Document ID: SEC-2016-0369-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: ISE Gemini, LLC
Posted Date: 2016-03-02T05:00Z

[Federal Register Volume 81, Number 41 (Wednesday, March 2, 2016)]
[Notices]
[Pages 10937-10939]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-04501]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77230; File No. SR-ISE Gemini-2016-01]

Self-Regulatory Organizations; ISE Gemini, LLC; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Correct the Text 
of ISE Gemini Rule 306

February 25, 2016.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act'' or the ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ 
notice is hereby given that on February 18, 2016, ISE Gemini, LLC (the 
``Exchange'' or ``ISE Gemini'') filed with the Securities and Exchange 
Commission the proposed rule change as described in Items I, II, and 
III below, which Items have been prepared by the self-regulatory 
organization. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    ISE Gemini proposes to correct, .08 of Supplementary Material to 
Rule 306, Registration Requirements, which describes the categories of 
registration and respective qualification examinations required for 
individual associated persons (``associated persons'') that engage in 
the securities activities of members on the Exchange. This amendment 
proposes to replace the inadvertent use of the term ``Permit Holder'' 
with ``Member'' which is the correct term used throughout the ISE 
Gemini Rulebook to describe a member of the Exchange. The text of the 
proposed rule change is available on the Exchange's Web site at 
www.ise.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 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,

[[Page 10938]]

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 purpose of this proposed rule change is to make corrections to 
.08 of Supplementary Material to Rule 306, Registration Requirements, 
which describes the categories of registration and respective 
qualification examinations required for associated persons that engage 
in the securities activities of members on the Exchange. This amendment 
proposes to replace the inadvertent use of the term ``Permit Holder'' 
with ``Member'' because ``Member'' is the correct term used throughout 
the ISE Gemini Rulebook to describe a member of the Exchange.
    In December of 2015, ISE Gemini proposed to, among other things, 
(1) replace the Proprietary Trader registration category and the Series 
56 Proprietary Trader registration qualification examination with the 
Securities Trader category of registration and the Series 57 Securities 
Trader registration qualification examination for Securities Traders 
respectively and (2) replace the Proprietary Trader Principal 
registration category with the registration category of Securities 
Trader Principal and require Securities Trader Principals to take the 
Series 57 qualification examination in addition to the Series 24 
qualification examination.\3\
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    \3\ See Securities Exchange Act Release No. 76836 (January 5, 
2016), 81 FR 1263 (January 11, 2016), SR-ISE Gemini-2015-28.
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    Currently, .08 of Supplementary Material to Rule 306, Registration 
Requirements, inadvertently uses the term ``Permit Holder'' rather than 
``Member,'' which is the correct term used throughout the ISE Gemini 
Rulebook describe a member of the Exchange. ISE Gemini now proposes to 
amend .08 to Supplementary Material to Rule 306 to reflect ISE Gemini's 
longstanding use of the term ``Member'' to describe members of the 
Exchange.
2. Statutory Basis
    The Exchange believes that its proposal is consistent with Section 
6(b) of the Act \4\ in general, and furthers the objectives of Section 
6(b)(5) \5\ in particular, in that it is designed to prevent fraudulent 
and manipulative acts and practices, to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in 
general, to protect investors and the public interest. The Exchange 
believes it is appropriate to make the proposed replacement of ``Permit 
Holder'' with ``Member'' so that the correct term is used in its rules. 
Additionally, replacing the inadvertent use of the term ``Permit 
Holder'' with ``Member'' will create consistency and eliminate 
confusion in its rules.
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    \4\ 15 U.S.C. 78f(b).
    \5\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    This proposed rule change does not impose any burden on competition 
that is not necessary or appropriate in furtherance of the purposes of 
the Exchange Act because ISE Gemini is correcting its rule text to 
replace the inadvertent use of the term ``Permit Holder'' with 
``Member'' because ``Member'' is the correct term used throughout the 
ISE Gemini Rulebook to describe a member of the Exchange.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
this proposed rule change. The Exchange has not received any written 
comments from members or other interested parties.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not significantly 
affect the protection of investors or the public interest, does not 
impose any significant burden on competition, and, by its terms, does 
not become operative for 30 days from the date on which it was filed, 
or such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-
4(f)(6) thereunder.\7\ The Exchange provided the Commission with 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at least 
five business days prior to the date of filing the proposed rule 
change, or such shorter time as designated by the Commission, as 
required by Rule 19b-4(f)(6).
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    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of such 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-ISE Gemini-2016-01 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 Gemini-2016-01. 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 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

[[Page 10939]]

should refer to File Number SR-ISE Gemini-2016-01 and should be 
submitted by March 23, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-04501 Filed 3-1-16; 8:45 am]
 BILLING CODE 8011-01-P