Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 18889 

48 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5Securities Exchange Act Release No. 57813 (May 

12, 2008), 73 FR 28539 (May 16, 2008) (SR–NSCC– 

2007–12). 

6See, [sic] NSCC Rule 53 (Alternative Investment 

Product Services and Members), Section 6 

(Transmission of AIP Data) [emphasis added]. 

7 15 U.S.C. 78q–1(b)(3)(D). 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.48

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07964 Filed 4–7–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74639; File No. SR–NSCC– 

2015–001] 

Self-Regulatory Organizations; 

National Securities Clearing 

Corporation; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change to Amend Addendum A 

(Fee Structure) With Respect to the 

Alternative Investment Product 

Services 

April 2, 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 23, 

2015, National Securities Clearing 

Corporation (‘‘NSCC’’) 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 NSCC. NSCC filed the proposed rule 

change pursuant to Section 19(b)(3)(A) 3

of the Act and Rule 19b–4(f)(2) 4

thereunder. The proposed rule change 

was effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Clearing Agency’s Statement of the 

Terms of Substance of the Proposed 

Rule Change 

The proposed rule change consists of 

an amendment to Addendum A (Fee 

Structure) of NSCC’s Rules & Procedures 

(‘‘Rules’’) to establish certain fees 

applicable to the Alternative Investment 

Product services (‘‘AIP’’ or the 

‘‘Service’’), as more fully described 

below. The text of the proposed rule 

change is available on NSCC’s Web site 

at http://www.dtcc.com/legal/sec-rulefilings.aspx, at the principal office of 

NSCC, and at the Commission’s Public 

Reference Room. 

II. Clearing Agency’s Statement of the 

Purpose of, and Statutory Basis for, the 

Proposed Rule Change 

In its filing with the Commission, 

NSCC 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. NSCC 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) Statement of Purpose 

AIP was initially approved by the 

Commission on May 12, 2008 5 as a new 

processing platform for alternative 

investment products such as hedge 

funds, funds of hedge funds, 

commodities pools, managed futures, 

and real estate investment trusts 

(collectively, ‘‘Eligible AIP Products’’). 

AIP links global market participants, 

including broker/dealers, fund 

managers, fund administrators and 

custodians (collectively, ‘‘AIP 

Members’’), to provide one standard 

end-to-end process for Eligible AIP 

Products. 

As set forth in NSCC’s Rules, ‘‘AIP 

Data transmitted through the AIP 

Service may include data relating to 

subscriptions and purchases; 

redemptions, withdrawals and tender 

offers; exchange transactions; transfers; 

. . . and such other data as may be 

established by [NSCC] from time to 

time.’’ 6

NSCC recently enhanced the AIP 

platform to better process transfer 

instructions submitted by AIP Members. 

In connection with these enhancements, 

NSCC proposes to amend Addendum A 

to establish the fees applicable to the 

processing of transfers, such as for 

example, internal transfers. Internal 

transfers occur within an AIP Member 

that is a broker/dealer when such AIP 

Member re-registers a customer account 

in the name of a different customer due 

to, for example, the death of the 

previously registered customer. NSCC 

proposes to establish the following fees 

for AIP transfers: 

• $1.50 per transfer for higher volume 

Eligible AIP Products. 

• $5.00 per transfer for lower volume 

Eligible AIP Products. 

NSCC will implement the new 

transfer fees beginning March 26, 2015, 

or such later date as NSCC may 

announce through Important Notice. 

(2) Statutory Basis 

NSCC believes that the proposed rule 

change is consistent with the 

requirements of the Act, and the rules 

and regulations thereunder applicable to 

NSCC. In particular, the proposed rule 

change is consistent with Section 

17A(b)(3)(D) 7 of the Act because it 

establishes NSCC’s fees for the 

processing of transfer instructions 

submitted by AIP Members, which 

helps to provide for the equitable 

allocation of reasonable dues, fees and 

other charges among members in 

connection with use of the Service. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

NSCC does not believe that the 

proposed rule change will have any 

impact or impose any burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments relating to the 

proposed rule change have not yet been 

solicited or received. NSCC will notify 

the Commission of any written 

comments received by NSCC. 

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) 

of the Act 8 and paragraph (f) of Rule 

19b–4 9 thereunder. 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. 

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: 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
18890 Federal Register / Vol. 80, No. 67 / Wednesday, April 8, 2015 / Notices 

10 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Rules 4751(h)(1)–(8). The Exchange notes 

that Rules 4751(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. 

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– 

NSCC–2015–001 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NSCC–2015–001. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of NSCC and on DTCC’s Web site 

at (http://www.dtcc.com/legal/sec-rulefilings.aspx). 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–NSCC– 

2015–001 and should be submitted on 

or before April 29, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07967 Filed 4–7–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74638; File No. SR–BX– 

2015–016] 

Self-Regulatory Organizations; 

NASDAQ OMX BX, Inc.; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Amend Rule 

4751(h) 

April 2, 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 BX, Inc. (‘‘BX’’ 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 4751(h) to introduce the Market 

Hours Immediate or Cancel Time in 

Force for use on BX 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://

nasdaqomxbx.cchwallstreet.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 BX System 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 

the System will hold an order for 

potential execution. Currently the 

Exchange offers the following six Times 

in Force: (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 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 

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 7:00 a.m. until 7:00 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 


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