Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fees Schedule, 19705-19707 [2015-08379]
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Federal Register / Vol. 80, No. 70 / Monday, April 13, 2015 / Notices
OFFICE OF PERSONNEL
MANAGEMENT
Submission for Review: Election
Regarding Payment of Health and/or
Life Insurance Premiums (Negative Net
Annuity), RI 79–31, 3206–XXXX
U.S. Office of Personnel
Management.
ACTION: 60-day notice and request for
comments.
AGENCY:
The Retirement Services,
Office of Personnel Management (OPM)
offers the general public and other
Federal agencies the opportunity to
comment on a new information
collection, Election Regarding Payment
of Health and/or Life Insurance
Premiums (Negative Net Annuity), RI
79–31. As required by the Paperwork
Reduction Act of 1995, (Pub. L. 104–13,
44 U.S.C. chapter 35) as amended by the
Clinger-Cohen Act (Pub. L. 104–106),
OPM is soliciting comments for this
collection.
SUMMARY:
Comments are encouraged and
will be accepted until June 12, 2015.
This process is conducted in accordance
with 5 CFR 1320.1.
ADDRESSES: Interested persons are
invited to submit written comments on
the proposed information collection to
the U.S. Office of Personnel
Management, Retirement Services, 1900
E. Street NW., Room 2349, Washington,
DC 20415–3500, Attention: Alberta
Butler, or sent by email to
Alberta.Butler@opm.gov.
FOR FURTHER INFORMATION CONTACT: A
copy of this ICR, with applicable
supporting documentation, may be
obtained by contacting the Retirement
Services Publications Team, Office of
Personnel Management, 1900 E. Street
NW., Room 3316–AC, Washington, DC
20503, Attention: Cyrus S. Benson or
sent by email to Cyrus.Benson@
opm.gov.
DATES:
mstockstill on DSK4VPTVN1PROD with NOTICES
SUPPLEMENTARY INFORMATION:
The Office
of Management and Budget is
particularly interested in comments
that:
1. Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
2. Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
3. Enhance the quality, utility, and
clarity of the information to be
collected; and
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18:02 Apr 10, 2015
Jkt 235001
4. Minimize the burden of the
collection of information on those who
are to respond, including through the
use of appropriate automated,
electronic, mechanical, or other
technological collection techniques or
other forms of information technology,
e.g., permitting electronic submissions
of responses.
Title 5, U.S. Code, chapter 84, section
8905a, and chapter 87, section 8707
provides that the proper amount of
health benefit and life insurance
premiums are withheld from the
annuity of retirees, survivors, and
former spouses. There are instances
when annuity is insufficient to withhold
the cost of premiums. Title 5, Code of
Federal Regulations, part 890.304(b)
provide instructions for annuitants and
survivors to elect a health plan with a
withholding that is not in excess of the
annuity. It informs individuals or their
rights in the event an election is not
made within a time limit. Title 5, Code
of Federal Regulations part 890.806(m)
addresses actions required by former
spouses. Individuals have an option to
elect a less expensive plan or to make
direct payments. Form RI 79–31 is
needed to provide the individual with
an opportunity to choose a less costly
plan for which deductions can be
withheld from the payment from the
Civil Service Retirement and Disability
Fund, or to be advised of their option
to make direct out-of pocket payment to
the retirement fund.
The appropriate regulations for
making life insurance elections that do
not exceed annuity or to make direct
payment to the retirement fund are
found in title 5, Code of Federal
Regulations, part 870–401—870–405.
This form is a combination of two
forms. Rather than collect information
separately, the RI 79–31 is combined to
collect election decisions on health and
life insurance coverage.
Analysis
Agency: Retirement Operations,
Retirement Services, Office of Personnel
Management.
Title: Election Regarding Payment of
Health and/or Life Insurance Premiums
(Negative Net Annuity).
OMB Number: 3206–XXXX.
Frequency: On occasion.
Affected Public: Individuals or
households.
Number of Respondents: 1,000.
Estimated Time per Respondent: 20
minutes.
Total Burden Hours: 333 hours.
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
19705
U.S. Office of Personnel Management.
Katherine Archuleta,
Director.
[FR Doc. 2015–08460 Filed 4–10–15; 8:45 am]
BILLING CODE 6325–38–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–74668; File No. SR–CBOE–
2015–032]
Self-Regulatory Organizations;
Chicago Board Options Exchange,
Incorporated; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fees
Schedule
April 7, 2015.
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 March 27,
2015, 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, 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.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.
1 15
2 17
E:\FR\FM\13APN1.SGM
U.S.C. 78s(b)(1).
CFR 240.19b–4.
13APN1
19706
Federal Register / Vol. 80, No. 70 / Monday, April 13, 2015 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
mstockstill on DSK4VPTVN1PROD with NOTICES
1. Purpose
The Exchange proposes to adopt a
Trading Permit Holder Regulatory Fee of
$90 per month, per Regular Trading
Hours 3 (‘‘RTH’’) Trading Permit,
applicable to all Trading Permit Holders
(‘‘TPHs’’). Specifically, the Exchange is
proposing to adopt this fee as the
Exchange’s regulatory costs have
increased and in order to help more
closely cover the costs of regulating all
TPHs and performing regulatory
responsibilities. The Exchange believes
the proposed fee amount is modest, as
well as reasonable for TPHs of all sizes.
The Trading Permit Holder Regulatory
Fee will be non-refundable and assessed
through the integrated billing system
during the first week of the following
month. Additionally, the Exchange
notes that if a Trading Permit is issued
during a calendar month after the first
trading day of the month, the Trading
Permit Holder Regulatory Fee for the
Trading Permit for that calendar month
will be prorated based on the remaining
trading days in the calendar month.
Finally, as noted above, the proposed
fee is applicable during RTH only. As
such, the Exchange proposes to remove
‘‘(Also applies to ETH)(37)’’ from the
Regulatory Fees header and relocate that
language next the ‘‘Options Regulatory
Fee (‘‘ORF’’)’’ and ‘‘DPM’s and Firm
Designated Examining Authority Fee’’
so that it is clear which Regulatory fees
are applicable during ETH. The
Exchange notes that no substantive
change is being made by this change.
Rather, the Exchange believes this
proposed rule change will maintain
clarity in the Fees Schedule and avoid
potential confusion.
The proposed rule change is to take
effect on April 1, 2015.
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.4 Specifically,
the Exchange believes the proposed rule
change is consistent with Section 6(b)(4)
of the Act,5 which provides that
3 Rule
1.1(qqq) defines ‘‘Regular Trading Hours’’
as the hours during which transactions in options
may be made on the Exchange as set forth in Rule
6.1 (which hours are from 8:30 a.m. to either. 3:00
p.m. or 3:15 p.m. Chicago time).
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4).
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18:02 Apr 10, 2015
Jkt 235001
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. Additionally,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 6 requirement that the rules of an
exchange not be designed to permit
unfair discrimination between
customers, issuers, brokers, or dealers.
The Exchange believes the proposed
fee change is reasonable because it is
designed to recoup costs associated with
performing its regulatory obligations
with respect to TPHs. The proposed rule
change will help the Exchange offset
increased regulatory expenses, but not
result in total regulatory revenue
exceeding total regulatory costs. The
Exchange believes it is equitable and not
unfairly discriminatory because it will
apply to all TPHs. Additionally, the
Exchange believes it is reasonable,
equitable and not unfairly
discriminatory to assess the fee per
Trading Permit because there is
generally a correlation between an
increased number of Trading Permits
and business on the Exchange, which in
turn requires more resources to regulate
that business. As such, the Exchange
believes assessing this fee on a per
Trading Permit basis is the most
equitable method of assessing this fee.
The Exchange also believes the
proposed rule change is consistent with
Section 6(b)(1) of the Act,7 which
provides that the Exchange be organized
and have the capacity to be able to carry
out the purposes of the Act and to
enforce compliance by the Exchange’s
TPHs and persons associated with its
TPHs with the Act, the rules and
regulations thereunder, and the rules of
the Exchange. The proposed rule change
is designed to fund the Exchange’s
regulatory program and to help more
closely cover the costs of regulating
TPHs for which the Exchange has a
regulatory responsibility. Thus, the
proposed changes will help the
Exchange to enforce compliance of its
TPHs with the Act and Exchange rules.
Finally, the Exchange believes the
proposed change to relocate the
language ‘‘(Also applies to ETH)(37)’’
makes clear to market participants
which Regulatory fees apply during
ETH and reduces potential confusion.
The alleviation of potential confusion
will remove impediments to and perfect
the mechanism of a free and open
market and a national market system,
and, in general, protect investors and
the public interest.
6 15
7 15
PO 00000
U.S.C. 78f(b)(5).
U.S.C. 78f(b)(1).
Frm 00077
Fmt 4703
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange 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 believes any burden on
competition imposed by the proposed
rule change is outweighed by the need
to help the Exchange to adequately fund
its regulatory activities to ensure
compliance with the Exchange 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)
of the Act 8 and paragraph (f) of Rule
19b–4 9 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–2015–032 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.
8 15
9 17
Sfmt 4703
E:\FR\FM\13APN1.SGM
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).
13APN1
Federal Register / Vol. 80, No. 70 / Monday, April 13, 2015 / Notices
All submissions should refer to File
Number SR–CBOE–2015–032. 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–
2015–032 and should be submitted on
or before May 4, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.10
Brent J. Fields,
Secretary.
[FR Doc. 2015–08379 Filed 4–10–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
mstockstill on DSK4VPTVN1PROD with NOTICES
[Release No. 34–74666; File No. SR–BATS–
2015–26]
Self-Regulatory Organizations; BATS
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change to Rule 20.6 To Adopt a
New Provision To Account for
Erroneous Trades Occurring From
Disruptions and/or Malfunctions of
Exchange Systems
April 7, 2015.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
10 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:02 Apr 10, 2015
Jkt 235001
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 1,
2015, BATS Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BATS’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Item II below,
which Item has been prepared by the
Exchange. The Exchange has designated
this proposal as a ‘‘non-controversial’’
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(6)(iii) thereunder,4 which
renders it effective upon filing with 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
The Exchange proposes to amend
Rule 20.6, Nullification and Adjustment
of Options Transactions including
Obvious Errors, to adopt a new
provision to account for erroneous
trades occurring from disruptions and/
or malfunctions of Exchange systems.
The proposed rule change is based on
the rules of NYSE Arca, Inc. (‘‘NYSE
Arca’’) and the International Securities
Exchange, LLC (‘‘ISE’’).5 Therefore, the
Exchange has designated this proposal
as non-controversial and provided the
Commission with the notice required by
Rule 19b–4(f)(6)(iii) under the Act.6 The
text of the proposed rule change is
available at the Exchange’s Web site at
www.batstrading.com, at the principal
office of the Exchange, 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
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)(6)(iii).
5 See ISE Rule 720A and NYSE Arca Rule 6.89.
See also Securities Exchange Act Release No. 72490
(June 27, 2014), 79 FR 38105 (July 3, 2014) (SR–
ISE–2014–34) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change to Establish
New Rule 720A). The proposed rule change is also
based in part on Nasdaq OMX PHLX, LLC (‘‘PHLX’’)
Rule 1092(c)(ii)(A), and in addition, is substantially
similar to Chicago Board Options Exchange, Inc.
(‘‘CBOE’’) Rule 6.25(a)(3).
6 17 CFR 240.19b–4(f)(6)(iii).
2 17
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
19707
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 Exchange proposes to amend
Rule 20.6, Nullification and Adjustment
of Options Transactions including
Obvious Errors, to adopt a new
provision to account for erroneous
trades occurring from disruptions and/
or malfunctions of Exchange systems.
Specifically, proposed paragraph (k) to
Rule 20.6 would provide that any
transaction that arises out of a
‘‘verifiable systems disruption or
malfunction’’ in the use or operation of
an Exchange automated quotation,
dissemination, execution, or
communication system may either be
nullified or adjusted by an Official.
Under the proposed paragraph (k), an
Official may act, on his or her own
motion, to review erroneous
transactions. The proposed rule change
is based on the rules of NYSE Arca and
the ISE.7
According to the proposal, in the
event of any verifiable disruption or
malfunction in the use or operation of
an Exchange automated quotation,
dissemination, execution, or
communication system, in which the
nullification or modification of
transactions may be necessary to
maintain a fair and orderly market or
the protection of investors and the
public interest exists, an Official, on his
or her own motion, may review such
transactions and declare the
transactions occurring during such
period null and void or adjust the price
of those transaction to their Theoretical
Price, as defined in paragraph (b) of
Rule 20.6. Pursuant to the proposal, an
Official, absent extraordinary
circumstances, must initiate action
under this authority within sixty (60)
minutes of the occurrence of the
erroneous transaction that was a result
of a verifiable disruption or
malfunction.
Each Options Member involved in the
transaction shall be notified as soon as
practicable, and any Options Member
aggrieved by the action may appeal such
action in accordance with the
provisions of proposed renumbered
paragraph (l) of Rule 20.6. Current
subparagraph (k), which sets for the
appeals process of decisions made by an
7 See
E:\FR\FM\13APN1.SGM
supra note 5.
13APN1
]]>Agencies
[Federal Register Volume 80, Number 70 (Monday, April 13, 2015)]
[Notices]
[Pages 19705-19707]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-08379]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-74668; File No. SR-CBOE-2015-032]
Self-Regulatory Organizations; Chicago Board Options Exchange,
Incorporated; Notice of Filing and Immediate Effectiveness of a
Proposed Rule Change To Amend the Fees Schedule
April 7, 2015.
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 March 27, 2015, 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, 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.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.
[[Page 19706]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to adopt a Trading Permit Holder Regulatory
Fee of $90 per month, per Regular Trading Hours \3\ (``RTH'') Trading
Permit, applicable to all Trading Permit Holders (``TPHs'').
Specifically, the Exchange is proposing to adopt this fee as the
Exchange's regulatory costs have increased and in order to help more
closely cover the costs of regulating all TPHs and performing
regulatory responsibilities. The Exchange believes the proposed fee
amount is modest, as well as reasonable for TPHs of all sizes. The
Trading Permit Holder Regulatory Fee will be non-refundable and
assessed through the integrated billing system during the first week of
the following month. Additionally, the Exchange notes that if a Trading
Permit is issued during a calendar month after the first trading day of
the month, the Trading Permit Holder Regulatory Fee for the Trading
Permit for that calendar month will be prorated based on the remaining
trading days in the calendar month.
---------------------------------------------------------------------------
\3\ Rule 1.1(qqq) defines ``Regular Trading Hours'' as the hours
during which transactions in options may be made on the Exchange as
set forth in Rule 6.1 (which hours are from 8:30 a.m. to either.
3:00 p.m. or 3:15 p.m. Chicago time).
---------------------------------------------------------------------------
Finally, as noted above, the proposed fee is applicable during RTH
only. As such, the Exchange proposes to remove ``(Also applies to
ETH)(37)'' from the Regulatory Fees header and relocate that language
next the ``Options Regulatory Fee (``ORF'')'' and ``DPM's and Firm
Designated Examining Authority Fee'' so that it is clear which
Regulatory fees are applicable during ETH. The Exchange notes that no
substantive change is being made by this change. Rather, the Exchange
believes this proposed rule change will maintain clarity in the Fees
Schedule and avoid potential confusion.
The proposed rule change is to take effect on April 1, 2015.
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.\4\ Specifically, the
Exchange believes the proposed rule change is consistent with Section
6(b)(4) of the Act,\5\ 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. Additionally, the Exchange believes the proposed rule
change is consistent with the Section 6(b)(5) \6\ requirement that the
rules of an exchange not be designed to permit unfair discrimination
between customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(4).
\6\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Exchange believes the proposed fee change is reasonable because
it is designed to recoup costs associated with performing its
regulatory obligations with respect to TPHs. The proposed rule change
will help the Exchange offset increased regulatory expenses, but not
result in total regulatory revenue exceeding total regulatory costs.
The Exchange believes it is equitable and not unfairly discriminatory
because it will apply to all TPHs. Additionally, the Exchange believes
it is reasonable, equitable and not unfairly discriminatory to assess
the fee per Trading Permit because there is generally a correlation
between an increased number of Trading Permits and business on the
Exchange, which in turn requires more resources to regulate that
business. As such, the Exchange believes assessing this fee on a per
Trading Permit basis is the most equitable method of assessing this
fee.
The Exchange also believes the proposed rule change is consistent
with Section 6(b)(1) of the Act,\7\ which provides that the Exchange be
organized and have the capacity to be able to carry out the purposes of
the Act and to enforce compliance by the Exchange's TPHs and persons
associated with its TPHs with the Act, the rules and regulations
thereunder, and the rules of the Exchange. The proposed rule change is
designed to fund the Exchange's regulatory program and to help more
closely cover the costs of regulating TPHs for which the Exchange has a
regulatory responsibility. Thus, the proposed changes will help the
Exchange to enforce compliance of its TPHs with the Act and Exchange
rules.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(1).
---------------------------------------------------------------------------
Finally, the Exchange believes the proposed change to relocate the
language ``(Also applies to ETH)(37)'' makes clear to market
participants which Regulatory fees apply during ETH and reduces
potential confusion. The alleviation of potential confusion will remove
impediments to and perfect the mechanism of a free and open market and
a national market system, and, in general, protect investors and the
public interest.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange 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 believes any
burden on competition imposed by the proposed rule change is outweighed
by the need to help the Exchange to adequately fund its regulatory
activities to ensure compliance with the Exchange 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) of the Act \8\ and paragraph (f) of Rule 19b-4 \9\
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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\8\ 15 U.S.C. 78s(b)(3)(A).
\9\ 17 CFR 240.19b-4(f).
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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-2015-032 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.
[[Page 19707]]
All submissions should refer to File Number SR-CBOE-2015-032. 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-2015-032 and should be
submitted on or before May 4, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-08379 Filed 4-10-15; 8:45 am]
BILLING CODE 8011-01-P
