Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices 18449 

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

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

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 200.30–3(a)(12). 

1The number of closed-end funds that undertake 

repurchases annually under Rule 23c–1 is based on 

information provided in response to Item 9 of Form 

N–CSR from December 30, 2013 through December 

30, 2014. Although 112 closed-end funds made 

disclosures regarding ‘‘publicly announced’’ 

repurchase plans in response to Item 9, not all 

repurchases are made pursuant to Rule 23c–1. We 

estimate that approximately 30% of such closedend funds have not made repurchases pursuant to 

Rule 23c–1. Therefore, our estimate does not 

include all 112 funds that made disclosures of 

publicly announced repurchases under Item 9, but 

only a subset thereof. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange believes the proposal is 

consistent with Section 6(b)(8) of the 

Act 6 in that it does not impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not designed to 

address any aspect of competition, but 

would provide authority for the 

Exchange to directly share risk settings 

with Clearing Members regarding the 

Members with whom the Clearing 

Member has executed a letter of 

guarantee so the Clearing Member can 

better monitor and manage the potential 

risks assumed by the Members, thereby 

providing them with greater control and 

flexibility over setting their own risk 

tolerance and exposure. The proposed 

rule change does not pose an undue 

burden on non-Clearing Members 

because, unlike Clearing Members, nonClearing Members do not guarantee the 

execution of the Member transactions 

on the Exchange. The proposed rule 

change is structured to offer the same 

enhancement to all Clearing Members, 

regardless of size, and would not 

impose a competitive burden on any 

participant. 

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 Exchange believes that the 

foregoing proposed rule change may 

take effect upon filing with the 

Commission pursuant to 

Section19(b)(3)(A) 7 of the Act and Rule 

19b–4(f)(6) thereunder 8 because the 

foregoing 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 

for 30 days after its filing date, or such 

shorter time as the Commission may 

designate. 

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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– 

ISE–2015–12 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–ISE–2015–12. 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–ISE– 

2015–12, and should be submitted on or 

before April 27, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07850 Filed 4–3–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736. 

Extension: 

Rule 23c–1. (SEC File No. 270–253, OMB 

Control No. 3235–0260). 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 350l–3520), the Securities 

and Exchange Commission (the 

‘‘Commission’’) has submitted to the 

Office of Management and Budget a 

request for extension of the previously 

approved collection of information 

discussed below. 

Rule 23c–1(a) under the Investment 

Company Act (17 CFR 270.23c–1(a)) 

permits a closed-end fund to repurchase 

its securities for cash if, in addition to 

the other requirements set forth in the 

rule, the following conditions are met: 

(i) Payment of the purchase price is 

accompanied or preceded by a written 

confirmation of the purchase (‘‘written 

confirmation’’); (ii) the asset coverage 

per unit of the security to be purchased 

is disclosed to the seller or his agent 

(‘‘asset coverage disclosure’’); and (iii) if 

the security is a stock, the fund has, 

within the preceding six months, 

informed stockholders of its intention to 

purchase stock (‘‘six month notice’’). 

Commission staff estimates that 78 

closed-end funds undertake a total of 

702 repurchases annually under Rule 

23c–1.1 Staff estimates further that, with 


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18450 Federal Register / Vol. 80, No. 65 / Monday, April 6, 2015 / Notices 

2This estimate is based on the following 

calculation: 702 repurchases × 2.5 hours per 

repurchase = 1755 hours. 

3The $334/hour figure for a compliance attorney 

is from SIFMA’s Management & Professional 

Earnings in the Securities Industry 2013, modified 

by Commission staff to account for an 1800-hour 

work-year and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead. 

4The $64/hour figure for a compliance clerk is 

from SIFMA’s Office Salaries in the Securities 

Industry 2013, modified by Commission staff to 

account for an 1800-hour work-year and multiplied 

by 2.93 to account for bonuses, firm size, employee 

benefits and overhead. 

5This estimate is based on the following 

calculation: 702 repurchases × $295 per repurchase 

= $207,090. 

6 In addition, Item 9 of Form N–CSR requires 

closed-end funds to disclose information similar to 

the information that was required in Form N–23C– 

1, which was discontinued in 2004. 

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

2 17 CFR 240.19b–4. 

3The Order Entry Port Fee is a connectivity fee 

in connection with routing orders to the Exchange 

via an external order entry port. NOM Participants 

access the Exchange’s network through order entry 

ports. A NOM Participant may have more than one 

order entry port. 

4CTI offers real-time clearing trade updates. A 

real-time clearing trade update is a message that is 

sent to a member after an execution has occurred 

and contains trade details. The message containing 

the trade details is also simultaneously sent to The 

Options Clearing Corporation. The trade messages 

are routed to a member’s connection containing 

certain information. The administrative and market 

event messages include, but are not limited to: 

System event messages to communicate 

operational-related events; options directory 

messages to relay basic option symbol and contract 

information for options traded on the Exchange; 

complex strategy messages to relay information for 

those strategies traded on the Exchange; trading 

action messages to inform market participants when 

a specific option or strategy is halted or released for 

trading on the Exchange; and an indicator which 

distinguishes electronic and non-electronically 

delivered orders. 

5 ITTO is a data feed that provides quotation 

information for individual orders on the NOM book, 

last sale information for trades executed on NOM, 

and Order Imbalance Information as set forth in 

NOM Rules Chapter VI, Section 8. ITTO is the 

options equivalent of the NASDAQ TotalView/

ITCH data feed that NASDAQ offers under 

NASDAQ Rule 7023 with respect to equities traded 

on NASDAQ. As with TotalView, members use 

ITTO to ‘‘build’’ their view of the NOM book by 

adding individual orders that appear on the feed, 

and subtracting individual orders that are executed. 

See Chapter VI, Section 1 at subsection (a)(3)(A). 

6BONOSM is a data feed that provides the NOM 

Best Bid and Offer (‘‘NOM NBBO’’) and last sale 

information for trades executed on NOM. The NOM 

NBBO and last sale information are identical to the 

information that NOM sends to the Options Price 

Regulatory Authority (‘‘OPRA’’) and which OPRA 

disseminates via the consolidated data feed for 

options. BONO is the options equivalent of the 

NASDAQ Basic data feed offered for equities under 

NASDAQ Rule 7047. See Chapter VI, Section 1 at 

subsection (a)(3)(B). 

respect to each repurchase, each fund 

spends 2.5 hours to comply with the 

rule’s written confirmation, asset 

coverage disclosure and six month 

notice requirements. Thus, Commission 

staff estimates the total annual 

respondent reporting burden is 1755 

hours.2 Commission staff further 

estimates that the cost of the hourly 

burden per repurchase is $295 (one half 

hour of a compliance attorney’s time at 

$334 per hour,3 and two hours of 

clerical time at $64 per hour 4). The total 

annual cost for all funds is estimated to 

be $207,090.5

In addition, the fund must file with 

the Commission a copy of any written 

solicitation to purchase securities given 

by or on behalf of the fund to 10 or more 

persons. The copy must be filed as an 

exhibit to Form N–CSR (17 CFR 249.331 

and 274.128).6 The burden associated 

with filing Form N–CSR is addressed in 

the submission related to that form. 

The estimate of average burden hours 

is made solely for the purposes of the 

Paperwork Reduction Act, and is not 

derived from a comprehensive or even 

a representative survey or study of the 

costs of Commission rules and forms. 

Complying with the collection of 

information requirements of the rule is 

mandatory. The filings that the rule 

requires to be made with the 

Commission are available to the public. 

An agency may not conduct or sponsor, 

and a person is not required to respond 

to, a collection of information unless it 

displays a currently valid control 

number. 

The public may view the background 

documentation for this information 

collection at the following Web site, 

www.reginfo.gov. Comments should be 

directed to: (i) Desk Officer for the 

Securities and Exchange Commission, 

Office of Information and Regulatory 

Affairs, Office of Management and 

Budget, Room 10102, New Executive 

Office Building, Washington, DC 20503, 

or by sending an email to: Shagufta_

Ahmed@omb.eop.gov; and (ii) Pamela 

Dyson, Director/Chief Information 

Officer, Securities and Exchange 

Commission, c/o Remi Pavlik-Simon, 

100 F Street NE., Washington, DC 20549 

or send an email to: PRA_Mailbox@

sec.gov. Comments must be submitted to 

OMB within 30 days of this notice. 

Dated: March 31, 2015. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–07753 Filed 4–3–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74616; File No. SR– 

NASDAQ–2015–027] 

Self-Regulatory Organizations; The 

NASDAQ Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

NASDAQ Options Market Fees and 

Rebates 

March 31, 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 25, 

2015, The NASDAQ Stock Market LLC 

(‘‘NASDAQ’’ or ‘‘Exchange’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

the proposed rule change as described 

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

have been prepared by NASDAQ. 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 

NASDAQ proposes to amend the 

manner in which the Exchange assesses 

Port Fees which are located in Chapter 

XV, entitled ‘‘Options Pricing,’’ which 

governs pricing for NASDAQ members 

using the NASDAQ Options Market 

(‘‘NOM’’), NASDAQ’s facility for 

executing and routing standardized 

equity and index options. 

While the changes proposed herein 

are effective upon filing, the Exchange 

has designated the amendments become 

operative on April 1, 2015. 

The text of the proposed rule change 

is available on the Exchange’s Web site 

at http://www.nasdaq.

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. 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 proposes to increase 

Port Fees for the following ports from 

$600.00 to $650.00 per port, per month, 

per mnemonic: Order Entry Port,3 CTI 

Port,4 ITTO Port,5 BONO Port,6 Order 


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