18662 Federal Register / Vol. 80, No. 66 / Tuesday, April 7, 2015 / Notices 

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

2 17 CFR 240.19b–4. 

3See Rules 3301(h)(1)–(8). The Exchange notes 

that Rules 3301(h)(5) and (6) are currently held in 

reserve. 

4An order designated as ‘‘immediate or cancel’’ 

represents the entering member firm’s desire for the 

order to either execute immediately after the 

System determines whether the order is marketable 

or be canceled. 

5See Securities Exchange Act Release No. 54155 

(July 16 [sic], 2006), 71 FR 41291 (July 20, 

2006)(SR–NASDAQ–2006–001); see also NASDAQ 

Rule 4751(h)(5). 

6See NASDAQ Rule 4752. 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission will hold a Closed Meeting 

on Thursday, April 9, 2015 at 2 p.m. 

Commissioners, Counsel to the 

Commissioners, the Secretary to the 

Commission, and recording secretaries 

will attend the Closed Meeting. Certain 

staff members who have an interest in 

the matters also may be present. 

The General Counsel of the 

Commission, or her designee, has 

certified that, in her opinion, one or 

more of the exemptions set forth in 5 

U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) 

and 17 CFR 200.402(a)(3), (5), (7), 9(ii) 

and (10), permit consideration of the 

scheduled matter at the Closed Meeting. 

Commissioner Gallagher, as duty 

officer, voted to consider the items 

listed for the Closed Meeting in closed 

session, and determined that no earlier 

notice thereof was possible. 

The subject matter of the Closed 

Meeting will be: 

Institution and settlement of 

injunctive actions; 

Institution and settlement of 

administrative proceedings; 

an adjudicatory matter; and 

Other matters relating to enforcement 

proceedings. 

At times, changes in Commission 

priorities require alterations in the 

scheduling of meeting items. 

For further information and to 

ascertain what, if any, matters have been 

added, deleted or postponed, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: April 2, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08021 Filed 4–3–15; 11:15 am] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74628; File No. SR–Phlx– 

2015–32] 

Self-Regulatory Organizations; 

NASDAQ OMX PHLX LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Rule 

3301(h) 

April 1, 2015. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 24, 

2015, NASDAQ OMX PHLX LLC 

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

Rule 3301(h) to introduce the Market 

Hours Immediate or Cancel Time in 

Force for use on the NASDAQ OMX 

PSX System and to modify the 

processing of Good-til-market closedesignated orders. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://nasdaqomxphlx.cchwall

street.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 

Exchange 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 Exchange is proposing to expand 

the number of Time in Force 

designations currently available for use 

in the PHLX NASDAQ OMX PSX 

System (‘‘PSX System’’ or ‘‘PSX’’) by 

adopting a Market Hours Immediate or 

Cancel (‘‘Market Hours IOC’’ or 

‘‘MIOC’’) Time in Force. Time in Force 

is a characteristic of an order that limits 

the period of time that PSX System will 

hold an order for potential execution. 

Currently the Exchange offers the 

following six Times in Force for use in 

PSX: (1) System Hours Immediate or 

Cancel; (2) System Hours Day; (3) 

System Hours Good-till-Cancelled; (4) 

System Hours Expire Time; (5) Market 

Hours GTC; and (6) Good-til-market 

close.3 The Exchange is proposing to 

add the Market Hours IOC Time in 

Force, which will cause an order 

designated as such (or unexecuted 

portion thereof) to be canceled if, after 

entry into the PSX System, the order (or 

unexecuted portion thereof) becomes 

non-marketable during the period from 

9:30 a.m. Eastern Time until 4:00 p.m. 

Eastern Time (‘‘Regular Market Hours’’). 

The new Time in Force is similar to the 

System Hours Immediate or Cancel 

(‘‘SIOC’’) Time in Force, which, as 

noted above, is currently available on 

the Exchange. Like the proposed MIOC 

Time in Force, an order with a Time in 

Force of SIOC will cause such an order 

(or a portion thereof) to be canceled and 

returned to the entering market 

participant if, after entry into the PSX 

System, the order (or unexecuted 

portion thereof) is not marketable. 

Unlike the System Hours Immediate or 

Cancel Time in Force, which is 

available for entry and potential 

execution from 8:00 a.m. until 5:00 p.m. 

Eastern Time (‘‘System Hours’’), the 

proposed MIOC Time in Force is only 

available for entry and potential 

execution during Regular Market Hours. 

As such, MIOC-designated orders will 

operate in the same manner as SIOCdesignated orders, but are limited to 

entry and potential execution only 

during Regular Market Hours. The 

Exchange notes that, because it is an 

immediate or cancel time in force,4 the 

Exchange believes that it is appropriate 

to limit MIOC order entry to Regular 

Market Hours. An order designated with 

a Time in Force of MIOC that is entered 

outside of Regular Market Hours will be 

returned to the entering member firm 

without attempting to execute. 

The Exchange notes that the NASDAQ 

Stock Market LLC (‘‘NASDAQ’’) 

currently has a MIOC Time in Force, 

which was adopted in 2006.5 The 

Exchange’s proposed MIOC Time in 

Force will operate identically, but will 

be available during a slightly different 

time period, which is attributable to 

NASDAQ’s Opening Cross process.6

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Federal Register / Vol. 80, No. 66 / Tuesday, April 7, 2015 / Notices 18663 

7NASDAQ’s Opening Cross begins at 9:30 a.m. 

Eastern Time and market hours trading commences 

when the Opening Cross concludes. See NASDAQ 

Rule 4752(d). 

8The Exchange notes that NASDAQ recently 

provided the Commission notice of a proposed 

immediately effective filing to simplify handling of 

NASDAQ MIOC-designated orders by no longer 

accepting such orders prior to the completion of the 

NASDAQ Opening Cross. See SR–NASDAQ–2015– 

11P. 

9The System is opened for order entry at 8:00 

a.m. Eastern Time and begins to process each order 

in accordance with its characteristics immediately. 

All trades executed prior to 9:30 a.m. shall be 

automatically appended with the ‘‘.T’’ modifier. See 

Rule 3302. 

10See Rule 4751(h)(8). 

11See Securities Exchange Act Release No. 73943 

(December 24, 2014), 80 FR 69 (January 2, 2015) 

(SR–NASDAQ–2014–123); see also Securities 

Exchange Act Release No. 74342 (February 20, 

2015), 80 FR 10562 (February 26, 2015) (SR– 

NASDAQ–2015–014) (delaying implementation of 

the changes made by SR–NASDAQ–2014–123 until 

April 13, 2015). 

12 15 U.S.C. 78f. 

13 15 U.S.C. 78f(b)(4) [sic] and (5). 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 17 CFR 240.19b–4(f)(6). 

Specifically, the Exchange’s MIOC Time 

in Force will be available for entry and 

potential execution from 9:30 a.m. 

through 4:00 p.m. Eastern Time, 

whereas NASDAQ’s MIOC Time in 

Force is available for entry and potential 

execution beginning after the 

completion of the NASDAQ Opening 

Cross 7 through 4:00 p.m. Eastern Time.8

Unlike NASDAQ, PSX does not have an 

opening cross process, but rather opens 

for Regular Market Hours trading at 9:30 

a.m. Eastern Time.9 Otherwise, the 

Exchange’s proposed MIOC Time in 

Force will operate identically to 

NASDAQ’s. 

The Exchange is also proposing to 

modify the processing of orders 

designated as Good-til-market close 

(‘‘GTMC’’).10 As noted above, the 

Exchange currently has a GTMC Time in 

Force, which allows an order designated 

as such to be executed from 8:00 a.m. 

to 4:00 p.m. Eastern Time. GTMCdesignated orders entered after 4:00 

p.m. Eastern Time, however, are 

converted to a Time in Force of SIOC. 

In lieu of converting such orders, the 

Exchange is proposing to no longer 

accept GTMC orders for execution after 

4:00 p.m. Eastern Time. As a 

consequence, the Exchange is adding 

rule text to the rule noting the GTMC 

orders entered after 4:00 p.m. Eastern 

Time will not be accepted and is 

deleting text concerning conversion of 

the order. The Exchange notes that 

NASDAQ recently made similar changes 

to its GTMC Time in Force, whereby it 

will no longer accept GTMC-designated 

orders after initiation of its Lockdown 

Period, the time at which no further 

orders for participation in the NASDAQ 

Closing Cross or the continuous market 

will be accepted, which begins at 4:00 

p.m. Eastern Time.11

2. Statutory Basis 

PHLX believes that the proposed rule 

changes are consistent with the 

provisions of Section 6 of the Act,12 in 

general, and with Section 6(b)(5) of the 

Act,13 in particular, in that the proposal 

is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to foster cooperation and 

coordination with persons engaged in 

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, to protect investors and the 

public interest; and also in that it is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. The 

Exchange believes that offering market 

participants with an additional Time in 

Force, which NASDAQ has had since 

2006, is indicative of the Exchange’s 

maturation as an equities market. 

Allowing Exchange participants the 

ability to more precisely select when 

their order may be executed removes 

impediments and perfects the 

mechanism of the market because it 

benefits all market participants and 

ensures that PHLX is able to compete 

with other market venues by providing 

similar tools and functionality. This 

functionality is nearly identical to the 

MIOC Time in Force that has been 

available on NASDAQ since 2006 and is 

well known to its market participants. 

Lastly, offering MIOC to PSX market 

participants raises no issues concerning 

unfair discrimination as the new Time 

in Force is available to all PSX market 

participants. 

The proposed changes to the 

processing of GTMC-designated orders 

further these objectives because the 

changes simplify processing of such 

orders when entered after the close of 

Regular Market Hours. Rather than 

converting GTMC-designated orders to 

an order with a different time-in-force if 

entered after the market close, the 

Exchange will no longer accept them 

after 4:00 p.m. Eastern Time, which is 

consistent with a market participant’s 

intent to execute during the period from 

8:00 a.m. and 4:00 p.m. To the extent a 

member firm would like to participate 

in post-market hours trading, it may 

enter a new order eligible to participate 

in post-market trading. Moreover, 

simplifying the processing of GTMCdesignated orders will remove 

complication in the handling of such 

orders, thereby further improving the 

operation of the market. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Specifically, 

the Exchange believes that the proposal 

will enhance PHLX’s competitiveness 

by providing its market participants 

with an additional option to limit when 

their orders may be executed. As 

discussed above, the MIOC Time in 

Force is available on NASDAQ, and 

providing it on PSX will allow PHLX to 

compete with NASDAQ and any other 

market venue that provides similar 

Time in Force functionality. This may, 

in turn, increase the extent of liquidity 

available on PSX and increase its ability 

to compete with other execution venues 

to attract orders that are seeking 

immediate execution during Regular 

Market Hours. The Exchange further 

believes that the introduction of the 

MIOC Time in Force will not impair in 

any manner the ability of market 

participants or other execution venues 

to compete. The proposed changes to 

GTMC Time in Force are designed to 

promote consistency and stability in the 

closing process and in the handling of 

orders after Regular Market Hours has 

[sic] ended. Such changes do not place 

a burden on competition between 

market participants as the changes are 

applied consistently to all PSX market 

participants. Moreover, the proposed 

changes may foster competition among 

exchanges and other markets, to the 

extent they make PSX a more attractive 

venue to market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 14 and Rule 

19b–4(f)(6) thereunder.15 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 

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18664 Federal Register / Vol. 80, No. 66 / Tuesday, April 7, 2015 / Notices 

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

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

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of the Exchange’s intent 

to file the proposed rule change, along with a brief 

description and text of 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. 18 17 CFR 200.30–3(a)(12). 

for 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 16 and Rule 19b–4(f)(6)(iii) 

thereunder.17 The Exchange represents 

that this proposed rule change will be 

implemented during the Second Quarter 

of 2015 subject to the issuance of an 

Equity Trader Alert that will provide at 

least 30 days of notice prior to the 

operative date for the respective 

amendments to Rule 4751(h). 

At any time within 60 days of the 

filing of the 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 Number SR– 

Phlx–2015–32 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–Phlx–2015–32. 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 

offices 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–Phlx– 

2015–32, and should be submitted on or 

before May 7, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07851 Filed 4–6–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Sunshine Act Meeting 

Notice is hereby given, pursuant to 

the provisions of the Government in the 

Sunshine Act, Public Law 94–409, that 

the Securities and Exchange 

Commission Investor Advisory 

Committee will hold a meeting on 

Thursday, April 9, 2015, in MultiPurpose Room LL–006 at the 

Commission’s headquarters, 100 F 

Street NE., Washington, DC. The 

meeting will begin at 9:30 a.m. (ET) and 

will be open to the public. Seating will 

be on a first-come, first-served basis. 

Doors will open at 9 a.m. Visitors will 

be subject to security checks. The 

meeting will be webcast on the 

Commission’s Web site at www.sec.gov. 

On March 18, 2015, the Commission 

issued notice of the Committee meeting 

(Release No. 33–9739), indicating that 

the meeting is open to the public 

(except during portions of the meeting 

reserved for meetings of the 

Committee’s subcommittees), and 

inviting the public to submit written 

comments to the Committee. This 

Sunshine Act notice is being issued 

because a quorum of the Commission 

may attend the meeting. 

The agenda for the meeting includes: 

Remarks from Commissioners; 

nomination of candidates for officer 

positions and election of officers; a 

discussion of the Commodity Futures 

Trading Commission’s investor behavior 

survey results; a discussion of 

background checks as a means to 

address elder financial abuse (which 

may include a recommendation); a 

discussion of proxy access and staff 

review of Rule 14a–8(i)(9) under the 

Securities Exchange Act of 1934 (which 

may include a recommendation); an 

update on the SEC proxy voting 

roundtable; an update on the 

recommendations of the SEC Advisory 

Committee on Small and Emerging 

Companies; and nonpublic 

subcommittee meetings. 

For further information, please 

contact the Office of the Secretary at 

(202) 551–5400. 

Dated: April 2, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–08020 Filed 4–3–15; 11:15 am] 

BILLING CODE CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: Rule 17f–2. SEC File No. 270–233, 

OMB Control No. 3235–0223. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l et seq.), the Securities 

and Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Rule 17f–2 (17 CFR 270.17f–2), 

entitled ‘‘Custody of Investments by 

Registered Management Investment 

Company,’’ was adopted in 1940 under 

section 17(f) of the Investment Company 

Act of 1940 (15 U.S.C. 80a–17(f)) (the 

‘‘Act’’), and was last amended 

mstockstill on DSK4VPTVN1PROD with NOTICES