Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Make Technical Change to SPY Position Limit Pilot Program and Representation Regarding Timing of Submission of Pilot Report, 66194-66196 [2012-26853]
Download as PDF
<![CDATA[
66194
Federal Register / Vol. 77, No. 213 / Friday, November 2, 2012 / Notices
SECURITIES AND EXCHANGE
COMMISSION
BlackRock Investment Quality
Municipal Income Trust [File No. 811–
7666]
[Release No. IC–30253]
Summary: Applicant, a closed-end
investment company, seeks an order
declaring that it has ceased to be an
investment company. On June 29, 2012,
applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $67,715
incurred in connection with the
liquidation were paid by BlackRock
Advisors, LLC, applicant’s investment
adviser. Applicant has retained
approximately $72,806 in cash to pay
for contingent liabilities.
Filing Dates: The application was
filed on July 5, 2012, and amended on
October 10, 2012.
Applicant’s Address: 100 Bellevue
Parkway, Wilmington, DE 19809.
Notice of Applications for
Deregistration Under Section 8(f) of the
Investment Company Act of 1940
October 26, 2012.
The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of October
2012. A copy of each 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 https://www.sec.gov/search/
search.htm or by calling (202) 551–
8090. An order granting each
application will be issued unless the
SEC orders a hearing. Interested persons
may request a hearing on any
application by writing to the SEC’s
Secretary at the address below and
serving the relevant applicant with a
copy of the request, personally or by
mail. Hearing requests should be
received by the SEC by 5:30 p.m. on
November 19, 2012, and should be
accompanied by proof of service on the
applicant, in the form of an affidavit or,
for lawyers, a certificate of service.
Hearing requests should state the nature
of the writer’s interest, 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 Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090.
FOR FURTHER INFORMATION CONTACT:
Diane L. Titus at (202) 551–6810, SEC,
Division of Investment Management,
Office of Investment Company
Regulation, 100 F Street NE.,
Washington, DC 20549–8010.
emcdonald on DSK67QTVN1PROD with NOTICES
Acadia Mutual Funds [File No. 811–
22341]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On June 29, 2012,
applicant made a final liquidating
distribution to its shareholders, based
on net asset value. Expenses of $6,500
incurred in connection with the
liquidation were paid by Acadia Mutual
Fund Management, LLC, applicant’s
investment adviser.
Filing Dates: The application was
filed on August 23, 2012, and amended
on October 3, 2012.
Applicant’s Address: One Penn Plaza,
36th Floor, New York, NY 10119.
VerDate Mar<15>2010
12:56 Nov 01, 2012
Jkt 229001
Dreyfus Cash Management Plus Inc.
[File No. 811–5295]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Dreyfus Cash
Management and, on August 25, 2011,
made a final distribution to
shareholders based on net asset value.
Expenses of approximately $78,100
incurred in connection with the
reorganization were paid by The
Dreyfus Corporation, applicant’s
investment adviser.
Filing Dates: The application was
filed on August 14, 2012, and amended
on October 10, 2012.
Applicant’s Address: c/o The Dreyfus
Corporation, 200 Park Ave., New York,
NY 10166.
Pearl Mutual Funds [File No. 811–
10261]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. On October 1,
2012, applicant made a liquidating
distribution to its shareholders, based
on net asset value. Expenses of $65,291
incurred in connection with the
liquidation were paid by applicant and
Pearl Management Company,
applicant’s investment adviser.
Filing Date: The application was filed
on October 5, 2012.
Applicant’s Address: 2610 Park Ave.,
Muscatine, IA 52761.
BlackRock Floating Rate Income
Strategies Fund II, Inc. [File No. 811–
21464]
BlackRock Diversified Income
Strategies Fund, Inc. [811–21637]
Summary: Each applicant, a closedend investment company, seeks an
order declaring that it has ceased to be
PO 00000
Frm 00017
Fmt 4703
Sfmt 4703
an investment company. The applicants
transferred their assets to BlackRock
Floating Rate Income Strategies Fund,
Inc. and, on October 8, 2012, made final
liquidating distributions to their
shareholders based on net asset value.
Expenses of approximately $297,156
and $300,345, respectively, incurred in
connection with the reorganizations
were paid by each applicant.
Filing Date: The applications were
filed on October 22, 2012.
Applicants’ Address: 100 Bellevue
Parkway, Wilmington, DE 19809.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–26863 Filed 11–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68110; File No. SR–CBOE–
2012–099]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Make Technical
Change to SPY Position Limit Pilot
Program and Representation
Regarding Timing of Submission of
Pilot Report
October 26, 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 October
17, 2012, the Chicago Board Options
Exchange, Incorporated (the ‘‘Exchange’’
or ‘‘CBOE’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the Exchange. The Exchange filed the
proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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
CBOE proposes to make a technical
amendment to Interpretation and Policy
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
2 17
E:\FR\FM\02NON1.SGM
02NON1
Federal Register / Vol. 77, No. 213 / Friday, November 2, 2012 / Notices
.07 to Rule 4.11 to insert the specific
expiration date for a pilot program that
eliminates position and exercise limits
for physically-settled options on the
SPDR S&P 500 ETF Trust (‘‘SPY’’). The
Exchange is also making a clarifying
representation regarding the timing of
when the pilot report will be submitted
to the Commission. The text of the
proposed rule change is available on the
Exchange’s Web site (https://
www.cboe.org/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
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
Statutory Basis for, the Proposed Rule
Change
emcdonald on DSK67QTVN1PROD with NOTICES
Securities Exchange Act Release No. 67937
(September 27, 2012) (Notice of Filing and
Immediate Effectiveness of Proposed Rule to
Eliminate Position and Exercise Limits for
Physically-Settled SPY Options on a Pilot Basis)
(SR–CBOE–2012–091).
6 The Pilot Report will detail the size and
different types of strategies employed with respect
to positions established as a result of the
elimination of position limits in SPY. In addition,
the report will note whether any problems resulted
due to the no limit approach and any other
information that may be useful in evaluating the
effectiveness of the Program. The Pilot Report will
compare the impact of the Program, if any, on the
volumes of SPY options and the volatility in the
price of the underlying SPY shares, particularly at
expiration. In preparing the report the Exchange
VerDate Mar<15>2010
12:56 Nov 01, 2012
Jkt 229001
2. Statutory Basis
The basis under the Securities
Exchange Act of 1934 (the ‘‘Act’’) for
this proposed rule change is the
requirement under Section 6(b)(5)7 that
an exchange have rules that are
designed to promote just and equitable
principles of trade, and to remove
impediments to and perfect the
mechanism for 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 seeks to update
rule text to insert the specific
conclusion date for the Program in a
manner that is consistent with the
Commission’s notice of the Program. In
addition, the representation that the
Exchange will submit the Pilot Report to
the Commission at least 30 days prior to
the expiration date of the Program
clarifies the administration of the
Program by the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
1. Purpose
The Commission recently noticed the
Exchange’s proposal to amend
Interpretation and Policy .07 to Rule
4.11 to eliminate position and exercise
limits for physically-settled SPY options
purpose to a pilot program
(‘‘Program’’).5 This rule change proposes
to amend the text of Interpretation and
Policy .07 to Rule 4.11 to insert the
specific conclusion date of the Program,
which is November 27, 2013.
In addition, in the filing to establish
the Program, CBOE committed to
perform an analysis of the Program after
the first twelve (12) months of the pilot
program (the ‘‘Pilot Report’’).6 In
5 See
connection with that commitment,
CBOE represents that it will submit the
Pilot Report to the Commission at least
30 days prior to the expiration date of
the Program.
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.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change
does not: (i) Significantly affect the
protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative prior to 30 days from the date
on which it was filed, or such shorter
time as the Commission may designate,
the proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
will utilize various data elements such as volume
and open interest. In addition the Exchange will
make available to Commission staff data elements
relating to the effectiveness of the pilot program
7 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00018
Fmt 4703
Sfmt 4703
66195
of the Act 8 and Rule 19b–4(f)(6)
thereunder.9
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 10 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6) 11
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay, noting that doing so
will permit the text of the Exchange’s
rules to reflect the expiration date of the
Program as soon as possible in order to
eliminate any potential confusion. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest. Therefore, the
Commission hereby waives the 30-day
operative delay and designates the
proposal operative upon filing.12
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.
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–CBOE–2012–099 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
8 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b-4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission 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
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6).
12 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
9 17
E:\FR\FM\02NON1.SGM
02NON1
66196
Federal Register / Vol. 77, No. 213 / Friday, November 2, 2012 / Notices
Securities and Exchange Commission,
100 F Street NE., Washington, DC
20549–1090.
SECURITIES AND EXCHANGE
COMMISSION
All submissions should refer to File
Number SR–CBOE–2012–099. 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 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–2012–099 and
should be submitted on or before
November 23, 2012.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–26853 Filed 11–1–12; 8:45 am]
emcdonald on DSK67QTVN1PROD with NOTICES
BILLING CODE 8011–01–P
[Release No. 34–68111; File No. SR–OCC–
2012–14]
Self-Regulatory Organizations; The
Options Clearing Corporation; Notice
of Extension of Review Period of
Advance Notice To Establish the Legal
and Operational Framework for
Providing Central Clearing of OTC
Index Options on the S&P 500 Index
That Are Negotiated Bilaterally in the
Over-the-Counter Market and
Submitted to OCC for Clearance
October 26, 2012.
On August 30, 2012, the Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change and Advance
Notice SR–OCC–2012–14 pursuant to
Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder.2 The proposed rule
change was published for comment in
the Federal Register on September 18,
2012 3 and the Advance Notice was
published for comment in the Federal
Register on September 27, 2012.4
Section 806(e)(1)(G) of the Payment,
Clearing, and Settlement Supervision
Act of 2010 (‘‘Clearing Supervision
Act’’) 5 provides that changes proposed
in an Advance Notice may be
implemented if the Commission does
not object to the proposed changes
within 60 days of the later of (i) the date
that the Advance Notice was filed with
the Commission or (ii) the date that any
additional information requested by the
Commission is received, unless
extended as described below. The date
that is 60 days from the time of the filing
is October 29, 2012.
Pursuant to Section 806(e)(1)(H) of the
Clearing Supervision Act,6 the
Commission may extend the review
period for an additional 60 days if the
proposed changes raise novel or
complex issues, subject to the
Commission providing the clearing
agency with prompt written notice of
the extension.
The Commission finds it is
appropriate to extend the review period
for the Advance Notice. In particular,
the Advance Notice is novel because
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 67835
(September 12, 2012), 77 FR 57602 (September 18,
2012).
4 Securities Exchange Act Release No. 67906
(September 21, 2012), 77 FR 59431 (September 27,
2012).
5 12 U.S.C. 5465(e)(1)(G).
6 12 U.S.C. 5465(e)(1)(H).
2 17
13 17
CFR 200.30–3(a)(12).
VerDate Mar<15>2010
12:56 Nov 01, 2012
Jkt 229001
PO 00000
Frm 00019
Fmt 4703
Sfmt 4703
OCC does not currently provide clearing
services for OTC products and because
no registered clearing agency currently
provides clearing services for OTC S&P
500 Index options.
Accordingly, the Commission,
pursuant to 806(e)(1)(H) of the Clearing
Supervision Act,7 extends the review
period for an additional 60 days so that
the Commission shall have until
December 28, 2012 to issue an objection
or non-objection of the Advance Notice
(File No. SR–OCC–2012–14).
By the Commission.
Kevin M. O’Neill,
Deputy Secretary.
[FR Doc. 2012–26854 Filed 11–1–12; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–68113; File No. SR–OCC–
2012–15]
Self-Regulatory Organizations;
Options Clearing Corporation; Order
Approving Proposed Rule Change
Relating to Financial Reporting by
Canadian Clearing Members
October 26, 2012.
I. Introduction
On September 5, 2012, the Options
Clearing Corporation (‘‘OCC’’) filed with
the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change SR–OCC–
2012–15 pursuant to Section 19(b)(1) of
the Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder.2
The proposed rule change was
published for comment in the Federal
Register on September 19, 2012.3 The
Commission received no comment
letters. This order approves the
proposed rule change.
II. Description
The proposed rule change would
make technical ‘‘housekeeping’’ changes
to OCC’s By-Laws and Rules relating to
financial reporting by Canadian clearing
members to reflect the Investment
Industry Regulatory Organization of
Canada’s (‘‘IIROC’’) adoption of the
International Financial Reporting
Standards.
OCC Rule 310, through crossreferences to interpretive provisions of
OCC Rule 306—Financial Reports and
7 Id.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Securities Exchange Act Release No. 67851
(September 13, 2012), 77 FR 58194 (September 19,
2012).
2 17
E:\FR\FM\02NON1.SGM
02NON1
]]>Agencies
[Federal Register Volume 77, Number 213 (Friday, November 2, 2012)]
[Notices]
[Pages 66194-66196]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-26853]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-68110; File No. SR-CBOE-2012-099]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Make Technical Change to SPY Position Limit
Pilot Program and Representation Regarding Timing of Submission of
Pilot Report
October 26, 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 October 17, 2012, the Chicago Board Options Exchange,
Incorporated (the ``Exchange'' or ``CBOE'') filed with the Securities
and Exchange Commission (the ``Commission'') the proposed rule change
as described in Items I and II below, which Items have been prepared by
the Exchange. The Exchange filed the proposal as a ``non-
controversial'' proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-4(f)(6) thereunder.\4\ 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.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
CBOE proposes to make a technical amendment to Interpretation and
Policy
[[Page 66195]]
.07 to Rule 4.11 to insert the specific expiration date for a pilot
program that eliminates position and exercise limits for physically-
settled options on the SPDR S&P 500 ETF Trust (``SPY''). The Exchange
is also making a clarifying representation regarding the timing of when
the pilot report will be submitted to the Commission. The text of the
proposed rule change is available on the Exchange's Web site (https://www.cboe.org/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 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
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission recently noticed the Exchange's proposal to amend
Interpretation and Policy .07 to Rule 4.11 to eliminate position and
exercise limits for physically-settled SPY options purpose to a pilot
program (``Program'').\5\ This rule change proposes to amend the text
of Interpretation and Policy .07 to Rule 4.11 to insert the specific
conclusion date of the Program, which is November 27, 2013.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 67937 (September 27,
2012) (Notice of Filing and Immediate Effectiveness of Proposed Rule
to Eliminate Position and Exercise Limits for Physically-Settled SPY
Options on a Pilot Basis) (SR-CBOE-2012-091).
---------------------------------------------------------------------------
In addition, in the filing to establish the Program, CBOE committed
to perform an analysis of the Program after the first twelve (12)
months of the pilot program (the ``Pilot Report'').\6\ In connection
with that commitment, CBOE represents that it will submit the Pilot
Report to the Commission at least 30 days prior to the expiration date
of the Program.
---------------------------------------------------------------------------
\6\ The Pilot Report will detail the size and different types of
strategies employed with respect to positions established as a
result of the elimination of position limits in SPY. In addition,
the report will note whether any problems resulted due to the no
limit approach and any other information that may be useful in
evaluating the effectiveness of the Program. The Pilot Report will
compare the impact of the Program, if any, on the volumes of SPY
options and the volatility in the price of the underlying SPY
shares, particularly at expiration. In preparing the report the
Exchange will utilize various data elements such as volume and open
interest. In addition the Exchange will make available to Commission
staff data elements relating to the effectiveness of the pilot
program
---------------------------------------------------------------------------
2. Statutory Basis
The basis under the Securities Exchange Act of 1934 (the ``Act'')
for this proposed rule change is the requirement under Section
6(b)(5)\7\ that an exchange have rules that are designed to promote
just and equitable principles of trade, and to remove impediments to
and perfect the mechanism for 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 seeks to update rule
text to insert the specific conclusion date for the Program in a manner
that is consistent with the Commission's notice of the Program. In
addition, the representation that the Exchange will submit the Pilot
Report to the Commission at least 30 days prior to the expiration date
of the Program clarifies the administration of the Program by the
Exchange.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the proposed rule change does not: (i) Significantly affect
the protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \8\ and Rule 19b-
4(f)(6) thereunder.\9\
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
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 of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \10\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6) \11\ permits the Commission to
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay, noting that doing
so will permit the text of the Exchange's rules to reflect the
expiration date of the Program as soon as possible in order to
eliminate any potential confusion. The Commission believes that waiving
the 30-day operative delay is consistent with the protection of
investors and the public interest. Therefore, the Commission hereby
waives the 30-day operative delay and designates the proposal operative
upon filing.\12\
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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.
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-2012-099 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary,
[[Page 66196]]
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549-1090.
All submissions should refer to File Number SR-CBOE-2012-099. 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 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-2012-099 and
should be submitted on or before November 23, 2012.
---------------------------------------------------------------------------
\13\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-26853 Filed 11-1-12; 8:45 am]
BILLING CODE 8011-01-P
