Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 2, Related to Clearing of Certain iTraxx Europe Index Untranched CDS Contracts on Indices Administered by Markit, 60873-60874 [2014-23983]

Download as PDF Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices dividends whether or not the Commission required them to do so under rule 19a–1. The estimate of average burden hours is made solely for the purposes of the Paperwork Reduction Act, and is not derived from a comprehensive or even a representative survey or study of the costs of Commission rules. Compliance with the collection of information required by rule 19a–1 is mandatory for management companies that make statements to shareholders pursuant to section 19(a) of the Act. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. The public may view the background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/o Remi Pavlik-Simon, 100 F Street, NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: October 1, 2014. Jill M. Peterson, Assistant Secretary. [FR Doc. 2014–23978 Filed 10–7–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Submission for OMB Review; Comment Request Upon Written Request, Copies Available From: Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE., Washington, DC 20549–2736 asabaliauskas on DSK5VPTVN1PROD with NOTICES Extension: Rule 6e–2 and Form N–6EI–1 OMB Control No. 3235–0177, SEC File No. 270–177 Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange Commission (‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. VerDate Sep<11>2014 17:27 Oct 07, 2014 Jkt 235001 Rule 6e–2 (17 CFR 270.6e–2) under the Investment Company Act of 1940 (‘‘Act’’) (15 U.S.C. 80a) is an exemptive rule that provides separate accounts formed by life insurance companies to fund certain variable life insurance products, exemptions from certain provisions of the Act, subject to conditions set forth in the rule. The rule sets forth several information collection requirements. Rule 6e–2 provides a separate account with an exemption from the registration provisions of section 8(a) of the Act if the account files with the Commission Form N–6EI–1 (17 CFR 274.301), a notification of claim of exemption. The rule also exempts a separate account from a number of other sections of the Act, provided that the separate account makes certain disclosure in its registration statements (in the case of those separate account that elect to register), reports to contractholders, proxy solicitations, and submissions to state regulatory authorities, as prescribed by the rule. Paragraph (b)(9) of rule 6e–2 provides an exemption from the requirements of section 17(f) of the Act and imposes a reporting burden and certain other conditions. Section 17(f) requires that every registered management company meet various custody requirements for its securities and similar investments. The exemption provided in paragraph (b)(9) applies only to management accounts that offer life insurance contracts. Since 2008, there have been no filings under paragraph (b)(9) of rule 6e–2 by management accounts. Therefore, since 2008, there has been no cost or burden to the industry regarding the information collection requirements of paragraph (b)(9) of rule 6e–2. In addition, there have been no filings of Form N–6EI–1 by separate accounts since 2008. Therefore, there has been no cost or burden to the industry since that time. The Commission requests authorization to maintain an inventory of one burden hour for administrative purposes. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid control number. The public may view the background documentation for this information collection at the following Web site, www.reginfo.gov. Comments should be directed to: (i) Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 60873 or by sending an email to: Shagufta_ Ahmed@omb.eop.gov; and (ii) Thomas Bayer, Chief Information Officer, Securities and Exchange Commission, c/ o Remi Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email to: PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days of this notice. Dated: October 1, 2014. Jill M. Peterson, Assistant Secretary. [FR Doc. 2014–23977 Filed 10–7–14; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73290; File No. SR–CME– 2014–31] Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 2, Related to Clearing of Certain iTraxx Europe Index Untranched CDS Contracts on Indices Administered by Markit October 2, 2014. On August 11, 2014, Chicago Mercantile Exchange Inc. (‘‘CME’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change SR–CME–2014–31 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 August 18, 2014.3 The Commission has not received comments on the proposed rule change. On September 2, 2014, CME filed Amendment No. 2 to the proposed rule change.4 The Commission is publishing this notice to designate a longer period for Commission action on the proposed rule change, as modified by Amendment No. 2. Section 19(b)(2) of the Act 5 provides that within 45 days of the publication of 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 Securities Exchange Act Release No. 34–72833 (Aug. 13, 2014), 79 FR 48797 (Aug. 18, 2014) (SR– CME–2014–31). 4 On August 18, 2014, CME filed Amendment No. 1 to the proposed rule change. CME withdrew Amendment No. 1 on August 29, 2014. CME subsequently filed Amendment No. 2 to the proposed rule change. Amendment No. 2 is currently pending Federal Register publication. See Securities Exchange Act Release No. 34–73275 (Oct. 1, 2014), 79 FR ll (Oct. l, 2014) (SR–CME– 2014–31). 5 15 U.S.C. 78s(b)(2). 2 17 E:\FR\FM\08OCN1.SGM 08OCN1 60874 Federal Register / Vol. 79, No. 195 / Wednesday, October 8, 2014 / Notices notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day from the publication of notice of filing of this proposed rule change is October 2, 2014. The Commission is extending this 45-day time period. CME is proposing to amend its clearing rules to enable CME to offer clearing of certain iTraxx Europe index untranched credit default swap (‘‘CDS’’) contracts on indices administered by Markit (‘‘iTraxx Contracts’’). In addition, CME has submitted to the Commission a proposed rule change to modify its risk model for broad-based index CDS products, including adding a selfreferencing risk component, to enable CME to offer, among other things, clearing of additional CDS instruments that entail self-referencing risk, such as the iTraxx Contracts.6 The clearing of iTraxx Contracts is contingent upon the approval of the proposed rule change with respect to the risk model, including the self-referencing risk component designed for clearing iTraxx Contracts, which is currently pending with the Commission. The Commission therefore finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the complex issues under the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,7 designates November 16, 2014, as the date by which the Commission should either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–CME–2014– 31). asabaliauskas on DSK5VPTVN1PROD with NOTICES For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Kevin M. O’Neill, Deputy Secretary. [FR Doc. 2014–23983 Filed 10–7–14; 8:45 am] BILLING CODE 8011–01–P 6 See Securities Exchange Act Release No. 34– 72834 (Aug. 13, 2014), 79 FR 48805 (Aug. 18, 2014) (SR–CME–2014–28) and Securities Exchange Act Release No. 34–72959 (Sep. 2, 2014), 79 FR 53234 (Sep. 8, 2014) (SR–CME–2014–28). 7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(31). VerDate Sep<11>2014 17:27 Oct 07, 2014 Jkt 235001 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–73289; File No. SR–FINRA– 2014–039] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Delay the Implementation Date of the Trade Reporting Amendments Approved Pursuant to SR–FINRA–2013–050 October 2, 2014. 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 September 24, 2014, Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’) filed with the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) the proposed rule change as described in Items I and II below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as constituting a ‘‘non-controversial’’ rule change under paragraph (f)(6) of Rule 19b–4 under the Act,3 which renders the proposal effective upon receipt of this filing by the Commission. 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 the Substance of the Proposed Rule Change FINRA is proposing to delay the implementation date of amendments to the trade reporting rules relating to the OTC Reporting Facility (‘‘ORF’’), the Alternative Display Facility (‘‘ADF’’) and the Trade Reporting Facilities (‘‘TRFs’’) approved pursuant to SR– FINRA–2013–050. The proposed rule change would not make any changes to FINRA rules. The text of the proposed rule change is available on FINRA’s Web site at https://www.finra.org, at the principal office of FINRA 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, FINRA included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(f)(6). 2 17 PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 rule change. The text of these statements may be examined at the places specified in Item IV below. FINRA 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 On November 12, 2013, FINRA filed proposed rule change SR–FINRA–2013– 050 to amend FINRA rules governing the reporting of (i) over-the-counter (‘‘OTC’’) transactions in equity securities to the FINRA Facilities; 4 and (ii) orders in NMS stocks and OTC Equity Securities to the Order Audit Trail System (‘‘OATS’’). The proposed rule change, as amended,5 was approved by the Commission on February 27, 2014.6 In SR–FINRA–2013–050, FINRA proposed that the effective date of the proposed rule changes to the trade reporting rules would be no earlier than April 15, 2014, and no later than September 30, 2014, and the effective date of the proposed rule change to the OATS rules would be no later than 45 days after Commission approval. In Amendment No. 1, FINRA clarified that it would implement the amendments to the trade reporting rules in phases, with the amendments becoming operative for the ORF first (upon migration of the ORF to FINRA’s multi-product platform (‘‘MPP’’)) and for the ADF and TRFs at a subsequent date. As previously announced by FINRA, the amendments to the OATS rules became effective on April 7, 2014.7 FINRA also announced that the amendments to the ORF rules 4 Specifically, the FINRA Facilities are the ADF and TRFs, to which members report OTC transactions in NMS stocks, as defined in SEC Rule 600(b) of Regulation NMS; and the ORF, to which members report transactions in ‘‘OTC Equity Securities,’’ as defined in FINRA Rule 6420 (i.e., non-NMS stocks such as OTC Bulletin Board and OTC Market securities), as well as transactions in Restricted Equity Securities, as defined in FINRA Rule 6420, effected pursuant to Securities Act Rule 144A. 5 On February 14, 2014, FINRA filed Amendment No. 1 to (1) address the comments the Commission received in response to the Federal Register publication and propose amendments, where appropriate; and (2) propose technical amendments to update cross-references and make other nonsubstantive changes to the ADF rules as a result of the approval of SR–FINRA–2013–053. 6 See Securities Exchange Act Release No. 71623 (February 27, 2014), 79 FR 12558 (March 5, 2014) (Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1; File No. SR–FINRA–2013–050). 7 See March 21, 2014 OATS Report, ‘‘Firms Capturing Time in Milliseconds Required to Report to OATS in Milliseconds Beginning April 7, 2014.’’ E:\FR\FM\08OCN1.SGM 08OCN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 79, Number 195 (Wednesday, October 8, 2014)]
[Notices]
[Pages 60873-60874]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-23983]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-73290; File No. SR-CME-2014-31]


Self-Regulatory Organizations; Chicago Mercantile Exchange Inc.; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change, as Modified by Amendment No. 2, Related to 
Clearing of Certain iTraxx Europe Index Untranched CDS Contracts on 
Indices Administered by Markit

October 2, 2014.
    On August 11, 2014, Chicago Mercantile Exchange Inc. (``CME'') 
filed with the Securities and Exchange Commission (``Commission'') the 
proposed rule change SR-CME-2014-31 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 August 18, 2014.\3\ The Commission has not 
received comments on the proposed rule change. On September 2, 2014, 
CME filed Amendment No. 2 to the proposed rule change.\4\ The 
Commission is publishing this notice to designate a longer period for 
Commission action on the proposed rule change, as modified by Amendment 
No. 2.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Securities Exchange Act Release No. 34-72833 (Aug. 13, 
2014), 79 FR 48797 (Aug. 18, 2014) (SR-CME-2014-31).
    \4\ On August 18, 2014, CME filed Amendment No. 1 to the 
proposed rule change. CME withdrew Amendment No. 1 on August 29, 
2014. CME subsequently filed Amendment No. 2 to the proposed rule 
change. Amendment No. 2 is currently pending Federal Register 
publication. See Securities Exchange Act Release No. 34-73275 (Oct. 
1, 2014), 79 FR _-- (Oct. _, 2014) (SR-CME-2014-31).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of

[[Page 60874]]

notice of the filing of a proposed rule change, or within such longer 
period up to 90 days as the Commission may designate if it finds such 
longer period to be appropriate and publishes its reasons for so 
finding or as to which the self-regulatory organization consents, the 
Commission shall either approve the proposed rule change, disapprove 
the proposed rule change, or institute proceedings to determine whether 
the proposed rule change should be disapproved. The 45th day from the 
publication of notice of filing of this proposed rule change is October 
2, 2014. The Commission is extending this 45-day time period.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    CME is proposing to amend its clearing rules to enable CME to offer 
clearing of certain iTraxx Europe index untranched credit default swap 
(``CDS'') contracts on indices administered by Markit (``iTraxx 
Contracts''). In addition, CME has submitted to the Commission a 
proposed rule change to modify its risk model for broad-based index CDS 
products, including adding a self-referencing risk component, to enable 
CME to offer, among other things, clearing of additional CDS 
instruments that entail self-referencing risk, such as the iTraxx 
Contracts.\6\ The clearing of iTraxx Contracts is contingent upon the 
approval of the proposed rule change with respect to the risk model, 
including the self-referencing risk component designed for clearing 
iTraxx Contracts, which is currently pending with the Commission. The 
Commission therefore finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the complex issues under the proposed rule 
change.
---------------------------------------------------------------------------

    \6\ See Securities Exchange Act Release No. 34-72834 (Aug. 13, 
2014), 79 FR 48805 (Aug. 18, 2014) (SR-CME-2014-28) and Securities 
Exchange Act Release No. 34-72959 (Sep. 2, 2014), 79 FR 53234 (Sep. 
8, 2014) (SR-CME-2014-28).
---------------------------------------------------------------------------

    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates November 16, 2014, as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File No. SR-CME-2014-31).
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-23983 Filed 10-7-14; 8:45 am]
BILLING CODE 8011-01-P

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