Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 22243 

company, which evidence ownership of underlying 

securities issued by a foreign corporation. For 

ADRs, the depository is typically a U.S. financial 

institution and the underlying securities are issued 

by a foreign issuer. For other Depositary Receipts, 

the depository may be a foreign or a U.S. entity, and 

the underlying securities may have a foreign or a 

U.S. issuer. Depositary Receipts will not necessarily 

be denominated in the same currency as their 

underlying securities. Generally, ADRs, in 

registered form, are designed for use in the U.S. 

securities market, and EDRs, in bearer form, are 

designated for use in European securities markets. 

GDRs are tradable both in the United States and in 

Europe and are designed for use throughout the 

world. The Fund’s portfolio may invest in 

unsponsored Depositary Receipts. The issuers of 

unsponsored Depositary Receipts are not obligated 

to disclose material information in the United 

States, and, therefore, there may be less information 

available regarding such issuers and there may not 

be a correlation between such information and the 

market value of the Depositary Receipts. 

Unsponsored Depositary Receipts will not exceed 

10% of the Fund’s net assets. See Notice, supra note 

3, at 57162, n.10. 

16See Notice, supra note 3, at 57167–57169. 

17See Notice, supra note 3. 

18The ‘‘Portfolio’’ is defined as SSgA Global 

Managed Volatility Portfolio, a separate series of the 

SSgA Master Trust with an identical investment 

objective as the Fund. See Notice, supra note 3, at 

57162. In general, the Portfolio (i.e., the master 

fund) will be where investments will be held, 

which investments will primarily consist of equity 

securities, and may, to a lesser extent, include other 

investments as described under ‘‘Non-Principal 

Investment Policies.’’ The Fund (i.e., the feeder 

fund) will invest in shares of the Portfolio and will 

not invest in investments described under ‘‘NonPrincipal Investment Policies,’’ but may be exposed 

to such investments by means of the Fund’s 

investment in shares of the Portfolio. In 

extraordinary instances, the Fund reserves the right 

to make direct investments in equity securities and 

other investments. See Notice, supra note 3, at id., 

n.11. 

19See supra note 9; see also Notice, supra note 

3, at 57161 n.6 (referring to the Registration 

Statement on Form N–1A relating to the Fund (File 

Nos. 333–173276 and 811–22542)). 

20 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

Finally, Amendment No. 1 deletes the 

section in the Notice titled ‘‘Information 

Sharing Procedures,’’ in which the 

Exchange stated that its ability to 

monitor trading in the Fund would not 

be affected by the listing and trading of 

Actively-Traded Securities on non-ISGmember markets, or by the absence of 

CSSAs with markets on which 

‘‘Actively-Traded Securities’’ are listed 

or traded.16

In all other material respects, the 

proposed rule change as set forth in 

Amendment No. 1 is otherwise identical 

to the original proposed rule change set 

forth in the Notice.17

II. Description of Amendment 2 to the 

Proposed Rule Change 

As noted above, the Exchange filed 

Amendment No. 2 to the proposed rule 

change on April 7, 2015. The specific 

changes effected by Amendment No. 2 

are described below. 

First, Amendment No. 2 adds a 

statement to the proposed rule change 

requiring, under normal circumstances, 

the Portfolio 18 to include a minimum of 

20 exchange-listed and -traded equity 

securities. Second, Amendment No. 2 

(a) deletes the statement in the original 

filing that pricing information regarding 

each asset class in which the Fund or 

Portfolio will invest will generally be 

available through nationally recognized 

data service providers through 

subscription arrangements, and (b) 

replaces the deleted language described 

in (a) above with a statement clarifying 

that pricing information regarding each 

asset class in which the Fund or 

Portfolio will invest, including Rule 

144A securities, repurchase agreements, 

reverse repurchase agreements, and 

securities of investment companies 

(other than ETFs registered under the 

1940 Act), will generally be available 

through nationally recognized data 

service providers through subscription 

arrangements. 

Additional information regarding the 

Trust, Fund, Portfolio, and the Shares, 

including investment strategies, risks, 

creation and redemption procedures, 

fees, portfolio holdings disclosure 

policies, trading halts, dissemination 

and availability of information, 

distributions, and taxes can be found in 

Amendment No.1 to the proposed rule 

change and the Registration Statement, 

as applicable.19

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the filing, as 

modified by Amendment Nos. 1 and 2, 

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–2014–100 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–2014–100. 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–2014–100 and should be 

submitted on or before May 12, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.20

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–09065 Filed 4–20–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74734; File No. SR–FINRA– 

2015–007] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Waive Trade 

Reporting Fees Under Rule 7710 Due 

to an OTC Reporting Facility Systems 

Issue 

April 15, 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 April 10, 

2015, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) 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 


tkelley on DSK3SPTVN1PROD with NOTICES
22244 Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 

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

4 17 CFR 240.19b–4(f)(2). 

5See ORF Technical Notices dated March 24, 

2015 and March 25, 2015, available at 

www.finra.org/industry/orf/orf-technical-notices. 

6FINRA believes that only a small number of 

trades were not cancelled or resubmitted, as 

necessary, by March 31, 2015. 

7 15 U.S.C. 78o–3(b)(5). 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

‘‘establishing or changing a due, fee or 

other charge’’ under Section 

19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 

4(f)(2) thereunder,4 which renders the 

proposal effective upon receipt of this 

filing by the Commission. 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 the Substance 

of the Proposed Rule Change 

FINRA is proposing to waive fees 

under Rule 7710 for trade reporting to 

the OTC Reporting Facility (‘‘ORF’’) due 

to an ORF systems issue on March 24, 

2015. The proposed rule change does 

not make any changes to the text of 

FINRA rules. 

The text of the proposed rule change 

is available on FINRA’s Web site at 

http://www.finra.org, at the principal 

office of FINRA and at the 

Commission’s Public Reference Room. 

[sic] 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

FINRA 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. FINRA 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 

FINRA rules require that members 

report trades in OTC equity securities, 

as defined under Rule 6420, to the ORF 

for public dissemination purposes. 

Members also may be required or may 

choose to submit one or more ‘‘nontape’’ reports in connection with the 

trade (i.e., the transaction is not reported 

to the tape for publication but is 

reported for clearing or regulatory 

purposes). Pursuant to Rule 7710, 

FINRA charges members various fees for 

using the ORF, including, e.g., for 

reporting trades and cancelling or 

correcting previously reported trades, as 

set forth below: 

Reporting of transactions not subject to comparison through the OTC 

Reporting Facility.

$0.029/side. 

Submission of non-tape, non-clearing (regulatory) reports ...................... No fee. 

Clearing report to transfer a transaction fee charged by one member to 

another member pursuant to Rule 7330(i).

$0.03/side. 

Comparison .............................................................................................. $0.0144/side per 100 shares (minimum 400 shares; maximum 7,500 

shares). 

Late Report—T+N .................................................................................... $0.288/trade (charged to the Executing Party). 

Corrective Transaction Charge ................................................................ $0.25/Cancel, Correct transaction, paid by reporting side; $0.25/Break, 

Decline transaction, paid by each party. 

On March 24, 2015, the ORF 

experienced a systems issue that 

impacted trade reporting. Specifically, 

following a server failover, the ORF 

system erroneously reprocessed and 

resubmitted trades that had previously 

been processed and sent to FINRA’s 

Trade Data Dissemination Service for 

public dissemination.5 FINRA staff 

identified approximately 70,000 

duplicate trades and worked with 

members to cancel them. FINRA also 

determined that, following the server 

failover, some timely reported trades 

were incorrectly processed and marked 

as ‘‘late,’’ and for some trades that were 

designated for submission to clearing, 

the system erroneously cancelled the 

clearing information that had been 

submitted to the National Securities 

Clearing Corporation. FINRA continues 

to work with firms to identify trades 

that were erroneously marked late and 

clearing submissions that were 

inadvertently cancelled by the system. 

Approximately 322 firms reported 

trades to the ORF from 2:20 p.m. (the 

time of the server failover) until the 

close of the system on March 24, 2015 

and thus potentially were impacted by 

the ORF systems issue on that date. 

During this time frame, there were over 

120,000 trade submissions, which 

include original and duplicate trade 

reports and cancellations. 

As a result of the ORF systems issue, 

some members were required to take 

corrective action by making additional 

submissions to the ORF to cancel 

duplicate trades or resubmit cancelled 

clearing transactions. To ensure that 

members are not charged for such 

additional submissions, and in 

recognition that members have had to 

expend resources to take corrective 

action as a result of the ORF systems 

issue, FINRA is proposing to waive all 

ORF trade reporting fees under Rule 

7710 for March 24, 2015, the date the 

ORF systems issues occurred. As such, 

fees under Rule 7710 will be waived for 

all submissions to the ORF made on 

March 24, 2015, including fees for ‘‘as/ 

of’’ reports submitted on March 24, 2015 

for trades that were executed prior to 

that date. 

In addition, FINRA recognizes that 

some members may have been unable to 

take the necessary corrective steps on 

March 24, 2015, i.e., some members may 

not have cancelled the duplicate trades 

or resubmitted trades for clearing until 

T+1 or later. Accordingly, FINRA also is 

proposing to waive the trade reporting 

fees under Rule 7710 for trades 

submitted to the ORF with a trade 

execution date of March 24, 2015 or an 

original report date of March 24, 2015, 

provided that such trades were 

submitted by March 31, 2015. Because 

the pertinent billing cycle ended on 

March 31, 2015, trades submitted on or 

after April 1, 2015 would not be entitled 

to the fee relief proposed herein, even 

if they were executed or originally 

reported on March 24, 2015.6 FINRA 

believes that it is most equitable to 

provide such additional relief to 

members. 

FINRA has filed the proposed rule 

change for immediate effectiveness. The 

operative date will be the date of filing. 

2. Statutory Basis 

FINRA believes that the proposed rule 

change is consistent with the provisions 

of Section 15A(b)(5) of the Act,7 which 

requires, among other things, that 


tkelley on DSK3SPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 76 / Tuesday, April 21, 2015 / Notices 22245 

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

9 17 CFR 240.19b–4(f)(2). 10 17 CFR 200.30–3(a)(12). 

FINRA rules provide for the equitable 

allocation of reasonable dues, fees and 

other charges among members and 

issuers and other persons using any 

facility or system that FINRA operates 

or controls. FINRA believes that the 

proposed rule change to waive trade 

reporting fees under Rule 7710, as 

described herein, is appropriate in light 

of the ORF systems issue on March 24, 

2015. FINRA does not believe that 

members should incur fees for the 

corrective action they were required to 

take following the ORF systems issue. 

FINRA believes that this limited waiver 

results in reasonable fees and financial 

benefits that are equitably allocated. The 

financial benefit of the trade reporting 

fee waiver is available to all firms that 

reported to the ORF on March 24, 2015 

and to all firms that reported trades with 

an execution date or original report date 

of March 24, 2015, provided that such 

reports were received by March 31, 

2015. The proposed rule change is 

reasonable because the waiver of ORF 

trade reporting fees—and the financial 

benefit from such waiver—is of limited 

amount, duration and application, as 

noted above. Finally, the proposed trade 

reporting fee waiver does not unfairly 

discriminate between or among 

members in that the waiver is available 

to any such member that reported 

transactions to the ORF on the relevant 

dates. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

FINRA 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. FINRA 

believes that the proposed rule change 

to waive the trade reporting fees is 

appropriate in light of the ORF systems 

issue, which required members to take 

corrective action and make additional 

submissions to the ORF. FINRA believes 

that the limited trade reporting fee 

waiver would not place an unreasonable 

fee burden on members, nor confer an 

uncompetitive benefit to members that 

have their trade reporting fees waived, 

in that such waiver would be available 

for a very limited period and the 

financial impact of such a waiver would 

be de minimis. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

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)(2) of Rule 

19b–4 thereunder.9 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– 

FINRA–2015–007 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–FINRA–2015–007. 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–FINRA– 

2015–007, and should be submitted on 

or before May 12, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–09070 Filed 4–20–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

31552; File No. 812–14302] 

Voya Retirement Insurance and 

Annuity Company et al.; Notice of 

Application 

April 15, 2015. 

AGENCY: Securities and Exchange 

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

ACTION: Notice of application for an 

order approving the substitution of 

certain securities pursuant to section 

26(c) of the Investment Company Act of 

1940, as amended (the ‘‘1940 Act’’ or 

‘‘Act’’). 

Applicants: Voya Retirement 

Insurance and Annuity Company 

(‘‘Voya Retirement’’), Voya Insurance 

and Annuity Company (‘‘Voya 

Insurance’’), ReliaStar Life Insurance 

Company of New York (‘‘ReliaStar 

NY’’), and Security Life of Denver 

Insurance Company (‘‘Security Life’’) 

(each a ‘‘Company’’ and together, the 

‘‘Companies’’), Variable Annuity 

Account B of Voya Retirement (‘‘Voya 

Retirement B’’), Variable Annuity 

Account I of Voya Retirement (‘‘Voya 

Retirement I’’), Separate Account B of 

Voya Insurance (‘‘Voya Insurance B’’), 

Separate Account EQ of Voya Insurance 

(‘‘Voya Insurance EQ’’), ReliaStar Life 

Insurance Company of New York 

Separate Account NY–B (‘‘ReliaStar 

NY–B’’), Security Life Separate Account 

A1 (‘‘Security Life A1’’), Security Life 

Separate Accounts S–A1 (‘‘Security Life 

S–A1’’) (each, an ‘‘Account’’ and 


tkelley on DSK3SPTVN1PROD with NOTICES