This system was published by Ernst Mally in 1926 in his Monograph "Grundgesetze des Sollens: Elemente der Logik des Willens". It has the distinction of being the first formal axiomatic Deontic logic I can find.
It also has the unfortunate characteristic of being wrong. It is wrong in the sense that it (unknown to him) reduces to the Trivial Modal Logic where Lp==p and Mp==p. [Hilpinen, 1981, page 5]
This system uses a modality "O", where Op is taken as meaning p is something that Ought to be done.
Nothing... It has serious problems as a Deontic logic.
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