12534 Federal Register / Vol. 80, No. 45 / Monday, March 9, 2015 / Notices 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Market participants pay the same fees regardless 

of whether they choose to connect to both 

exchanges or solely to the ISE. 

4 15 U.S.C. 78f. 

5 15 U.S.C. 78f(b)(4). 

Act) received from the Fund, or its 

respective Master Fund, by the 

Acquiring Fund Advisor, Trustee or 

Sponsor, or an affiliated person of the 

Acquiring Fund Advisor, Trustee or 

Sponsor, other than any advisory fees 

paid to the Acquiring Fund Advisor, 

Trustee or Sponsor, or its affiliated 

person by the Fund, or its respective 

Master Fund, in connection with the 

investment by the Acquiring Fund in 

the Fund. Any Acquiring Fund SubAdvisor will waive fees otherwise 

payable to the Acquiring Fund SubAdvisor, directly or indirectly, by the 

Acquiring Management Company in an 

amount at least equal to any 

compensation received from a Fund, or 

its respective Master Fund, by the 

Acquiring Fund Sub-Advisor, or an 

affiliated person of the Acquiring Fund 

Sub-Advisor, other than any advisory 

fees paid to the Acquiring Fund SubAdvisor or its affiliated person by the 

Fund, or its respective Master Fund, in 

connection with any investment by the 

Acquiring Management Company in the 

Fund made at the direction of the 

Acquiring Fund Sub-Advisor. In the 

event that the Acquiring Fund SubAdvisor waives fees, the benefit of the 

waiver will be passed through to the 

Acquiring Management Company. 

16. Any sales charges and/or service 

fees charged with respect to shares of an 

Acquiring Fund will not exceed the 

limits applicable to a fund of funds as 

set forth in NASD Conduct Rule 2830. 

17. No Fund, or its respective Master 

Fund, will acquire securities of any 

other investment company or company 

relying on section 3(c)(1) or 3(c)(7) of 

the Act in excess of the limits contained 

in section 12(d)(1)(A) of the Act, except 

to the extent (i) the Fund, or its 

respective Master Fund, acquires 

securities of another investment 

company pursuant to exemptive relief 

from the Commission permitting the 

Fund, or its respective Master Fund, to 

acquire securities of one or more 

investment companies for short-term 

cash management purposes or (ii) the 

Fund acquires securities of the Master 

Fund pursuant to the Master–Feeder 

Relief. 

18. Before approving any advisory 

contract under section 15 of the Act, the 

Board of each Acquiring Management 

Company, including a majority of the 

Independent Trustees, will find that the 

advisory fees charged under such 

advisory contract are based on services 

provided that will be in addition to, 

rather than duplicative of, the services 

provided under the advisory contract(s) 

of any Fund, or its respective Master 

Fund, in which the Acquiring 

Management Company may invest. 

These findings and their basis will be 

recorded fully in the minute books of 

the appropriate Acquiring Management 

Company. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05288 Filed 3–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74417; File No. SR–ISE– 

2015–06] 

Self-Regulatory Organizations; 

International Securities Exchange, 

LLC; Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change To Amend the Schedule of 

Fees 

March 3, 2015. 

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 February 

18, 2015, the International Securities 

Exchange, LLC (the ‘‘Exchange’’ or the 

‘‘ISE’’) filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

the proposed rule change, as described 

in Items I, II, and III below, which items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The ISE proposes to amend its 

Schedule of Fees to increase certain 

network and gateway fees. The text of 

the proposed rule change is available on 

the Exchange’s Web site (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 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization has 

prepared summaries, set forth in 

sections A, B and C below, of the most 

significant aspects of such statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of the proposed rule 

change is to amend the Schedule of Fees 

to increase certain network and gateway 

fees. The Exchange charges an Ethernet 

fee for its four different Ethernet 

connection options, which is $750 per 

month for a 1 Gigabit (‘‘Gb’’) 

connection, $4,000 per month for a 10 

Gb connection, $7,000 per month for a 

10 Gb low latency connection, and 

$12,500 per month for a 40 Gb low 

latency connection. These Ethernet 

connectivity options provide access to 

both the ISE and the ISE’s sister 

exchange, ISE Gemini, LLC (‘‘ISE 

Gemini’’).3 The Exchange proposes to 

increase these Ethernet fees to $1,000 

per month for the 1 Gb connection, 

$4,500 per month for the 10 Gb 

connection, $8,000 per month for the 10 

Gb low latency connection, and $15,000 

per month for the 40 Gb low latency 

connection. In addition, the Exchange 

offers both shared and dedicated 

gateways to facilitate member access to 

ISE and ISE Gemini for a single fee. The 

Exchange charges members a monthly 

gateway fee of $500 per gateway for a 

shared gateway or $2,000 per gateway 

pair for members that elect to use their 

own dedicated gateways as an 

alternative to using shared gateways. 

The Exchange proposes to increase the 

gateway fee to $750 per month for a 

shared gateway and $2,250 per month 

for a dedicated gateway pair. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6 of the Act,4

in general, and Section 6(b)(4) of the 

Act,5 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. The Exchange 

believes that it is reasonable and 

equitable to increase the network and 

gateway fees described in this filing as 

the new fees are more in line with the 

Exchange’s current connectivity costs, 

including costs for software and 

mstockstill on DSK4VPTVN1PROD with NOTICES

Federal Register / Vol. 80, No. 45 / Monday, March 9, 2015 / Notices 12535 

6 15 U.S.C. 78f(b)(8). 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

8 17 CFR 240.19b–4(f)(2). 

9 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

hardware enhancements, and resources 

dedicated to development, quality 

assurance, and support. The proposed 

fees are within the range of fees 

currently charged by other options 

exchanges. Furthermore, the Exchange 

believes that the proposed fees are not 

unfairly discriminatory as all market 

participants that use these services will 

pay the same fee based on the 

connectivity options that they choose, 

and there is no differentiation among 

market participants with regard to the 

fees charged. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,6 the Exchange does not believe 

that the proposed rule change will 

impose any burden on intermarket or 

intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change increases certain 

network and gateway fees to levels that 

are within the range of fees charged by 

other options exchanges. These fees will 

be charged to all firms that elect to use 

the connectivity options described in 

this filing. 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 changes reflect 

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 7 and 

subparagraph (f)(2) of Rule 19b–4 

thereunder,8 because it establishes a 

due, fee, or other charge imposed by 

ISE. 

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 rule-comments@

sec.gov. Please include File No. SR–ISE– 

2015–06 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 No. 

SR–ISE–2015–06. 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 No. SR–ISE–2015– 

06 and should be submitted by March 

30, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–05293 Filed 3–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74416; File No. SR–ISE 

Gemini–2015–04] 

Self-Regulatory Organizations; ISE 

Gemini, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the Schedule 

of Fees 

March 3, 2015. 

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 February 

18, 2015, ISE Gemini, LLC (the 

‘‘Exchange’’ or ‘‘ISE Gemini’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change, as described in 

Items I, II, and III below, which items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

ISE Gemini proposes to amend its 

Schedule of Fees to increase certain 

network and gateway fees. 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 

mstockstill on DSK4VPTVN1PROD with NOTICES