet. Service
                               encompasses
                               handling,
                               unpacking, tagging,
                               and installation of
                               the server as well
                               as 1 network
                               connection within
                               the User rack.
Power Recycling.............  Reboot of power on    $50 per reset.
                               one server or
                               switch as well as
                               observing and
                               reporting on the
                               status of the
                               reboot back to the
                               User.
Shipping and Receiving......  Receipt of one        $100 per shipment.
                               shipment of goods
                               at data center from
                               User/supplier.
                               Includes
                               coordination of
                               shipping and
                               receiving.
Badge Request...............  Request for           $50 per badge.
                               provision of a
                               permanent data
                               center site access
                               badge for a User
                               representative.
External Cabinet Cable Tray.  Engineer, furnish     $400 per tray.
                               and install Rittal
                               5''H x 12''W cable
                               tray on cabinet.
Custom External Cabinet       Engineer, furnish     $100 per linear
 Cable Tray.                   and install 4'' H x   foot.
                               24'' W custom
                               basket cable tray
                               above client's
                               cabinet rows.
Install and Document Cable..  Labor charges to      $200 per hour.
                               install and
                               document the
                               fitting of a
                               cable(s) in a
                               User's cabinet(s)
                               in excess of the 10
                               copper cables
                               include in the
                               cabinet
                               installation fee.
Equipment Maintenance Call    Hardware maintenance- $100 per call.
 Escalation.                   break fix services
                               available through
                               NYSE arrangement
                               with Delta Computer
                               Group.
Visitor Security Escort.....  NYSE employee         $75 per hour.
                               escort, which is
                               required during
                               User visits to the
                               data center.
Technician Support Service--  Network technician    $200 per hour.
 Non Emergency.                equipped to support
                               User network
                               troubleshooting
                               activity and to
                               provide all
                               necessary testing
                               instruments to
                               support the User
                               request. Prior day
                               notice is required.
Technician Support Service--  Network technician    $325 per hour.
 Emergency.                    equipped to support
                               User network
                               troubleshooting
                               activity and to
                               provide all
                               necessary testing
                               instruments to
                               support the User
                               request. Two hour
                               notice is required.
------------------------------------------------------------------------

2. Statutory Basis
    The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Securities Exchange Act of 1934
(the ``Act''),\7\ in general, and Sections 6(b)(4) and 6(b)(5), of the
Act,\8\ in particular, in that it is designed to (i) provide for the
equitable allocation of reasonable dues, fees, and other charges among
its members and other persons using its facilities, and (ii) 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 mechanisms of a free and open
market and a national market system. The Exchange believes that the
proposed changes to the Schedule are equitable in that they apply fees
for comparable co-location services uniformly to our Users. Moreover,
the Exchange believes that, as described herein, access to its market
is offered on fair and non-discriminatory terms.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b).
    \8\ 15 U.S.C. 78f(b)(4) and 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.

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 up to 90 days (i) as the
Commission may designate 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSE-2010-56 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission,

100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSE-2010-56. This file
number should be included on the subject line if e-mail 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
a.m. and 3 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-NYSE-2010-56 and should be
submitted on or before September 10, 2010.
---------------------------------------------------------------------------

    \9\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-20682 Filed 8-19-10; 8:45 am]
BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 78 (Thursday, April 23, 2015)]
[Notices]
[Pages 22761-22762]
[FR Doc No: 2015-09555]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[File No. 500-1]

 ForceField Energy Inc.; Order of Suspension of Trading

April 21, 2015.
    It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
ForceField Energy Inc. (``FNRG'') because of concerns about the
adequacy and accuracy of information available to investors concerning
the funding of recent articles and promotions touting FNRG, including
for example in articles published on December 9, 2014 and February 26,
2015. Questions have also arisen concerning potential manipulative
activity of FNRG's stock, including transactions between February 25
and April 2, 2015 and the funding of those transactions. FNRG is a
Nevada corporation with its principal office in New York, New York. It
is listed on NASDAQ under the symbol FNRG.
    The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed company.
    Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed company is suspended for the period from 9:30 a.m. EDT on
April 21, 2015 through 11:59 p.m. EDT, on May 4, 2015.

    By the Commission.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2015-09555 Filed 4-21-15; 4:15 pm]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 196 (Friday, October 9, 2015)]
[Proposed Rules]
[Page 61141]
[FR Doc No: 2015-25322]

-----------------------------------------------------------------------

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R01-OAR-2014-0631; A-1-FRL-9932-07-Region 1]

Approval and Promulgation of Air Quality Implementation Plans;
Massachusetts; Regulations Limiting Emissions of Volatile Organic
Compounds and Nitrogen Oxides

AGENCY: Environmental Protection Agency.

ACTION: Proposed rule.

-----------------------------------------------------------------------

SUMMARY: The Environmental Protection Agency (EPA) is proposing to
approve State Implementation Plan (SIP) revisions submitted by the
Commonwealth of Massachusetts. These revisions establish emission
limitations for certain activities that produce emissions of volatile
organic compounds (VOCs) and nitrogen oxides (NOx). This
action is being taken in accordance with the Clean Air Act.

DATES: Written comments must be received on or before November 9, 2015.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R01-
OAR-2014-0631, by one of the following methods:
    1. www.regulations.gov: Follow the on-line instructions for
submitting comments.
    2. Email<EMAIL_ADDRESS>    3. Fax:<PHONE_NUMBER>.
    4. Mail: ``EPA-R01-OAR-2014-0631,'' Anne Arnold, U.S. Environmental
Protection Agency, EPA New England Regional Office, 5 Post Office
Square--Suite 100, (Mail code OEP05-2), Boston, MA 02109--3912. Hand
Delivery or Courier. Deliver your comments to: Anne Arnold, Manager,
Air Quality Planning Unit, Office of Ecosystem Protection, U.S.
Environmental Protection Agency, EPA New England Regional Office, 5
Post Office Square--Suite 100, (Mail code OEP05-2), Boston, MA 02109--
3912. Such deliveries are only accepted during the Regional Office's
normal hours of operation. The Regional Office's official hours of
business are Monday through Friday, 8:30 a.m. to 4:30 p.m., excluding
legal holidays.
    Please see the direct final rule which is located in the Rules
Section of this Federal Register for detailed instructions on how to
submit comments.

FOR FURTHER INFORMATION CONTACT: Bob McConnell, Air Quality Unit, U.S.
Environmental Protection Agency, EPA New England Regional Office, 5
Post Office Square--Suite 100, (Mail code OEP05-2), Boston, MA, 02109--
3912, telephone number<PHONE_NUMBER>, fax number<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: In the Final Rules Section of this Federal
Register, EPA is approving the State's SIP submittal as a direct final
rule without prior proposal because the Agency views this as a
noncontroversial submittal and anticipates no adverse comments. A
detailed rationale for the approval is set forth in the direct final
rule. If no adverse comments are received in response to this action
rule, no further activity is contemplated. If EPA receives adverse
comments, the direct final rule will be withdrawn and all public
comments received will be addressed in a subsequent final rule based on
this proposed rule. EPA will not institute a second comment period. Any
parties interested in commenting on this action should do so at this
time. Please note that if EPA receives adverse comment on an amendment,
paragraph, or section of this rule and if that provision may be severed
from the remainder of the rule, EPA may adopt as final those provisions
of the rule that are not the subject of an adverse comment.
    For additional information, see the direct final rule which is
located in the Rules Section of this Federal Register.

    Dated: July 22, 2015.
 H. Curtis Spalding,
Regional Administrator, EPA New England.
[FR Doc. 2015-25322 Filed 10-8-15; 8:45 am]
 BILLING CODE 6560-50-P