Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating To Amending Its Simple Auction Liaison (“SAL”) Rule, 46357-46359 [2015-19016]
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Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices
notice of the proposed amendment was
published in The Herald-Palladium,
located in the City of St. Joseph, Berrien
County, Michigan, on July 3 and July 4,
2015. The notice provided an
opportunity to submit comments on the
Commission’s proposed NSHC
determination. No comments were
received.
The Commission’s related evaluation
of the amendment, finding of exigent
circumstances, State consultation,
public comments, and final NSHC
determination are contained in a Safety
Evaluation dated July 10, 2015.
Attorney for licensee: Robert B.
Haemer, Senior Nuclear Counsel, One
Cook Place, Bridgman, MI 49106.
NRC Branch Chief: David L. Pelton.
Dated at Rockville, Maryland, this 27th day
of July, 2015.
For the Nuclear Regulatory Commission.
George A. Wilson, Jr.,
Deputy Director, Division of Operating
Reactor Licensing, Office of Nuclear Reactor
Regulation.
[FR Doc. 2015–18896 Filed 8–3–15; 8:45 am]
BILLING CODE 7590–01–P
POSTAL REGULATORY COMMISSION
[Docket No. CP2015–116; Order No. 2625]
Postal Regulatory Commission.
ACTION: Notice.
AGENCY:
The Commission is noticing a
recent Postal Service filing concerning
an additional Global Expedited Package
Services 3 negotiated service agreement.
This notice informs the public of the
filing, invites public comment, and
takes other administrative steps.
DATES: Comments are due: August 6,
2015.
SUMMARY:
Submit comments
electronically via the Commission’s
Filing Online system at https://
www.prc.gov. Those who cannot submit
comments electronically should contact
the person identified in the FOR FURTHER
INFORMATION CONTACT section by
telephone for advice on filing
alternatives.
tkelley on DSK3SPTVN1PROD with NOTICES
FOR FURTHER INFORMATION CONTACT:
On July 29, 2015, the Postal Service
filed notice that it has entered into an
additional Global Expedited Package
Services 3 (GEPS 3) negotiated service
agreement (Agreement).1
To support its Notice, the Postal
Service filed a copy of the Agreement,
a copy of the Governors’ Decision
authorizing the product, a certification
of compliance with 39 U.S.C. 3633(a),
and an application for non-public
treatment of certain materials. It also
filed supporting financial workpapers.
II. Notice of Commission Action
The Commission establishes Docket
No. CP2015–116 for consideration of
matters raised by the Notice.
The Commission invites comments on
whether the Postal Service’s filing is
consistent with 39 U.S.C. 3632, 3633, or
3642, 39 CFR part 3015, and 39 CFR
part 3020, subpart B. Comments are due
no later than August 6, 2015. The public
portions of the filing can be accessed via
the Commission’s Web site (https://
www.prc.gov).
The Commission appoints Lyudmila
Y. Bzhilyanskaya to serve as Public
Representative in this docket.
III. Ordering Paragraphs
New Postal Product
ADDRESSES:
I. Introduction
It is ordered:
1. The Commission establishes Docket
No. CP2015–116 for consideration of the
matters raised by the Postal Service’s
Notice.
2. Pursuant to 39 U.S.C. 505,
Lyudmila Y. Bzhilyanskaya is appointed
to serve as an officer of the Commission
to represent the interests of the general
public in this proceeding (Public
Representative).
3. Comments are due no later than
August 6, 2015.
4. The Secretary shall arrange for
publication of this order in the Federal
Register.
By the Commission.
Shoshana M. Grove,
Secretary.
[FR Doc. 2015–19085 Filed 8–3–15; 8:45 am]
BILLING CODE 7710–FW–P
David A. Trissell, General Counsel, at
202–789–6820.
SUPPLEMENTARY INFORMATION:
1 Notice of United States Postal Service of Filing
a Functionally Equivalent Global Expedited
Package Services 3 Negotiated Service Agreement
and Application for Non-Public Treatment of
Materials Filed Under Seal, July 29, 2015 (Notice).
Table of Contents
I. Introduction
II. Notice of Commission Action
III. Ordering Paragraphs
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46357
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75548; File No. SR–CBOE–
2015–070]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change Relating To Amending Its
Simple Auction Liaison (‘‘SAL’’) Rule
July 29, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934,1 and
Rule 19b–4 thereunder,2 notice is
hereby given that on July 24, 2015,
Chicago Board Options Exchange,
Incorporated (‘‘Exchange’’ or ‘‘CBOE’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. 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 is proposing to amend
its SAL rule to make it explicit that
6.13A(d) applies to Hybrid 3.0 classes.
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.cboe.com/AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
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
Exchange 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, 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 Exchange is proposing to amend
language to clarify that certain
1 15
2 17
E:\FR\FM\04AUN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
04AUN1
46358
Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices
tkelley on DSK3SPTVN1PROD with NOTICES
provisions of its SAL rule apply to
select option classes. The operation of
the Exchange’s SAL rule is codified in
Rule 6.13A. The purpose of this
proposed change is to clarify that the
provisions found in 6.13A(d) apply to
Hybrid 3.0 classes. The original filing 3
which introduced SAL for the Hybrid
3.0 classes stated that the provisions of
Rule 6.13A will apply, however, the
Exchange is proposing to amend Rule
6.13A to add clarity and avoid
confusion by making this more explicit.
The Exchange believes that the
proposed changes will bring added
clarity to its Trading Permit Holders
(‘‘TPHs’’) regarding the SAL rule and
which classes it applies to.
Currently, Rule 6.13A(d) states that an
auction will terminate early under
certain circumstances related to the
Hybrid System.4 As an administrative
clean-up change, the Exchange is
proposing to add language to 6.13A.04
to specifically state that the same
circumstances that may cause an
auction to terminate early under
6.13A(d) also apply to Hybrid 3.0
classes. The Exchange believes that
adding this language will bring greater
clarity to the Exchange Rules.
The Exchange believes the proposed
change will allow the Exchange to
clarify that Rule 6.13A(d) applies to
Hybrid 3.0 classes as well. The
proposed change will allow the
Exchange to remove the ambiguity of its
rule text regarding SAL in order to
lessen confusion about which
provisions apply to Hybrid 3.0 classes.
In addition, the Exchange believes the
lack of explicit reference to 6.13A(d)
applying to Hybrid 3.0 classes is
somewhat ambiguous and has the
potential to cause confusion. Thus, the
Exchange believes by further clarifying
the language, it will be clearer which
SAL provisions apply to Hybrid 3.0
classes.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.5 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
3 See Securities Exchange Release No. 56951
(December 12, 2007), 72 FR 71977 (December 19,
2007) (SR–CBOE–2007–074).
4 See Exchange Rule 6.13A(d).
5 15 U.S.C. 78f(b).
6 15 U.S.C. 78f(b)(5).
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practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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.
In particular, the proposed rule
change is consistent with these
provisions as it will more accurately
reflect the intentions of the Exchange for
6.13A(d) to apply to Hybrid 3.0 classes.
The purpose of the proposed change is
to add clarity to the rule text, however,
the current practices of the Exchange
will remain the same. The Exchange
believes the proposed rule change will
help avoid confusion, thereby removing
impediments to and perfecting the
mechanism of a free and open market
and national market system.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE 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
Exchange does not believe that the
proposed rule change imposes any
burden on intramarket competition
because it applies to all TPHs. SAL will
continue to function in the same
manner as it currently functions.
Furthermore, the Exchange does not
believe that the proposed rule change
imposes any burden on intermarket
competition because it specifies that
paragraph (d): (1) Will apply to all
classes activated in Hybrid 3.0; (2)
applies equally to all intermarket users
and; (3) otherwise just makes technical
changes to improve readability.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
A. Significantly affect the protection
of investors or the public interest;
B. impose any significant burden on
competition; and
C. become operative for 30 days from
the date on which it was filed, or such
shorter time as the Commission may
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designate, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 7 and Rule 19b–4(f)(6) 8 thereunder.
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 will institute proceedings
to determine whether the proposed rule
change 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CBOE–2015–070 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–CBOE–2015–070. 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 (https://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
7 15
8 17
E:\FR\FM\04AUN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
04AUN1
Federal Register / Vol. 80, No. 149 / Tuesday, August 4, 2015 / Notices
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–CBOE–
2015–070 and should be submitted on
or before August 25, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–19016 Filed 8–3–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75540; File No. SR–
NYSEArca–2015–50]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of
Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No. 1, To List and Trade
Shares of the Cambria Sovereign High
Yield Bond ETF and the Cambria Value
and Momentum ETF Under NYSE Arca
Equities Rule 8.600
July 28, 2015.
I. Introduction
On June 19, 2015, NYSE Arca, Inc.
(‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade shares
(‘‘Shares’’) of the Cambria Sovereign
High Yield Bond ETF and the Cambria
Value and Momentum ETF (each a
‘‘Fund,’’ and collectively ‘‘Funds’’)
under NYSE Arca Equities Rule 8.600.
The proposed rule change was
published for comment in the Federal
Register on July 2, 2015.3 On July 1,
2015, the Exchange filed Amendment
No. 1 to the proposed rule change.4 The
tkelley on DSK3SPTVN1PROD with NOTICES
9 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 75311
(June 26, 2015), 80 FR 38253 (‘‘Notice’’).
4 In Amendment No. 1, the Exchange deletes
references to investments that the Funds will not
be utilizing and clarifies that U.S. exchange-listed
and traded ADRs are included as ‘‘Other
Investments’’ only with respect to the Cambria
1 15
VerDate Sep<11>2014
18:45 Aug 03, 2015
Jkt 235001
Commission received no comments on
the proposed rule change. The
Commission is publishing this notice to
solicit comments on Amendment No. 1
from interested persons, and is
approving the proposed rule change, as
modified by Amendment No. 1, on an
accelerated basis.
II. The Exchange’s Description of the
Proposed Rule Change 5
The Exchange proposes to list and
trade the Shares under NYSE Arca
Equities Rule 8.600, which governs the
listing and trading of Managed Fund
Shares. The Shares will be offered by
the Cambria ETF Trust (‘‘Trust’’), a
Delaware statutory trust which is
registered with the Commission as an
open-end management investment
company.6 Cambria Investment
Management, L.P. (‘‘Cambria’’ or the
‘‘Adviser’’) will serve as the investment
adviser of the Funds. SEI Investments
Distribution Co. will be the principal
underwriter and distributor of the
Funds’ Shares. SEI Investments Global
Funds Services (‘‘SEI GFS’’) will serve
as the accountant and administrator of
the Funds. Brown Brothers Harriman &
Co. will serve as the custodian and
transfer agent of the Funds’ assets.
Cambria Sovereign High Yield Bond
ETF
The Exchange states that, under
normal market conditions,7 at least 80%
of the value of the Fund’s net assets
(plus borrowings for investment
Sovereign High Yield Bond ETF. Amendment No.
1 is available at: https://www.sec.gov/comments/srnysearca-2015-50/nysearca201550.shtml.
5 The Commission notes that additional
information regarding the Trust, the Fund, its
investments, and the Shares, including investment
strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure
policies, calculation of net asset value (‘‘NAV’’),
distributions, and taxes, among other things, can be
found in the Notice and the Registration Statement,
as applicable. See Notice, supra note 3, and
Registration Statement, infra note 6.
6 The Exchange states that the Trust will be
registered under the 1940 Act. According to the
Exchange, on August 27, 2014, the Trust filed an
amendment to the Trust’s registration statement on
Form N–1A under the Securities Act of 1933 (the
‘‘1933 Act’’) (15 U.S.C. 77a), and under the 1940
Act relating to the Funds (File Nos. 333–180879 and
811–22704) (the ‘‘Registration Statement’’). The
Exchange states that the Commission has issued an
order granting certain exemptive relief to the Trust
under the 1940 Act. See Investment Company Act
Release No. 30340 (File No. 812–13959) (January 4,
2013).
7 The term ‘‘under normal market conditions’’
includes, but is not limited to, the absence of
extreme volatility or trading halts in the equity
markets or the financial markets generally;
operational issues causing dissemination of
inaccurate market information; or force majeure
type events such as systems failure, natural or manmade disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption or any similar
intervening circumstance.
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46359
purposes) will be invested in sovereign
and quasi-sovereign high yield bonds
(commonly known as ‘‘junk bonds’’).
For the purposes of this policy,
sovereign and quasi-sovereign high
yield bonds include exchange-traded
funds (‘‘ETFs’’) 8 and exchange-traded
notes (‘‘ETNs’’) 9 that invest in or have
exposure to such bonds. The Fund will
invest in emerging and developed
countries, including countries located in
the G–20 and other countries. Sovereign
bonds include debt securities issued by
a national government, instrumentality
or political sub-division. Quasisovereign bonds include debt securities
issued by a supra-national government
or a state-owned enterprise or agency.
The sovereign and quasi-sovereign
bonds that the Fund will invest in may
be denominated in local and foreign
currencies. The Fund may invest in
securities of any duration or maturity.
The Exchange states that the Fund may
invest up to 20% of its net assets in
money market instruments or other high
quality debt securities, cash or cash
equivalents, or ETFs and ETNs that
invest in, or provide exposure to, such
instruments or securities.
Cambria Value and Momentum ETF
The Exchange states that, under
normal market conditions, at least 80%
of the value of the Fund’s net assets will
be invested in U.S. exchange-listed
equity securities that are undervalued
according to various valuation metrics.
In attempting to avoid overvalued and
downtrending markets, the Fund may
use U.S. exchange-traded stock index
futures or options thereon, or take short
positions in ETFs to attempt to hedge
the long equity portfolio during times
when Cambria believes that the U.S.
equity market is overvalued from a
valuation standpoint, or Cambria’s
models identify unfavorable trends and
momentum in the U.S. equity market.
The Fund may hedge up to 100% of the
value of the Fund’s long portfolio using
these strategies. During certain periods,
including to collateralize the Fund’s
investments in futures contracts, the
Fund may invest up to 20% of the value
8 For purposes of this filing, the term ‘‘ETFs’’
includes Investment Company Units (as described
in NYSE Arca Equities Rule 5.2(j)(3)); Portfolio
Depositary Receipts (as described in NYSE Arca
Equities Rule 8.100); and Managed Fund Shares (as
described in NYSE Arca Equities Rule 8.600). All
ETFs will be listed and traded in the U.S. on a
national securities exchange. While the Funds may
invest in inverse ETFs, the Funds will not invest
in leveraged (e.g., 2X, –2X, 3X or –3X) ETFs.
9 For purposes of this filing, the term ‘‘ETNs’’
includes Index-Linked Securities (as described in
NYSE Arca Equities Rule 5.2(j)(6)). All ETNs will
be listed and traded in the U.S. on a national
securities exchange. The Funds will not invest in
leveraged (e.g., 2X, –2X, 3X or –3X) ETNs.
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04AUN1
]]>Agencies
[Federal Register Volume 80, Number 149 (Tuesday, August 4, 2015)]
[Notices]
[Pages 46357-46359]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-19016]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75548; File No. SR-CBOE-2015-070]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change Relating To Amending Its Simple Auction Liaison
(``SAL'') Rule
July 29, 2015.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of
1934,\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on
July 24, 2015, Chicago Board Options Exchange, Incorporated
(``Exchange'' or ``CBOE'') filed with the Securities and Exchange
Commission (``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to amend its SAL rule to make it explicit
that 6.13A(d) applies to Hybrid 3.0 classes.
The text of the proposed rule change is available on the Exchange's
Web site (https://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx),
at the Exchange's Office of the Secretary, 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 Exchange 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, 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 Exchange is proposing to amend language to clarify that certain
[[Page 46358]]
provisions of its SAL rule apply to select option classes. The
operation of the Exchange's SAL rule is codified in Rule 6.13A. The
purpose of this proposed change is to clarify that the provisions found
in 6.13A(d) apply to Hybrid 3.0 classes. The original filing \3\ which
introduced SAL for the Hybrid 3.0 classes stated that the provisions of
Rule 6.13A will apply, however, the Exchange is proposing to amend Rule
6.13A to add clarity and avoid confusion by making this more explicit.
The Exchange believes that the proposed changes will bring added
clarity to its Trading Permit Holders (``TPHs'') regarding the SAL rule
and which classes it applies to.
---------------------------------------------------------------------------
\3\ See Securities Exchange Release No. 56951 (December 12,
2007), 72 FR 71977 (December 19, 2007) (SR-CBOE-2007-074).
---------------------------------------------------------------------------
Currently, Rule 6.13A(d) states that an auction will terminate
early under certain circumstances related to the Hybrid System.\4\ As
an administrative clean-up change, the Exchange is proposing to add
language to 6.13A.04 to specifically state that the same circumstances
that may cause an auction to terminate early under 6.13A(d) also apply
to Hybrid 3.0 classes. The Exchange believes that adding this language
will bring greater clarity to the Exchange Rules.
---------------------------------------------------------------------------
\4\ See Exchange Rule 6.13A(d).
---------------------------------------------------------------------------
The Exchange believes the proposed change will allow the Exchange
to clarify that Rule 6.13A(d) applies to Hybrid 3.0 classes as well.
The proposed change will allow the Exchange to remove the ambiguity of
its rule text regarding SAL in order to lessen confusion about which
provisions apply to Hybrid 3.0 classes. In addition, the Exchange
believes the lack of explicit reference to 6.13A(d) applying to Hybrid
3.0 classes is somewhat ambiguous and has the potential to cause
confusion. Thus, the Exchange believes by further clarifying the
language, it will be clearer which SAL provisions apply to Hybrid 3.0
classes.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\5\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \6\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, 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.
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
In particular, the proposed rule change is consistent with these
provisions as it will more accurately reflect the intentions of the
Exchange for 6.13A(d) to apply to Hybrid 3.0 classes. The purpose of
the proposed change is to add clarity to the rule text, however, the
current practices of the Exchange will remain the same. The Exchange
believes the proposed rule change will help avoid confusion, thereby
removing impediments to and perfecting the mechanism of a free and open
market and national market system.
B. Self-Regulatory Organization's Statement on Burden on Competition
CBOE 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 Exchange does not believe
that the proposed rule change imposes any burden on intramarket
competition because it applies to all TPHs. SAL will continue to
function in the same manner as it currently functions. Furthermore, the
Exchange does not believe that the proposed rule change imposes any
burden on intermarket competition because it specifies that paragraph
(d): (1) Will apply to all classes activated in Hybrid 3.0; (2) applies
equally to all intermarket users and; (3) otherwise just makes
technical changes to improve readability.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
A. Significantly affect the protection of investors or the public
interest;
B. impose any significant burden on competition; and
C. 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 \7\ and
Rule 19b-4(f)(6) \8\ thereunder. 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 will institute proceedings to determine whether the proposed
rule change should be approved or disapproved.
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\7\ 15 U.S.C. 78s(b)(3)(A).
\8\ 17 CFR 240.19b-4(f)(6).
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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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-CBOE-2015-070 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-CBOE-2015-070. 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 (https://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
[[Page 46359]]
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-CBOE-2015-070 and should be
submitted on or before August 25, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19016 Filed 8-3-15; 8:45 am]
BILLING CODE 8011-01-P
