Self-Regulatory Organizations; C2 Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule, 36024-36025 [2012-14620]
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srobinson on DSK4SPTVN1PROD with NOTICES
36024
Federal Register / Vol. 77, No. 116 / Friday, June 15, 2012 / Notices
with the protection of investors and the
purposes fairly intended by the policy
and provisions of the Act.
2. Applicants seek to amend the Prior
Order to specifically permit the Funds
to operate the Distribution Reinvestment
Program. The only difference between
the terms and conditions in the Prior
Order and the Amended Order relates to
a Fund issuing shares in less than
Creation Unit sizes under the
Distribution Reinvestment Program.
Applicants represent that the relief
granted in the Prior Order under section
6(c) remains 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.
3. Applicants state that the
Distribution Reinvestment Program is
reasonable and fair because it is
voluntary and each Beneficial Owner
will have in advance accurate and
explicit information that makes clear the
terms of the Distribution Reinvestment
Program and the consequences of
participation. The Distribution
Reinvestment Program does not involve
any overreaching on the part of any
person concerned because it operates
the same for each Beneficial Owner who
elects to participate, and is structured in
the public interest because it is designed
to give those Beneficial Owners who
elect to participate a convenient and
efficient method to reinvest
distributions without paying a brokerage
commission. In addition, although
brokers providing the Distribution
Reinvestment Program could charge a
fee, applicants represent that typically
brokers do not charge for this service.
4. Applicants do not believe that the
issuance of Shares under the
Distribution Reinvestment Program will
have a material effect on the overall
operation of the Funds, including on the
efficiency of the arbitrage mechanism
inherent in ETFs. In addition,
applicants do not believe that providing
Beneficial Owners with an added
optional benefit (the ability to reinvest
in Shares at NAV) will change the
Beneficial Owners’ expectations about
the Funds or the fact that individual
Shares trade at secondary market prices.
Applicants believe that Beneficial
Owners (other than Authorized
Participants) generally expect to buy
and sell individual Shares only through
secondary market transactions at market
prices and that such owners will not be
confused by the Distribution
Reinvestment Program. Therefore,
applicants believe that the Distribution
Reinvestment Program meets the
standards for relief under section 6(c) of
the Act.
VerDate Mar<15>2010
17:05 Jun 14, 2012
Jkt 226001
Applicants’ Conditions
Applicants agree that the Amended
Order will be subject to the same
conditions as those imposed by the
Prior Order, except that condition A.2 is
revised in its entirety as follows:
Neither the Trust nor any Fund will
be advertised or marketed as an openend investment company or a mutual
fund. Any advertising material that
describes the purchase or sale of
Creation Units or refers to redeemability
will prominently disclose that Shares
are not individually redeemable and
that owners of Shares may acquire those
Shares from a Fund (other than
pursuant to the Distribution
Reinvestment Program) and tender those
Shares for redemption to a Fund in
Creation Units only.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14629 Filed 6–14–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67175; File No. SR–C2–
2012–016]
Self-Regulatory Organizations; C2
Options Exchange, Incorporated;
Notice of Filing and Immediate
Effectiveness of a Proposed Rule
Change To Amend Its Fees Schedule
June 11, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on May 29,
2012, C2 Options Exchange,
Incorporated (the ‘‘Exchange’’ or ‘‘C2’’)
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 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 proposes to amend its
Fees Schedule. The text of the proposed
rule change is available on the
Exchange’s Web site (https://
www.c2exchange.com/Legal/), at the
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
Frm 00087
Fmt 4703
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 proposes to amend its
Fees Schedule in order to state that, in
regards to complex orders in multiplylisted, equity and ETF options classes,
the rebate that would otherwise apply to
Public Customer orders will not apply
when a Public Customer order is trading
with another Public Customer order. In
such a circumstance, there will be no
Maker or Taker fee or rebate. The reason
for this change is to ensure that the
Exchange pays rebates only on
transactions in which the Exchange also
collects some revenue.
The proposed change is to take effect
on June 1, 2012.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the Act
and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.3 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(4)
of the Act,4 which provides that
Exchange rules may provide for the
equitable allocation of reasonable dues,
fees, and other charges among its
Trading Permit Holders and other
persons using its facilities. The
proposed change is reasonable because,
while Public Customers trading
complex orders in multiply-listed,
equity and ETF classes with other
Public Customers will no longer be
receiving a rebate, they will still not be
paying a fee for such transactions. The
proposed change is equitable and not
3 15
4 15
Sfmt 4703
E:\FR\FM\15JNN1.SGM
U.S.C. 78f(b).
U.S.C. 78f(b)(4).
15JNN1
Federal Register / Vol. 77, No. 116 / Friday, June 15, 2012 / Notices
unfairly discriminatory because, as
previously stated, Public Customers in
this situation will still not be paying a
fee, and because the Exchange must
maintain its administrative and
regulatory duties, the maintenance of a
system in which the Exchange pays
rebates to both sides of a transaction
without collecting fees for such
transactions may not be prudent.
Further, other exchanges that offer
customer rebates for complex order
executions exclude customer-tocustomer transactions.5
B. Self-Regulatory Organization’s
Statement on Burden on Competition
C2 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.
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
The foregoing rule change has become
effective pursuant to Section
19(b)(3)(A) 6 of the Act and paragraph (f)
of Rule 19b–4 7 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.
srobinson on DSK4SPTVN1PROD with NOTICES
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 rulecomments@sec.gov. Please include File
Number SR–C2–2012–016 on the
subject line.
5 See International Securities Exchange, LLC
Schedule of Fees, page 20, footnote 11.
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f).
VerDate Mar<15>2010
17:05 Jun 14, 2012
Jkt 226001
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–C2–2012–016. 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
10:00 a.m. and 3:00 p.m. Copies of such
filing will also 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 No. SR–C2–2012–
016 and should be submitted on or
before July 6, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–14620 Filed 6–14–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–67181; File No. SR–CME–
2012–23]
Self-Regulatory Organizations;
Chicago Mercantile Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change To Amend CME Rules Relating
to Acceptable Performance Bond
Deposits
June 11, 2012.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on June 5,
2012, Chicago Mercantile Exchange, Inc.
(‘‘CME’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
the proposed rule change described in
Items I, II and III below, which items
have been prepared primarily by CME.
CME filed the proposed rule change
pursuant to Section 19(b)(3)(A) 3 of the
Act and Rule 19b–4(f)(4)(ii) 4
thereunder, so that the proposed rule
change was effective upon filing with
the Commission. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested parties.
I. Self-Regulatory Organization’s
Statement of Terms of Substance of the
Proposed Rule Change
CME proposes to adopt revisions that
would amend CME’s rules relating to
acceptable performance bond deposits
for futures trading. The text of the
proposed changes is as follows with
additions italicized and deletions in
brackets.
*
*
*
*
*
Rule 100—Rule 930.B—No Change
*
*
*
*
*
Rule 930.C ACCEPTABLE
PERFORMANCE BOND DEPOSITS
1. Non-Security Futures and OTC
Derivatives
Clearing members may accept from
their account holders as performance
bond cash currencies of any
denomination, readily marketable
securities (as defined by SEC Rule 15c3–
1(c)(11) and applicable SEC
interpretations), money market mutual
funds allowable under CFTC Regulation
1.25, bank-issued letters of credit,
warrants, warehouse receipts and
shipping certificates that are registered
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4)(ii).
2 17
8 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00088
Fmt 4703
Sfmt 4703
36025
E:\FR\FM\15JNN1.SGM
15JNN1
]]>Agencies
[Federal Register Volume 77, Number 116 (Friday, June 15, 2012)]
[Notices]
[Pages 36024-36025]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-14620]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-67175; File No. SR-C2-2012-016]
Self-Regulatory Organizations; C2 Options Exchange, Incorporated;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend Its Fees Schedule
June 11, 2012.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on May 29, 2012, C2 Options Exchange, Incorporated (the
``Exchange'' or ``C2'') 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
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 proposes to amend its Fees Schedule. The text of the
proposed rule change is available on the Exchange's Web site (https://www.c2exchange.com/Legal/), 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 proposes to amend its Fees Schedule in order to state
that, in regards to complex orders in multiply-listed, equity and ETF
options classes, the rebate that would otherwise apply to Public
Customer orders will not apply when a Public Customer order is trading
with another Public Customer order. In such a circumstance, there will
be no Maker or Taker fee or rebate. The reason for this change is to
ensure that the Exchange pays rebates only on transactions in which the
Exchange also collects some revenue.
The proposed change is to take effect on June 1, 2012.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) of the
Act.\3\ Specifically, the Exchange believes the proposed rule change is
consistent with Section 6(b)(4) of the Act,\4\ which provides that
Exchange rules may provide for the equitable allocation of reasonable
dues, fees, and other charges among its Trading Permit Holders and
other persons using its facilities. The proposed change is reasonable
because, while Public Customers trading complex orders in multiply-
listed, equity and ETF classes with other Public Customers will no
longer be receiving a rebate, they will still not be paying a fee for
such transactions. The proposed change is equitable and not
[[Page 36025]]
unfairly discriminatory because, as previously stated, Public Customers
in this situation will still not be paying a fee, and because the
Exchange must maintain its administrative and regulatory duties, the
maintenance of a system in which the Exchange pays rebates to both
sides of a transaction without collecting fees for such transactions
may not be prudent. Further, other exchanges that offer customer
rebates for complex order executions exclude customer-to-customer
transactions.\5\
---------------------------------------------------------------------------
\3\ 15 U.S.C. 78f(b).
\4\ 15 U.S.C. 78f(b)(4).
\5\ See International Securities Exchange, LLC Schedule of Fees,
page 20, footnote 11.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
C2 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.
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
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) \6\ of the Act and paragraph (f) of Rule 19b-4 \7\
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.
---------------------------------------------------------------------------
\6\ 15 U.S.C. 78s(b)(3)(A).
\7\ 17 CFR 240.19b-4(f).
---------------------------------------------------------------------------
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-C2-2012-016 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-C2-2012-016. 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
10:00 a.m. and 3:00 p.m. Copies of such filing will also 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 No. SR-C2-2012-016 and should be
submitted on or before July 6, 2012.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-14620 Filed 6-14-12; 8:45 am]
BILLING CODE 8011-01-P
