Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Order Approving Proposed Rule Change Regarding Adoption of Rule 980.F, 23400 [2014-09525]

Download as PDF 23400 Federal Register / Vol. 79, No. 81 / Monday, April 28, 2014 / Notices 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 NYSE. 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–NYSE– 2014–20, and should be submitted on or before May 19, 2014. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.24 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–09524 Filed 4–25–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–71987; File No. SR–CME– 2014–07] Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Order Approving Proposed Rule Change Regarding Adoption of Rule 980.F April 22, 2014. tkelley on DSK3SPTVN1PROD with NOTICES I. Introduction On March 4, 2014, Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–CME–2014–07 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 March 19, 24 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 VerDate Mar<15>2010 17:06 Apr 25, 2014 Jkt 232001 2014.3 The Commission received no comment letters regarding the proposed change. For the reasons discussed below, the Commission is granting approval of the proposed rule change. II. Description CME is proposing to amend CME Rule 980, which sets out required records and reports for clearing members of CME, by adding a new paragraph F. The new paragraph would provide for administrative fees to be imposed for late submissions of reports and other financial information to CME’s Financial and Regulatory Surveillance Department (‘‘FRSD’’). Pursuant to the additional language, CME’s FRSD would be able to assess clearing members a $1,000 administrative fee for each required submission that is not received by the due date and time. The proposed additional language would also give the FRSD the discretion to waive assessment of the administrative fee for good cause shown. III. Discussion and Commission Findings Section 19(b)(2)(C) of the Act 4 directs the Commission to approve a proposed rule change of a self-regulatory organization if the Commission finds that such proposed rule change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to such selfregulatory organization. Section 17A(b)(3)(F) of the Act 5 requires, among other things, that the rules of a clearing agency are designed to promote the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivative agreements, contracts, and transactions, to assure the safeguarding of securities and funds which are in the custody or control of the clearing agency and for which it is responsible and, in general, to protect investors and the public interest. The Commission finds that the proposed rule change is consistent with the requirements of Section 17A of the Act.6 The proposed change provides CME with the ability to assess a $1,000 administrative fee upon clearing members for late submissions of financial information to CME’s FRSD. This fee will supplement, not replace, the existing processes that impose additional disciplinary sanctions in appropriate circumstances. The proposed rule change is intended to address timely reporting of required financial information by clearing members and is consistent with the requirements of Section 17A(b)(3)(F) of the Act 7 of promoting the prompt and accurate clearance and settlement of securities transactions and, to the extent applicable, derivatives agreements, contracts, and transactions, and helping to protect investors and the public interest. IV. Conclusion On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 17A of the Act 8 and the rules and regulations thereunder. It is therefore ordered, pursuant to Section 19(b)(2) of the Act,9 that the proposed rule change (File No. SR– CME–2014–07) be, and hereby is, approved.10 For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–09525 Filed 4–25–14; 8:45 am] BILLING CODE P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration [Summary Notice No. PE–2014–27] Petition for Exemption; Summary of Petition Received Federal Aviation Administration (FAA), DOT. ACTION: Notice of petition for exemption received. AGENCY: This notice contains a summary of a petition seeking relief from specified requirements of Title 14, Code of Federal Regulations (14 CFR). The purpose of this notice is to improve the public’s awareness of, and participation in, this aspect of the FAA’s regulatory activities. Neither publication of this notice nor the inclusion or omission of information in the summary is intended to affect the legal status of the petition or its final disposition. SUMMARY: 7 15 U.S.C. 78q–1(b)(3)(F). U.S.C. 78q–1. 9 15 U.S.C. 78s(b)(2). 10 In approving the proposed rule change, the Commission considered the proposal’s impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f). 11 17 CFR 200.30–3(a)(12). 8 15 3 Securities Exchange Act Release No. 34–71719 (March 13, 2014), 79 FR 15380 (March 19, 2014) (SR–CME–2014–07). 4 15 U.S.C. 78s(b)(2)(C). 5 15 U.S.C. 78q–1(b)(3)(F). 6 15 U.S.C. 78q–1. PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 E:\FR\FM\28APN1.SGM 28APN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 81 (Monday, April 28, 2014)]
[Notices]
[Page 23400]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-09525]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-71987; File No. SR-CME-2014-07]


Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; 
Order Approving Proposed Rule Change Regarding Adoption of Rule 980.F

April 22, 2014.

I. Introduction

    On March 4, 2014, Chicago Mercantile Exchange Inc. (``CME'') filed 
with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-CME-2014-07 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 March 19, 2014.\3\ The Commission received no 
comment letters regarding the proposed change. For the reasons 
discussed below, the Commission is granting approval of the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-71719 (March 13, 
2014), 79 FR 15380 (March 19, 2014) (SR-CME-2014-07).
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II. Description

    CME is proposing to amend CME Rule 980, which sets out required 
records and reports for clearing members of CME, by adding a new 
paragraph F. The new paragraph would provide for administrative fees to 
be imposed for late submissions of reports and other financial 
information to CME's Financial and Regulatory Surveillance Department 
(``FRSD''). Pursuant to the additional language, CME's FRSD would be 
able to assess clearing members a $1,000 administrative fee for each 
required submission that is not received by the due date and time. The 
proposed additional language would also give the FRSD the discretion to 
waive assessment of the administrative fee for good cause shown.

III. Discussion and Commission Findings

    Section 19(b)(2)(C) of the Act \4\ directs the Commission to 
approve a proposed rule change of a self-regulatory organization if the 
Commission finds that such proposed rule change is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to such self-regulatory organization. Section 17A(b)(3)(F) 
of the Act \5\ requires, among other things, that the rules of a 
clearing agency are designed to promote the prompt and accurate 
clearance and settlement of securities transactions and, to the extent 
applicable, derivative agreements, contracts, and transactions, to 
assure the safeguarding of securities and funds which are in the 
custody or control of the clearing agency and for which it is 
responsible and, in general, to protect investors and the public 
interest.
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    \4\ 15 U.S.C. 78s(b)(2)(C).
    \5\ 15 U.S.C. 78q-1(b)(3)(F).
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    The Commission finds that the proposed rule change is consistent 
with the requirements of Section 17A of the Act.\6\ The proposed change 
provides CME with the ability to assess a $1,000 administrative fee 
upon clearing members for late submissions of financial information to 
CME's FRSD. This fee will supplement, not replace, the existing 
processes that impose additional disciplinary sanctions in appropriate 
circumstances. The proposed rule change is intended to address timely 
reporting of required financial information by clearing members and is 
consistent with the requirements of Section 17A(b)(3)(F) of the Act \7\ 
of promoting the prompt and accurate clearance and settlement of 
securities transactions and, to the extent applicable, derivatives 
agreements, contracts, and transactions, and helping to protect 
investors and the public interest.
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    \6\ 15 U.S.C. 78q-1.
    \7\ 15 U.S.C. 78q-1(b)(3)(F).
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IV. Conclusion

    On the basis of the foregoing, the Commission finds that the 
proposal is consistent with the requirements of the Act and in 
particular with the requirements of Section 17A of the Act \8\ and the 
rules and regulations thereunder.
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    \8\ 15 U.S.C. 78q-1.
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\9\ that the proposed rule change (File No. SR-CME-2014-07) be, and 
hereby is, approved.\10\
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ In approving the proposed rule change, the Commission 
considered the proposal's impact on efficiency, competition and 
capital formation. 15 U.S.C. 78c(f).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-09525 Filed 4-25-14; 8:45 am]
BILLING CODE P

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