Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices 72219 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder. See 

Securities Exchange Act Release No. 17638 (March 

18, 1981), 22 SE.C. Docket 484 (March 31, 1981). 

The full text of the OPRA Plan is available at 

http://www.opradata.com. The OPRA Plan provides 

for the collection and dissemination of last sale and 

quotation information on options that are traded on 

the participant exchanges. The twelve participants 

to the OPRA Plan are BATS Exchange, Inc., BOX 

Options Exchange, LLC, Chicago Board Options 

Exchange, Incorporated, C2 Options Exchange, 

Incorporated, International Securities Exchange, 

LLC, Miami International Securities Exchange, LLC, 

NASDAQ OMX BX, Inc., NASDAQ OMX PHLX 

LLC, NASDAQ Stock Market LLC, NYSE MKT LLC, 

NYSE Arca, Inc., and Topaz Exchange, LLC (d/b/ 

a ISE Gemini). 

4See Securities Exchange Act Release No. 72824 

(August 12, 2014), 79 FR 48780 (‘‘Notice’’). 

5These two forms are Attachments B–1 and 

B–2 to OPRA’s Form of Vendor Agreement and they 

are available on OPRA’s Web site at 

www.opradata.com. 

6According to OPRA, the definition of the term 

‘‘Nonprofessional Subscriber’’ used by the 

Consolidated Tape Association (‘‘CTA’’), which is 

substantively similar to OPRA’s definition in almost 

all respects, prevents a similar reading of its 

definition. 

7 In approving this proposed OPRA Plan 

Amendment, the Commission has considered its 

Continued 

6 (17 CFR 240.15c1–6) under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (Exchange Act). 

Rule 15c1–6 states that any brokerdealer trying to sell to or buy from a 

customer a security in a primary or 

secondary distribution in which the 

broker-dealer is participating or is 

otherwise financially interested must 

give the customer written notification of 

the broker-dealer’s participation or 

interest at or before completion of the 

transaction. The Commission estimates 

that 446 respondents collect information 

annually under Rule 15c1–6 and that 

each respondent would spend 

approximately 10 hours annually 

complying with the collection of 

information requirement (approximately 

4,460 hours in aggregate). 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Background documentation for this 

information collection may be viewed 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, Acting Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington, 

DC 20549, or by sending an email to 

PRA_Mailbox@sec.gov. Comments must 

be submitted within 30 days of this 

notice. 

Dated: December 1, 2014. 

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28549 Filed 12–4–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73712; File No. SR–OPRA– 

2014–03] 

Options Price Reporting Authority; 

Order Approving an Amendment to the 

Plan for Reporting of Consolidated 

Options Last Sale Reports and 

Quotation Information To Amend 

OPRA’s Definition of the term 

‘‘Nonprofessional’’ 

December 1, 2014. 

I. Introduction 

On March 11, 2014, the Options Price 

Reporting Authority (‘‘OPRA’’) 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2 an 

amendment to the Plan for Reporting of 

Consolidated Options Last Sale Reports 

and Quotation Information (‘‘OPRA 

Plan’’).3 The proposed OPRA Plan 

amendment would revise the definition 

of the term ‘‘Nonprofessional.’’ The 

proposed OPRA Plan amendment was 

published for comment in the Federal 

Register on August 18, 2014.4 The 

Commission received no comment 

letters in response to the Notice. 

This order approves the proposed 

OPRA Plan amendment. 

II. Description of the Proposal 

The purpose of the proposed 

amendment is to revise the definition of 

the term ‘‘Nonprofessional’’ as that term 

is used in the ‘‘Addendum for 

Nonprofessionals’’ that is attached to 

OPRA’s Electronic Form of Subscriber 

Agreement and its Hardcopy Form of 

Subscriber Agreement.5

Paragraph (c) of OPRA’s current 

definition of the term 

‘‘Nonprofessional’’ specifies that to 

qualify as a ‘‘Nonprofessional’’ a person 

must not be: ‘‘(i) registered or qualified 

with the Securities and Exchange 

Commission, the Commodities Futures 

Trading Commission, any state 

securities agency, any securities 

exchange/association, or any 

commodities/futures contract market/

association, (ii) engaged as an 

‘‘investment adviser,’’ as that term is 

defined in the Investment Advisers Act 

of 1940 (whether or not registered or 

qualified under that Act); or (iii) 

employed by a bank or other 

organization exempt from registration 

under Federal and/or state securities 

laws to perform functions that would 

require you to be so registered or 

qualified if you were to perform such 

functions for an organization not so 

exempt.’’ According to OPRA, a literal 

reading of this language could lead to 

the conclusion that a person who works 

outside of the United States as (for 

example) a securities broker could 

qualify as a ‘‘Nonprofessional,’’ because 

the person is not covered by clauses (i), 

(ii) or (iii) of Paragraph (c). 

OPRA is not aware of any instances in 

which an OPRA Vendor has determined 

that Subscribers who work outside the 

United States qualify to be 

Nonprofessional Subscribers on the 

basis of reading the definition of the 

term ‘‘Nonprofessional’’ in this 

manner.6 However, OPRA believes that 

it is appropriate to modify the language 

to prevent such a reading. Accordingly, 

OPRA proposes to modify the current 

definition by adding a phrase at the 

beginning of paragraph (c) to clarify that 

the current language applies to persons 

who work in the United States and 

adding a sentence to paragraph (c) to say 

that ‘‘For a natural person who works 

outside of the United States, a 

‘Professional’ is a natural person who 

performs the same functions as someone 

who would be considered a 

‘Professional’ in the United States.’’ 

III. Discussion 

After careful review, the Commission 

finds that the proposed OPRA Plan 

amendment is consistent with the 

requirements of the Act and the rules 

and regulations thereunder.7


wreier-aviles on DSK5TPTVN1PROD with NOTICES
72220 Federal Register / Vol. 79, No. 234 / Friday, December 5, 2014 / Notices 

impact on efficiency, competition, and capital 

formation. 15 U.S.C. 78c(f). 

8 15 U.S.C. 78k–1. 

9 17 CFR 242.608. 

10 15 U.S.C. 78k–1. 

11 17 CFR 242.608. 

12 15 U.S.C. 78k–1. 

13 17 CFR 242.608. 

14 17 CFR 200.30–3(a)(29). 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder. See 

Securities Exchange Act Release No. 17638 (March 

18, 1981), 22 SE.C. Docket 484 (March 31, 1981). 

The full text of the OPRA Plan is available at 

http://www.opradata.com. The OPRA Plan provides 

for the collection and dissemination of last sale and 

quotation information on options that are traded on 

the participant exchanges. The twelve participants 

to the OPRA Plan are BATS Exchange, Inc., BOX 

Options Exchange, LLC, Chicago Board Options 

Exchange, Incorporated, C2 Options Exchange, 

Incorporated, International Securities Exchange, 

LLC, Miami International Securities Exchange, LLC, 

NASDAQ OMX BX, Inc., NASDAQ OMX PHLX 

LLC, NASDAQ Stock Market LLC, NYSE MKT LLC, 

NYSE Arca, Inc., and Topaz Exchange, LLC (d/b/ 

a ISE Gemini). 

4OPRA’s regular hours of operations are from 

7:30 a.m. to 6:00 p.m. Eastern time. See Section 5.3 

of the OPRA Plan. 

5See Securities Exchange Act Release No. 72820 

(August 12, 2014), 79 FR 48779 (‘‘Notice’’). 

6OPRA does not currently operate outside of its 

regular hours of operations. However, according to 

OPRA, one of its member exchanges has indicated 

that it is planning to initiate after-hours trading and 

requested that OPRA operate during the after-hours 

period when its market will be open for trading. 

The current OPRA Plan provides that the OPRA 

System will operate outside of its regular hours of 

operation at the request of any one or more of its 

member exchanges. See Section 5.3 of the OPRA 

Plan. OPRA is not proposing any changes to Section 

5.3 of the OPRA Plan. 

7Clause 7.1(a)(iii)(2) of the OPRA Plan provides 

that costs above a ‘‘specified ceiling’’ are to be 

allocated in accordance with OPRA’s Capacity 

Guidelines. The ‘‘ceiling’’ is described in Guideline 

7 of the Capacity Guidelines. OPRA is not 

proposing any changes in the allocation of costs as 

described in the Capacity Guidelines. 

8See Section 7.1 of the OPRA Plan. 

Specifically, the Commission finds that 

the proposed OPRA Plan amendment is 

consistent with Section 11A of the Act 8

and Rule 608 thereunder 9 in that it is 

appropriate in the public interest, for 

the protection of investors and the 

maintenance of fair and orderly markets, 

and to remove impediments to, and 

perfect the mechanisms of, a national 

market system. The proposed change to 

the definition of the term 

Nonprofessional is designed to clarify 

that the term is meant to apply to 

persons engaged in the same type of 

business whether they are located in the 

United States or elsewhere. The 

Commission believes that OPRA’s 

proposal is consistent with Section 11A 

of the Act 10 and Rule 608 thereunder 11

because the proposal is designed to add 

clarity to OPRA’s existing term and 

should therefore help to avoid investor 

confusion. In addition, the Commission 

notes that the proposed revisions to the 

term ‘‘Nonprofessional’’ will make the 

term used by OPRA consistent with the 

similar term used by CTA. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 11A of the Act,12 and Rule 608 

thereunder,13 that the proposed OPRA 

Plan amendment (SR–OPRA–2014–03) 

be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–28546 Filed 12–4–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73711; File No. SR–OPRA– 

2013–03] 

Options Price Reporting Authority; 

Order Approving an Amendment to the 

Plan for Reporting of Consolidated 

Options Last Sale Reports and 

Quotation Information To Amend 

Sections 5.4 and 7.1 of the OPRA Plan 

December 1, 2014. 

I. Introduction 

On October 21, 2013, the Options 

Price Reporting Authority (‘‘OPRA’’) 

submitted to the Securities and 

Exchange Commission (‘‘Commission’’), 

pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2 an 

amendment to the Plan for Reporting of 

Consolidated Options Last Sale Reports 

and Quotation Information (‘‘OPRA 

Plan’’).3 The proposed OPRA Plan 

amendment would modify Sections 5.4 

and 7.1 of the OPRA Plan as they relate 

to operations of OPRA outside of 

OPRA’s regular hours of operations.4

The proposed OPRA Plan amendment 

was published for comment in the 

Federal Register on August 18, 2014.5

The Commission received no comment 

letters in response to the Notice. 

This order approves the proposed 

OPRA Plan amendment. 

II. Description of the Proposal 

The purpose of the proposed 

amendment is to (1) amend the OPRA 

Plan so that it provides for the 

aggregation of costs for operations of 

OPRA outside of its regular hours of 

operations (‘‘after-hours operations’’) 

with costs for operations of OPRA 

during its regular hours of operations 

(‘‘regular-hours operations’’); and (2) 

state expressly that OPRA may establish 

separate fees for access to OPRA data 

during periods of after-hours 

operations.6

Currently, the OPRA Plan provides 

that the costs of OPRA’s after-hour 

operations are to be allocated separately 

from the costs of OPRA’s regular-hour 

operations and in a somewhat different 

manner. The OPRA Plan currently 

provides that the costs of OPRA’s 

regular-hour operations below a 

specified ceiling 7 and OPRA’s revenues 

from regular-hour operations are both to 

be allocated among the OPRA member 

exchanges on the basis of the relative 

number of compared trades in options 

contracts traded on each of the OPRA 

member exchanges.8

The current provisions of the OPRA 

Plan state that, if the OPRA System 

operates outside of OPRA’s regular 

hours, any costs attributable to such 

operation will be allocated to the 

exchange or exchanges that are actually 

operating during the after-hours period. 

The OPRA Plan does not make any 

special provision for the allocation of 

revenues derived from fees for access to 

OPRA data generated in the course of 

after-hours operations, and the OPRA 

Plan therefore provides that these 

revenues will be allocated among the 

OPRA member exchanges in the same 

way that revenues derived from regularhours operations are allocated. The 

result is that the OPRA Plan currently 

provides for the allocation of costs of 

after-hours trading only to the exchange 

or exchanges that are actually operating 

during the after-hours period, but for the 

allocation of revenues resulting from 

fees for access to quotation and last sale 

information generated in the course of 

after-hours operations to all of the 

OPRA member exchanges on the basis 

of the relative number of compared 

trades in options contracts traded on 

each of the OPRA member exchanges in 

trading during both regular hours and 

outside of regular hours. 

OPRA is therefore proposing to revise 

the OPRA Plan to provide that the costs 

of after-hours operations will be 

aggregated with the costs of operating 

the OPRA System during regular hours 

of operation. As a result of the proposed 

change, the aggregated costs of operating 

the System during all hours of operation 

would be allocated among all of OPRA’s 

member exchanges, regardless of 

whether any particular exchange 

operates its market outside of regular 

hours. 

In addition, OPRA’s Fee Schedule 

does not currently provide specific fees 

for access to OPRA data during periods 


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