Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 46579 

25 17 CFR 200.30–3(a)(12). 

1Applicants request that the order apply to each 

existing and future series of the Trust and to any 

future registered UIT and series thereof sponsored 

by Olden Lane or an entity controlling, controlled 

by or under common control with Olden Lane (the 

‘‘Series’’). 

2Certain of the Underlying Funds may be 

registered as an open-end investment company or 

a UIT, but have received exemptive relief from the 

Commission to permit their shares to be listed and 

traded on a national securities exchange at 

negotiated prices and to operate as exchange-traded 

funds (‘‘ETFs’’). 

3Applicants do not request relief for the Series to 

invest in reliance on the order in closed-end 

investment companies that are not listed and traded 

on a national securities exchange. 

4A Series generally would purchase and sell 

shares of an Underlying Fund that operates as an 

ETF through secondary market transactions rather 

than through principal transactions with the 

Underlying Fund. Applicants nevertheless request 

relief from section 17(a) to permit a Series to 

purchase or redeem shares from the ETF. A Series 

will purchase and sell shares of an Underlying 

Fund that is a closed-end fund through secondary 

market transactions at market prices rather than 

through principal transactions with the closed-end 

fund. Accordingly, applicants are not requesting 

section 17(a) relief with respect to transactions in 

shares of closed-end funds. 

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 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– 

2017–84 and should be submitted on or 

before October 26, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21407 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32845; File No. 812–14726] 

Olden Lane Securities LLC and Olden 

Lane Trust; Notice of Application 

September 29, 2017. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice of an application for an 

order under section 12(d)(1)(J) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

12(d)(1)(A), (B), and (C) of the Act and 

under sections 6(c) and 17(b) of the Act 

for an exemption from sections 17(a)(1) 

and (2) of the Act. The requested order 

would permit certain registered unit 

investment trusts (‘‘UITs’’) to acquire 

shares of certain registered open-end 

investment companies, registered 

closed-end investment companies and 

registered UITs (collectively, the 

‘‘Underlying Funds’’) that are within 

and outside the same group of 

investment companies as the acquiring 

UITs, in excess of the limits in section 

12(d)(1) of the Act. 

APPLICANTS: Olden Lane Trust (the 

‘‘Trust’’), a UIT that is registered under 

the Act, and Olden Lane Securities 

(‘‘Olden Lane’’), a Delaware limited 

liability company registered as a brokerdealer under the Securities Exchange 

Act of 1934 (the ‘‘Exchange Act’’). 

FILING DATES: The application was filed 

on December 9, 2016 and amended on 

April 10, 2017, July 25, 2017 and 

September 15, 2017. 

HEARING OR NOTIFICATION OF HEARING: An 

order granting the requested relief will 

be issued unless the Commission orders 

a hearing. Interested persons may 

request a hearing by writing to the 

Commission’s Secretary and serving 

applicants with a copy of the request, 

personally or by mail. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on October 24, 2017 and 

should be accompanied by proof of 

service on the applicants, in the form of 

an affidavit, or, for lawyers, a certificate 

of service. Pursuant to Rule 0–5 under 

the Act, hearing requests should state 

the nature of the writer’s interest, any 

facts bearing upon the desirability of a 

hearing on the matter, the reason for the 

request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

writing to the Commission’s Secretary. 

ADDRESSES: Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

Applicants: Olden Lane Securities LLC 

and Olden Lane Trust, 200 Forrestal 

Road, Suite 3B, Princeton, NJ 08540. 

FOR FURTHER INFORMATION CONTACT: 

Andrea Ottomanelli Magovern, Acting 

Branch Chief, at (202) 551–6768 or 

Nadya Roytblat, Assistant Chief 

Counsel, at (202) 551–6821 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

Web site by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm, or by 

calling (202) 551–8090. 

Summary of the Application 

1. Applicants request an order to 

permit (a) a Series 1 to acquire shares of 

Underlying Funds 2 in excess of the 

limits in sections 12(d)(1)(A) and (C) of 

the Act and (b) the Underlying Funds 

that are registered open-end investment 

companies, their principal underwriters 

and any broker or dealer registered 

under the Exchange Act to sell shares of 

the Underlying Funds to the Series in 

excess of the limits in section 

12(d)(1)(B) of the Act.3 Applicants also 

request an order of exemption under 

sections 6(c) and 17(b) of the Act from 

the prohibition on certain affiliated 

transactions in section 17(a) of the Act 

to the extent necessary to permit the 

Underlying Funds to sell their shares to, 

and redeem their shares from, the 

Series.4 Applicants state that such 

transactions will be consistent with the 

policies of each Series and each 

Underlying Fund and with the general 

purposes of the Act and will be based 

on the net asset values of the 

Underlying Funds. 

2. Applicants agree that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application. Such terms 

and conditions are designed to, among 

other things, help prevent any potential 

(i) undue influence over an Underlying 

Fund that is not in the same ‘‘group of 

investment companies’’ as the UIT 

through control or voting power, or in 

connection with certain services, 

transactions, and underwritings, (ii) 

excessive layering of fees, and (iii) 

overly complex fund structures, which 

are the concerns underlying the limits 

in sections 12(d)(1)(A), (B), and (C) of 

the Act. 

3. Section 12(d)(1)(J) of the Act 

provides that the Commission may 

exempt any person, security, or 

transaction, or any class or classes of 

persons, securities, or transactions, from 

any provision of section 12(d)(1) if the 

exemption is consistent with the public 

interest and the protection of investors. 

Section 17(b) of the Act authorizes the 

Commission to grant an order 

permitting a transaction otherwise 

prohibited by section 17(a) if it finds 

that (a) the terms of the proposed 

transaction are fair and reasonable and 

do not involve overreaching on the part 

of any person concerned; (b) the 

proposed transaction is consistent with 

the policies of each registered 

investment company involved; and (c) 

the proposed transaction is consistent 

with the general purposes of the Act. 


ethrower on DSK3G9T082PROD with NOTICES
46580 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Fee Schedule, QUALIFIED CONTINGENT 

CROSS TRANSACTION FEES, available here, 

https://www.nyse.com/publicdocs/nyse/markets/ 

arca-options/NYSE_Arca_Options_Fee_

Schedule.pdf. 

5See id., Endnote 14. 

6See proposed Fee Schedule, Endnote 13 

(providing that ‘‘[t]he maximum Floor Broker 

Rebate paid shall not exceed $375,000 per month 

per Floor Broker firm’’). 

7See NYSE American Options Fee Schedule, 

Section I.F., QCC Fees & Credits, n. 1, available 

here, https://www.nyse.com/publicdocs/nyse/ 

markets/american-options/NYSE_American_

Options_Fee_Schedule.pdf (providing that ‘‘[t]he 

maximum Floor Broker credit paid shall not exceed 

$375,000 per month per Floor Broker firm’’); 

Chicago Board Options Exchange (‘‘CBOE’’) fee 

schedule, QCC Rate Table, p. 5, available here, 

http://www.cboe.com/publish/feeschedule/CBOE

FeeSchedule.pdf (providing that QCC credits ‘‘will 

be capped at $350,000 per month’’, per CBOE 

trading permit holder). 

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

9 15 U.S.C. 78f(b)(4) and (5). 

10See supra note 7. 

11 15 U.S.C. 78f(b)(8). 

12See supra note 7. 

Section 6(c) of the Act permits the 

Commission to exempt any persons or 

transactions from any provision of the 

Act if such exemption is necessary or 

appropriate in the public interest and 

consistent with the protection of 

investors and the purposes fairly 

intended by the policy and provisions of 

the Act. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21398 Filed 10–4–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81767; File No. SR– 

NYSEARCA–2017–114] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend the NYSE Arca 

Options Fee Schedule 

September 29, 2017. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 26, 2017, NYSE Arca, Inc. 

(the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. 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 the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’). The Exchange proposes to 

implement the fee change effective 

October 1, 2017. The proposed rule 

change is available on the Exchange’s 

Web site at www.nyse.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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The purpose of this filing is to amend 

the Fee Schedule effective October 1, 

2017. Specifically, the Exchange 

proposes to place a cap on an incentive 

for Floor Brokers to execute Qualified 

Contingent Cross (‘‘QCC’’) transactions. 

Currently, Floor Brokers earn a rebate 

for executed QCC orders of $0.035 per 

contract side.4 QCC executions in which 

a Customer or Professional Customer 

(collectively, ‘‘Customer’’) is on both 

sides of the QCC trade are not eligible 

for the Floor Broker rebate.5 The 

Exchange does not currently impose any 

monthly cap on the maximum to be 

paid under the QCC rebate program. 

The Exchange proposes to limit the 

maximum Floor Broker rebate to 

$375,000 per month per Floor Broker 

firm.6 Although the proposal would 

limit the potential monthly rebate, the 

Exchange believes that OTP Holders 

acting as Floor Brokers would still be 

incented to achieve the highest rebate 

possible. The Exchange notes that other 

options exchanges have similar caps on 

rebates offers for QCC transactions.7

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,8 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,9 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

Specifically, the Exchange does not 

currently impose any monthly cap on 

the maximum to be paid to Floor Broker 

firms under the QCC rebate program. 

The Exchange believes the proposed cap 

is reasonable, equitable and not unfairly 

discriminatory because all OTP Holders 

would be uniformly capped at a 

potential rebate of $370,000 per month 

per Floor Broker firm. In addition, the 

proposal is reasonable, equitable and 

not unfairly discriminatory because it is 

consistent with similar caps on rebates 

pad [sic] for QCC transactions on other 

exchanges.10

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,11 the Exchange does not believe 

that the proposed rule change will 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The proposed cap would not impose an 

unfair burden on competition because 

all OTP Holders would be uniformly 

capped at $375,000 per month per Floor 

Broker firm and because the proposal is 

consistent with similar caps on rebates 

pad [sic] for QCC transactions on other 

exchanges.12

The Exchange notes that it operates in 

a highly competitive market in which 

market participants can readily favor 

competing venues. In such an 

environment, the Exchange must 

continually review, and consider 

adjusting, its fees and credits to remain 

competitive with other exchanges. For 

the reasons described above, the 

Exchange believes that the proposed 

rule change reflects this competitive 

environment. 


ethrower on DSK3G9T082PROD with NOTICES