18272 Federal Register / Vol. 80, No. 64 / Friday, April 3, 2015 / Notices 

14See supra note 4. 

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

16 15 U.S.C. 78s(b)(3)(A)(iii). 

17 17 CFR 240.19b–4(f)(6). 

18 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 19 17 CFR 200.30–3(a)(12). 

similar to aggregation language adopted 

by other exchanges.14

The Exchange further notes that the 

proposal would serve to reduce 

disparity of treatment between ETP 

Holders with regard to the pricing of 

different services and reduce any 

potential for confusion on how activity 

can be aggregated. The Exchange 

believes that the proposed rule change 

avoids disparate treatment of ETP 

Holders that have divided their various 

business activities between separate 

corporate entities as compared to ETP 

Holders that operate those business 

activities within a single corporate 

entity. The Exchange further notes that 

the proposed rule change is reasonable 

and is designed to remove impediments 

to and perfect the mechanism of a free 

and open market by harmonizing the 

manner by which the Exchanges permits 

ETP Holders to aggregate volume with 

other exchanges. In particular, the 

Exchange notes that NASDAQ, PHLX 

and BX all have the same standard that 

the Exchange is proposing to adopt. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

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

the Act,15 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 stated 

above, the proposed rule change, which 

applies equally to all ETP Holders, is 

intended to reduce the Exchange’s 

administrative burden in applying 

volume price discounts for firms which 

have requested aggregation with that of 

an affiliate ETP Holder, and is 

substantially similar to rules adopted by 

other exchanges. Because the market for 

order execution and routing is 

extremely competitive, ETP Holders 

may readily opt to disfavor the 

Exchange if they believe that 

alternatives offer them better value. The 

Exchange does not believe the proposed 

changes will impair the ability of ETP 

Holders or competing order execution 

venues to maintain their competitive 

standing in the financial markets. 

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 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 16 and Rule 

19b–4(f)(6) thereunder.17 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder.18

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 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2015–20 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca-2015–20. 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 will also be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEArca–2015–20 and should be 

submitted on or before April 24, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07619 Filed 4–2–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74609; File No. SR– 

NYSEARCA–2013–107] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Granting an 

Extension to Limited Exemption From 

Rule 612(c) of Regulation NMS In 

Connection With the Exchange’s Retail 

Liquidity Program Until September 30, 

2015 

March 30, 2015. 

On December 23, 2013, the Securities 

and Exchange Commission 

(‘‘Commission’’) issued an order 

pursuant to its authority under Rule 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 64 / Friday, April 3, 2015 / Notices 18273 

1 17 CFR 242.612(c). 

2See Securities Exchange Act Release No. 71176 

(December 23, 2013), 78 FR 79524 (December 30, 

2013) (SR–NYSEARCA–2013–107) (‘‘RLP Approval 

Order’’). 

3See id. 

4See Letter from Martha Redding, Senior Counsel 

and Assistant Secretary, NYSE, to Brent J. Fields, 

Secretary, Securities and Exchange Commission, 

dated March 19, 2015. 

5See Securities Exchange Act Release No. 74572 

(March 24, 2015), 80 FR 16705 (March 30, 2015) 

(SR–NYSEARCA–2015–22). 

6See RLP Approval Order, supra note 2, 78 FR 

at 79529. 7 17 CFR 200.30–3(a)(83). 

612(c) of Regulation NMS (‘‘Sub-Penny 

Rule’’) 1 that granted NYSE Arca, Inc. 

(the ‘‘Exchange’’ or ‘‘NYSEArca’’) a 

limited exemption from the Sub-Penny 

Rule in connection with the operation of 

the Exchange’s Retail Liquidity Program 

(the ‘‘Program’’).2 The limited 

exemption was granted concurrently 

with the Commission’s approval of the 

Exchange’s proposal to adopt the 

Program for a one-year pilot term.3 The 

exemption was granted coterminous 

with the effectiveness of the pilot 

Program; both the pilot Program and 

exemption are scheduled to expire on 

April 14, 2015. 

The Exchange now seeks to extend 

the exemption until September 30, 

2015.4 The Exchange’s request was 

made in conjunction with an 

immediately effective filing that extends 

the operation of the Program through 

the same date.5 In its request to extend 

the exemption, the Exchange notes that 

the participation in the Program has 

increased more recently. Accordingly, 

the Exchange has asked for additional 

time to allow itself and the Commission 

to analyze more robust data concerning 

the Program, which the Exchange 

committed to provide to the 

Commission.6 For this reason and the 

reasons stated in the Order originally 

granting the limited exemption, the 

Commission finds that extending the 

exemption, pursuant to its authority 

under Rule 612(c) of Regulation NMS, is 

appropriate in the public interest and 

consistent with the protection of 

investors. 

Therefore, it is hereby ordered that, 

pursuant to Rule 612(c) of Regulation 

NMS, the Exchange is granted a limited 

exemption from Rule 612 of Regulation 

NMS that allows it to accept and rank 

orders priced equal to or greater than 

$1.00 per share in increments of $0.001, 

in connection with the operation of its 

Retail Liquidity Program, until 

September 30, 2015. 

The limited and temporary exemption 

extended by this Order is subject to 

modification or revocation if at any 

time, the Commission determines that 

such action is necessary or appropriate 

in furtherance of the purposes of the 

Securities Exchange Act of 1934. 

Responsibility for compliance with any 

applicable provisions of the Federal 

securities laws must rest with the 

persons relying on the exemption that is 

the subject of this Order. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07696 Filed 4–2–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. IC–31538] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

March 27, 2015. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of March 

2015. A copy of each application may be 

obtained via the Commission’s Web site 

by searching for the file number, or for 

an applicant using the Company name 

box, at http://www.sec.gov/search/

search.htm or by calling (202) 551– 

8090. An order granting each 

application will be issued unless the 

SEC orders a hearing. Interested persons 

may request a hearing on any 

application by writing to the SEC’s 

Secretary at the address below and 

serving the relevant applicant with a 

copy of the request, personally or by 

mail. Hearing requests should be 

received by the SEC by 5:30 p.m. on 

April 21, 2015, and should be 

accompanied by proof of service on 

applicants, in the form of an affidavit or, 

for lawyers, a certificate of service. 

Pursuant to Rule 0–5 under the Act, 

hearing requests should state the nature 

of the writer’s interest, any facts bearing 

upon the desirability of a hearing on the 

matter, the reason for the request, and 

the issues contested. Persons who wish 

to be notified of a hearing may request 

notification by writing to the 

Commission’s Secretary. 

ADDRESSES: The Commission: Brent J. 

Fields, Secretary, U.S. Securities and 

Exchange Commission, 100 F Street NE., 

Washington, DC 20549–1090. 

FOR FURTHER INFORMATION CONTACT: 

Diane L. Titus at (202) 551–6810, SEC, 

Division of Investment Management, 

Chief Counsel’s Office, 100 F Street NE., 

Washington, DC 20549–8010. 

Birmiwal Investment Trust [File No. 

811–21289] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On January 30, 

2015, applicant made a liquidating 

distribution to its shareholders, based 

on net asset value. Expenses of $2,923 

incurred in connection with the 

liquidation were paid by applicant’s 

investment adviser. 

Filing Dates: The application was 

filed on February 19, 2015. 

Applicant’s Address: 24140 E. 

Greystone Lane, Woodway, Washington 

98020. 

eUNITs(TM) 2 Year International 

Equity Market Participation Trust: 

Enhanced Upside to Cap/Buffered 

Downside [File No.—811–22347] 

eUnits(TM) 2 Year U.S. Market 

Participation Trust 3: Upside to Cap/

Buffered Downside [File No.—811– 

22664] 

eUnits(TM) 2 Year U.S. Market 

Participation Trust 4: Upside to Cap/

Buffered Downside [File No.—811– 

22665] 

eUnits(TM) 2 Year U.S. Market 

Participation Trust 5: Upside to Cap/

Buffered Downside [File No.—811– 

22666] 

eUnits(TM) 2 Year U.S. Market 

Participation Trust 6: Upside to Cap/

Buffered Downside [File No.—811– 

22667] 

Summary: Each applicant, a closedend investment company, seeks an 

order declaring that it has ceased to be 

an investment company. Applicants 

never commenced operations or had 

shareholders and do not intend to 

engage in any business activities other 

than those necessary for winding up. 

Filing Dates: The applications were 

filed on February 20, 2015. 

Applicants’ Address: Two 

International Place, Boston, MA 02110. 

SBL Fund [File No. 811–22962] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. Applicant 

transferred its assets to a corresponding 

shell series of Guggenheim Variable 

Funds Trust, and on April 29, 2014, and 

September 23, 2014, made distributions 

to its shareholders based on net asset 

value. Expenses of $260,653 incurred in 

connection with the reorganization were 

paid by applicant and Security 

Investors, LLC, applicant’s investment 

adviser. 


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